The 5th chapter of our Marketing learning course is “Marketing Mix”. In this article, we’ll learn the 25 most important marketing mix questions and their answers.
It will help you understand the important marketing mix terms and their explanations quickly.
By reading this post, you may quickly prepare for marketing courses and for any competitive tests such as school and college exams, vivas, job interviews, and so on.
So let’s get started…
Marketing Mix Questions and Answers
The 25 important marketing mix questions and answers are as follows:
Question 01: What is Marketing Mix?
Answer: A marketing mix is a combination of certain controllable elements, such as product, price, distribution, and promotion, which the company uses to achieve a specific goal in the intended market.
Question 02: Who is Called the Father of Marketing Mix or 4P?
Answer: Neil H. Borden is called the father of marketing mix or 4P.
Question 03: What are The Elements or 4Ps of the Marketing Mix?
Answer: The elements or 4ps of the marketing mix are as follows:
- Product
- Price
- Physical distribution or Place
- Promotion
Question 04: What is a Product?
Answer: A product is something that can satisfy the needs or desires of customers. In other words, the product is a means of satisfying a need that can be attracted, acquired, used, or enjoyed.
Question 05: What are The Elements of the Product Mix?
Answer: The elements of the product mix are as follows:
- Variety
- Quality
- Design
- Features
- Brand Name
- Packaging
- Service
Question 06: What is Variety?
Answer: Variety means presenting the same product in different ways. For example, mango, banana, strawberry, mixed ice cream of different flavors are marketed.
Question 07: What is Quality?
Answer: Product quality is a combination of qualities like product durability, reliability, accuracy, functionality, repairability, etc.
Question 08: What is Design?
Answer: Design is the process of creating something from an outline. The use of well-designed products emphasizes their usefulness and attractiveness.
Question 09: What are Features?
Answer: Features are a competitive tool for distinguishing company products from competing products.
Question 10: What is Service?
Answer: A service is a number of functions, benefits, and satisfaction that are presented in the market for sale.
Question 11: What is Price?
Answer: The price is the amount you have to pay for a certain amount of goods or services. Marketing success depends on the right pricing.
Question 12: What is List Price?
Answer: The price printed on the packaging of a salable product is referred to as the list price. The buyer gets an idea of the price of the product from the list price.
Question 13: What is a Discount?
Answer: Discount is the process of marketing a product at a price slightly lower than the established or made list price. Different types of discounts are offered to motivate the buyer to purchase the product.
Question 14: What are Allowances?
Answer: Allowances are used when a price benefit is provided even after a discount has been applied. Allowances on price are typically offered to cover stock shortages or cash shortages.
Question 15: What are Credit Terms?
Answer: In the event of late payment, the credit terms are used to set the conditions. The credit terms should be set in such a way that the buyer can purchase the product while dealing with a cash crunch, and the terms are simple to follow.
Question 16: What is Distribution or Place?
Answer: Distribution or place is the creation of spatial utility of goods or services. The main purpose of distribution is to increase the sales volume by ensuring the right price for the product.
Question 17: What are Channels?
Answer: The channels consist of all the organizations or individuals involved in the process of distribution of goods or services. Channels are used to deliver the right quality products at the right time, in the right place, in the right quantity.
Question 18: What is Promotion?
Answer: Promotion is the process of performing purposeful communication and encouraging the buyer to purchase the product by emphasizing the product’s quality.
Question 19: What is Advertisement?
Answer: Advertisement is the presentation of an objective entity in exchange for money in order to persuade a specific group of people to purchase a product, service, or idea.
Question 20: What is Personal Selling?
Answer: Personal selling is the process of persuading potential buyers to purchase a product or service by personally presenting various information related to the product or service for the purpose of selling the product or service.
Question 21: What is Sales Promotion?
Answer: Sales promotion is an irregular and short-term stimulus activity to increase sales by launching new products, creating buyers, rewarding loyal buyers, attracting competing buyers, building brand loyalty, and increasing declining demand.
Question 22: What are Public Relations?
Answer: Public relations is the process of creating a favorable image of a product or organization through the interaction between the organization and the people.
Question 23: Why are Consumers at the Heart of the Marketing Mix?
Answer: According to the marketing doctrine, consumers need to focus more on their needs. No matter how you conduct your marketing activities, your main goal is to provide customer satisfaction.
And for this reason, all the rules, policies, activities, laws, and regulations of marketing are formulated with the importance of consumers.
Every organization in the world takes up its marketing activities considering the tastes, needs, preferences, thoughts, etc. of the consumers.
That is to say, the consumers are the heart of the marketing mix.
Question 24: What Are The Limitations of Marketing Mix Elements?
Answer: The proper combination of the marketing mix and its practical application is often a problem for marketers.
A successful marketing mix depends on the right combination of controllable resources and the needs of specific buyers.
Blending activities don’t make much sense unless there is an emphasis on buyer determination or segmentation.
In most cases, marketing activities fail due to a lack of proper emphasis on competitive and environmental issues.
Question 25: What Are the Influencing Factors in Marketing Mix?
Answer: The influencing factors in the marketing mix are as follows:
- The product quality, features, and attributes
- Features of production
- Nature of market
- The Middleman’s Influence
- Marketing objectives
- The number and location of consumers
- Stage of product life cycle
- Buying behavior
- The competitive environment and competitor behavior
- Globalization of marketing system
I hope that by the end of this post, you have a good understanding of the “Marketing Mix” chapter.
You will gain a better understanding of the “Marketing Mix” chapter if you read these 25 important marketing mix questions and answers on a regular basis.
You can read the previous four chapters of our marketing learning course here if you missed them.
- 30 Important introduction to marketing questions & answers [With PDF]
- 25 Important marketing environment questions & answers [With PDF]
- 35 Important marketing functions questions & answers [With PDF]
- 25 Important marketing segmentation questions & answers [With PDF]
- 35 Important product questions and answers [With PDF]
- 25 Important pricing products questions and answers [With PDF]
- 35 Important product distribution channel questions and answers [With PDF]
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