Question

Name the parameter of the marketing mix based on the following scenario. Seiko is one of the most renowned watch manufacturing companies in the world. Their signature quartz innovation makes their watches very accurate. Caliber 9F is supposed to be the newest and the best invention by Seiko so far. The marketing parameter that comes into play here is__________.

Answer 1

Answer:

Product

Explanation:

There are four parameters of marketing mix: product, price, place and promotion. The term product refers to tangible, physical products, but also to services. These can be:

1. brand name
2. functionality
3. styling
4. quality
5. safety
6. packaging
7. repairs
8. warranty
9. accessories

Since this innovation makes Seiko's watches more accurate, it can fall under functionality category, therefore under product parameter.