Marketing Managers Create a Marketing Mix of Product,place,promotion,and Price Strategies

question 41

Short Answer

Marketing managers create a marketing mix of product,place,promotion,and price strategies aimed at a target market.While managers can control the mix,they cannot control the elements in the external environment that continually mould and reshape the target market.List six variables of the external environment that are not directly under the control of marketing managers.

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Definitions:

Price Discrimination

A pricing strategy where identical or substantially similar goods or services are sold at different prices by the same provider to different consumers.

Demand Elasticity

An assessment of the sensitivity of demand for a product to shifts in its price.

Monopolist Engages

Refers to actions taken by a monopolistic firm to maintain or enhance its market power, which can include setting prices or limiting supply.

Price Discrimination

The strategy of selling the same product to different customers at different prices based on their willingness to pay.