The Marketing Mix (Part I): Question Preview (ID: 11582)

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Price is one of the elements of
a) the competition
b) market research
c) the channel of distribution
d) the marketing mix

A product mix
a) is the different products and services a business sells
b) helps determine the pricing strategy
c) is used to maximize sales
d) identifies features such as color, size, and quality

Channels of distribution include the routes that products and services take
a) from manufacturers to wholesalers
b) all of these
c) from manufacturers to retail stores
d) from retail stores to consumers

All of the following are price objectives except
a) increase profits
b) discourage competition
c) attract customers
d) minimize sales

A business may set its prices for products or services using
a) competition-based pricing
b) all of these
c) demand-based pricing
d) cost-based pricing

With cost-based pricing, a price is determined by
a) finding out what competitors charge for the same item
b) analyzing customer need
c) how much customers are willing to pay
d) using the wholesale cost of an item

Businesses should always set their prices
a) lower than their competitors' prices
b) all of these
c) high enough to make a profit
d) based on their product mix

A marketing mix is the blending of product, distribution, price, and promotion to satisfy a target market.
a) True
d) False

Demand-based pricing is usually only used by businesses that are monopolies.
a) True
d) False

With competition-based pricing, the price you charge should be the same as the price charged by competitors.
a) True
d) False

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