Marketing 1.04 Quiz Review

Which of the following is the best description of the marketing mix: a. A combination of the four elements of marketing b. An element of marketing that puts a product in the right place at the right time c. A method of determining what a marketer wants to achieve d. A strategy that serves as a guide

a A combination of the four elements of marketing. A combination of the four elements of marketing yields the marketing mix. Place is one element of the marketing mix. It involves putting a product in the right place at the right time. Goals or objectives are what marketers want to achieve. A strategy is a plan of action for achieving goals and objectives.

A firm's strategy is important because it shows a. how its goal will be reached. b. how its prices will be lowered. c. how its tactics will be organized. d. how its marketing mix will be blended.

a How its goal will be reached. Although the strategy may involve lowering prices or organizing the tactics, a firm's strategy is important because it shows how its goal will be reached. The marketing mix is blended after the strategy is selected.

Which element of marketing refers to the various types of communication that marketers use to inform, persuade, or remind customers of their products? a. Promotion c. Price b. Place d. Product

a Promotion. By definition, the promotion element refers to the various types of communication that marketers use to inform, persuade, or remind customers of their products. The other options are the other elements of the marketing mix.

Which of the following is a tactic for the strategy of training customer-service staff to reach the goal of improving this year's customer service by 15% over last year's: a. Scheduling customer-service training dates b. Improving the customer waiting area c. Increasing customer benefits d. Offering customers a payment plan

a Scheduling customer-service training dates. As a specific action supporting the strategy, the tactic for training customer-service staff is scheduling the customer-service training dates. Improving the customer waiting area, increasing customer benefits, and offering customers a payment plan are three strategies that might support a goal of increasing sales or enriching customer relations. However, they are not tactics for the listed strategy.

Before customizing the marketing mix, marketers should a. select the strategy. c. choose the vendors. b. decide the price. d. pick the product.

a Select the strategy. Before customizing the marketing mix, marketers should select the strategy so that they have some direction for creating the blend. Deciding the price, choosing the vendors, and picking the product are all part of customizing the marketing mix.

Which of the following things might a marketer do to achieve the company's pricing objective of raising the product's value in the customer's eye: a. Decide how to package the product b. Ask a higher price for the product c. Lower the product's price d. Order more of the product

b Ask a higher price for the product. Marketers can raise a product's value in the customer's eye by raising the price. Lowering the product's price would not necessarily raise the product's value. Deciding how to package the product and ordering more of the product are not tasks in the pricing element.

To select the best strategy available to them, marketers should consider a. how to get their product into more customers' hands. b. how the marketing concept applies to their situation. c. resources needed to research and develop their product. d. when they want promotional messages delivered to customers.

b How the marketing concept applies to their situation. Marketers can use a number of different options to reach their goals and objectives. To select the best strategy available to them, marketers consider how the marketing concept applies to their situation, when they want to reach their goal, and which resources are on hand. After determining their marketing strategy, marketers may consider how to get their product into more customers' hands (an aspect of the price element of the marketing mix), resources needed to research and develop their product (an aspect of the product element), and when they want promotional messages delivered to customers (an aspect of the promotion element).

For the strategy of conducting customer surveys, with tactics including contacting customers and tabulating survey results, which of the following is the goal: a. Improving this year's sales training results by 7% over last year's results b. Improving this year's customer satisfaction by 7% over last year's ratings c. Improving this year's telemarketing skills by 7% over last year's skills d. Improving this year's proposal-writing by 7% over last year's writing

b Improving this year's customer satisfaction by 7% over last year's ratings. The strategy of conducting customer surveys supports the goal of improving this year's customer satisfaction ratings. It does not support improving sales training results, which is about making sure the company's salespeople are performing their roles appropriately. It does not support improving telemarketing skills, either, because telemarketing skills belong to the caller—not to the customers who are surveyed. In addition, it does not support improving proposal writing because, of course, the writers are not customers.

Balancing value and satisfaction for the customer is part of which element of marketing? a. Promotion c. Product b. Price d. Place

b Price. Balancing value and satisfaction for the customer is part of the price element—because marketers know listing a low price will not always attract the desired customer, but finding the best balance will. The other options are the other elements of the marketing mix.

Which of the following is an important characteristic of marketing tactics: a. The tactics should support the marketing mix. b. The tactics should line up with marketing strategies. c. The tactics should focus on customers. d. The tactics should bring in enough money.

b The tactics should line up with marketing strategies. Tactics may seem to focus on the customers or may happen to result in bringing in enough money. But, when marketers determine their tactics, they make sure their tactics line up with their strategies. The marketing mix supports the strategy for which the tactics are selected.

