ENTREPRENEURIAL MARKETING
MARKETING MIX
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
product
|
|
|
price
|
|
|
place
|
|
|
promotion
|
Detailed explanation-1: -Price. Price is the amount that consumers will be willing to pay for a product. Marketers must link the price to the product’s real and perceived value, while also considering supply costs, seasonal discounts, competitors’ prices, and retail markup.
Detailed explanation-2: -The price of a product online determines how much margin that product will make, a portion of which can be used for marketing. If the product has high margins, marketers have more money to market a product. However, if a product has lower margins, there is less money for a marketing strategy.
Detailed explanation-3: -Price has a huge impact on marketing effectiveness When your product is priced lower than your competitors’ products, customers are more likely to click on one of your ads or buy one of your products. A competitive pricing strategy results in a higher click-through rate and a higher conversion rate.