Chapter 5 True/False

Among the three methods for determining price a business should use only one method

False

Different products and services within the same category serve the same customer needs

False

Entrepreneurs should us packaging and branding as similar to their products' competition as possible

False

Marketing goals affect only the short term and medium term plans for your business

False

Marketing goals can be written using the SMART guidelines which means they are specific, measurable, realistic, and timely

False

ROI stands for return on invention

False

The Four Marketing mix elements are product, position, price, and promotion

False

The marketing plan defines your market, identifies customers and competition, outlines strategies for change and describes capital needs

False

Well educated consumers have changed the market from one that is customer-driven to one that is product-driven

False

Your marketing strategy will be determined largely by your medium term and long term goals

False

the marketing concept focuses on the needs of the sales department

False

To satisfy consumers, entrepreneurs sometimes include unprofitable products in their products and services in their product mix

True

When preparing your marketing plan, you should include performance standards to help you measure the plan's effectivness

True

With competition based pricing the price charged may be the same, slightly more, or slightly less than the price charged by competitors

True

A small business can use the marketing concept to its advantage over a larger business

True

Identifying your short term goals will help you determine how to target your marketing

True

If you enter a market that has many competitors your market share will be small at first

True

In addition to identifying the different products and services to sell a business will have to select product features

True

Positioning is about creating an image for a product in consumers' eyes

True

Product features are characteristics that are chose in order to satisfy customer needs

True