MKT 1-5 Marketing Strategies and Marketing Mix

What is the purpose of marketing strategy?

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

What is the purpose of market research in the marketing mix?

• To identify key performance indicators
• To constantly monitor and analyze sales
• To determine the right mixture of the 4Ps
• To make necessary tweaks and changes to the marketing strategy

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

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

Why do marketing strategies often change?

• Because customers are fickle
• Because of government regulations
• Because of economic downturns
• All of the above

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

What is a tactic in marketing?

• A specific written document outlining objectives
• A game plan for reaching a target market
• A specific procedure or action used to support strategy
• A combination of the 4Ps

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

• Place
• Profit
• Price
• Product

What is the purpose of a marketing plan?

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

Which of the following is NOT a form of promotion?

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