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