1.1.2 Marketing Basics The Marketing Mix

What are the four elements of the marketing mix?

• Product, Distribution, Price, Promotion

• Product, Design, Price, Promotion

• Product, Distribution, Price, Packaging

• Product, Design, Packaging, Promotion

What does 'Product' refer to in the marketing mix?

• The amount customers pay for products

• The locations and methods used to make products available

• What a business offers customers to satisfy needs

• Ways to make customers aware of products

Which element of the marketing mix involves the locations and methods used to make products available to customers?

• Product

• Distribution

• Price

• Promotion

What does 'Price' refer to in the marketing mix?

• The amount customers pay for products

• The locations and methods used to make products available

• What a business offers customers to satisfy needs

• Ways to make customers aware of products

What is the role of 'Promotion' in the marketing mix?

• To determine the cost of production

• To make customers aware of products and encourage them to buy

• To decide the locations for selling products

• To design the product packaging

What is discretionary income?

• The total income before taxes

• The amount of money available after paying for necessities

• The income saved for retirement

• The income used for investments

Why is choosing the right products important in marketing?

• It ensures high production costs

• It meets the needs and wants of the market

• It guarantees a high profit margin

• It reduces the need for advertising

What can happen if too much of a product is produced?

• Increase in consumer demand

• Price markdowns

• Higher profit margins

• Improved product quality

How does the state of the economy affect consumer spending on sports and entertainment?

• It has no effect

• Consumers spend more regardless of the economy

• Consumers are likely to spend less when the economy is questionable

• Consumers spend more when the economy is questionable

What is an example of the distribution function in marketing?

• Designing a new product

• Setting a price for a product

• Transporting athletic uniforms by UPS

• Creating an advertisement campaign