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Decisions regarding logistics and managing the supply chain take place within the element of the marketing mix. The given statement is TRUE.

The four Ps are also known as the marketing mix.

The 4 ps are:

  1. Product
  2. Price
  3. Place
  4. Promotion

They include a variety of factors that are taken into account when marketing a product, such as what consumers want, how the product or service meets or fails to meet those wants, how the product or service is perceived in the world, how it differentiates itself from the competition, and how the company that produces it interacts with its customers.

Product:

  • The product's definition is also critical to its distribution.
  • Marketers must comprehend a product's life cycle, and business executives must have a strategy for dealing with products at each point of their life cycle.
  • The sort of product also influences how much it will cost, where it should be installed, and how long it will last.

Price:

  • The price of a product is the amount of money that customers are willing to pay for it.
  • Marketers must link the price to the product's true and perceived worth, while also taking into account supplier costs, seasonal reductions, rival prices, and retail markup.
  • In rare circumstances, business decision-makers may increase a product's price to give it the image of luxury or exclusivity.
  • Alternatively, they may reduce the price so that more buyers will try it.

Place:

  • Placement is the consideration of where the product should be available, both in physical stores and online, as well as how it will be exhibited.
  • This entails simply placing a product in specific stores and ensuring that it is showcased to its best potential.
  • The term placement also refers to advertising the goods in the appropriate media to attract consumers' attention.

Promotion:

  • The purpose of promotion is to communicate to customers that they require this product and that it is reasonably priced.
  • Advertising, public relations, and the whole media strategy for launching a product are all examples of promotion.
  • Marketers frequently combine promotion and placement components to attract their target audiences.

Hence, the given line is TRUE.

Learn more about marketing mix:

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