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VI. Which of the following items best completes the statement

1. The four main elements of marketing popularly known as:

a) the movement of goods and services

b) the four P’s

c) the four M’s

d) buying, selling, market research, and storage.

2. The product element refers to:

a) the four P’s

b) testing of a product to insure quality

c) the good or service that a company wants to sell

d) getting the product to the customer.

3. Most companies price:

a) with the market

b) below the market

c) beyond the market

d) above the market

4. A common channel of distribution is:

a) wholesaler  retailer  manufacturer  customer

b) manufacturer  retailer  wholesaler  customer

c) retailer  manufacturer  wholesaler  customer

d) manufacturer  wholesaler  retailer  customer

5. The two major forms of promotion are:

a) radio and television

b) personal selling and advertising

c) personal selling and newspapers

d) selling advertisements.

VII. Various problems that might occur in the marketing process are listed below. Determine to which of the four p’s each problem is most closely related

Product

Price

Placement

Promotion

1. The advertising gives false information

2. The product is not available

3. The product is not available in enough stores

4. The product is too expensive

5. A salesclerk is rude to customers

6. The product is sold during the wrong season

7. The product is of poor quality

8. The advertising is offensive

9. The price of a product increases faster than the rate of inflation

10. The product is not available in your favorite stores

VIII. Answer the following questions:

  1. What is marketing?

  2. How does the definition of marketing given in the reading differ from the one that you wrote?

  3. What are the four main elements of marketing?

  4. What is involved in the product element of marketing?

  5. What are the three pricing options a company may take?

  6. Using $75 as an average price for a pocket calculator, what are examples of pricing above, with, and below the market?

  7. What does placement involve?

  8. Do you thing McDonald’s provides food on a wholesale or retail basis?

  9. What are some advertising media besides magazines and newspapers?

  10. If you were to specialize in one of the marketing elements, which one would you choose – product, price, placement or promotion? Why?