Entrepreneurial Management Quiz 2

Marketing mix refers to the presence of many competitors and suppliers in the market.

Marketing Mix is a marketing tool designed to identify the target market.

There is a substantial difference when the 7 Ps are adopted instead of the 4 Ps

In manufacturing a product, the entrepreneur must remember that the product must not be costly.

When the business adopts the price skimming approach at the time a new product has been introduced, the price is usually low.

Prestige pricing is intended for consumers who belong to the higher social status.

A new product must be introduced in the market using advertising as the promotional tool.

Providing trade or cash discounts to consumers is a promotional tool used in public relations or publicity

In direct marketing, the sales force goes to offices and homes to sell the product.

The entrepreneur must focus mainly on the quality of the packaging materials used.