ENTREPRENEURSHIP Q1

It is a foundation model for businesses, historically centered around product, price, place, and promotion.

E. Jerome McCarthy is the marketing professor and author, first introduced the four Ps classification for developing an effective marketing strategy.

Physical Evidence represents an item or service designed to satisfy the needs and wants of the customer. It can be tangible or intangible.

Service Differentiation includes form, features, customization, conformance, performance, durability, reliability, repairability and style.

It is basically the amount that a customer pays for to enjoy it.

Cost-basedPricing is based from costs related to research and development, manufacturing, marketing, and distribution.

This refers to determining the areas of distribution or the distribution channel.

It is a chain of businesses or intermediaries through which a good or service passes until it reaches the final buyer or the end consumer.

It is also called a promotional mix - Combination of different types of promotion a business uses to promote its products.

Booms and Bitner included People, Process and Physical Evidence to accommodate trends towards a service or knowledgebased economy on Marketing Mix.

It refers to all people who directly or indirectly influence the perceived value of the product or service, including knowledge workers, employees, management, and consumers

It represents the method or flow of providing service to the clients and often incorporates monitoring service performance for customer satisfaction.

It is the direct sensory experience of a product or service that allows a customer to measure whether he or she has received value.

It is a map, which indicates the region near or about a place and the proximity to prominent and established landmarks.

The name, term, or image that consumers can use to identify products from others is called ____________