Name and provide a brief description of the 4 Ps of marketing
What will be an ideal response?
The description of the 4 Ps is:
Product–Distinguish your product from that of your competitors. Product differentiation is critical.
Price–The product must be competitively priced to appeal to customers.
Promotion–Consists of all methods to inform and persuade targeted customers to buy a product and build positive customer relationships.
Place–The place (or distribution) component of the marketing mix refers to all the methods involved in getting a product into the hands of customers.
You might also like to view...
Which of the following would be the best illustration of a subculture?
A) a religion B) a group of close friends C) your university D) a fraternity or sorority E) your occupation
According to the text, noncomparative scales are also referred to as nonmetric scaling
Indicate whether the statement is true or false
Thomas Lumber Company produces furniture grade lumber and building grade lumber from a joint process. Sawdust, a by-product of the manufacturing process is sold to a local toy manufacturer to stuff leather toys for $10 per ton. In February, the company produced 3,00 . tons of sawdust. What is the entry to reduce the cost of the main products by the estimated sales value of the by-product?
a. By-product inventory $30,000 Work in process $30,000 b. Work in process $30,000 Other income $30,000 c. Cost of goods sold $30,000 By-product inventory $30,000 d. By-product inventory $30,000 Gain or loss on sale of by-product $30,000
Which of the following statements is NOT correct concerning the appendix of a report?
a. Each report contains only one appendix, although several things may be placed in it. b. The appendix is a good place to put lengthy material that is related to the information in the body. c. Each item in the appendix must be mentioned in the report. d. The appendix may include questionnaires, summary tabulations, legal documents, or mathematical computations.