Q3 - Entrep Quiz #4

Question 1

What is Marketing Mix?

Answer 1

• a business mechanism used for effective product marketing
• controllable and connected variables gathered by a company to satisfy customers better than competitors

Question 2

What are the 7 P’s?

Answer 2

• Product
• Place
• Price
• Promotion
• People
• Packaging
• Positioning

Question 3

Product

Answer 3

refers to any goods or services produced to meet the consumers’ demands

Question 4

Place

Answer 4

• location where exchange of goods or services happens between buyers and sellers
• aka distribution channel
• physical/virtual stores

Question 5

Stages of Distribution Channel

Answer 5

1. Producer > Manufacturer > Retailers > Consumers
2. Producer > Retailer > Consumer
3. Producer > Consumer (Direct Marketing)

Question 6

Price

Answer 6

value of money in exchange for product or service

Question 7

Price determinants

Answer 7

1. What buyer is willing to pay
2. What seller is willing to accept
3. What the competition is allowing to be charged

Question 8

Penetration pricing

Answer 8

price charged for products or services is set artificially low to gain market share

Question 9

Skimming pricing

Answer 9

high price then slowly lowers it to make the product available to a wider market

Question 10

Competition pricing

Answer 10

using the price of competing products as a benchmark instead of the costs

Question 11

Product line pricing

Answer 11

the practice of reviewing and setting prices for multiple products that a company offers in coordination with one another

Question 12

Bundle pricing

Answer 12

placing several products or services together in a single package and selling for a lower price than separate

Question 13

Premium pricing

Answer 13

setting the price higher than similars to create a higher value perception

Question 14

Psychological Pricing

Answer 14

setting prices slightly lower than rounded numbers

Question 15

Optional pricing

Answer 15

cross-selling products along with a basic core product

Question 16

Cost plus pricing

Answer 16

adding a fixed markup price to the cost of goods and services

Question 17

Cost based pricing

Answer 17

a percentage of the total cost is added to the cost

Question 18

Value based pricing

Answer 18

pricing strategy where prices are based on the consumer’s perception of the product’s value

Question 19

Promotion

Answer 19

complete set of activities to communicate the business to the user

Question 20

Advertising Promotion Examples

Answer 20

Radio, TV, print, electronic, word of mouth, etc.

Question 21

People

Answer 21

consists of each person who is involved in the product or service whether directly or indirectly

Question 22

Packaging

Answer 22

outside appearance of a product and how it is presented to the customers

Question 23

FIve Basic Functions of Packaging

Answer 23

• Protection
• Containment
• Information
• Utility of Use
• Promotion

Question 24

Packaging decisions

Answer 24

• Packaging concept
• Engineering test
• Visual test
• Dealer test
• Consumer test

Question 25

Positioning

Answer 25

process to create an image in the minds of a target market

Question 26

Market Research

Answer 26

gathering, analyzing, and interpreting the information about the products or the services to be offered for sale