Marketing Mix

The marketing mix is the strategy or set of actions a company uses to market its product or brand.

• True

• False

What are the 4P's of Marketing?

• Product, Place, Promotion, Promote

• Product, Price, Place, Promotion

• Promotion, Price, Place, Providing

• Promotion, Price, Profit, Product

The product is what you’re offering to the market. It MUST be a good, service, or idea.

• True

• False

You cannot utilize the other elements without this part of the mix.

• Product

• Price

• Place

• Promotion

A ________ is a consumer's desire for a product or service's specific benefit, whether that be functional or emotional.

• Want

• Need

A tangible product that is purchased for consumption by the consumer. Has a manufacturing process.

• Good

• Service

• Idea

• Person

A service is tangible.

• True

• False

Pricing strategies should reflect what customers are willing and able to pay.

• True

• False

The practice of pricing goods at a high level in order to give the appearance of quality.

• Prestige Pricing

• Multiple Unit Pricing

• Odd/Even Pricing

• Everyday Low Pricing

Offering a lower price per unit for the purchase of two or more products of the same type when bought together.

• Prestige Pricing

• Multiple Unit Pricing

• Odd/Even Pricing

• Everyday Low Pricing