chapter 5

Question 1

The four p’s

Answer 1

communicate your marketing vision and competitive advantage to your customer

1. product
2. Price
3. place
4. promotion

Question 2

brand

Answer 2

Focus tightly on the primary benefit you want customers to associate with your business logo and trademark

Question 3

pricing strategies and tactics

Answer 3

Value pricing 
prestige pricing 
cost plus pricing 
market pricing 
penetration pricing 
skimming pricing 
meet or beat competition price 
follow the leader pricing 
personalize pricing variable pricing

Question 4

Considerations for place/ location

Answer 4

Access for customers 
access to suppliers 
climate/geography 
convenience 
cost of facilities 
demographics 
economic conditions and business incentives 
governmental regulations and laws including environmental impact
 labor pool 
proximity to competitors

Question 5

promotion

Answer 5

use of advertising and publicity to get your marketing message out to your customers

Question 6

advertising

Answer 6

paid promotion intended to generate increased sales of your product/service

Question 7

publicity

Answer 7

free mention of a company, person, event, product, or service in media outlets such as newspapers magazines or radio and television

Question 8

Roles of a marketing plan

Answer 8

1. demonstrating to potential investors that your company can grow and offer returns
2. Identifying the most beneficial target markets for the organization
3. evaluating the competitive and industry environments
4. Illustrating the pricing strategy
5. detailing the promotional plan and budget

Question 9

market analysis

Answer 9

heart of marketing plan brings together the various strategic and tactical components of marketing effort into a single comprehensive section which includes the 5 p’s

Question 10

Market fixed cost

Answer 10

should not be budgeted as a percentage of sales but as money that is needed to drive sales