The marketing mix refers to a unique blend of marketing variables known as the four Ps. Name and briefly describe each of the 4 Ps.
What will be an ideal response?
PRODUCT. The firm's product offerings are the heart of the marketing mix. The Product P includes product development, production assistance, packaging, warranties, servicing, branding, company image, and other components in addition to the physical unit.
PLACE (or DISTRIBUTION). Distribution strategies make products available when and where customers want them. Products move through a channel of distribution that may include wholesalers and retailers. Physical distribution (stocking and transportation logistics) is also part of the Place P.
PROMOTION. Promotion includes personal selling, advertising, sales promotion, and public relations. Promotion serves to inform, educate, persuade, and remind target markets about product benefits.
PRICE. Price strategies are an important competitive weapon. Pricing is an important component of the marketing mix because it is flexible and allows revenue to be estimated and measured.
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Which of the following does not belong in a list of mass production in an automobile company such as Ford?
A) changing value chains B) use of the moving assembly line C) organized production machinery D) outsourcing from supplier specialists E) making each worker productive
________ contribution lists the changes in income to other company products caused by the introduction of a new product
A) Supplementary B) Dragalong C) Gross D) Cumulative E) Net
If the goods are rejected for nonconformance, the cost of inspection can be recovered from the seller
Indicate whether the statement is true or false
Seth, a very mature looking 16 year old, against his parents' wishes, bought a motorcycle for $3,000 from Mike's Bikes. The contract called for 12 monthly payment of $250. After three months, Seth decided to cancel the contract
Which of the following statement is TRUE? A) Seth's parents will be responsible for the balance of the payments. B) Seth must return the motorcycle and is then entitled to a full refund of his money. C) Seth must honour the contract because Mike honestly believed him to be over the age of majority at the time the contract was made. D) Seth must return the motorcycle and is entitled to a refund of his money subject to some reasonable rental payment for the time the motorcycle was used. E) Seth may not cancel the contract because he has used the motorcycle for three months.