Unit 2 Market Plan

Plan of action for achieving marketing goals and objectives are know as marketing

• mix

• media

• strategies

• tactics

Which of the following would be likely to cause a business to change its marketing strategies:

• large market share

• advancements in technology

• an increase in sales

• a stable economy

The element of the marketing mix that is concerned with what goods, services, or ideas a business will offer its customers is

• price

• product

• place

• promotion

The element of marketing that is concerned with having the selected product in the right location at the right time is

• product

• place

• price

• promotion

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

• Will the business use publicity?

• Where will the products be stored?

• Should the business offer discounts?

• When will research be conducted?

Companies that want to meet the specialized needs of a specific consumer group are likely to use

• as many outlets as possible.

• broad distribution.

• mass marketing.

• marketing segmentation

A market for goods and services exists when there is a group of

• potential consumers

• responsible homeowners

• professionals

• laborers

Which of the following is an example of an item that would be marketed to a specific market:

• bath soap

• fruit

• bread

• baby food

Companies that produce goods and services most people buy and use are likely to use

• mass marketing

• demographic segmentation

• segmented marketing

• psychographic segmentation

Which of the following is an example of a consumer market:

• Workers buying lunch at a local restaurant

• Businesses buying vehicles for salespeople

• Schools buying chairs for classroom use

• Companies buying equipment for a machine shop