Of the following, which is a strategy for the goal of increasing this year's website sales by 9% over last year's sales? a. Printing the web address on company business cards b. Including the web address in advertising c. Letting people know the web address d. Putting the web address on company vehicles

c Letting people know the web address. A strategy for the goal of increasing this year's website sales is letting people know the web address. Printing the web address on company business cards, including the web address in advertising, and putting the web address on company vehicles are all tactics that support the strategy.

Franklin is a marketer who selects what he thinks is the best strategy. What should he do next? a. List the available resources b. Determine the final deadline c. Set aside the needed funds d. Apply the marketing concept

c Set aside the needed funds. Once marketers select what they think is the best strategy, they set aside or obtain the needed funds. Applying the marketing concept, determining the final deadline, and listing the available resources are considered while selecting the best strategy.

5. A goal can be evaluated to determine its a. advantage. c. success. b. progress. d. benefit.

c Success. When evaluating a goal, marketers consider whether it can be measured for success or failure. Advantages or benefits are communicated to the customer during promotion. Progress is moving toward the goal.

Which of the following questions might marketers ask when they are working on the product element of marketing: a. How much should the product cost? b. Where should the product be sold? c. What level of quality should be produced? d. What media should be used to promote the product?

c What level of quality should be produced? In the product element of the marketing mix, marketers may ask themselves, "What level of quality should be produced?" "How much should the product cost?" is a question that would be asked in the price element. "Where should the product be sold?" is a question that would be asked in the place element. "What media should be used to promote the product?" is a question that should be asked in the promotion element.

To get a selected product in the right place at the right time, marketers often ask themselves which of the following questions: a. Should we offer a warranty for our product? b. How should we package our product? c. Where should we make our product available? d. What forms of payment should we accept?

c Where should we make our product available? The place element of the marketing mix involves getting a selected product in the right place at the right time. When developing the place element, marketers must consider a number of factors, including where they should make their product available, which businesses to buy their product from, when to buy the product, how much of the product to order, how to process customer orders, which businesses to involve in the process, etc. "Should we offer a warranty for our product?" and "How should we package our product?" are questions that marketers should ask themselves when determining the product element of the marketing mix. "What forms of payment should we accept?" is a question that marketers must answer when developing the price element of the marketing mix.

Marketers plan where they need to go and how to get there efficiently in order to a. lay out their strategies. c. measure their success. b. agree upon a goal. d. achieve satisfying connections.

d Achieve satisfying connections. Agreeing upon a goal, laying out their strategies, and measuring their success are steps marketers take toward reaching their ultimate aim of providing satisfying connections between producers and customers.

Sawyer is a marketer who is planning his strategy. He most likely wants to choose a route that is a. reasonable. c. straight. b. easy. d. efficient.

d Efficient. To reach their goal, marketers plan the route they believe to be efficient. A reasonable route is a road that may take the marketer to his/her goal, but it may not be the best option. An easy route may not require much effort, but it may not return a successful outcome, either. A straight route may seem direct, but it may not speed the marketer's way. For example, a construction project might slow down an otherwise straight journey. An easy route may take the marketer way off course. And selecting a reasonable, or satisfactory, route implies the navigator applied a half-hearted effort. (5 points)

Which of the following is the most likely obstacle for a marketer to encounter: a. A social media campaign might succeed. b. Profits might increase. c. A competitor might create an inferior product. d. Government regulations might change.

d Government regulations might change. Changing government regulations may be obstacles that marketers encounter. A successful social media campaign, increasing profits, and a competitor creating an inferior product are not obstacles.

19. If a marketer changes one marketing mix element, s/he should expect that the __________ will also change. a. strategy c. goal b. product quality d. other elements

d Other elements. Since the marketing mix functions as a unit—and the mix elements are interrelated—marketers know that changing one marketing mix element affects the others. The strategy is determined before the marketing mix is developed. The goal is determined before the strategy. Changing a marketing-mix element does not necessarily affect product quality.

Diana is deciding how much of a product to order and which firms to involve in the process. She is working on the __________ element of the marketing mix. a. promotion c. price b. product d. place

d Place. The place element involves getting a selected product in the right place at the right time. Part of this includes deciding how much of a product to order and which firms to involve in the process. The other options are the other elements of the marketing mix