Commercial Applications
The term marketing mix refers to ……………
- An analysis of micro and macro environment of the organization
- A mixture of various decisions to sell more products at any cost
- A customer relationship for long term profit and gain
- A combination of strategic elements to satisfy market needs
Answer
A combination of strategic elements to satisfy market needs
Reason — Marketing mix refers to the combination of four basic elements (product, price, place and promotion) which constitute the core of a company's marketing system. The basic purpose of marketing mix is to satisfy the needs and wants of customers in the most effective manner.
Related Questions
…………… refers to the pathway, path or route taken by goods as they flow or move from the point of production to the point of consumption or use.
- Channel of distribution
- Direct marketing
- Intensive distribution
- None of these
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.
- Only Statement 1 is correct.
- Only Statement 2 is correct.
- Both statements are correct.
- Both statements are incorrect.
The skimming, penetration, parity are decided in which of the marketing mix strategy?
- Price Decisions
- Place Decisions
- Product Decisions
- Promotion Decisions
Typically profit is negative in which stage of the product life cycle?
- Growth
- Maturity
- Introduction
- Decline