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
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.
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.
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.
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:
2. Which of the 4P's does this represent: T-Shirt
3. Offering an incentive to customers in order to increase sales--contests, free samples, coupons etc...
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.
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?
6. Promotion of a product can include all of the following except:
7. Which word best describes PLACE in the marketing mix?
8. Which of the following is NOT an example of public relations?
9. Producer - Consumer is most likely to be used by a manufacturer of:
10. Management is deciding whether to offer the entire new line of athletic equipment. This marketing mix is
11. ________ consists of evaluating each market segment's attractiveness and selecting one or more segments to enter.
12. How potential customers will be told about a company's products, including the message, media selected, special offers and the timing of campaigns.
13. McDonalds conducts extensive research to determine the most cost-effective way to transport their products. This marketing mix is
14. The place a product, brand, or group of products occupies in consumers' minds relative to competing offerings
15. If a product, such as an ice cream, is purchased frequently it is likely to be:
16. Which of the following is an important characteristic of marketing tactics
17. A firm’s strategy is important because it shows
18. Which of the following is the best description of the marketing mix
19. One of the advantages of the channel of distribution shown in question 3 is that:
20. Balancing value and satisfaction for the customer is part of which element of marketing?
21. A farmer grows vegetables & sells directly to consumers. The reason for this decision is:
22. Which of the following is an example of sales promotion?
23. A product should ........
24. ________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
25. When you see an advertisement for a store and decide to shop there, which element of the marketing mix has succeeded?
26. Cost-based pricing is determined by
28. The 4 components of the Marketing Mix are Product, Price, People, and Place? False True
29. Deciding how much to make/sell would be:
30. ____________ relates to distribution of products.
31. Creating a new commercial would be:
32. The best explanation of a marketing plan is:
33. Air freight is most likely to be used for importing which of the following products?
34. One disadvantage of the channel of distribution: Producer - Wholesaler - Retailer -Consumer is
35. Products sold over the internet will use which of the following channels of distribution?
36. One of the advantages of using agents for selling goods in foreign markets is that:
37. All of the following are part of the normal role of wholesalers except:
38. One disadvantage to a producer of using a wholesaler instead of dealing with a retailer is:
39. A computer manufacturer decides to open a chain of shops to sell products. The reason is:
40. Supplies of oil from an oil well to a refinery are most likely to be transported by:
41. The definition of ‘channel of distribution’ is:
42. Place is an important part of the marketing mix because:
43. Personal selling is most likely to be used forwhich of the following products?
44. One argument against all forms of promotion is that:
45. Before deciding on the most appropriate advertising media, it is important to:
46. One of the advantages of sales promotion is that it:
47. A firm is set to launch a new high energy sports drink. Which method of promotion would it use?
48. One of the aims of promotion is to:
49. Which of the following is an advantage of television advertising?
50. If a toy retailer wants to inform potential consumers of its large product range. It would use:
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