Entrepreneurship Module 3 Exam

The four main marketing mix elements are product, price, promotion and ________

• production

• place

• purchasing

• payments

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3.01

If a business has poor customer service, that business should use which TACTIC?

• Scheduling customer service training dates

• Improving the customer waiting area

• Increasing customer benefits

• Offering customers a payment plan

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3.01

A goal can be evaluated to determine its

• advantage

• progress

• success

• benefit

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3.01

A firm’s strategy is important because it shows

• how its goal will be reached.

• how its prices will be lowered.

• how its tactics will be organized.

• how its marketing mix will be blended.

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3.01

Which of the following is the best description of the marketing mix:

• 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 combination of the four elements of marketing

• A strategy that serves as a guide

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3.01

What is the formula to conduct a breakeven analysis?

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Ent II 2.0

When conducting a breakeven analysis, the final answer to the breakeven in units is 67.3112. How may units must I sell to breakeven?

• 67

• 67.3112

• 67.5

• 68

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Ent II 2.00

Match the 4 P's

• Product

• Good value and satisfaction for the customer

• Product

• Identifying a need in the marketplace

• Price

• Communication marketers use to inform customers

• Place

• Customer sees it as the best solution

• Promotion

• Conveniently located near customers

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3.01

What happens if a marketer changes one element of the marketing mix?

• The strategy changes

• It affects the products quality

• It affects the marketing goal

• The other elements change as well

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3.01

In marketing the term "communication" refers to which elements of the marketing mix?

• Product

• Price

• Place

• Promotion

Tags

3.01