Marketing example #39773

The group of firms that makes and delivers a given set of goods and/or services is a called a supply chain. T/F?

Marketing's fundamental purpose is to create value by developing a variety of offerings that will earn income for the company. T/F?

Firms become value driven, in part, by focusing on the competition. T/F?

Julia is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who care only about making a sale. When reading about the core aspects of marketing, Julia is relieved to see that in marketing A. all parties to an exchange should be satisfied. B. promotion is the most important consideration, followed by pricing decisions. C. decisions are made regarding how a product is designed. D. customers are not considered until the product is ready for sale. E. distribution is controlled by customers.

The four Ps make up the marketing mix, which is the __________ set of activities that the firm uses to respond to the wants and needs of its target markets. A. unpredictable B. external C. internal D. controllable E. global

Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brian is addressing which core marketing aspect? A. developing a promotional plan B. managing the exchange function of marketing C. making product decisions D. deciding where and how to sell the product E. pricing the product

T or F To build a sustainable competitive advantage, companies should focus on a single strategy.

T or F It is not always necessary to go through all the steps in the marketing planning process.

T or F STP refers to segmentation, testing, and promotion.

T or F Isaac is looking for ways to offer new goods and services to his existing customers. He is pursuing a market development strategy.

T or F Product penetration is one of the four major growth strategies.

Carla has been directed by her regional marketing manager to cut prices on seasonal items, place an ad in the local paper, and tell distributors to reduce deliveries for the next month. Which step of the strategic marketing planning process is Carla engaged in? A. evaluate performance B. define the business mission C. perform situation analysis D. implement marketing mix and resources E. identify and evaluate opportunities

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged? A. planning B. implementation C. control D. segmentation E. metrics

Lionel is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to A. develop a business mission statement. B. choose the best target markets. C. reposition existing segments. D. divide the marketplace into subgroups. E. conduct a SWOT analysis.

T or F Coca-Cola launched Coke Zero to avoid cannibalizing current sales and to attract new customers in a segment it might not get with Diet Coke.

T or F Positioning strategies generally focus either on how the product benefits the consumer or on how it is better than competitors' products.

T or F The first step in the STP process is to establish an overall strategy.

A complex product that is best described in writing will be difficult to explain to consumers who are unable to read. For this reason, a segment in which many consumers could not read would be considered unattractive because the consumers would not be responsive.

When Penguin Catering Services first opened, the owner decided to target only events at resorts in its geographic region. Penguin Catering was using a(n) __________ targeting strategy. A. concentrated B. micromarketing C. benefit-driven D. differentiated E. undifferentiated

Value is what you get for what you give T/F?

A group of firms that makes and delivers a given set of goods and services is known as a distribution network. T/F?

Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing? A. satisfying customer needs and wants B. completing the exchange function of marketing C. making product, place, promotion, and price decisions D. making decisions about the setting in which marketing takes place E. creating value

Geraldo manages the electrical turbine engine division of General Electric Corporation. He makes most decisions independently, without consulting headquarters. Geraldo manages a strategic business unit. T/F?

Whenever Valerie has a new massage therapy customer, she invites the person to be on her e-mail distribution list. In the process, in addition to exchanging her massage therapy service for payment, Valerie is gathering A. information. B. promotional capital. C. pricing data. D. value cocreation. E. feedback.

Marketers want their firms to develop excellent supply chain management and strong supplier relations so they can A. persuade stores to refuse to carry competitors' products. B. use their power within the supply chain to force weaker firms to accept less favorable pricing. C. control prices and lock in margins. D.create a sustainable competitive advantage. E. justify charging higher prices than competitors do.

For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that A. no single strategy is likely to be sufficient to build a sustainable competitive advantage. B. a situation analysis does not accurately predict a firm's strengths. C. customer excellence cannot be achieved. D. product excellence is the only true source of a sustainable competitive advantage. E. innovation is pointless because competitors will develop copycat offerings.

Maintaining a unique value proposition can be sustained in the long term only in monopoly situations or monopolistic competition situations. T/F?

Perceptual maps include positions of current brands as well as ideal points where a consumer segment would want a product to be. T/F?

"Effective marketing doesn't just happen." It is A. promoted through STP analysis. B.possible only for seasoned marketing executives to achieve. C. planned. D. introduced through control phase SBUs. E. the result of competitor's failures.

The first step in the STP process is to A. identify the segmentation methods to be used. B. produce a list of strengths and weaknesses of the firm's past marketing strategies. C. clearly articulate the firm's vision or marketing strategy objectives. D. select target markets. E. develop a marketing mix so that an appropriate segment can later be identified.

Many companies use the Internet to allow consumers to design customized products; for example, Nike allows customers to order shoes with custom color combinations. This is a form of A. micromarketing. B. concentrated targeting. C. psychographic segmentation. D. differentiated targeting. E. undifferentiated targeting.

Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and __________ targeting strategies. A. geographic B. benefit-based C. economic D. global E. concentrated

"Corporate pilot fish" are former employees who start a new business based primarily on contacts and contracts with their old company. A corporate pilot fish would probably pursue a(n) __________ targeting strategy. A. macromarketing B. micromarketing C. benefit-based D. differentiated E. undifferentiated

32. __________ is an extreme form of a targeting strategy. A. Macromarketing B. Micromarketing C. Benefit marketing D. Differentiated targeting E. Concentrated targeting

T or F When a firm has a particular profit goal as its overriding concern, it will use target return pricing to meet the profit objective.

The demand curve for prestige products generally slopes downward due to higher prices.

T or F Pure competition occurs when there are many firms competing for customers in a given market but their products are differentiated.

A _______ strategy involves accurately measuring all the factors needed to predict sales and profits at various price levels, so that the price level that produces the highest return can be chosen. A. sales orientation B. target profit C. target return D. status quo E. maximizing profits

Brands that have developed loyal customers have a higher price elasticity of demand. T/F?

In U.S. markets, there are many substitute products for Fruit Loops cereal, suggesting the price elasticity of demand for Fruit Loops is high. T/F?

Costs related to supply and costs related to demand are the two primary cost categories. T/F?

Dynamic pricing is also referred to as individualized pricing. T/F?

In developing marketing strategies, why is price often the most challenging of the four Ps to manage? A. because most managers feel it is the least important element of the marketing mix B. because it is the least understood element of the marketing mix C. because it has to be based on the promotion budget for the product D. because it is difficult to calculate markups for products E. because managers don't understand the relationship between benefits and costs

Gary is the marketing manager for an automobile dealership. His boss tells him the firm's primary goal is to increase its local market share from 15 to 30 percent. His firm is using a ________ orientation. A. profit B. sales C. competitive D. customer satisfaction E. product development

Bernard's firm has set corporate direction to become one of the leaders in each of its significant market segments. It was Bernard's job to examine the firm's pricing strategy to determine how to maximize market share, even at the expense of profits in the short run. What kind of company objective would guide Bernard's effort? A. industry-oriented B. sales-oriented C. competitor-oriented D. innovation-oriented E. customer-oriented

According to your text, research has consistently shown that consumers usually rank which of the four Ps as one of the most important factors in their purchase decisions? A. Promotion B. Place C.Product D. Perception E. Price