Marketing Concepts and Strategies

Marketing consists of all of the following processes except

• pricing

• operating

• selling

• promoting

To use the marketing concept, businesses must do all of the following except

• (a) identify what will satisfy customers’ needs and wants

• operate profitably

• devote half of its profits towards marketing

• develop and market products that customers consider better than other choices

Your marketing strategy should address

• product introduction or innovation

• pricing

• market share

• all of these

A marketing plan should do all of the following except

• identify your competitiors

• outline a strategy for keeping customers

• identify the owner's net worth

• recognize and anticipate change

A product mix

• is the different products and services that a business sells

• helps determine the pricing strategy

• identifies features such as color, size, and quality

• is used to maximize sales

Product characteristics that will satisfy customer needs are called

• brands

• the product mix

• services

• features

The Nike “swoosh” is an example of a product

• label

• brand

• feature

• package

Businesses should always set their prices

• lower than their competitors’ prices

• based on their product mix

• high enough to make a profit

• all of these

All of the following are examples of pricing objectives except

• increase profits

• minimize sales

• attract customers

• discourage competition

A business may set its prices for products or services by using

• competition-based pricing

• cost-based pricing

• demand-based pricing

• all of these