Marketing Mix

Public-relations is 

• establishing a favorable relationship with customers and the general public
• a paid form of communication sent out by a business about their product or service

Advertising is

• establishing a favorable relationship with customers and the general public 
• a paid form of communication sent out by a business about their product or service

Competition-based pricing is determined 

• by using the wholesale cost of an item as the basis for the priced charged
• pricing is determined by how much the consumer is willing to pay for a product or service
• by what competitors are charging for the same good

cost-based pricing is determined by 

• using the wholesale cost of an item as the basis for the priced charged
• what competitors are charging for the same good
• how much the consumer is willing to pay for a product or service

Demand-based pricing is determined 

• by using the wholesale cost of an item as the basis for the priced charged
• by what competitors are charging for the same good
• by how much the consumer is willing to pay for a product or service

The marketing mix includes:

• Product, price, premiums, production
• Product, production, place, promotion
• Product, price, promotion, place

Public-relations is free promotion generated by media coverage

• True
• False

Personal contact with the customers is a form of 

• telemarketing
• personal selling

A short-term goal would be 

• having all start-up costs paid off
• opening a second location
• increase customer base by 20%
• holding a grand opening event

A medium-term would be

• increase customer base by 20%
• opening a second location
• have all debt paid off