Explain the major differences between public relations, advertising, and marketing
What will be an ideal response?
• Marketing, literally defined, is the selling of a service or product through pricing, distribution, and promotion. Marketing ranges from concepts such as free samples in the hands of consumers to buzz campaigns.
• Advertising, literally defined, is a subset of marketing that involves paying to place your message in more traditional media formats, from newspapers and magazines to radio and television to the Internet and outdoors.
• Public relations, liberally defined, is the marketing of an organization and the use of unbiased, objective, third-party endorsement to relay information about that organization's products and practices.
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Regarding gross and net pay, which of the following statements is correct?
A) Gross pay minus all deductions such as income tax withheld equals net pay. B) Net pay represents the total salaries and wages expense to the employer. C) For most businesses, gross pay equals net pay. D) Employers are required to deposit net pay into the employee's bank account.
Many consumers are willing to pay $100 for a perfume that contains $10 worth of scent because the perfume is from a well-known brand. What kind of a pricing is the company depending on?
A) going-rate pricing B) image pricing C) market-skimming pricing D) target pricing E) markup pricing