Question 1

Decisions related to quality image, quantity, discounts, allowances, credit and payment terms belong under which of the following marketing mix elements?

Accepted Answer

These decisions are related to the pricing strategy of a product, which includes setting the price level, offering discounts, and determining payment terms.

Question 2

Decisions related to the use of wholesalers and retailers, how many and what type to use, geographic coverage, inventory, and transportation belong under which of the following marketing mix elements?

Accepted Answer

These decisions are related to the distribution element of the marketing mix, which involves the channels and logistics of getting the product to the consumer.

Question 3

Decisions related to media alternatives, message, budget, role of personal selling, sales promotion, and publicity belong under which of the following marketing mix elements?

Accepted Answer

These decisions are part of the promotion element of the marketing mix, which involves strategies to communicate with and persuade customers.

Question 4

The first step in preparing the marketing plan is to __________.

Accepted Answer

The first step in preparing a marketing plan is to define the business situation by conducting a situation analysis, which involves understanding the current market conditions, competition, and internal capabilities.

Question 5

The second step in preparing the marketing plan is to __________.

Accepted Answer

The second step in preparing a marketing plan is to set marketing objectives that are specific and measurable, following the initial situation analysis.

Question 6

The third step in preparing the marketing plan is to __________.

Accepted Answer

The answer of The third step in preparing the marketing...

Question 7

The fourth step in preparing the marketing plan is to __________.

Accepted Answer

The answer of The fourth step in preparing the marketing...

Question 8

As defined in the text, pursuing traditional goals of profit and revenue through unconventional means is known as __________.

Accepted Answer

Guerilla marketing is a strategy that seeks to achieve traditional business goals like profit and revenue through unconventional and creative means.

Question 9

The promotional plan should include which of the following?

Accepted Answer

A promotional plan should include objectives, timelines, budget, and controls to ensure it is comprehensive and effective.

Question 10

As discussed in the text, the problem with traditional approaches to market segmentation is __________.

Accepted Answer

Traditional market segmentation often overemphasizes demographic variables, neglecting the importance of psychographics and buyer behavior, which can provide deeper insights into consumer motivations and preferences.

Question 11

As discussed in the text, need-based segmentation must include which of the following characteristics to be useful?

Accepted Answer

Need-based segmentation must be meaningful, mutually exclusive, measurable, and substantial to be useful, making all the options correct.

Question 12

Which of the following would not be a characteristic of need-based segmentation, as discussed in the text?

Accepted Answer

The answer of Which of the following would not be...

Question 13

An entrepreneur might use which of the following criteria when choosing a target market?

Accepted Answer

An entrepreneur considers multiple factors such as transaction costs, time to serve customers, communication methods, and cost of goods sold when choosing a target market.

Question 14

When segmenting and choosing a target market, entrepreneurs often make the mistake of __________.

Accepted Answer

Entrepreneurs often mistakenly assume that the segment with the highest revenue will also be the most profitable, without considering costs and other factors that might affect profitability.

Question 15

As discussed in the text, once target market(s) have been selected, a comprehensive customer profile should be developed based on __________.

Accepted Answer

A comprehensive customer profile should be developed based on their needs and buying behaviour to effectively tailor marketing strategies and offerings.

Question 16

Developing a comprehensive customer profile would take into consideration which of the following?

Accepted Answer

A comprehensive customer profile includes demographic factors, purchase behavior, motivations, and the impact of advertising and promotions.

Question 17

The concept of proper relationship marketing is based on __________.

Accepted Answer

Proper relationship marketing focuses on building long-term relationships with a small percentage of customers who are likely to generate the majority of profits, rather than appealing to the largest group or relying on averages.

Question 18

The key to an effective relationship marketing program is __________.

Accepted Answer

Identifying the most profitable customers allows businesses to focus their efforts on retaining and nurturing these relationships, which is central to relationship marketing.

Question 19

Marketing goals and objectives should __________.

Accepted Answer

Marketing goals and objectives should be specific, realistic, measurable, and represent key areas to ensure marketing success, making all the options correct.

Question 20

Marketing goals and objectives may be set in terms of __________.

Accepted Answer

Marketing goals and objectives can be set in terms of market share, profits, and sales, among other metrics.

Quiz 5: Identifying and Analyzing Domestic and International Opportunities