Please complete the following short answer questions using the context described below: There are several energy drinks on the market such as Red Bull and Jolt. Having a sharp marketing mind, Johnny Rocket, developed a drink he named the "Slow Down." This drink is aimed at a niche market. People who are hyper and have difficulty relaxing. The drink is filled with ingredients all known for their calming effects. According to Johnny the product is designed to improve concentration, memory, and learning capacity without causing sleepiness. He's provided a guarantee that it will work or a customer will get their money back. Johnny has engaged your firm to work on his behalf to market this new productQuestion 1 Johnny will need to set a price for his new product. He has heard that there are four different approaches he can take. List and explain the four different approaches. (8 Marks) PRICING APPROACH (1 Mark Each) EXPLANATION (1 Mark Each)Question 2 Name two demand-oriented pricing strategies that could Johnny use in this stage? Describe the objective behind these two strategies. (4 Marks) STRATEGY (1 Mark Each) DESCRIPTION (4 Marks Each)Question 3 Johnny will have to decide which elements of the Total Product Concept he should emphasize in his promotions. He's never hear of the Total Product Concept before and he asks you to explain what each element means. (6 Marks) ELEMENT EXPLANATION As a marketing expert, which element would you recommend that he emphasize in his promotion and explain your rationale. (3 Marks YOUR RECOMMENDATION AND RATIONALEQuestion 4 Now Johnny must determine how he will promote his product. He has heard that he needs an IMC plan. He asks you about this. What does IMC stand for? (2 marks) There are six (6) steps in the IMC process. Identify the six (6) steps. (6 Marks) SIX STEPS IN THE IMC PROCESS (1 Mark Each)Johnny has heard that he should utilize a mix of paid, owned, and earned media to promote his product. Explain each source of media and give an example of each. (6 Marks) MEDIA EXPLANATION EXAMPLE TYPE Paid Owned Earned