Elements of Management I: Marketing Mix

What is the primary function of a distribution channel?

To pass products from the producer to the customer or retailer

What is the purpose of market segmentation?

To identify similar characteristics or preferences among consumers

What is a key role of marketing according to the text?

To identify and satisfy customer needs

Why did Kodak face financial difficulties according to the case study?

Due to the rise of digital cameras Signup and view all the answers

What is a possible reason for changes in spending patterns according to the text?

Changes in population demographics Signup and view all the answers

How might Kodak have avoided financial difficulties according to the text?

By keeping in close contact with customers Signup and view all the answers

What is a key characteristic of a successful product?

It has something very distinctive that makes it look different Signup and view all the answers

What is the primary goal of promotion in the marketing mix?

To give the consumer information about the rest of the marketing mix Signup and view all the answers

Which pricing strategy would be most suitable for a new, higher-quality mobile phone?

Price skimming Signup and view all the answers

What is the main difference between 'above-the-line' and 'below-the-line' promotions?

The type of advertising used Signup and view all the answers

What is a key factor to consider when deciding on a pricing strategy for a tour operator?

The time of year the holiday is being sold Signup and view all the answers

What is the purpose of a product's design and performance in the marketing mix?

To make the product more consistent with the brand image Signup and view all the answers

What is one of the factors that leads to increased competition in markets?

Improvements in transportation Signup and view all the answers

What is the primary focus of a product-oriented business?

Production process and product quality Signup and view all the answers

What would you advise Tunde to do before starting to manufacture his new can-opening tool?

Conduct market research to assess demand Signup and view all the answers

What is a marketing strategy primarily focused on?

Achieving a particular business objective Signup and view all the answers

What is the primary role of the marketing department?

Research and promotion Signup and view all the answers

What is Tunde's business strategy, based on the information provided?

Product-oriented, as he is focusing on the production process Signup and view all the answers