ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A social media campaign might succeed
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Profits might increase
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A competitor might create an inferior product
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Government regulations might change
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Detailed explanation-1: -Marketers can raise a product’s value in the customer’s eye by raising the price. Lowering the product’s price would not necessarily raise the product’s value. Deciding how to package the product and ordering more of the product are not tasks in the pricing element.
Detailed explanation-2: -Promotion refers to the various types of communication that marketers use to inform, persuade, or remind customers about their products.
Detailed explanation-3: -Four examples of situations that could cause a strategy to be change are price changes, unpopular product, bad PR, firms aren’t all succeeding in their part of the goal. What is the marketing mix? The marketing mix is a combination of the 4 elements or marketing (product, place, price, and promotion).