Unit 5.1

Marketing consists of all of the following processes except

a. promoting b. selling c. pricing D. operating ***

A long-term goal might be to

A. expand by adding a second location. *** b. network with other business owners. c. increase market share to 50 percent. d. establish a customer base.

Medium-term goals describe what you want your business to achieve

a. by using various promotion methods. b. in the next ten years. C. in the next two to five years. *** d. in terms of market share.

To use the marketing concept, businesses must do all of the following except

a. identify what will satisfy customers' needs and wants. b. operate profitably. C. devote half of its profits toward marketing.*** d. develop and market products that customers consider better than other choices.

A marketing plan should do all of the following except

a. identify your competitors. b. outline a strategy for keeping customers. C. identify the owner's net worth. *** d. recognize and anticipate change.

Marketing goals

a. need to be established only for the long-term. b. should never change. c. can be used to determine your product mix. D. none of these ***

Short-term goals can be stated in terms of

a. number of customers. b. level of profits. c. level of sales. D. all of these ***

Your marketing strategy should address

a. product introduction or innovation. b. pricing. c. market share. D. all of these***

Long-term goals describe what you want your business to achieve in the next two or three years.

false

Long-term goals show where you would like your business to be five or ten years from now but do not help you think about how to market your business today.

false

Short-term goals should not be listed in terms of product, price, distribution, and promotion.

false

The marketing concept uses the needs of the business as the primary focus during the planning, production, distribution, and promotion of a product or service.

false

The marketing plan should be separate from your business plan.

false

You should develop a marketing plan before setting short-, medium-, and long-term goals for your business.

false

Establishing short-, medium-, and long-term marketing goals ensures that the marketing you do today fits the vision you have for your business tomorrow.

true

The marketing concept for a business is developed by using the primary and secondary data that is gathered through market research

true