BCOR 3040
Marketing is the activity, set of institutions, and processes for creating, ( ? ) , ( ? ) , and exchanging offerings that have ( ?) for customers, clients, partners, and society at large
Communicating, delivering, Value
The three general strategies for selecting target markets include which of the following? (Select three)
--Concentrate on one segment with one marketing mix --Appeal to multiple market segments using multiple marketing mixes --Appeal to the entire market with one marketing mix
Which of the following are reasons for failing to achieve a marketing objective? (Select four)
--Inappropriate marketing strategies in the plan --Unrealistic marketing objectives --Changes in the environment after the objective was specified --Poor implementation
Which of the following are ways that a company choosing a cost competitive advantage can reduce costs? (Select three)
--Reverse engineering competitors' products --Outsourcing low-skill, labor-intensive tasks --Utilizing technology to reduce production costs
For a market-oriented firm, the advantages of considering the benefits customers seek include which of the following? (Select three)
-Bolsters creativity and innovation by encouraging employees to come up with new ways to satisfy customers -Allows the company to create new products and to modify products due to changing customer needs -The company remains focused on the customer rather than the products it produces
All the following questions are asked when considering the business's position EXCEPT: _______
Are there barriers to entry in the potential market?
Several factors differentiate between those companies that use a sales orientation and those that use a market orientation. One factor relates to how a company defines its business. Which of the following business definitions or mission statements best characterizes an organization pursuing a sales orientation?
American Express: we work hard every day to make American Express the world's most utilized credit card
A lighting company has developed a line of security lights that consumers can place at the entrances to their homes. Key features include motion sensing to automatically turn on the light, and notification via smartphone with video. The product is in a high-growth market as people are interested in safety, security, and monitoring their home from wherever they might be. However, the company has a low market share. What strategy would you recommend the company implement for the smart security light line?
Build
UA offers a technology-equipped shoe that "tracks and stores data such as time and date, duration, distance, and splits during workouts, runs, or walks," Wearable shoe technology is still a relatively new product, and UA's Gemini shoe competes with Nike's Nike+ and Adidas's Speedcell foot pod sensor. Nike+ currently has the largest market share in this fast-growing category. Marketers at Under Armour will likely choose a _______ strategy for its Gemini shoe.
Build
A stop at the grocery store cereal aisle can be overwhelming, with seemingly hundreds of varieties of cereal available. Post has more than 20 brands of cereal in its consumer products division, such as Pebbles cereal, which has a high market share but is in a low-growth market, as consumers now favor more natural cereal products with less added sugar. How would Pebbles cereal be classified according to the Boston Consulting Group model?
Cash cow
_______ provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines.
Control
Gillette is best known for its line of products for men's shaving, such as razors, blades, and shaving foam. Gillette also has deodorant and body wash, but the company has noticed that Gillette body wash for men is in a low-growth market. Its market share is low as well. The company is considering how best to allocate resources across the company. Which strategy would you recommend Gillette implement for the body wash line?
Divest
In 2013, Polaroid announced they were opening brick-and-mortar stores called Fotobar. The stores offered printing services that allowed customers to print pictures from their phones or photo sharing apps as standard prints, or to canvas or metal. By the end of 2013, Fotobar hoped to have ten retail stores and continue to expand in 2014. But market growth for these services never materialized. Today, there are just three Fotobar locations. On the BCG portfolio matrix, Fotobar would likely be considered a _______.
Dog
Which of the following is NOT true about strategic business units (SBUs)?
Each SBU shares its mission statement with the parent company.
Deon is VP of marketing with a major beverage company and is reviewing the contracts of several film, media, and television personalities who work with the company. Recently, two of them were involved in controversial activities concerning their political beliefs and have been quite vocal regarding several social justice issues. Deon is considering canceling their contracts because it is difficult to establish that their personal views are not the views of his company. Which exchange criteria most directly relates to Deon's cancellation of these sponsorships?
Each party believes it is appropriate or desirable to deal with the other party.
