Describe the elements of the marketing mix. What is their collective role?
What will be an ideal response?
Answer: The elements of the marketing mix include product, price, promotion, and place. Product includes goods, services, or ideas designed to fill a consumer need or want. Meeting consumer needs often means changing existing products to keep pace with emerging markets and competition; many marketers focus on differentiating their product(s) from those of competitors. Pricing a product involves the selection of the best price at which to sell the product. Prices must support a variety of costs within the organization. Further, both low and high price strategies can be effective in different situations. Place or distribution refers to the proper placement of products in the market. Place decisions including transportation warehousing, and inventory control are all about getting the product from the producer to the consumer. Promotion is the most highly visible component of the marketing mix. Promotion refers to the techniques for communicating information about products. Promotion involves activities surrounding advertising, sales promotions, publicity, and public relations. Collectively, the marketing mix allows a marketer to better relate to the identified target market. Based on the characteristics of the target market, the marketer will build the marketing mix elements around the target market.
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Manufacturers benefit from co-op advertising in all of the following ways, except:
A) gain additional advertising exposure at reduced costs B) reimbursed by retailers for their share of the ad costs C) co-op dollars are directly tied to retail sales D) gain prominent exposure in an ad since no other competing brands can also be displayed
A(n) _____ helps track every click a web user makes on that site, so that companies specializing in consumer profiling can learn their shopping and buying habits.
Fill in the blank(s) with the appropriate word(s).
For those who continue to work while drawing Social Security retirement benefits,
A) there is no reduction in benefits for those past normal retirement age. B) there is a reduction in benefits for those under age 70 and earning more than a specified threshold amount. C) there is no reduction in benefits for anyone presently retired, but this will be changed for future retirees. D) there is a $1 reduction in benefits for every $3 earned starting with the first dollar of earned income for all retirees regardless of age.
One of the disadvantages of general partnerships is the lack of continuity.
Answer the following statement true (T) or false (F)