entrep 5

Question 1

is a set of controllable and connected variables that a company gather to satisfy a customer better than its competitor.

Answer 1

Marketing Mix

Question 2

It is also known as the “Ps” in marketing.

Answer 2

Marketing Mix

Question 3

Markteing Mix

Answer 3

Product
Place
Price
Promotion
People
Packaging
Positioning

Question 4

refers to any goods or services that are produced to meet the consumers’ wants, tastes and preferences.

Answer 4

Product

Question 5

is anything in the form of good, service or idea consisting of a bundle of tangible and intangible attributes that can be offered to a market that might satisfy a want or need and is received in exchange of money

Answer 5

Product

Question 6

represents the location where the buyer and seller exchange goods or services.

Answer 6

Place

Question 7

It is also called as the distribution channel. It can include any physical store as well as virtual stores or online shops on the Internet.

Answer 7

Place

Question 8

stages of distribution channel

Answer 8

producer
wholesaler
retailer’
consumer

Question 9

is the value of money in exchange for a product or service.

Answer 9

Price

Question 10

Generally speaking, the is the amount or value that a customer gives up to enjoy the benefits of having or using a product or service.

Answer 10

price

Question 11

Variables that highly influence the setting of prices of goods

Answer 11

Availability of the competing products
Cost of making the product
Type of product
Presence of substitute products
Demographic profile of the target consumers
Stages of the product in the market

Question 12

Price Strategies

Answer 12

Customary Pricing
Geographic Pricing
One-Price Policy
Variable Pricing
Multiple-Unit Pricing
Odd Pricing
Prestige Pricing
Flexible Pricing
Price Lining
Price Bundling

Question 13

These are prices set at levels below even values.

Answer 13

Odd Pricing

Question 14

The products are purposely sold at a higher
price in order to create a high or superior image.

Answer 14

Prestige Pricing

Question 15

It is when instead of setting one price for a
single model of good or service, the firm sells two
models of different quality and features at
different prices.

Answer 15

Price Lining

Question 16

It is when the firms offers a basic product,
options and customer service for one total.

Answer 16

8. Price Bundling

Question 17

It is when the entrepreneur offers discounts to
consumers for buying in large quantities.

Answer 17

9. Multiple -Unit Pricing

Question 18

It is when the pricing are set depending on the
Distance of the buyer or seller.

Answer 18

10. Geographic Pricing

Question 19

It refers to the mode of conveying the presence and attributes of the product to the large market.

Answer 19

Promotion

Question 20

utilizes the most appropriate media to reach consumers.

Answer 20

Promotion

Question 21

The most common medium of promoting a product or service is through .

Answer 21

advertising

Question 22

It is a non-personal communication regarding goods, services, organization, people, places and ideas that is transmitted through various media but not paid for by an identified sponsor.

Answer 22

Publicity

Question 23

It involves oral communication with one or more prospective buyers by paid representatives for the purpose of making sales.

Answer 23

Personal Setting

Question 24

It is undertaken through the internet. The entrepreneur starts by building a consumer database, performs a one-on-one approach in building consumer relationship, and sells the product online.

Answer 24

Direct Marketing

Question 25

It involves paid marketing communication activities that stimulate consumer purchases and dealer effective.

Answer 25

Sales Promotion

Question 26

Promotion

Answer 26

Advertising
Publicity
Personal Selling
Sales Promotion
Direct Marketing

Question 27

It refers to individual employees or workers who are directly involved in the production, marketing, and sale of the product or service. Hence, the entrepreneur must be sure to hire the right person for the position.

Answer 27

People

Question 28

In the context of marketing mix, refers to the process of putting the product in a package or container.

Answer 28

packaging

Question 29

It refers to the place occupied by the product in the minds of the consumers. It is a marketing strategy that defines the target consumers.

Answer 29

Positioning

Question 30

The marketing mix is an integrated marketing tool used after the target segment has been identified. It positions the product in the identified target market to influence demand for the product.
The different categories representing the marketing mix, if properly applied, is a very effective and strong marketing tool that will influence the customers to buy the product.

Answer 30

why