1.04 Marketing Mix, Goals, Strategies, and Tactics

The owner of a business is meeting with the company's managers and supervisors to set objectives for the next year. This group is developing the company's

• business goals.

• channels of distribution.

• market share.

• promotional mix.

What is the overall reason that marketing strategies are designed and implemented?

• Changing the image of the business

• Achieving planned goals

• Improving management techniques

• Increasing business profits immediately

Designing an effective marketing strategy is important

• but not possible to achieve.

• as a promotion function.

• as a one-time process.

• to the success of the business.

A business plans to reduce shoplifting by 10% this year by installing electronic security cameras at key locations. Installing the cameras would be classified as a(n)

• strategy.

• goal.

• tactic.

• objective.

Changes that occur in the marketplace may cause an established business to __________ its marketing strategies.

• redesign

• identify

• implement

• publicize

What is a consideration for the product element of marketing?

• Publicity

• Packaging

• Inventory control

• Customer discounts

Which of the following is a consideration in the place element of marketing:

• Offering warranties or guarantees

• Using sales promotion

• Extending credit to customers

• Choosing distribution channels

Which of the following is part of the promotional element of marketing:

• Discounts

• Advertising

• Packaging

• Credit

Which of the following is a consideration in the price element of marketing:

• Should the business offer discounts?

• Where will the products be stored?

• Will the business use publicity?

• When will research be conducted?

A marketer who changes the product element in the marketing mix should re-evaluate the other marketing elements because the elements are

• independent.

• unique.

• interrelated.

• detached.