MANAGEMENT

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BUISENESS MANAGEMENT

MARKETING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
An entrepreneur plans to start-up a convenience store selling sweets, food andnewspapers in an area of low income households. The most successful marketing mixcombination is likely to be:1) price skimming; TV advertising; high street shop; wide range of products2) competitive pricing; postal leaflets in area; easily accessible small shop; basicproducts3) competitive pricing; postal leaflets in area; easily accessible small shop; qualityproducts4) cost plus pricing; national newspaper advert; easily accessible small shop; basicproducts
A
1
B
2
C
3
D
4
Explanation: 

Detailed explanation-1: -Writing a marketing plan forces you to specify goals and develop strategies to reach them, and encourages you to research markets and competition. A strong marketing plan will encourage entrepreneurs to think deeply about their business and profit potential, helping them make better business and marketing decisions.

Detailed explanation-2: -Companies use market research to test the viability of a new product or service by communicating directly with a potential customer. With market research, companies can figure out their target market and get opinions and feedback from consumers in real-time.

Detailed explanation-3: -Marketing mix simply refers to a mode, means or tool used by the entrepreneur to position the product in the target market segment to efficiently and effectively deliver it to the consumers and to convince them about the benefits that they will derive from buying the product.

There is 1 question to complete.
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