Christy has a dresser and desk that she'd like to sell for $50 each, so she posts a photo and description of both items on her Facebook page. She is contacted by Samad, who is willing to pay $40 each for the dresser and desk if Christy can deliver them. Christy cannot accept Samad's offer because she does not own a truck and therefore is unable to deliver the items. Which condition of exchange most directly relates to Christy's inability to deliver the items?
Each party is capable of communication and delivery.
Many individuals and businesses use social media platforms such as Facebook, Instagram, and Pinterest to facilitate _______, which is the opportunity to satisfy a person's desire for a good or service through bartering, trade, or financial compensation.
Exhange
Which of the following is true of customer value?
Good value is signified by the quality a customer expects at the price they are willing to pay.
BedJet manufactures and sells a heating and cooling system that can be attached to any bed, allowing those sleeping on the mattress to maintain a comfortable temperature, avoiding being too hot or too cold. The company developed its products based on insights from customers who were tired of night sweats or being too cold. BedJet products have been designed based on customer needs, such as its Dual Zone product that accommodates couples who may desire different sleeping temperatures. Which marketing management philosophy best describes BedJet?
Market
Consumer packaged goods companies thrive in the marketplace in part by creating new products that meet the needs of its target markets. Hormel Foods has introduced several new ready-to-eat, quick meal, or snack options designed to be eaten on-the-go. In addition, these products satisfy hunger cravings, taste good, and help meet daily requirements for protein servings. Hormel Foods is most likely pursuing a _______ orientation as a marketing management philosophy.
Market
By understanding its customers' needs, which marketing management philosophy is Vineyard Vines utilizing? Inspiration came to brothers Shep and Ian Murray, then in their 20s, when they started meeting for lunch and complaining about how they disliked their desk jobs and the business suits and ties that went with them. They decided to go into business for themselves and settled on a product they knew nothing about: neckties. If they sold enough ties, they reasoned, they could stop wearing them. Today, more than 15 years later, Connecticut-based Vineyard Vines has grown into a multimillion-dollar business. Those familiar with the firm's success credit the Murrays' understanding of their customers' needs and their determination to make customers happy. The brothers say they're interested in dressing people not merely to go to work but rather to "take some fun to work." Their company sells clothes, but also a carefree lifestyle image that many people want to adopt. For instance, one of Shep and Ian's first decisions, when they quit their jobs and began selling ties out of their cars, was to create whimsical designs that reflected the happy summers they spent on Martha's Vineyard while growing up. Thus was born the sporty vacation theme that runs through all their bright pastel designs, featuring lobster pots, sailboats, whales, crabs, and sports paraphernalia such as tennis racquets, golf balls, and hockey sticks. Customers who would rather be sailing, swimming, golfing, or fishing are quickly drawn to these lighthearted images and the lifestyle they conjure up.
Market Orientation
Polaroid's 3D pen allows users to create 3D models. You can free draw or use the Polaroid Trace App to trace over stencils and build 3D models. The product is currently sold in the United Kingdom and parts of Europe. For Polaroid, the addition of the 3D pen to the U.S. market would be viewed as a _______ strategy on Ansoff's opportunity matrix.
Market development
Companies across the globe can now realize opportunities to grow by exporting their products or services to different countries. For example, the popular clothing chain H&M, known as a fast fashion retailer, is based in Sweden, but now has locations in many cities across the United States. These stores offer the same selection of items found in other H&M store locations across the globe. H&M is utilizing Ansoff's strategic alternative of _______.
Market devlopment
Which of the following is true of an exchange?
Marketing can occur even if an exchange does not take place.
Which of the following is true of marketing?
Marketing efforts are performed by many departments in an organization.
Which reason to study marketing supports the idea that, as a consumer, you will better understand the buying process?
Marketing impacts your everyday life.
_______ occurs when a company defines its business in terms of goods and services rather than in terms of the benefits customers seek.
Marketing myopia
Delivering products to customers at the right time, in the right place, and at the right price is illustrated by which of the following reasons to study marketing?
Marketing plays an important role in society.
