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The Marketing Mix (Part I)
Test Description: The Marketing Mix (Product, Place, Price)
Instructions: Answer all questions to get your test result.
1) Price is one of the elements of
A
the channel of distribution
B
market research
C
the marketing mix
D
the competition
2) A product mix
A
is the different products and services a business sells
B
identifies features such as color, size, and quality
C
is used to maximize sales
D
helps determine the pricing strategy
3) Channels of distribution include the routes that products and services take
A
from retail stores to consumers
B
from manufacturers to wholesalers
C
all of these
D
from manufacturers to retail stores
4) All of the following are price objectives except
A
attract customers
B
discourage competition
C
increase profits
D
minimize sales
5) A business may set its prices for products or services using
A
demand-based pricing
B
cost-based pricing
C
all of these
D
competition-based pricing
6) With cost-based pricing, a price is determined by
A
analyzing customer need
B
using the wholesale cost of an item
C
how much customers are willing to pay
D
finding out what competitors charge for the same item
7) Businesses should always set their prices
A
all of these
B
based on their product mix
C
lower than their competitors' prices
D
high enough to make a profit
8) A marketing mix is the blending of product, distribution, price, and promotion to satisfy a target market.
A
False
B
True
9) Demand-based pricing is usually only used by businesses that are monopolies.
A
True
B
False
10) With competition-based pricing, the price you charge should be the same as the price charged by competitors.
A
True
B
False
*select an answer for all questions
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