The Market Mix-Product, Distribution and Price

all of these

Channels of distribution include the routes that products and services take

True

A written marketing plan can help you determine whether your marketing strategies are solid and help you get financing for your business.

Identify your competition

A written marketing plan should do all of the following except

minimize sales

All of the following are price objectives except

True

Although publicity is free, it can be negative if the media coverage is unfavorable.

True

Although television advertising is very effective it is expensive and generally reaches too broad an audience for businesses.

False

An advantage of advertising in a telephone directory is that people look there for a particular type of business.

False

Because short term goals should help you determine how to target your marketing, they should not be stated in terms of profit levels.

True

Businesses can increase market share for their companies y networking with potential customers.

True

Businesses can offer sales promotions as incentives to customers in order to increase sales.

for the products and services they sell

Businesses need channels of distribution

high enough to make a profit

Businesses should always set their prices

False

If a short term goal is to generate traffic in a retail store, the marketing strategy should focus on the market share of the competition.

True

If entrepreneurs do not have good personal selling skills, they can take courses to improve their skills.

False

In choosing an advertising medium, cost is the most important factor.

consider its effectiveness in reaching your target market

In choosing an advertising medium, you should

mailing lists for target markets are available for purchase

The main advantage of direct-mail advertising is that

False

The routes that products take from the time they are produced until they arrive at a retail store are the channels of distribution.

True

To determine the market share of a business, the total market for a product must be known.

positions its product in a certain market

To satisfy a specific customer need, a business

True

Product features include color, size, quality, hours, warranties, delivery and installation.

create marketing strategies to achieve a short term goal

Product, distribution, price, and promotion can be used to

True

Products in the same category, such as cars, are positioned in the market to serve different customer needs.

all of these

Publicity is free promotion that

True

Retail stores can distribute their products to consumers by having convenient hours for customers, by shipping directly to consumers, or through the Internet.

True

Short term goals are used to create marketing strategies for each element of the marketing mix.

False

Short term goals are what you want business to achieve in the next 2 or 3 years.

all of these

Short term goals can be stated in terms of

False

The different products and services a business sells is its product selection.

help shape your marketing plan

Marketing goals

all of these

A business may set its prices for products or services using

an entrepreneur's personal-selling skills

A critical factor in the success of any business is

False

A disadvantage of direct-mail advertising is that it is difficult to determine how to reach only your target customers.

it is only an audio message

A disadvantage of radio advertising is that

True

A marketing mix is the blending of product, distribution, price and promotion to satisfy a target market.

Advertising

A paid form of communication sent out by a business about a product or service is

False

A press release is a written statement issued by the media to inform the public of an event or product.

is the different products and services a business sells

A product mix

False

A radio station will provide a psychographic profile of its listeners so that businesses can be sure they reach their target market.

sales promotion

Contest, coupons, free samples, and rebates are examples of

False

Demand-based pricing is usually only used by businesses that are monopolies.

may be a good idea for many businesses

Distributing a product or service on the Internet

True

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

False

Long term goals show where you would like your business to be 5 or 10 years from now, but do not help you think about how to market your business today.

False

Market share for a business is found by dividing the total market size by the business's sales.

2 to 5 years

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

all of these

Networking is

it targets a limited geographic area

Newspaper advertising is good for small businesses because

True

Newspaper advertising is good for small businesses because it targets a limited geographic area

the marketing mix

Price is one of the elements of______________

False

Unlike retail businesses, service businesses do not have channels of distribution because they produce the services they sell.

False

With competition-based pricing, the price charged is the same as the price charged by competitors.

using the wholesale cost of an item

With cost-based pricing, a price is determined by

True

With cost-based pricing, the price is determined by using the wholesale cost of an item as the basis for the price charged.