Deck 5: Developing the Right Marketing Mix and Plan

Question 1

A product is something that exists in nature or is made by human industry, usually to be sold, whereas a service is ________.

A) intangible
B) tangible
C) physical
D) free

Answer 1

A

Question 2

Although there are numerous pricing strategies to use in the beginning, it really doesn't matter since price is really guess work.

Answer 2

False

Question 3

Pricing strategies include ________.

A) penetration
B) skimming
C) cost plus
D) All of the above.

Answer 3

D

Question 4

Which of the following is one of the four Ps of marketing?

A) population
B) publicity
C) product
D) packaging

Question 5

Location and distribution are major components of the "place" component.

Question 6

Finding a retail site that has more than ample parking, excellent access and walk-in trade potential is an example of maximizing which of the marketing Ps?

A) promotion
B) price
C) product
D) place

Question 7

Define promotion, advertising and publicity.

Question 8

When you build a brand, try to focus tightly on one key ________.

A) feature
B) benefit
C) product
D) product line

Question 9

Which of the following is not an example of successful branding?

A) A product represents luxury to customers.
B) Customers associate a product with high ethical standards.
C) Customers confuse a business's logo with that of another business.
D) Associate your company with a charity.

Question 10

Promotion consists of ________.

A) devices such as discount coupons and giveaways
B) advertising
C) publicity
D) All of the above.

Question 11

Ford's Edsel is an example of a product that failed because it lacked ________.

A) name recognition
B) focus
C) competitiveness
D) options

Question 12

What is the smartest price strategy?

A) Choose a pricing strategy that incorporates the psychology of pricing.
B) Pick a pricing strategy that is different from the competition's strategy.
C) Offer the lowest price that you can afford to offer.
D) Find the lowest cost products from your suppliers.

Question 13

________ is free (non-purchased) mention of your business or brand in newspapers, magazines, radio or TV.

A) Publicity
B) Advertising
C) Promotion
D) Product marketing

Question 14

According to author Jay Levinson, when consumers in the furniture industry rated factors affecting their purchase decision, ________.

A) price was the ninth most important variable
B) price was not deemed to be a critical or relevant variable in the purchase decision
C) price was by far the most important variable
D) price was the second most important variable

Question 15

Nike's "swoosh" is an example of a(n) ________.

A) advertisement
B) logo
C) marketing message
D) None of the above.

Question 16

Explain why a business should focus on its brand.

Question 17

How is penetration pricing different from skimming pricing?

Question 18

________ pricing is offering "more for less" by underscoring a product's quality, while at the same time featuring its price.

A) Prestige
B) Cost-plus
C) Penetration
D) Value

Question 19

What is a banner ad?

A) an ad that runs on a Web site
B) an ad attached to the back of an airplane
C) an ad that runs in the newspaper
D) an ad that is attached to an email

Question 20

The key to building a successful brand is to focus tightly on the primary benefit you want customers to associate with your business.

Question 21

Expressing concern for social issues by giving money, time, or advice is called ________.

A) philanthropy
B) cause-related marketing
C) foundation
D) social responsibility

Question 22

A nonprofit organization that uses donated money to help others is called a ________.

A) philanthropy
B) foundation
C) tax exempt
D) community organization

Question 23

________ is the use of advertising and publicity to get your marketing message out to your customers.

A) Communication
B) Marketing
C) Promotion
D) Imagery

Question 24

Cause-related marketing is a rather difficult way to work philanthropy into your business.

Question 25

A press release should answer six questions. Which of the following is not one of the six?

A) who?
B) how?
C) when?
D) why not?

Question 26

Discuss the concept of fixed costs. How are they different from variable costs?

Question 27

Which of the following is a way to use cause-related marketing in your business?

A) Pay employees to volunteer some time toward community service.
B) Advertise that you support a social, political, or environmental cause, without actually giving any money or time to the cause.
C) Donate a small percentage of your revenue to a cause, but don't tell anyone.
D) Substitute it for publicity.

Question 28

In terms of the pitch letter, you should always ________.

A) follow up your pitch letter by phone
B) only make one attempt to get to a journalist
C) be polite and persistent
D) A and C combined.

Question 29

Define philanthropy and explain why some marketing experts call philanthropy "the fifth P," and why it is important to entrepreneurs.

Question 30

Which of the following is a role of the marketing plan?

A) convincing skeptical investors that your plan has merit
B) identifying the target market for the organization
C) detailing the advertising plan
D) All of the above.

Question 31

To break even, a business must ________.

A) sell enough units to cover all its costs
B) sell enough units to cover its fixed costs
C) sell enough units to earn a profit
D) sell enough units to cover variable costs

Question 32

________ is promotion that combines education and entertainment to make a more lasting impression upon an audience.

A) Marketing
B) Word-of-mouth marketing
C) Edutainment
D) Cause-related marketing

Question 33

Good marketers know that a(n) ________ is the heart of the marketing plan.

A) researching suppliers
B) sales forecast
C) analysis of the market
D) price/profit schedule

Question 34

Marketing inspired by a commitment to a social, political or environmental issue is called ________.

A) socially responsible business
B) philanthropy
C) cause-related marketing
D) person marketing

Question 35

________ advertising provides information about an organization rather than a specific product and is intended to create awareness about the firm and enhance its image.

A) Product
B) Trade
C) Bulk
D) Institutional

Question 36

________ is an announcement sent to the media to generate publicity.

A) A press release
B) Advertising
C) A sales promotion
D) Public relations

Question 37

Marketing should not be budgeted as a percentage of sales but rather as money that is needed to drive sales. Therefore it is part of the business's ________.

A) variable costs
B) sales forecast
C) fixed costs
D) intermediate costs

Question 38

In doing your pitch letter you will want to address ________.

A) how your business changed you or helped your community
B) obstacles you have overcome to start your business
C) what you and your business have done that is interesting and unique
D) Any or all of the above.

Question 39

Why are nonprofit corporations tax exempt?

A) because they use the money they collect to help improve society
B) because they donate money to foundations
C) because they pay a different form of tax than regular corporations
D) they are too few in number to matter to the government

Question 40

There is no single correct way to determine your promotional budget.