Marketing Mix

Question 1

The 4ps are?

Answer 1

Product, price, place, promotion

Question 2

USP

Answer 2

Unique Selling Point

Question 3

What does USP mean

Answer 3

The USP is what makes the product different from the competition and is highlighted to encourage people to buy the product.

Question 4

Cost-Plus pricing

Answer 4

takes the cost to make the product and adds a percentage of profit on to get the final cost of the item for customers.

Question 5

Loss Leaders

Answer 5

selling a product below the cost it takes to make it in order to attract customers.

Question 6

Premium Pricing

Answer 6

charging a permanently high price to give the impression of luxury.

Question 7

Penetration Pricing

Answer 7

charging a low price when a product is first introduced to encourage sales but increasing the price once sales have reached a certain level.

Question 8

Marketing Mix

Answer 8

The Marketing Mix is a combination of four elements that can help a business market it’s products or services to its target market.