Suppose you are a marketing manager at Procter & Gamble for a new, all-purpose cleaning product. List four marketing mix variables and describe the decisions and activities associated with each.
What will be an ideal response?
Marketers consider activities such as product, pricing, distribution, and promotions as the marketing mix because they decide what type of each element to use and in what amounts.The product variable of the marketing mix deals with researching customers' needs and wants and designing a product that satisfies them. A product can be a good, a service, or an idea. The product variable also involves creating or modifying brand names and packaging and may include decisions regarding warranty and repair services.In dealing with the distribution variable, a marketing manager makes products available in the quantities desired to as many target-market customers as possible, keeping total inventory, transportation, and storage costs as low as possible.The promotion variable relates to activities used to inform individuals or groups about the organization and its products. Promotion can aim to increase public awareness of the organization and of new or existing products.The price variable relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices. Price is a critical component of the marketing mix because customers are concerned about the value obtained in an exchange. Price is often used as a competitive tool, and intense price competition sometimes leads to price wars.
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Market-based pricing is not possible without extensive customer and competitor intelligence
Indicate whether the statement is true or false
If you are using the direct method or stepwise discriminant analysis, you are at the ________ step of conducting discriminant analysis
A) formulate the problem B) estimate the discriminant function coefficients C) assess the validity of the discriminant analysis D) determine the size of the discriminant function
Acme Global provides its employees with the opportunity to experience job rotation. This allows the employees to see more of what goes on in the organization and how each job functions. Acme Global is developing its employees through ________.
A. formal education B. experience C. informal education D. employee assessment E. alternative assessment
Sectoral agreements of the WTO deal with ________
A. technical barriers to trade B. customs valuation C. textiles and clothing D. import-licensing procedures