Marketing Mix
What are product, price, place, and promotion?
The 4 P's of the marketing mix.
Maya starts a custom sticker business and takes on the risk of losing the money she invested. This term describes Maya.
What is an entrepreneur?
Food, water, and shelter are examples of these basic necessities.
What are needs?
Creating advertisements and communicating a product’s benefits are part of this marketing function.
What is promotion?
This is the money a business earns from sales before subtracting expenses.
What is revenue?
A school store decides to offer hoodies in three colors and five sizes. These decisions belong to this P.
What is product?
A student store designs its products specifically for students who want affordable school-spirit merchandise. This group is the store’s ________.
What is its target market?
A designer backpack instead of a basic backpack is an example of this—a preference beyond a basic necessity.
What is a want?
A salesperson asks about a customer’s needs, recommends a product, and helps the customer make a purchase. This is the marketing function being used.
What is selling?
This is the money remaining after a business subtracts all expenses from revenue.
What is profit?
A student business charges $12 for a custom keychain. This decision belongs to this P.
This decision belongs to this P.What is price?
A smoothie stand sells $240 worth of drinks and has $150 in total expenses. The $90 is the____.
What is profit?
A haircut, tutoring session, or car wash is this type of product: an activity performed for a customer.
What is a service?
Calculating costs, comparing competitors’ prices, and deciding what customers will pay are part of this marketing function.
What is pricing?
Two businesses selling similar products to the same customers are participating in this.
What is competition?
A business chooses to sell through its website and at school events. These decisions belong to this P.
What is place?
Before launching a phone stand, students survey potential customers about preferred colors, features, and prices. They are using this marketing function.
What is marketing-information management?
This process connects businesses with customers by creating, communicating, and delivering offerings that meet customer needs and wants.
What is marketing?
Choosing retailers, wholesalers, or other routes that connect a product’s producer with its customers is this marketing function.
What is channel management?
This form of business ownership has one owner and is not a separate legal entity from that owner.
What is a sole proprietorship?
A business already has a popular product, an affordable price, and convenient locations—but few people know it exists. This P needs the most attention.
What is promotion?
A student business orders shirts without asking customers what they want. Sales are weak. Its next launch begins with customer research and products designed around customer needs. This customer-focused philosophy guides the new approach.
What is the marketing concept?
When a customer gives a business money and receives a product in return, both sides participate in this transfer of something of value.
What is an exchange?
Improving a product’s features, adding a new version, or discontinuing an unpopular item are decisions within this marketing function.
What is product/service management?
A student spends $100 to start a business. Each item sells for $10 and costs $5 to make. This many items must be sold to cover the startup cost and the cost of making those items.
and costs $5 to make. This many items must be sold to cover the startup cost and the cost of making those items.What is 20 items? Explanation: Each sale contributes $5 toward the $100 startup cost; $100 ÷ $5 = 20.
This is a combination of the elements used in a promotional campaign of marketing and includes personal selling, advertising, sales, promotion, and public relations.
This term describes the usefulness or satisfaction a customer receives from a product.
What is utility?
This term describes the route a product takes from the producer to the final customer, sometimes passing through wholesalers or retailers.
What is a channel of distribution?
A student store identifies its target customers, sets a goal to increase sales by 15%, and outlines strategies to reach that goal. This is the marketing function being used.
What is market planning?
An entrepreneur chooses to run a booth on Saturday instead of working a shift that would pay $100. The forgone $100 is this economic cost of the decision.
What is opportunity cost?