Why Is Creation of a Product the Starting Point for the Marketing

question 9

Multiple Choice

Why is creation of a product the starting point for the marketing mix?

• A) The production department must know what to produce first.
• B) Production strategy is the first of the four Ps listed in the marketing mix.
• C) Determination of the price,promotional campaign,and distribution network cannot begin until the product has been specified.
• D) Product development takes the longest amount of time to complete.
• E) Actually,the product does not have to be the starting point--promotional strategies are often the starting point.

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Definitions:

Fair Value

An estimated market price of an asset or liability, reflecting the amount for which it could be exchanged between knowledgeable and willing parties in an arm's length transaction.

Market Participants

Buyers and sellers in the principal market that are independent of each other, knowledgeable, and willing and able to enter into a transaction.

Intangible Assets

Assets that cannot be physically touched or seen but have value, such as patents, trademarks, and copyrights.