12-1

What is the marketing mix

Combining multiple components to strengthen a product/service brand and help sell the product/service

Marketing mix includes the 4Ps, which are

Product, Price, Place, Promotion

Which of the following is an example of physical evidence used by marketers

a shoe company with a five-star rating from customers

The ultimate purpose of a company's marketing strategy is to

achieve its goals

What are tactics

actions and procedures

For a retail company with an objective of increasing holiday sales traffic by 10% in the fourth quarter of this year over the same time period last year, what would be a strategy for achieving this

advertising a promotion including discounts off of their products

When should a company create a marketing strategy

after the company identifies its specific goals

Complete the sentence: Marketing strategies are the ________________ for how goals and objectives will be met

blueprints

Government regulations, economic downturns, competition, and changes in consumer preferences are examples of reasons to ___________ your marketing strategy

change

What are the two parts of the profit margin equation

cost and price

Something that has an observable and measurable end result to be achieved within a certain time frame, is called a

goal

This is similar to a goal, in that it has an observable and measurable end result to be achieved within a certain time frame, but is shorter term in nature than a goal

objective

Which of the following marketing mix Ps helps the four core Ps with marketing strategy as it relates specifically to more service-oriented products

people

What are products

physical items/goods or services companies sell

Complete the sentence: Price is a variable that affects sales _______________

quantities

What's a good example of the place component of the marketing mix

selecting value-added resellers

In the 4Ps, what does place involve

selling and delivering a product or service

A route or plan of action designed to achieve certain goals and objectives is called a

strategy

These are very specific actions used to support strategy, in order to achieve your goals and objectives

tactics

What lives at the core of a marketing strategy

the marketing mix

How do companies determine and maintain the right marketing mix

through monitoring and analysis

What is one job of a marketer

to identify what makes a company's product or service stand out from similar items