When Developing Marketing Strategies, Marketing Managers Use the Elements of the Marketing

question 250

Multiple Choice

When developing marketing strategies, marketing managers use the elements of the marketing mix, which includes product, price, place, and promotion. In a similar fashion, when developing retailing strategies, marketers use what is called the retailing mix, which includes

• A)retail pricing, store location, retail communication, and merchandise.
• B)products, services, and ideas.
• C)physical distribution, promotions, and communications.
• D)physical distribution, products, and personal selling.
• E)products, price, shipping/handling, and personal selling.

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Definitions:

Wage Rate

The fixed amount of compensation or payment given to an employee by an employer in exchange for work performed, typically expressed on an hourly, daily, or piecework basis.

Workers

Individuals engaged in any form of employment or activity to earn income through the provision of labor or services.

Substitution Effect

The economic principle stating that as the price of a good or service rises, individuals will replace more expensive items with less costly alternatives.

Output Effect

The impact that changes in output have on economic activity, such as variations in production levels affecting GDP.