Gr 12 Marketing (Part 1)

Marketing is part of the overall business strategy.

• True

• False

Strategic planning involves translating the mission into a vision statement

• True

• False

A mission statement describes what needs to be done today.

• True

• False

The _____ is known as the perception of the business

When a new customer walks into the business, the probability of making a sale is 60 - 70%

• True

• False

A 10% increase in customer retention has the same effect as decreasing operating costs by 2%.

• True

• False

It costs 6-7 times more to get a new customer than to keep an existing one.

• True

• False

5% of customers are willing to pay extra to guarantee a better service.

• True

• False

To formulate a Marketing Strategy, a ___-step process has to be followed.

• 3

• 4

• 5

• 7

In marketing, UPS stands for...

• Uninterrupted Product Supply

• Unique Selling Proposition

• Unique Selling Position

• Unique Selling Price