Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the purpose of marketing mix?
What is the purpose of marketing mix?
- To create a new product
- To manufacture the product efficiently
- To position the product in the target market segment (correct)
- To promote the product to the target market
Which of the following is not one of the 4Ps of marketing mix?
Which of the following is not one of the 4Ps of marketing mix?
- Place
- Product
- Promotion
- Price
What are the additional elements added to comprise the 7Ps?
What are the additional elements added to comprise the 7Ps?
- People, packaging, and positioning
- Process, packaging, and positioning
- Process, physical evidence, and people (correct)
- Physical evidence, packaging, and promotion
What does product refer to?
What does product refer to?
Signup and view all the answers
What does place refer to?
What does place refer to?
Signup and view all the answers
What does cost refer to?
What does cost refer to?
Signup and view all the answers
Why are people involved in the production, marketing, and sale of the product crucial?
Why are people involved in the production, marketing, and sale of the product crucial?
Signup and view all the answers
Flashcards are hidden until you start studying
Study Notes
- Marketing mix is a tool used by entrepreneurs to position the product in the target market segment.
- The 4Ps of marketing mix are product, place, price, and promotion.
- Three elements have been added to comprise the 7Ps.
- Product refers to tangible goods or intangible services offered by the business.
- Place refers to the strategic location of the business.
- Cost refers to the amount spent by the manufacturer in view expected benefits.
- Promotion conveys the presence and attributes of the product to the target consumers.
- People involved in the production, marketing, and sale of the product are crucial.
- Packaging protects the product and must be user-friendly.
- Positioning refers to the place occupied by the product in the minds of consumers.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