Is creativity the only skill needed for a career in marketing?
No, a career in marketing requires more than just creativity.
Coca-Cola's mobile app allows customers to interact with the brand on-the-go. When customers purchase Coca-Cola products, they can use their mobile phones to scan Sip & Scan icons on cans and bottles to unlock chances to win movie and concert tickets to more exclusive experiences like meeting members of the U.S. women's national soccer team. Users can also locate nearby Coca-Cola Freestyle machines and create and save their Freestyle drink combinations. Coca-Cola's app is an example of _______. Coca-Cola is one of the best-known brands in the world. Its mission, "To refresh the world...To inspire moments of optimism and happiness...To create value and make a difference" speaks to the benefits Coca-Cola wishes to provide its customers. Coca-Cola conducts extensive marketing research with customers. In 2018 the company released four new flavors of Diet Coke after testing more than 30 new flavors with Millennials. Diet Coke senior brand manager Melissa Schwartz said, "We hope to bring new fans into the Diet Coke family with these new flavors, but also to encourage those who have either never tried Diet Coke or lost touch with the brand to give it a try." Coca-Cola also recognizes that consumers are increasingly looking for healthier options than soda. As a result, the company has acquired brands such as Fairlife, Honest Tea, Dasani, Simply, Minute Maid, and more. The company recognizes that it has separate but distinct target markets for each of these drink brands. In addition, Coca-Cola is making sustainability a business priority through its World Without Waste and Water Stewardship efforts. The company is working toward a goal of having 100 percent recyclable packaging by 2025, uses PlantBottle packaging, and introduced a BYOB (Bring Your Own Bottle) initiative using the Coca-Cola Freestyle machines.
On-demand marketing
China recently announced interest in developing its domestic sports industry, which is estimated to be a $1 billion opportunity for sports apparel, shoes, and fitness devices. When UA conducts a SWOT analysis, this would be categorized as a(n) _______.
Opportunity
Caterpillar is a manufacturer of heavy equipment. The company imports steel parts such as buckets for end loaders from China. Once the products arrive from China, Caterpillar must remove rust from the items that developed during ocean transport. What area of the marketing mix best characterizes this issue related to the imported steel parts?
Place
_______ is the most flexible of the four Ps because it is the easiest and quickest component to change
Price
Wahl Clipper Company has an innovation center where its engineers create and test new products. Wahl recently reviewed several options for packaging of its curling wand. Which aspect of the marketing mix is Wahl focusing on with its review of packaging options?
Product
Boxfit for Everyone is a locally owned fitness facility featuring cross training classes incorporating boxing drills. They offer group classes twice daily at 7 a.m. and 6 p.m. since those are the preferred times for their instructors, who also work full-time in professional jobs. Based on this information, which marketing management philosophy best describes Boxfit for Everyone?
Production orientation
Market-oriented companies create long-term relationships with customers by doing which of the following?
Providing value to customers
Which of the following is NOT a requirement of effective strategic planning?
Resource allocation
Zion Pharma is the manufacturer of a prescription antibiotic and has been accused of using aggressive marketing tactics to increase sales. Zion Pharma has employed sales representatives who meet individually with a variety of physicians and pharmacists to encourage the prescribing of the brand, which is priced higher than similar medications. Based on this information, it is clear that Zion Pharma has embraced a _______ orientation as a marketing management philosophy.
Sales
Many restaurants such as Chili's encourage diners to complete a quick evaluation of their dining experience and identify how well the restaurant met their needs. Chili's is concerned with the facet of marketing that seeks to _______.
