Marketing Managers Strive to Develop a Marketing Mix That

question 46

Multiple Choice

Marketing managers strive to develop a marketing mix that

• A)minimizes marketing costs.
• B)matches what competitors are offering.
• C)best matches the abilities of the firm.
• D)matches the needs of the target market.
• E)generates the highest level sales.

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Definitions:

Product Differentiation

A strategy businesses use to distinguish their products from those of competitors, aiming to increase market share and customer loyalty.

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, based on factors such as willingness to pay, location, or purchase volume.

Economies of Scale

The cost advantage that arises with increased output of a product, where the average cost per unit decreases as scale of production increases.

Barriers to Entry

Factors that prevent or hinder companies from entering a specific market, such as high startup costs or stringent regulations.