After a business chooses a product or service to produce, it must decide _____________________________.
what price to charge for it
how it will give the product information to the consumer
where to sell it
all of these
i think its d
Yes, d.
thank u.
You are correct! After a business chooses a product or service to produce, it must decide all of the mentioned options: what price to charge for it, how it will give the product information to the consumer, and where to sell it. These decisions are part of the marketing mix, which encompasses the 4 Ps: product, price, place, and promotion. Let me explain each option in more detail:
1. Price: This decision involves determining the cost at which the product or service will be sold to customers. Factors to consider include production costs, profit margins, competition, and perceived value by customers.
2. Promotion: This involves deciding how to promote or advertise the product to potential customers. It includes activities such as creating advertising campaigns, utilizing various marketing channels (such as TV, social media, or print), and determining the messaging and timing of those promotions.
3. Place: Also known as distribution, this decision involves selecting the appropriate channels or locations where customers can purchase the product. It could include selling through physical stores, online platforms, or using intermediaries such as wholesalers or distributors.
4. Product information: This decision involves choosing the most effective ways to provide information about the product or service to customers. It includes activities such as labeling, packaging, product descriptions, demonstrations, or customer support.
In summary, a business must decide on the price, promotion, place, and product information for their chosen product or service.