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June Assignment

The document outlines key concepts in the marketing mix, focusing on product decisions as foundational elements that influence other aspects. It discusses product types, advantages of new product development, the product life cycle, and the role of branding and pricing strategies. Additionally, it examines pricing methods, price elasticity, dynamic pricing, and the psychological effects of pricing on consumer behavior.

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emmanuelchembeni
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4 views

June Assignment

The document outlines key concepts in the marketing mix, focusing on product decisions as foundational elements that influence other aspects. It discusses product types, advantages of new product development, the product life cycle, and the role of branding and pricing strategies. Additionally, it examines pricing methods, price elasticity, dynamic pricing, and the psychological effects of pricing on consumer behavior.

Uploaded by

emmanuelchembeni
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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#BUSINESS ASSESSMENT

The Marketing Mix (Product and Place)

1. Explain why product decisions are considered the foundation of the marketing mix. How do
they influence the other elements of the mix?

2. Differentiate between consumer goods, consumer services, producer goods, and producer
services with suitable examples. Why is it important for businesses to define their product
type?

3. Discuss the advantages and disadvantages of developing new products. How can a Unique
Selling Point (USP) affect a product’s success?

4. Describe the stages of the product life cycle. How should pricing and promotional strategies
change at each stage?

5. What is the role of branding and packaging in marketing a product? How do they help create
and maintain brand image and customer loyalty?

6. Explain the differences between cost-plus pricing, penetration pricing, and price skimming. In
what situations would each be most suitable?

7. How does price elasticity of demand affect a business’s pricing strategy? Use examples of
both price-elastic and price-inelastic products to support your answer.

8. What is dynamic pricing and how has online marketing made it more common? Provide two
real-world examples of industries that use this method.

9. Discuss the psychological impact of pricing on consumer behavior. How do businesses use
price to reinforce brand image or attract value-conscious customers?

10. Evaluate the benefits and limitations of promotional pricing. When might this strategy harm
a business more than help it?

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