Satisfy customers
Which marketing management philosophy is Coca-Cola utilizing? Coca-Cola is one of the best-known brands in the world. Its mission, "To refresh the world...To inspire moments of optimism and happiness...To create value and make a difference" speaks to the benefits Coca-Cola wishes to provide its customers. Coca-Cola conducts extensive marketing research with customers. In 2018 the company released four new flavors of Diet Coke after testing more than 30 new flavors with Millennials. Diet Coke senior brand manager Melissa Schwartz said, "We hope to bring new fans into the Diet Coke family with these new flavors, but also to encourage those who have either never tried Diet Coke or lost touch with the brand to give it a try." Coca-Cola also recognizes that consumers are increasingly looking for healthier options than soda. As a result, the company has acquired brands such as Fairlife, Honest Tea, Dasani, Simply, Minute Maid, and more. The company recognizes that it has separate but distinct target markets for each of these drink brands. In addition, Coca-Cola is making sustainability a business priority through its World Without Waste and Water Stewardship efforts. The company is working toward a goal of having 100 percent recyclable packaging by 2025, uses PlantBottle packaging, and introduced a BYOB (Bring Your Own Bottle) initiative using the Coca-Cola Freestyle machines.
Societal Marketing Orientation
Coca-Cola has a variety of strategic business units (SBUs) in its beverage business. Zico is a line of coconut water that is available in several flavor options and package sizes. Due to its healthfulness and the advantage of having no added sugar, Zico products have a dominant share of the market and are expected to continue to grow. How would Zico be classified according to the Boston Consulting Group model?
Star
Identify the name of the product or SBU by matching the descriptions in the left column to the names of the product or SBUs in the right column.
Star: high market share in a market with high growth Cash cow: high market share in a market with low growth Problem child (question marks): low market share in a market with high growth Dog: low market share in a market with low growth
The three fitness apps that Under Armour acquired are industry leading apps, with large user bases, in the fast-growing market of fitness tracking software and services. These apps would be classified as _______ in the BCG portfolio matrix.
Stars
Which of the following statements is true regarding effective strategic planning?
Strategic planning requires top management's support and participation.
Because of its app acquisitions, UA has direct access to registered users of MapMyFitness, MyFitnessPal, and Endomondo. This means UA can recommend products to these user bases and utilize these apps as new sales channels. When UA conducts a SWOT analysis, this would be categorized as a(n) _______.
Strength
Which of the following strategies would be most appropriate for a market-oriented firm?
Understanding what products and services customers want and need and offering those in order to meet organizational objectives
Danika is working on a marketing plan for her hair salon, which she has operated for 10 years. She is experienced and knows her market and her customers well. Danika has written down the following statement: "Increase revenue from nail services to $25,000 in the next year." Which statement about marketing objectives is true of Danika's statement?
The objective statement is realistic, measurable, and time specific, but does not include any benchmark comparison.
Cristóbal recently purchased a new Ford F150 pickup truck and is now trying to sell his used truck with 180,000 miles on the odometer on eBay. He has created a listing including photos, and he decides to use eBay's "Buy It Now" feature rather than an auction. The truck has been listed for several weeks, but so far no one has contacted him about it. Which condition of exchange most directly relates to Cristóbal's eBay listing for his truck?
There must be at least two parties.
Macy's, a large department store chain and one of Under Armour's (UA) key retail partners, is closing a number of stores across the United States and will now operate roughly 730 locations, versus 850 in 2009. When UA conducts a SWOT analysis, this would be categorized as a(n) _______.
Threat
Strategic marketing management addresses which of the following questions? (Select two)
What is the organization's main activity at a specific time? How will the company reach its goals?
A disadvantage of a sales orientation is _______.
a lack of understanding customers' wants and needs
When conducting a SWOT analysis, managers can identify opportunities and threats by _______.
analyzing the external marketing environment
A Market Development strategy (?) customers (?) products
attracts new, to existing
Carmen recently did a Google search for recommendations on a fuel efficient, electric, or hybrid sedan, and she noticed that when she checked her Instagram and Pinterest updates, there were now pop-up advertisements for various brands of vehicles like those the Google search revealed. The information about Carmen that Google, Instagram, Pinterest, or her other social media accounts are utilizing to show her these advertisements is known as _______.
big data
Harvesting is an appropriate strategy for these three products: _______, _______, and _______. (Select three)
cash cows, dogs, problem children
Broadly speaking, customer relationship management (CRM) allows marketers to _______.
