Chapter 4 - Nature of Marketing Strategies

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

•  

  market share.

•  

  business goals.

  
  

•  

  promotional mix.

  
  

•  

  channels of distribution.

  
  

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

• Changing the image of the business

•  

  Improving management techniques

  
  

•  

  Increasing business profits immediately

  
  

•  

  Achieving planned goals

  
  

Designing an effective marketing strategy is important

•  

  to the success of the business.

  
  

•  

  as a one-time process.

  
  

•  

  but not possible to achieve.

  
  

•  

  as a promotion function.

  
  

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)

•  

  goal.

  
  

• objective

• tactic

• strategy

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

• redesign

• publicize

• identify

• implement

What is a consideration for the product element of marketing?

• Packaging

• Publicity

•  

  Customer discounts

  
  

•  

  Inventory control

  
  

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

•  

  Extending credit to customers

  
  

•  

  Using sales promotion

  
  

•  

  Offering warranties or guarantees

  
  

•  

  Choosing distribution channels

  
  

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

• Credit

• Advertising

• Packaging

• Discounts

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

•  

  When will research be conducted?

•  

  Should the business offer discounts?

  
  

•  

  Will the business use publicity?

  
  

•  

  Where will the products be stored?

  
  

A marketer who changes the product element in the marketing mix should reevaluate the other marketing elements because the elements are

• independent

• interrelated

• unique

• detached