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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 competition
B
the marketing mix
C
market research
D
the channel of distribution
2) A product mix
A
helps determine the pricing strategy
B
is the different products and services a business sells
C
is used to maximize sales
D
identifies features such as color, size, and quality
3) Channels of distribution include the routes that products and services take
A
from manufacturers to retail stores
B
all of these
C
from manufacturers to wholesalers
D
from retail stores to consumers
4) All of the following are price objectives except
A
discourage competition
B
minimize sales
C
attract customers
D
increase profits
5) A business may set its prices for products or services using
A
competition-based pricing
B
cost-based pricing
C
demand-based pricing
D
all of these
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
False
B
True
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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