collect information about customers and create marketing promotions and communications specific to groups of consumers
A production orientation is successful when _______.
consumer wants and needs match what the company can best produce
Redesigning packaging would be considered a(n) _______ on the innovation matrix.
core innovation
Many businesses today offer loyalty programs to customers, because gaining customers for life is a goal that enables firms to be more profitable. The Marriott hotel chain's loyalty programs are popular since customers can accumulate points that can be redeemed for upgrades or free room stays. Marriott also encourages members to complete their profiles by indicating the size of bed they prefer (double or king), type of pillow (foam or feather), handicap accessible needs, or other preferences. The profile information enables each hotel to utilize this information and provide the right type of room amenities for each guest. The loyalty program is an example of _______.
customer relationship management
Vineyard Vines recently partnered with First Insight to utilize online social engagement tools to gather sentiment analysis and real-time data from its customers. Using the information gathered, Vineyard Vines will be able to quickly make product and pricing decisions, which will allow it to improve sales and margins online and in brick-and-mortar locations. This is an example of _______. Inspiration came to brothers Shep and Ian Murray, then in their 20s, when they started meeting for lunch and complaining about how they disliked their desk jobs and the business suits and ties that went with them. They decided to go into business for themselves and settled on a product they knew nothing about: neckties. If they sold enough ties, they reasoned, they could stop wearing them. Today, more than 15 years later, Connecticut-based Vineyard Vines has grown into a multimillion-dollar business. Those familiar with the firm's success credit the Murrays' understanding of their customers' needs and their determination to make customers happy. The brothers say they're interested in dressing people not merely to go to work but rather to "take some fun to work." Their company sells clothes, but also a carefree lifestyle image that many people want to adopt. For instance, one of Shep and Ian's first decisions, when they quit their jobs and began selling ties out of their cars, was to create whimsical designs that reflected the happy summers they spent on Martha's Vineyard while growing up. Thus was born the sporty vacation theme that runs through all their bright pastel designs, featuring lobster pots, sailboats, whales, crabs, and sports paraphernalia such as tennis racquets, golf balls, and hockey sticks. Customers who would rather be sailing, swimming, golfing, or fishing are quickly drawn to these lighthearted images and the lifestyle they conjure up.
customer relationship management (CRM)
Serge is a landscape architect who manages a team of 12 employees who work primarily on commercial landscaping projects. Serge is also responsible for purchasing equipment and landscaping materials, and he recently bought a new Bobcat skid steer machine. He prefers Bobcats even though they are more expensive, because the company provides a variety of add-on products that extend the usefulness of the skid steer, a great warranty, and a competitive price. Thus, Serge purchases the Bobcat due to its _______.
customer value
A _______ strategy increases sales by introducing new products into new markets.
diversification
Post is a manufacturer of many popular consumer cereal brands, from healthy and hearty varieties such as Bran Flakes to brands catering to those with a sweet tooth, like Oreo O's. Post's Shredded Wheat cereal has been a staple in many homes for decades but now has a low market share, and its prospects for market growth are also low. According to the Boston Consulting Group Model, Shredded Wheat would be classified as a _______.
dog
Buckle retail outlet stores are typically located in major and regional indoor shopping centers. Buckle's products appeal to customers who enjoy dressing in the latest denim and casual fashion. The sales associates are trained to deliver a high level of customer service, offering suggestions on sizing, selection, and putting outfits together. In addition, associates assist with after-sale service and are able to handle returns and provide money back or store credit if a customer does not have their sales receipt. Thus, sales associates are _______ to do what's necessary to assure customer satisfaction and loyalty, since they have authority to solve customer problems on the spot.
empowered
Energy bars are a popular snack or meal replacement for many consumers. The Clif Bar & Company has a variety of bars and emphasizes their natural ingredients and healthy snack options. The bars are available at most grocery stores, and they are sold individually or in a variety of packs of six bars to a box. The company has identified specific sales objectives for each variety of snack bar, and it is currently reviewing the sales data to gauge which varieties are meeting the sales targets. Thus, the Clif Bar & Company is engaged in the _______ process.
