Question

In: Economics

1# The most challenging element of the marketing mix to get right when putting together a...

1# The most challenging element of the marketing mix to get right when putting together a new product marketing strategy is

a Packaging

b Promotion

c Place

d Product

e Price

2# Often, this element of the marketing mix is the key to getting a premium price for products and services

a People

b Presentation

c Place

d Packaging

e Promotion

3# Which pricing strategy is used when marketers set a relatively low price to obtain high market share at the expense of high margins?

a Promotional Packaging

b Price Skimming

c Price Penetration

d Compeititve Pricing

e Cost-Plus Pricing

Expert Solution

1. The answer to the 1st question is Price

Your marketing mix is the combination of elements that play a role in promoting and delivering your products and services to consumers or clients. In essence, it's about putting your product or service in the right place at the right time for the right price.

Simplistically, price is the value measured in money term in the part of the transaction between two parties where the buyer has to give something up (the price) to gain something offered by the other party or the seller. Pricing is a complicated element, which needs to reflect supply and demand, the actual value of the object, and the perceived value of it in the mind of the consumer. A price that does not reflect these factors and is either too high or too low will lead to unsuccessful sales. This is why an organization’s pricing will change according to circumstances and time.

2. The answer to the 2nd question is Promotion

In marketing, promotion refers to any type of marketing communication used to inform or persuade target audiences of the relative merits of a product, service, brand or issue. The aim of promotion is to increase awareness, create interest, generate sales or create brand loyalty

3. Answer to 3rd question is Price Penetration

Penetration pricing is a pricing strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth. The strategy works on the expectation that customers will switch to the new brand because of the lower price. Penetration pricing is most commonly associated with marketing objectives of enlarging market share and exploiting economies of scale or experience

Rahul Sunny answered 1 year ago

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