MANAGEMENT

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BUISENESS MANAGEMENT

MARKETING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A business decides to promote a new range of luxury clothing by advertising in expensivewomen’s magazines. Which one of the following would be the best mix of other decisionsfor the firm to take?1) High prices, mail order, cheap packaging2) Low prices, quality packaging, high class retail shops3) High prices, quality packaging, high class retail shops4) Low prices, quality packaging, sold in supermarkets
A
1
B
2
C
3
D
4
Explanation: 

Detailed explanation-1: -What does a company use as a promotional goal that makes consumers choose one brand over its competition? They use persuasion to convince the consumer to switch brands.

Detailed explanation-2: -Price also refers to consumers’ perceived value and includes the sacrifice that they are willing to make in terms of time or effort. Price is critical for a marketing mix, because it is the only element that generates profit. All the other marketing mix dimensions produce costs.

Detailed explanation-3: -Importance of Marketing Mix Helps understand what your product or service can offer to your customers. Helps plan a successful product offering. Helps with planning, developing and executing effective marketing strategies. Helps businesses make use of their strengths and avoid unnecessary costs.

Detailed explanation-4: -The 5 P’s of marketing – Product, Price, Promotion, Place, and People – are a framework that helps guide marketing strategies and keep marketers focused on the right things. Let’s take a deep dive into their importance for your brand.

There is 1 question to complete.
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