evaluation
Market-oriented companies are (?) focused while sales-oriented companies are (?) focused
externally, internally
Key performance indicators _______.
help managers compare outcomes to stated objectives
An organization that chooses a _______ strategy attempts to maintain the product's market share in order to take advantage of the positive cash flow.
hold
Methodist Hospital recently completed a five-year strategic plan. It has recently appointed ten managers from various departments to serve on a task force. These managers will oversee the _______ of the marketing plan by delegating assignments, identifying the timing of tasks, and allocating resources to various departments.
implementation
In the GE model, the appropriate action for areas of the matrix with high attractiveness is _______.
invest/grow
A _______ is the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments.
market opportunity analysis (MOA)
Volkswagen has announced that it will develop a new line of energy-efficient vehicles that are powered by electricity. VW may offer a van that resembles its iconic Vanagon model from the 1970s and 1980s. The company is currently estimating the size and sales potential of key market segments, as well as identifying competitors who currently serve those segments. Volkswagen is performing a(n) _______.
market opportunity analysis (MOA)
Simon is a sales representative with McKesson who works with independent and chain drug stores to provide branded and private label over-the-counter medications, as well as a host of other supplies. Simon can match his customers' requirements to his broad product mix, and he also provides insights about what's selling in the marketplace so that store managers can make decisions about the allocation of shelf space. The approach is working, and Simon has been able to achieve his sales goals while also earning high customer satisfaction scores from his customer accounts. Which marketing management philosophy best applies to McKesson?
market orientation
A control device that marketing managers use is a _______.
marketing audit
Fernanda is a marketing professional who majored in marketing in college. She often feels like she's a demanding customer when she visits a restaurant, retail outlet, or other business, because she critiques the service she receives and hopes to be treated in such a way as to be satisfied and feel valued as a customer. Which of the following reasons to study marketing captures Fernanda's customer expectations?
marketing can be used in everyday life
There are many reasons why someone could benefit from studying marketing. Which one of the following statements relates to the activities of marketing and how marketing enables businesses to contribute to the objectives of growth, profitability, and survival?
marketing is important to business
Pablo is considering a business major and asks his friend, Rachel (who is in advertising) about marketing careers. Which of the following represents something Rachel might say about why Pablo should study marketing?
marketing offers outstanding career opportunities
A _______ is a written document that acts as a guidebook of marketing activities for the marketing manager.
marketing plan
Marketing activities enable consumers to become aware of products or services, and they hopefully provide the information necessary for each buyer to identify the one brand or model that will be most appropriate for them to purchase. Such marketing activities include promotion, advertising, and public relations, as well as supply chain activities to ensure products are available at retail outlets convenient to customers. Which of the following reasons to study marketing captures the various marketing activities described?
marketing plays an important role in society
Stefan was recently hired by a small business to provide strategic planning consulting. In the initial meeting, Stefan emphasized the importance of the _______, which is the foundation of any company's marketing plan.
mission statement
The General Electric model is ______________ than the Boston Consulting Group model and is _______________ to quantify.
more complex, harder
Rajan, who is the VP of Marketing for a technology firm, is working with the senior leadership team to revise the company's mission statement. He believes the current statement is too narrow since it emphasizes goods and services instead of the benefits customers might receive. In other words, the mission statement is _______.
myopic
ExxonMobil has many different divisions and departments in its global operations, including public relations, publicity, pricing, supply chain, sales, and research and development. These groups work to ensure that all stakeholders are receiving the desired value and benefits from their relationship with the company. This example demonstrates that ExxonMobil has embraced the facet of marketing concerned with _______.
organizational functions and processes
Successful relationship marketing strategies depend on all the following EXCEPT _______.
offering high-quality products
In a SWOT analysis, the prospect of entering new markets and launching new products would be listed under _______.
opportunities
Given the popularity of Netflix's Stranger Things television show, Polaroid created a OneStep 2 Stranger Things Edition camera. Marketers for Polaroid likely viewed this partnership as a(n) _______ on a SWOT analysis.
