ACTIVITY 2.
Directions: Write TRUE if the statements are correct and FALSE if the statements are wrong.
1. Marketing mixrefers to mode, means, or tools used by the entrepreneur to position the product in the target market to efficiently and effectively deliver to the consumers and to convince them about the benefits that they will derive from buying the product. It has defined as the set of marketing tools that the firms uses to pursue its marketing objectives in the target and also known as “Ps” in marketing.
2. The four Ps classification for developing an effective marketing strategy was first introduced in 1960 by marketing professor and author E. Jerome McCarthy.Depending on the industry and the target of the marketing plan, marketing managers may take various approaches to each of the four Ps.
3. Product mix is the concept in marketing where they make one product or service available to the customers on top of the primary product.
4. The entrepreneur must establish his business or product in the most strategic place or location, or put your business where your consumers are notwilling to buy the product.
5. Promotion refers to the mode of conveying the presence and attributes of the product to the target consumers.Through promotions, the business communicates to the target consumers and elicits their desire to buy it.
6. Packaging refers to the process of putting the product in package or container.The basic purpose of packaging is to protect the product from spillage, damage or spoilage.
7. When the supply of the competing product is high, the price of the product is usually low.Producer tend to gradually pull down the prices when the supply is high, and adopt a reverse mechanism when the supply is low.
8. Positioning Refers to the place occupied by the product in the minds of the consumers.
9. Presence of Substitute Productis a threat to the primary product, the customer can easily switch and buy the products with lower prices.The entrepreneur must continously monitor and study the entrepreneurial opportunities of substitute product.
10. Prestige Pricing where products are purposely sold at a lower price in order to create a high or superior image like a skin lotion sold at P700 whereas other sold P150-P200.
