The Element of the Marketing Mix That Describes What Is

question 148

Multiple Choice

The element of the marketing mix that describes what is exchanged for a product is known as

• A) a product.
• B) the price.
• C) promotion.
• D) the place or distribution.
• E) persuasion.

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Definitions:

Income Effect

The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.

Substitution Effect

The change in quantity demanded resulting from a change in the price of a good, making other goods more or less expensive relative.

Saving

The process of setting aside a portion of current income for future use or investment.

Capital Income

Income generated through investments, such as dividends from stocks, interest from bonds, or rent from real estate, as opposed to earned income from labor.