Lesson 6.3 Quiz Review - Marketing Mix

The ultimate purpose of a company’s marketing strategy is to:

• achieve its goals

• redesign the brand

• develop sales tactics

• create financial stability

Government regulations, economic downturns, competition, and changes in consumer preferences are examples of reasons to ___________ your marketing strategy.

• brand

• change

• simplify

• complicate

For a retail company with an objective of increasing holiday sales traffic by 10% in the fourth quarter of this year over the same time period last year, what would be a strategy for achieving this?

• advertising a promotion including discounts off of their products

• ensuring an adequate supply of product

• changing the design of the company’s web site

• borrow additional funds from a bank

These are very specific actions used to support strategy, in order to achieve your goals and objectives:

• targets

• milestones

• tactics

• pitch deck

A route or plan of action designed to achieve certain goals and objectives is called a:

• vision

• tactic

• strategy

• milestone

Something that has an observable and measurable end result to be achieved within a certain time frame, is called a:

• product

• strategy

• business plan

• goal

What’s a good example of the place component of the marketing mix.

• establishing discounts

• Facebook ads

• 3d prototyping

• selecting value-added resellers

This is similar to a goal, in that it has an observable and measurable end result to be achieved within a certain time frame, but is shorter term in nature than a goal:

• objective

• strategy

• business plan

• tactic

Marketing mix includes the 4Ps, which are:

• Product, Price, Production, Promotion

• Product, Price, Place, Promotion

• Production, Promotion, Price, People

• Price, Production, Profit, Place

Increasing advertising expenditures is a part of which component of marketing mix?

• Product

• Price

• Place

• Promotion