ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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focus on product features more than on consumer needs,
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select a product mix that will most appeal to their target customers,
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no longer care about product profitability,
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all of these.
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Detailed explanation-1: -Targeted marketing enables the marketing and sales teams to customize their message to the targeted group(s) of consumers in a focused manner. The targeting strategy is where the marketing mix comes together to create the right offer and marketing approach for each target segment.
Detailed explanation-2: -Promotion. Joint marketing campaigns are called a promotional mix. Activities might include advertising, sales promotion, personal selling, and public relations. One key consideration is the budget assigned to the marketing mix.
Detailed explanation-3: -Another example of marketing mix is Tiffany & Co. applying product as their competitive edge. Their signature diamond cut (called a “Tiffany True Cut”) is only available at their store. The “Tiffany Blue” of their packaging is so distinctive that the Pantone Company has even named the color after the brand.