CHAPTER 3 (2)

The four Ps are the components of the ________.

• marketing environment

• functional planning mix

• marketing mix

• marketing concept

• controls

Which of the following best describes the components of the marketing mix?

• all aspects of the marketing environment

• everything considered during functional planning

• product, price, place, and promotion

• production, price, distribution, and people

• people, product, price, and placement

The first step of the market planning process involves closely examining the ________.

• marketing strategies

• product development process

• marketing controls

• marketing environment

• marketing team

In which step of developing a marketing plan would managers examine external elements that specifically affect the marketing plan?

• situation analysis

• development of marketing objectives

• development of operational plan

• development of marketing strategies

• implementation of the marketing plan

The second step of the marketing planning process is to ________.

• perform a situation analysis

• set marketing objectives

• define a marketing mission

• identify a target market

• develop a marketing mix

In a marketing plan, the ________ state what the marketing function must accomplish to achieve overall business objectives.

• situation analyses

• strategic plans

• marketing objectives

• market development strategies

• marketing controls

In which step of the market planning process are decisions made concerning what markets to target and what marketing mix strategies to use?

• perform a situation analysis

• develop marketing strategies

• implement the marketing plan

• control the marketing plan

• develop marketing metrics

In the ________ stage of market planning, marketers must determine how they want consumers to think of their product in comparison to competing products.

• develop a mission statement

• perform a situation analysis

• develop marketing strategies

• develop distribution strategies

• implement the plan

A(n) ________ is the market segment a firm selects because management believes the firm's offerings are most suited to winning those customers.

• target market

• business portfolio

• SBU

• SWOT

• marketing control

________ refers to a company's estimate of the number of consumers who are willing and able to pay for a product.

• The market segment

• Potential demand

• Return on marketing investment

• Market share

• The mass market