About Marketing Mix

As part of a complete marketing strategy, the term "marketing mix" refers to a strategy that incorporates many components. The four Ps (product, price, placement, and promotion) are an often used categorization system. Instead of focusing just on a single message, effective marketing encompasses a wide variety of topics. This allows marketing professionals to reach a larger audience, and having the four Ps in mind allows them to stay focused on the more important things. Emphasis on a marketing mix allows firms to make strategic choices when introducing new goods or changing current items

Salient features of Marketing Mix

  • Product, price, placement, and promotion (E. Jerome McCarthy's four Ps) are usually referred to as the marketing mix.
  • The diverse aspects of a marketing mix function in combination with one another.
  • Customers are at the center of consumer-centric marketing strategies.

The 4 Ps of Marketing Mix

Product

This is a customer-focused product or service. To promote a product or service successfully, distinguish it from competitors. Determine whether additional items or services can be promoted alongside it.

Price

Consumers' willingness to pay determines the product's price. Cost-based pricing considers R&D, production, distribution, and marketing expenses. Worth-based pricing focuses on customers' perceived value or quality attributes.

Placement

When choosing distribution zones, product type is crucial. Paper items are accessible in numerous places. Premium consumer items are accessible at specific shops. Whether to sell a product in-store, online or both is another decision.

Promotion

Promotional mixes are joint marketing efforts. Personal selling, advertising, sales promotion, and PR are examples. The marketing mix budget is vital too. Marketing experts use the other three Ps to connect with potential or targeted consumers. Determining the proper means as well as the frequency of communication are also essential.

Following are some of the multiple choice questions on the Marketing Mix with answers that will help the students in developing their knowledge.

Marketing Mix MCQ

1. To get a selected product in the right place at the right time, marketers often ask themselves which of the following questions:

  • Should we offer a warranty for our product?
  • How should we package our product?
  • Where should we make our product available?
  • What forms of payment should we accept?

2. Which of the 4P's does this represent: T-Shirt

  • Product
  • Price
  • Place
  • Promotion

3. Offering an incentive to customers in order to increase sales--contests, free samples, coupons etc...

  • promotional mix
  • telemarketing
  • personal selling
  • sales promotion

4. Gilron Holidays runs a premium membership club that caters to customers whose annual salary exceeds $100,000. Members of this club are offered seasonal discounts on select luxury hotels in select cities worldwide. Gilron Holidays most likely follows a(n) ________ segmentation approach.

  • Gender
  • Income
  • Geographic
  • Benefit

5. Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?

  • Geographic segmentation
  • Benefit segmentation
  • Occasion segmentation
  • Demographic segmentation

6. Promotion of a product can include all of the following except:

  • advertising a new product
  • offering money-off vouchers to encourage increased sales
  • personal selling by using sales representatives
  • redesigning a product to make it look more modern

7. Which word best describes PLACE in the marketing mix?

  • shelf height
  • shopping mall
  • distribution channel
  • Auckland city

8. Which of the following is NOT an example of public relations?

  • promotion of a football team
  • donations by the firm to charity
  • advertising on national radio
  • letting a newspaper journalist try a product out

9. Producer - Consumer is most likely to be used by a manufacturer of:

  • chocolate bars
  • DVD players
  • mass produced cars
  • specialist racing cars.

10. Management is deciding whether to offer the entire new line of athletic equipment. This marketing mix is

  • Product
  • place
  • price
  • promotion

11. ________ consists of evaluating each market segment's attractiveness and selecting one or more segments to enter.

  • Positioning
  • Mass customization
  • Market targeting
  • Market segmentation

12. How potential customers will be told about a company's products, including the message, media selected, special offers and the timing of campaigns.

  • company advertisement
  • Product
  • Placement of product
  • Promotion

13. McDonalds conducts extensive research to determine the most cost-effective way to transport their products. This marketing mix is

  • place
  • process
  • promotion
  • price

14. The place a product, brand, or group of products occupies in consumers' minds relative to competing offerings

  • Marketing
  • Market Segment
  • Target Market
  • Position

15. If a product, such as an ice cream, is purchased frequently it is likely to be:

  • distributed using personal selling
  • distributed through many retail outlets
  • sold directly from the factory to consumers
  • distributed from producer to wholesaler direct to consumers

16. Which of the following is an important characteristic of marketing tactics

  • The tactics should support the marketing mix
  • The tactics should line up with marketing strategies
  • The tactics should focus on customers
  • The tactics should bring in enough money

17. A firm’s strategy is important because it shows

  • how its goal will be reached
  • how its prices will be lowered
  • how its tactics will be organized
  • how its marketing mix will be blended

18. Which of the following is the best description of the marketing mix

  • A combination of the four elements of marketing
  • An element of marketing that puts a product in the right place at the right time
  • A method of determining what a marketer wants to achieve
  • A strategy that serves as a guide

19. One of the advantages of the channel of distribution shown in question 3 is that:

  • a large delivery can be broken into a smaller quantity
  • the absence of intermediaries helps to keep the price down
  • the producer does not have the cost of holding stocks
  • the consumer can see the products that are for sale.

20. Balancing value and satisfaction for the customer is part of which element of marketing?

  • Promotion
  • Price
  • Product
  • Place

21. A farmer grows vegetables & sells directly to consumers. The reason for this decision is:

  • the products need to be explained to the consumers
  • a high quality image will be needed as goods are expensive
  • the products are perishable
  • the products will be purchased infrequently.

