Which Variable Would Be Considered Part of the "Product" Element

question 4

Multiple Choice

Which variable would be considered part of the "product" element of the marketing mix?

• A) Advertising
• B) Packaging
• C) Payment terms
• D) Inventory levels and location
• E) Publicity

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Definitions:

Marginal Cost

The rise in overall expenses incurred from the production of an additional single unit of a product or service.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various price levels at a given time.

Profit-Maximizes

The strategy or action by a firm to adjust its production and pricing to achieve the highest possible profit.

Cost

The value of everything a seller must give up to produce a good.