Marketing Chapter 9

The most important factors used to segment a market are the wants and needs of the consumers.

• True

• False

Market analysis is often referred to as SWOT analysis.

• True

• False

A marketing plan is a detailed document that provides guidance for the implementation of a marketing strategy

• True

• False

Which of these is not included in the action plan section of a marketing plan?

• assignment of responsibility for each activity

• list of activities with a description of how and when each activity will be completed

• budget for each activity

• All of these choices are correct.

A ________ is the description of the way marketing will be used to accomplish the company's objectives.

• market analysis

• marketing strategy

• marketing mix

• None of these choices are correct.

The clearly identified segment of a market to which the company wants to appeal is called the

• marketing strategy.

• demographic segmentation.

• target market.

• specialty market.

The stages of the product life cycle in proper order are

• development, introduction, growth, and maturity.

• development, growth, maturity, and decline.

• growth, maturity, decline, and death.

• introduction, growth, maturity, and decline.

Customers see the widest range of prices and choices at this stage of a product's life cycle.

• maturity stage

• growth stage

• decline stage

• development stage

Companies usually develop successful marketing plans when they make decisions based on their own opinions rather than the target market's needs

• True

• False

Which of these is an important question to ask in developing pricing strategies?

• Where will the customer be best able to obtain the product?

• Does the business want to increase sales, increase profits, or enhance the image of the product?

• Should the price be based on cost, what customers are willing to pay, or what competitors are charging?

• both "Should the price be based on cost, what customers are willing to pay, or what competitors are charging?" and "Does the business want to increase sales, increase profits, or enhance the image of the product?".