22. Which of the following is an example of sales promotion?

  • advertising a new product on television
  • using specialist magazines to advertise the product
  • billboards and posters
  • special offers and free gifts

23. A product should ........

  • have a special design.
  • satisfy a need or a want of customers.
  • look the same as other products.
  • Both A & B

24. ________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

  • Mass customization
  • Market targeting
  • Market segmentation
  • Differentiation

25. When you see an advertisement for a store and decide to shop there, which element of the marketing mix has succeeded?

  • presentation
  • product
  • place
  • promotion

26. Cost-based pricing is determined by

  • using the wholesale cost of an item as the basis for the priced charged
  • what competitors are charging for the same good
  • how much the consumer is willing to pay for a product or service
  • None of these

27. Promotion means -

  • any form of communications that is used to persuade people to buy a company's product.
  • to move from one place to another
  • to promote
  • when students advance from one level to the next

28. The 4 components of the Marketing Mix are Product, Price, People, and Place? False True

  • False
  • True

29. Deciding how much to make/sell would be:

  • Product
  • Price
  • Place
  • Promotion

30. ____________ relates to distribution of products.

  • Product
  • Price
  • Place
  • Promotion

31. Creating a new commercial would be:

  • Product
  • Price
  • Place
  • Promotion

32. The best explanation of a marketing plan is:

  • the plan which creates the marketing mix to suit a product
  • the marketing objective for the business,
  • the map of the areas that a firm’s product is sold in
  • the plan to market a product in a new region of the country

33. Air freight is most likely to be used for importing which of the following products?

  • steel pipes
  • cars
  • wood pulp
  • fresh flowers

34. One disadvantage of the channel of distribution: Producer - Wholesaler - Retailer -Consumer is

  • the profit taken by intermediaries helps to keep prices low
  • the producer loses control over how the product is marketed
  • the producer has to hold high stocks of the finished goods
  • consumers find it hard to return faulty goods to the firm

35. Products sold over the internet will use which of the following channels of distribution?

  • Producer - Consumer
  • Producer - Wholesaler - Retailer - Consumer
  • Producer- Agent - Retailer - Consumer
  • Producer - Retailer - Consumer

36. One of the advantages of using agents for selling goods in foreign markets is that:

  • the agent will not take a profit from the sale of goods
  • the producer will have more direct contact with consumers
  • the agent will have knowledge of local market conditions
  • the producer will have complete control over product sales.

37. All of the following are part of the normal role of wholesalers except:

  • breaking bulk quantities to smaller deliveries to retailers
  • offering credit facilities to the retailers
  • arranging delivery of the product to retailers
  • putting goods on display for the consumers

38. One disadvantage to a producer of using a wholesaler instead of dealing with a retailer is:

  • the producer has many more firms to deal with
  • the wholesaler’s profit will raise prices of the product
  • the producer will have to make many more deliveries
  • the producer will have to hold a higher level of stocks.

39. A computer manufacturer decides to open a chain of shops to sell products. The reason is:

  • it is much cheaper to open and run a chain of shops
  • existing shops were prepared to accept lower profit margins.
  • the manufacturer wants to control the product marketing
  • none of the above

40. Supplies of oil from an oil well to a refinery are most likely to be transported by:

  • river or canal
  • air freight
  • pipeline
  • road tankers.

41. The definition of ‘channel of distribution’ is:

  • the means of transport used between factory and retail shop
  • the firms involved in passing a product to the customer
  • the way in which a product is transported around a factory
  • the road network between the factory and the retail shops.

42. Place is an important part of the marketing mix because:

  • consumers must be in the right place to buy the product
  • the product must be ready for consumers in the right place
  • advertising should be in the right place
  • if the product is in place, it will not be successful

43. Personal selling is most likely to be used forwhich of the following products?

  • daily newspaper
  • bars of chocolate
  • food products from a supermarket
  • business computers

44. One argument against all forms of promotion is that:

  • they are always very expensive
  • they raise firms’ costs and this could raise prices
  • they are unfair as children will nag parents to buy products
  • some people might not see the promotions

45. Before deciding on the most appropriate advertising media, it is important to:

  • change the price of the product
  • redesign the product
  • establish the target audience for the product
  • introduce an extension strategy for the product

46. One of the advantages of sales promotion is that it:

  • encourages consumers to buy the product more often
  • informs the public of a new product
  • allows the firm to lower the price
  • does not cost the firm anything, unlike advertising.

47. A firm is set to launch a new high energy sports drink. Which method of promotion would it use?

  • national television advertising during the Olympic Games
  • sports magazines with a national coverage
  • national newspapers
  • a local radio station

48. One of the aims of promotion is to:

  • lower the price of the product
  • update the product
  • inform consumers about the product
  • to lower the costs of producing the product

49. Which of the following is an advantage of television advertising?

  • It is cheaper than most other forms of advertising.
  • It can be used to give the consumer product information.
  • It can be aimed at audiences at different times of the day.
  • All members of the target audience will see the adverts

50. If a toy retailer wants to inform potential consumers of its large product range. It would use:

  • billboards and posters
  • children’s television
  • evening radio programmes
  • national newspapers

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