ENTREPRENEURSHIP

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: -How is a marketing plan used by marketers to set up a business on a journey towards success? It helps marketers present the recommended marketing strategy to various stakeholders in the company and creates a common vision in the company to coordinate resources and efforts.

Detailed explanation-4: -Firms consider pursuing various market segments as part of their overall growth strategies, which, according to the market/product and services strategies matrix, are market penetration, product development, market development, and diversification.