marketing mix

Question 1

simply refers to a mode, means, or tool used by the entrepreneur to position the product in the target market segment. it is also known as the “Ps”

Answer 1

marketing mix

Question 2

original 4Ps

Answer 2

product
place
price
promotion

Question 3

7 Ps

Answer 3

product
place
price
promotion
people
packaging
positioning

Question 4

Refers to the tangible good or intangible service

Answer 4

product

Question 5

Two basic entrepreneurial tenet relative to product are as follows:

Answer 5

The product is only produced once there is an existing need or want.
The product must satisfy the need or want better than the competing products.

Question 6

The term _____ in the marketing mix refers to the ___ where the target costumers are. Put your business where your customers are willing to but the product.

Answer 6

place

Question 7

can be viewed from two opposing perspectives; the perspective of the entrepreneur who produces the product, apply higher prices for the products to a gain a higher profit and the perspective of the consumers who ultimately buy the product want lower prices.

Answer 7

price

Question 8

Variable that highly influence the setting of prices of goods or services:

Answer 8

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

Question 9

Pricing strategies (3)

Answer 9

Promotional pricing
Odd or even pricing
Prestige pricing

Question 10

products are sold at a lower price in a limited temporary period like midnight sale, christmas sales, or an anniversary sale

Answer 10

promotional pricing

Question 11

where products sold at prices that end in odd number like 99.95 pesos to appear cheaper compared to products with prices that end in even 0 like 100 pesos.

Answer 11

odd or even pricing

Question 12

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

Answer 12

prestige pricing

Question 13

the term ____ refers to the mode of conveying the presence and attributes of the product. The business communicates to the target consumers the pertinent information about the product. It creates awareness of the products

Answer 13

promotion

Question 14

Promotion utilizes the most appropriate media to reach the consumers. (5)

Answer 14

Advertising
Publicity
Personal selling
Sales promotion
Direct marketing

Question 15

refers to individual employees or workers. the entrepreneur must be sure to hire right person for the position

Answer 15

People

Question 16

process of putting the product in a package or container. it includes the kind of material used for the wrapper or container and the label and product information printed on the package.

Answer 16

packaging

Question 17

place occupied by the product in the minds of the consumers. For example, in relation to the product image, there must be a quality product that satisfies the needs or wants of the consumers.

Answer 17

positioning

Question 18

4Ms of operations

Answer 18

Manpower
Machine
Material
Method

Question 19

Refers to the workforce. An entrepreneur needs to hire good and competent people to produce quality products.

Answer 19

Manpower

Question 20

Refers to the devices and equipment used to perform specific type of work.

Answer 20

Machine

Question 21

Pertains anything used as inputs to production or manufacturing. It can be a finished product or an unprocessed raw material.

Answer 21

Material

Question 22

Refers to the ways of producing a particular product form raw material. This may refer to traditional method, it may be machine-assisted and automated.

Answer 22

method