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Questions and Answers
What is the role of a wholesaler in Channel 1?
Which channel does not have any intermediary levels?
What is the meaning of price in the context of the text?
Which pricing strategy involves setting prices low initially to gain market share?
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What is the role of a retailer in the marketing channel?
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In which channel does the manufacturer sell directly to customers?
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What are the original 4 P's in the Marketing Mix concept?
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Which element was NOT part of the original 4 P's in the Marketing Mix but was later added to form the 7 P's?
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In marketing terms, what does 'Place' refer to?
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What do 'Goods' typically refer to in marketing?
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Which element of the Marketing Mix refers to any goods or services produced to meet consumers' wants?
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What is another term for 'Place' in the Marketing Mix?
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Study Notes
Marketing Channels
- A wholesaler acts as a middleman, buying products from manufacturers and selling them to retailers or other wholesalers.
Types of Marketing Channels
- Channel 1 (also known as direct marketing) is the only channel without any intermediary levels, where the manufacturer sells directly to customers.
Pricing Strategy
- Price refers to the amount of money customers pay to acquire a product or service.
- Penetration pricing involves setting prices low initially to gain market share.
Role of Retailers
- Retailers act as intermediaries, buying products from wholesalers or manufacturers and selling them to customers.
Marketing Mix
- The original 4 P's in the Marketing Mix concept are: Product, Price, Place, and Promotion.
- The 7 P's were formed by later adding People, Process, and Physical Evidence to the original 4 P's.
- Place refers to the distribution and logistics of getting products to customers.
- Another term for 'Place' is 'Distribution'.
- Goods typically refer to tangible products or services produced to meet consumers' wants.
- Product refers to any goods or services produced to meet consumers' wants.
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Description
Test your knowledge on the Marketing Mix, a set of variables used to satisfy customers. Learn about the original 4 P's (product, place, price, promotion) and the additional elements (people, packaging, positioning). Explore how companies use these concepts to gain a competitive edge.
