7 Questions
What is the purpose of marketing mix?
To position the product in the target market segment
Which of the following is not one of the 4Ps of marketing mix?
What are the additional elements added to comprise the 7Ps?
Process, physical evidence, and people
What does product refer to?
Tangible goods or intangible services offered by the business
What does place refer to?
The strategic location of the business
What does cost refer to?
The amount spent by the manufacturer in view expected benefits
Why are people involved in the production, marketing, and sale of the product crucial?
They play a key role in the success of the product
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.
Test your knowledge on the essential tool used by entrepreneurs to position their product in the target market segment with our Marketing Mix Quiz! From the 4Ps to the 7Ps, this quiz covers everything you need to know about product, place, price, promotion, people, packaging, and positioning. Sharpen your marketing skills and impress your colleagues with your expertise. Take the quiz now!
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