MKT 1-5 Marketing Strategies and Marketing Mix

According to the reading, what is the job of marketers?

• To conduct market research
• To constantly monitor and analyze key performance indicators
• To identify what makes a product stand out
• All of the above

What is the definition of elasticity in terms of pricing?

• The measure of sales quantities based on changes in price
• The measure of production costs based on changes in price
• The measure of profit margin based on changes in price
• The measure of sensitivity of demand or supply based on changes in price

Which of the following is NOT a factor to consider when selecting a place to sell products?

• Profit margin
• Distribution methods
• Channel management
• Location

What is the purpose of place in the marketing mix?

• To determine the cost of production
• To communicate brand perception
• To select retail stores
• To facilitate sales transactions

What is the main goal of marketing strategy?

• To connect the business to its customers
• To manage geopolitical concerns
• To decrease economic downturns
• To increase government regulations

Which of the following is NOT a form of promotion?

• SEO
• Product placement
• Word of mouth
• Product development

What is the purpose of marketing research?

• To achieve company goals
• To create a marketing mix
• To develop new products and services
• To determine the most successful combination of the 4Ps

What is the purpose of a company's marketing strategy?

• To develop new products and services
• To achieve its goals
• To create a marketing mix
• To inform more people about a brand

What is the difference between a marketing strategy and a marketing plan?

• A marketing strategy outlines objectives, while a marketing plan outlines tactics
• A marketing strategy is a blueprint, while a marketing plan is a specific procedure
• A marketing strategy is used to attract target market customers, while a marketing plan is used to achieve goals
• A marketing strategy is a written document, while a marketing plan is a game plan

Which of the following is NOT a part of the marketing mix?

• Place
• Profit
• Price
• Product