Brad Majors Says That This Part of the Marketing Mix

question 9

Multiple Choice

Brad Majors says that this part of the marketing mix is the communications aspect of the other four P's.

• A)product
• B)place
• C)price
• D)promotion
• E)placement

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Definitions:

Scarce Supply

A situation where the availability of a product or service is limited relative to the desire or demand for it.

Market System

A market economy characterized by investment, production, and distribution decisions that are influenced by the forces of supply and demand, with the prices of goods and services being established in a system where they are allowed to fluctuate freely.

Private Ownership

The legal possession of assets, resources, or property by individuals or corporations rather than by the state or public entities.

Consumer Sovereignty

The concept that consumers' preferences and choices dictate the production and consumption of goods and services in an economy.