BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Detailed explanation-1: -These four elements are known as the four Ps of the marketing mix: Product: a good, service, or idea to satisfy the consumer’s needs. Price: what is exchanged for the product. Promotion: a means of communication between the seller and buyer.
Detailed explanation-2: -Which of the following statements is true of market segmentation? It helps marketers design marketing mixes that match the characteristics of the target market.
Detailed explanation-3: -Using an undifferentiated marketing (or mass-marketing) strategy, a firm might decide to ignore market segment differences and target the whole market with one offer. This mass-marketing strategy focuses on what is common in the needs of consumers rather than on what is different.
Detailed explanation-4: -Promotion. The goal of promotion is to communicate to consumers that they need this product and that it is priced appropriately. Promotion encompasses advertising, public relations, and the overall media strategy for introducing a product.