5.2 The Marketing Mix - Product

What are the four P's of the marketing mix?

Answer explanation

The 4 P's of marketing are product, price, place (distribution), and promotion.

Product features include such things as color, size, quality, hours, warranties, delivery, and installation.

• True

• False

A product mix ______________________________.

• is used to maximize sales

• identifies features such as color, size, and quality

• is the different products and services a business sells

• helps determine the pricing strategy

Entrepreneurs should never include products in their mix unless they are profitable.

• True

• False

Often a large percentage of the product selection makes up the majority of sales revenue.

• True

• False

Product characteristics that will satisfy customer needs are called

• brands,

• services,

• the product mix,

• features.

Companies that use the marketing concept will __________________________________________________.

• focus on product features more than on consumer needs,

• select a product mix that will most appeal to their target customers,

• no longer care about product profitability,

• all of these.

Branding is the name, symbol, or design used to identify your product.

• True

• False

The box, container, or wrapper in which the product is placed is called a ______________________.

• branding

• features

• package

• label

Where information about the product is given on the package is called ____________________.

• branding

• features

• package

• label