5 Questions
What does the 'price mix' consider when fixing the price of a product?
Cost of production, competitors’ price, objectives of the firm
What are the popularly known 4P elements of the marketing mix?
Product, Price, Place, Promotion
What is the main aim of the 'product mix' strategy?
To prepare product elements based on market research and consumers’ needs
What does the 'place mix' of the marketing mix include?
Distribution of goods through various channels, warehousing, transportation
What is the role of 'promotion' in the marketing mix?
To communicate product benefits and persuade target customers to buy
Test your knowledge of the marketing mix with this quiz. Explore the key components, such as product, price, place, and promotion, and their significance in achieving business objectives. Assess your understanding of how these elements shape a firm's marketing strategy.
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