Objective 1.04 Marketing Strategy Review "Worksheet"

Sawyer is a marketer who is planning his strategy. He most likely wants to choose a route that is

• easy

• efficient

• straight

• reasonable

Answer explanation

Efficient. To reach their goal, marketers plan the route they believe to be efficient. A reasonable route is a road that may take the marketer to his/her goal, but it may not be the best option. An easy route may not require much effort, but it may not return a suc-cessful outcome, either. A straight route may seem direct, but it may not speed the mar-keter’s way. For example, a construction project might slow down an otherwise straight journey. An easy route may take the marketer way off course. And selecting a reasona-ble, or satisfactory, route implies the navigator applied a half-hearted effort.

Before customizing the marketing mix, marketers should

• decide the price

• choose the vendors

• pick the product

• select the strategy

Answer explanation

Select the strategy. Before customizing the marketing mix, marketers should select the strategy so that they have some direction for creating the blend. Deciding the price, choosing the vendors, and picking the product are all part of customizing the marketing mix.

Which of the following things might a marketer do to achieve the company’s pricing objective of raising the product’s value in the customer’s eye:

• Decide how to package the product

• Lower the product’s price

• Ask a higher price for the product

• Order more of the product

To get a selected product in the right place at the right time, marketers often ask themselves which of the following questions:

• Should we offer a warranty for our product?

• How should we package our product?

• Where should we make our product available?

• What forms of payment should we accept?

Answer explanation

Where should we make our product available? The place element of the marketing mix involves getting a selected product in the right place at the right time. When developing the place element, marketers must consider a number of factors, including where they should make their product available, which businesses to buy their product from, when to buy the product, how much of the product to order, how to process customer orders, which businesses to involve in the process, etc. “Should we offer a warranty for our product?” and “How should we package our product?” are questions that marketers should ask them-selves when determining the product element of the marketing mix. “What forms of pay-ment should we accept?” is a question that marketers must answer when developing the price element of the marketing mix.

Which of the following questions might marketers ask when they are working on the product element of marketing:

• What media should be used to promote the product?

• What level of quality should be produced?

• How much should the product cost?

• Where should the product be sold?

Getting a selected product in the right place at the right time is called the ____________ element of marketing. (1 point)

• promotion

• price

• place

• product

Answer explanation

Place. By definition, getting a selected product in the right place at the right time is called the place element. The other options are the other elements of the marketing mix.

Which of the following is the best description of the marketing mix: (1 point)

• An element of marketing that puts a product in the right place at the right time

• A method of determining what a marketer wants to achieve

• A strategy that serves as a guide

• A combination of the four elements of marketing

Which of the following is the most likely obstacle for a marketer to encounter: (1 point)

• Government regulations might change.

• A competitor might create an inferior product.

• A social media campaign might succeed.

• Profits might increase.

A goal can be evaluated to determine its (1 point)

• progress

• advantage

• benefit

• success

Answer explanation

Success. When evaluating a goal, marketers consider whether it can be measured for success or failure. Advantages or benefits are communicated to the customer during promotion. Progress is moving toward the goal.

Which element of marketing refers to the various types of communication that marketers use to inform, persuade, or remind customers of their products? (1 point)

• product

• price

• promotion

• place

Answer explanation

Promotion. By definition, the promotion element refers to the various types of communi-cation that marketers use to inform, persuade, or remind customers of their products. The other options are the other elements of the marketing mix.