IBM 301 ( IBM301) Marketing Principles Quiz#3 Answered all correctly; Latest Summer 2025.

(1) If you were advising someone on developing a “marketing communications plan”, what factors would you address in this selection process? (2) Different media provide different advantages to different types of businesses – what are the different mediums that we have to use in establishing our promotional efforts? (3) No single pricing formula will work for all businesses, nor is there a formula that will assure maximum profits in all situations. T F (4) Promotion is a form of persuasive communication, or getting others to do what you want them to do. Its function is that of informing consumers about a product or service and influencing them to buy that product or service. T F (5) What is the name of the pricing strategy where a low price is set so that a firm can increase its share of the market? A. Discount Pricing B. Prestige Pricing C. Penetration Pricing D. Psychological Pricing (6) Which of the following descriptions provides the best definition of the “marketing mix”? A. The way products are priced and packaged. B. The way a business combines the main marketing elements to sell products that meet the needs and wants of customers. C. The way a business distributes its products through retailers and wholesalers. D. The way products are arranged in a retail store to maximize sales. (7) Physical distribution starts with understanding consumer needs and finding low-cost solutions to getting goods to consumers. T F (8) What are the 5 elements of promotion? (9) What is meant by a competitive advantage and what is one means of identifying that in fact you have one? (10) Firm’s must consider the product’s stage in the life cycle, its importance to the firm’s portfolio, the competitor’s intentions and resources, the product’s price and quality sensitivity, when responding to a competitors price change. T F (11) To use the Marketing Concept, a business should do the following 5 things: (12) The aim of market research is to find out who the customers are, what the customers need and/or want, where and when they want it. T F (13) Strategic Planning is the process which involves the review of: a. Market Conditions b. Customer Needs c. Competitive Strengths and Weaknesses d. Sociopolitical, Legal and Economic Conditions e. Technological Developments f. Resource Availability g. ALL OF THE ABOVE h. NONE OF THE ABOVE (14) The aim of market segmentation is to identify groups of buyers based on similarities and then develop a marketing strategy based on those similarities. T F (15) What issues does a company need to consider when a competitor initiates a price change? (16) The major benefits to a S.W.O.T Analysis are: a. Simple to use. b. Reduces the costs of strategic planning. c. Flexible. d. Integrates and synthesizes diverse information. e. Fosters collaboration among managers of different functional areas. f. ALL OF THE ABOVE. g. NONE OF THE ABOVE. (17) If you where advising someone on “Distribution Selection”, what factors would you address in this selection process? (18) Distribution includes both physical movement of products and the establishment of intermediary relationships to guide and support the movement of products. T F (19) The three commonly used systems for establishing price structures are cost- based pricing, demand-based pricing, and competition-based pricing. T F (20) The basic task of the marketing manager in developing marketing strategy for product/services consists of identifying the target market and developing a related market mix (controllable), to achieve a productive match or fit with a company’s market environment (uncontrollable). T F (21) Some components to consider when setting a price include: a. What are customers willing to pay? b. What is the break-even point; are all costs covered? c. How much profit do you want to make? d. What is your competition charging? e. ALL OF THE ABOVE. f. NONE OF THE ABOVE. (22) The focal point of marketing decisions is the customer. T F (23) Perceived value is simply what customers think your product should cost, or more specifically, what value they think it has to them and what they would be willing to pay for it. T F (24) The three main considerations in structuring a channel of distribution are cost, coverage, and control. T F (25) What are some ways to improve perceived value of your product? BONUS QUESTION (8 pts): What are the some questions that a marketing manager must address when analyzing the competitive environment and its impact on their company? Some questions that a marketing manager must address are Who are the main competitors?, What are their strengths and weaknesses?,