Podcast
Questions and Answers
What is the primary purpose of competitive tools in marketing?
What is the primary purpose of competitive tools in marketing?
- To ensure product quality
- To get customers to choose your company (correct)
- To increase production costs
- To limit competition
Which of the following is NOT one of the five Ps in the marketing mix?
Which of the following is NOT one of the five Ps in the marketing mix?
- Product
- Promotion (correct)
- Personnel
- Price
How can product quality affect competitive tools?
How can product quality affect competitive tools?
- It is the only factor influencing customer choice
- It makes pricing less important
- It can lead to increased advertising expenses
- It determines the effectiveness of other Ps (correct)
What is implied by targeting a specific customer group with the five Ps?
What is implied by targeting a specific customer group with the five Ps?
Which of the following best describes the concept of a marketing mix?
Which of the following best describes the concept of a marketing mix?
Flashcards
Product
Product
The products a company offers, including both goods and services.
Price
Price
The price a company charges for its products.
Place
Place
The locations where a company makes its products available to customers.
Personnel
Personnel
Signup and view all the flashcards
Influence
Influence
Signup and view all the flashcards
Study Notes
Competitive Tools
- Competitive tools are the strategies used to attract customers to a business when purchasing a product.
- These tools are grouped under the five P's: product, price, place, personnel, and promotion (influence).
- Products can be tangible goods or intangible services, and variations in quality are possible.
- If several businesses offer similar products, other elements like price, staff, and location become crucial differentiators.
- A company's successful integration of the five P's is called a marketing mix.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
