Required informationSkip to questionBlair Family Sporting Goods - Keeping the Business Alive This activity is important because changes in the market frequently make it necessary for a business to alter its marketing mix. A marketing mix represents the four marketing activities – product, price, promotion, and distribution – that the firm can control to achieve specific goals within a dynamic marketing environment. To be successful, both small and large businesses need at least one component of their marketing mix to have a strategic advantage in comparison to competitors. The goal of this exercise is to demonstrate your understanding of the Marketing Mix by applying marketing components to a small business dilemma. Read the case and answer the questions that follow. The Blair Family Sporting Goods business had been a small town mainstay for over three decades. The Blair Family had provided equipment to the town’s athletes, especially focusing on equipment for the anchor sports for the town’s schools, including football, basketball, baseball, and cheerleading. What once was a booming business, Blair Family Sporting Goods had experienced a gradual decline in profits over the past decade. Several factors had likely led to the decline. Major retailers had moved to the nearby city (about an hour away) and were able to offer products at a lower price. Second, the business had continued to carry equipment for only the anchor sports (football, basketball, baseball and cheerleading), even though the local schools had diversified to include rugby, swimming, soccer, volleyball, and other sports. Third, when time allowed, customers opted for the convenience of ordering sporting good equipment online. Over the past year, the family business had not only seen a decline in profits, but also at times experienced a loss, not making enough sales to cover the cost of operating the business. The Blair family children, now grown, considered what to do as they stepped into ownership of the business. On one hand, they could decide to close the business. On the other hand, keeping the business open felt important to the town. There were frequently “emergency” needs that the business was able to fulfill, like replacing broken or lost equipment for student athletes. In addition, the business was able to provide equipment with the logos of local high school and elementary schools. It was not simple to get the customized logos and equipment from national chains. The Blair children recognize the business had been a point of pride throughout their own childhoods and wanted to provide the same point of pride for their children. They are considering what could make the business successful again.Before investing in expensive equipment to start a monogramming service, the Blair children should consider outsourcing the monogramming at first to see if there is demand, thus engaging in which of the following components of new product development?Multiple Choiceidea developmentcommercializationproduct developmenttest marketingbusiness analysis