Entrepreneurship - Lesson 3.01 Review

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

• Changing the image of the business

• Improving management techniques

• Achieving planned goals

• Increasing business profits immediately

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

• Strategy

• Goal

• Objective

• Tactic

A goal can be evaluated to determine its

• advantage

• progress

• success

• benefit

Which of the following is an important characteristic of marketing tactics?

• The tactics should support the Marketing Mix

• The tactics should line up with marketing strategies.

• The tactics should focus on customers

• The tactics should bring in enough money

Which of the following is the most likely obstacle for a marketer to encounter?

• Profits might increase

• A social media campaign might succeed

• A competitor might increase an inferior product

• Government regulations might change

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

• Using sales promotion

• Offering warranties or guarantees

• Choosing distribution channels

• Extending credit to customers

Which of the following things might a marketer ask when they are working on the product element of marketing?

• How much should the product cost?

• Where should the product be sold?

• What level of quality should be produced?

• What media should be used to advertise the product?

Balancing value and satisfaction for the customer is part of which element of marketing?

• Product

• Price

• Place

• Promotion

Which element of marketing refers to the various types of communication that marketers use to inform, persuade, and remind customers of their products?

• Product

• Price

• Place

• Promotion

If a marketer changes one of the elements of a marketing strategy they must change the others, because the elements are ____________________.

• Interrelated

• Opposites

• Similar

• Progressive