Answer: c: Reference Group 4. The concept of the product that passes through various changes In Its total life known as: Answer: a. Product life cycle 5. It refers to unique set of brand associations that brand strategist aspires to create or maintain: Answer: c: Brand Identity 6. It involves a pricing strategy that charges customers different prices for the same product or service. Answer: b: Price discrimination 7. It refers to an arrangement where another company through its own marketing channel sells the products of one producers.
Answer: d: Strategic Channel alliance 8. It involves facility consisting of the means & equipment necessary for the movement of passengers of goods. Answer: c: Transportation 9. The advertising which is used to inform consumers about a new product or feature & to build primary demands is known as: Answer: b: Informative Advertising 10. An art that predicts the likelihood of economic activity on the basis of certain assumptions: Answer: b: Sales forecasting Part two: 1. Define Marketing Mix.
The marketing mix is generally accepted as the use and specification of the 'four Up's' describing the strategic position of a product in the marketplace. The marketing mix has up's they are 1. Price 2. Product 3. Promotion 4. Place Marketing management strives to develop the most appropriate combination of marketing mix variables for each product to match the needs of the target market. Marketing mix elements are altered to accommodate the changing market conditions and changing marketing strategies adopted by competing companies.