5.1 Identifying + understanding customers Flashcards
1
Q
what is an exchange?
A
occurs when someone gives up something in return for something else (business exchanges or products for money)
2
Q
what is marketing?
A
activities a company undertakes to promote the buying or selling of a product or service
3
Q
What is the marketing mix? (4 Ps)
A
Price
Product
Placement
Promotion
4
Q
What are the effects of making mistakes with products?
A
have to be withdrawn if sales are too low
amend the product which costs money
lower price, reduces products
damage brand name, affect company’s reputation
5
Q
A
