Which of the following is/are correct statement(s)?

Statement 1: Parity pricing is an appropriate strategy when there is little competition and product differentiation.

Statement 2: Cost-plus pricing is used when a firm wants to cover its costs and achieve a reasonable profit margin.

1. Only Statement 1 is correct.
2. Only Statement 2 is correct.
3. Both statements are correct.
4. Both statements are incorrect.

The term marketing mix refers to ……………

1. An analysis of micro and macro environment of the organization
2. A mixture of various decisions to sell more products at any cost
3. A customer relationship for long term profit and gain
4. A combination of strategic elements to satisfy market needs

Typically profit is negative in which stage of the product life cycle?

1. Growth
2. Maturity
3. Introduction
4. Decline

Packaging is solely concerned with the protection of the product during transportation and has no impact on consumer purchasing decisions.

1. True
2. False