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Questions and Answers
What does the 'price mix' consider when fixing the price of a product?
What does the 'price mix' consider when fixing the price of a product?
- Government regulations, raw material availability, market trends
- Demand-supply dynamics, consumer preferences, advertising costs
- Cost of production, competitors’ price, objectives of the firm (correct)
- Technological advancements, seasonal variations, brand image
What are the popularly known 4P elements of the marketing mix?
What are the popularly known 4P elements of the marketing mix?
- Planning, Positioning, Pricing, Public Relations
- Production, Profit, Packaging, Publicity
- Product, Price, Place, Promotion (correct)
- People, Process, Physical Evidence, Product
What is the main aim of the 'product mix' strategy?
What is the main aim of the 'product mix' strategy?
- To achieve economies of scale through mass production
- To maximize profit through aggressive advertising
- To prepare product elements based on market research and consumers’ needs (correct)
- To maintain exclusivity by limiting product availability
What does the 'place mix' of the marketing mix include?
What does the 'place mix' of the marketing mix include?
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What is the role of 'promotion' in the marketing mix?
What is the role of 'promotion' in the marketing mix?
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