Connect quiz The customer is the target of a marketing mix. When ranked in importance from greatest to least, the four Ps line up in which of the following orders? The four Ps are of equal importance. Trying to increase sales by selling present products in new markets is known as market development. How can expanding into international markets lead to lower prices for a company's products sold in domestic markets? by improving economies of scale Which of the following statements is true of the marketing management process? The marketing management process is the process of planning marketing activities, directing the implementation of the plans, and controlling these plans. Which variable of the marketing mix may involve a physical good, a service, or a blend of both? Product The text’s discussion of “hit-or-miss” marketing suggests that it is fairly common for marketing efforts to turn out poorly, so to avoid that fate and get better than average results, a good manager needs to use a logical process for marketing strategy planning. Natural Essences, a company that manufactures hair products, offers “dollar-off coupons” to adult women to get them to try its shampoos and conditioners. This is an example of: sales promotion. Target marketing differs from mass marketing in that target marketing is tailored to fit some specific target customers while mass marketing aims at everyone with roughly the same marketing mix. Which of the following statements is true of target marketing? Target marketing is limited to fairly homogeneous market segments. Reyhan operates a food truck. When he started his business, he decided that he would try to locate his truck wherever the largest amount of pedestrians could be found. For months he has stationed his truck in the downtown core. Today, however, he decides to position it near a newly opened museum that is drawing big crowds. This is an example of an operational decision. Which of the following types of opportunities tends to involve the greatest risk? diversification International marketing is attractive for all of the following reasons except that regulations in foreign countries can be highly complex. Which form of promotion involves direct spoken communication between sellers and potential customers that may happen face-to-face, over the telephone, or via a videoconference over the Internet? personal selling What is the purpose of a S.W.O.T. analysis? to develop screening criteria that will help a company identify what marketing strategy to pursue The variables that a company puts together in an attempt to satisfy a particular set of customers that it wants to appeal to is called a marketing mix. A _____ specifies a target market and a related marketing mix. marketing strategy The expected earnings stream of a firm’s current and prospective customers over some period of time is defined as customer equity. Which of the following statements about mass marketing is true? Mass marketing assumes that everyone is basically the same. With which of the four Ps of the marketing mix are retailers, wholesalers, warehouses, and transportation firms associated? Place Which of the following scenarios best describes differentiation? The firm’s marketing mix is distinct from what is available from a competitor. Which of the following is true of publicity? It is an unpaid form of communication. Which of the following best describes a breakthrough opportunity? developing an innovative and hard-to-copy marketing strategy A marketing program blends all of the firm’s marketing plans into one overall plan. Which of the following statements about the marketing mix variables is The marketing mix variable “Price” is more important than “Place.” ?