What is the most flexible element of the marketing mix?
– the only element in the marketing mix that produces a revenue, all other represent costs. – one of the most flexible marketing mix elements.
Terms in this set (27)
- customer value based pricing.
- cost based pricing.
- competition based pricing.
What is the most flexible of the promotional methods?
The most flexible promotional method is personal selling.
What is probably the least flexible marketing mix variable Why?
Distribution is probably the least flexible marketing mix variable. Distribution decisions are among the least flexible marketing mix decisions because they involve committing resources and establishing contractual relationships. They are difficult or impossible to change.
Is defined as charging highest possible price buyers will pay?
Price skimmingis defined as charging highest possible price buyers will pay. Combination of a product’s price and quality attributes is known as value.
Why is price considered to be one of the most flexible elements of the marketing mix?
Why is price considered one of the most flexible elements of the marketing mix? Because unlike product features and channel commitments, prices can be changed quickly.
What is the first step in a value based pricing strategy?
The 4 critical steps of value based pricing
- Identify the advantages of your product from the customers perspective.
- Estimate the value of the advantages.
- Set the price so that the value of the advanteges exceeds the price.
- Repeat 1-3 for different customer segments.
What are the 5 promotional tools?
There are five (sometimes six) main aspects of a promotional mix: Advertising, Personal selling, Sales promotion, Public relations, and Direct marketing.
What are the 4 types of promotion?
These are personal selling, advertising, sales promotion, direct marketing publicity and may also include event marketing, exhibitions, and trade shows.
What is promotion mix and its elements?
Some of the most important elements used in promotion are as follows : advertising, sales promotion, personal selling and public relation! The promotion element of marketing mix is concerned with activities that are undertaken to communicate with customers and distribution channels to enhance the sales of the firm.
Why is investing less expensive online?
Why is investment trading less expensive online? Because there are good sales online. Because electronic stocks are worth less. … *Because investors can buy and sell investments themselves without hiring a trader.
How many steps do marketers generally use to develop a new product?