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Questions and Answers
What are the elements of the marketing mix?
What are the elements of the marketing mix?
- Product, price, place, and advertising
- Product, price, place, and packaging
- Product, price, place, and promotion (correct)
- Product, price, place, and distribution
Why is setting the best price important for both business success and customer satisfaction?
Why is setting the best price important for both business success and customer satisfaction?
- It helps the business stand out from competitors and attract more customers
- It allows the business to maximize revenue and increase market share
- It ensures profitability for the business and affordability for the customers (correct)
- It enables the customers to make informed purchasing decisions and trust the business
Why is marketing much more than just promoting a product?
Why is marketing much more than just promoting a product?
- It involves understanding customer needs, creating value, and building customer relationships (correct)
- It focuses on increasing sales and generating profit
- It aims to create brand awareness and attract new customers
- It includes conducting market research and analyzing competitors
What is the role of the marketing concept in benefiting customers of a business?
What is the role of the marketing concept in benefiting customers of a business?
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What needs to be adjusted when consumer demand changes for a product?
What needs to be adjusted when consumer demand changes for a product?
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