People are the same as “target market”.

The target market is not considered when promoting products or services.

The target market is considered when making all decisions regarding Product, Place, Price, and Promotion.

Market segmentation is used to help marketers to clearly define their target market.

Products are goods, services, or ideas that are developed to meet customer wants and needs.

Products are always tangible goods.

Product development is the creation of products with new or different characteristics that offer new or

additional benefits to the customer.

Target market is the group of customers most likely to buy your product.

Marketers need to identify and understand customer wants and needs in order to develop successful

products.

The automated kiosk does not have product features and benefits.

Product opportunities exist when there is a gap.

Price is defined as the cost of a good or service.

From the customer’s perspective, price is what must be given up in exchange for a good or service; from the seller’s perspective, price is the revenue that will be gained in the exchange of a good or service.

In pricing products in an automated retail kiosk, the cost of the product is the only consideration that the seller needs to take into account when calculating the retail price.

Price and cost are the same.

Internal and external factors impact how retailers price products.

The definition of PLACE, in regards to the 4 Ps of Marketing is: getting the right product to the customer at the right time, at the right place, in the right quantity.

The basic objective of all placement decisions or strategies is to make the product accessible for the consumer.

Distribution channels do not have an impact on getting the right product to the customer at the right place.

Retailers are finding that developing a partnership or long-term relationship with their vendors (channel members) results in more successful placement of their products.

Promotion is defined as a communication process to inform, persuade or remind customers about a product

or service.

The four elements of the promotional mix are: product, place, price, and promotion.

Without promotion, there would be no communication.