Premier Events is an event-planning company located in Lexington, Kentucky. This small company has been in business for two years but is still struggling for success. After reviewing competitors' successes and failures, the marketing manager decides to alter Premier's marketing mix. Which of the following elements is NOT a part of this process?a. Product strategyb. Economic strategyc. Distribution strategyd. Promotion strategy

b. Economic strategy

Explanation:

Marketing mix refers to strategies used by companies to promote their products. They are factors which a company have control over such that consumers can be convinced to patronize its products. Marketing mix consist of Product, price, place and promotion, which are tools that create value and demand for a company's products to targeted customers.

•The product refers to goods and services sold to consumers. A company will introduce products that have value and highly demanded by consumers while dropping those that do not generate revenue.

• Price is the amount at which a product is offered for sale. A producer must offer it's product at a competitive price such that he is able to break even.

•Place refers to the availability of the product in the market. Right marketing channels and Distribution must be chosen inorder to reach the targeted customers.

• Promotion refers to marketing activities such as advertising, sales promotion, direct marketing, personal selling etc. The aim is to draw customers attention to a company's product and subsequently purchase those products.

With regards to the above scenario, the odd option is Economic strategy.

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