What is the role of price in the marketing mix?
It encompasses pricing strategies for the products that are promoted. It works independently of the other Ps of the marketing mix. In the context of the marketing mix, which of the following statements is true of price?
What is the role of advertising in the marketing mix?
It includes advertising, public relations, and personal selling. It ensures that products arrive in usable condition at designated places when needed. It encompasses pricing strategies for the products that are promoted. It works independently of the other Ps of the marketing mix.
What companies focus on a single segment of the market?
Imrow Inc., a publishing firm, serves only a single segment of the market. Magnira Corp., a clothing store, inhibits post-sale customer service relations. VeFilia Motors., an automobile manufacturing company, solely relies on pricing strategies to counter competition.
What type of company solely relies on pricing strategies to counter competition?
VeFilia Motors., an automobile manufacturing company, solely relies on pricing strategies to counter competition. Nice work! You just studied 21 terms! Now up your study game with Learn mode. Sican Pharmaceuticals has a large market share and enjoys customer loyalty. The company has a strong brand image that is associated with trust and safety.
What is Sican Pharmaceuticals known for?
It is also known for its unique drug packaging and a wide variety of drugs at reasonable prices. In this scenario, which of the following competitive advantages is Sican Pharmaceuticals most likely to have built?
What is Vefilia Motors?
VeFilia Motors., an automobile manufacturing company, solely relies on pricing strategies to counter competition.
What is Harlose Inc?
Harlose Inc., an electronic appliances store, is famous for its after-purchase customer support.
What is a group of individuals with different product needs?
A group of individuals with different product needs. A group of business units belonging to the same organization. A group of companies producing similar products. A group of individuals aged between 60-75 years.
What is sustainable competitive advantage?
a. A sustainable competitive advantage: exclusively pertains to low-price competitive advantage. seeks to target and effectively serve a single segment of the market. often results in mediocre performance. cannot be copied by the competition.
Can a company raise or lower its ad revenue?
It can be raised or lowered by marketers .
What is the place of distribution?
Place can also be referred to as ‘distribution channels’. It includes the physical access point where the product is provided to customers, and the methods of transporting or storing goods before making them available for clients. It also the sales channels used, such as online or via shops and distributors or other intermediaries. Getting the right product to the right place at the right time is strongly influenced by these distribution channels. They can be short channels which are directly from vendor to consumer, or longer which may include intermediaries such as wholesalers, distributors, agents or retailers.
What is the marketing mix?
The marketing mix describes the elements which can be reviewed and considered to create a successful combination of the right product, right place, right price and right promotion. These four elements are adjusted until the ideal combination is found, so that both company objectives and customers’ needs are satisfied. The traditional marketing mix consists of the four Ps (price, place, product and promotion) but can be extended to the 7Ps to encompass service aspects by including people, processes and physical evidence.
What is the most flexible component of the marketing mix?
This is the amount paid by the customer for the product. Price is a key element relating directly to total revenue and ultimately to the profit of the organization. However, it is the most flexible component of the marketing mix and it should be established by taking into account many other factors such as the price of competitive products, customers’ needs, the cost of production and distribution or the company’s position on the market. Pricing is discussed further in Pricing Strategies
What is promotion in marketing?
Promotion is all the communication methods used by a company to inform both customers and prospects about their products or services. Promotion has its own mix which traditionally includes advertising, personal selling, online communication, direct marketing, public relations and sales promotion.
What is a product?
A ‘product’ can be considered as a definition of the goods and services which satisfy a consumer’s needs or desires. It can be tangible, with independent physical features, or intangible if discussing services, or both, which includes the service-related elements of a physical product. In a restaurant, for example, you consume the food which is a tangible product but are also served which represents the intangible, i.e. service. The two combined together represent the combined ‘product experience’.