What Is the Major Difference Between the "Price" Element of the Marketing

question 97

Multiple Choice

What is the major difference between the "Price" element of the marketing mix and its other elements?

• A)All of the other elements can be tightly controlled, however with pricing, companies have to set prices at the market rate
• B)All of the other elements represent costs, for example, expenditure on product design (product), advertising and salespeople (promotion) and transportation and distribution (place)
• C)All the other elements are of lesser concern than that of price. Setting prices that maximize profit is crucial in order to achieve commercial success and even survival
• D)All of the other elements are influenced by internal organizational factors, whereas pricing is influenced by external factors which are outside the organization's control

Understand the importance and impact of conveying bad news appropriately in business communication.

Identify the differences between direct and indirect strategies for delivering bad news.

Recognize ethical considerations in business communication, especially in conveying negative news.

Apply positive phrasing and empathy to soften the impact of bad news.

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Definitions:

Subjective Side

Refers to aspects of experiences, behaviors, or perceptions that are influenced by personal feelings, tastes, or opinions rather than by external objective reality.

Objective Side

Refers to the aspect of an issue or situation that can be quantifiably measured or verifiably observed, as opposed to subjective perceptions.

Lev Vygotsky

A Soviet psychologist best known for his theories on cognitive development, particularly the social development theory of learning.

Innate Characteristics

Refers to traits or qualities that are present in an individual at birth, not acquired or learned.