opportunity
Pedro, owner of the BoxFitness club, is conducting a situation analysis. He recently read an article about how research has shown that individuals who have Parkinson's disease can benefit from an exercise regimen that involves boxing. The benefits of boxing for Parkinson's patients would be classified as a(n) _______.
opportunity
Coca-Cola has a variety of strategic business units (SBUs) in its beverage business. Glaceau Vitamin Water is in a high-growth market due to customer trends away from carbonated beverages. However, Coca-Cola has a low market share of the bottled water segment. Thus, Glaceau Vitamin Water would be classified as a _______ according to the Boston Consulting Group model.
problem child
The Polaroid Cube is an HD action video camera. It can record up to 90 minutes of video and magnetically mount to helmets, bike handlebars, and other surfaces. Currently GoPro dominates this fast-growing market, while the Cube's market share is relatively low. Given this information, the Polaroid Cube would be classified as a _______.
problem child
A company employing a _______ strategy would create a new product targeted to its current customers.
product development
Dollar General operates midsized retail stores in rural towns. It has been expanding the variety of products available in its stores. Some locations now offer fresh produce and an increased assortment of fresh or frozen food items. Dollar General hopes the addition of new products will lead existing customers to purchase more items when they shop, which will in turn increase revenues for the chain. This is an example of the _______ strategic alternative according to Ansoff's matrix.
product development
Intel is known for its high-quality computer chips and ability to innovate. Most major computer and tablet manufacturers prefer to include Intel chips and often add the brand's logo and statement "Intel inside" on the product packaging. It is likely that Intel benefits from a _______ competitive advantage.
product/service differentiation
A company that focuses on a unique aspect of its product is likely using a _______.
product/service differentiation competitive advantage
The four marketing management philosophies are _______.
production, sales, market, and societal marketing orientations
A marketing objective should be ____________, _______________, __________, and ______________________________.
realistic, measurable, time specific, compared to a benchmark.
A market-oriented company _______.
sees marketing as a company-wide activity
Beverage companies such as Pepsi and Coca-Cola have recently come under scrutiny for the amount of sugar in their products and how this contributes to the high numbers of people in the United States who are obese. As a response to this negative attention, and because of Coca-Cola's desire to promote good nutrition and well-being, the company has changed its packaging and now offers smaller bottles and cans. In addition, Coca-Cola is committed to zero-waste initiatives and is using plant-based products and recyclable materials in its packaging. Which marketing management philosophy best applies to Coca-Cola?
societal marketing
Patagonia emphasizes its commitment to the environment and sustainability in its products by offering high levels of transparency, so consumers know where every product is made and how materials are sourced. In addition, Patagonia encourages its consumers to return or donate unwanted products, hoping to inspire consumers to be concerned with conservation efforts. Which marketing management philosophy best applies to Patagonia?
societal marketing orientation
A market-oriented company targets its products to (?) while a sales-oriented company targets its products to (?)
specific groups of consumers , Everyone
According to Business Insider, Automatic Data Processing, Inc. (ADP) engages in the provision of business outsourcing solutions and specializes in cloud-based human capital management. ADP is a preferred vendor for payroll systems, and since it processes millions of checks for its customers, it is a respected source of information about unemployment rates through its monthly National Employment Report. ADP's development and study of employment trends was a(n) _______ decision affecting its long-run profitability and growth.
strategic
Marco is the owner of Salon Concepts, which offers nail, hair, and massage services. Marco wants to increase revenues and decides to offer new services to men, focusing on shaving, beard or mustache care, and barber services. Marco believes these new services will enable the salon to grow and maintain profitability over time. In launching grooming services for men, Marco has made a(n) _______ decision.
strategic
ConAgra Foods is a global manufacturer of processed and packaged foods with revenues of $11 billion annually. It recently acquired Pinnacle Foods, which added iconic brands to its portfolio such as Birds Eye, Duncan Hines, Earth Balance, and Vlasic. Pinnacle Foods will continue to have control over its resources and distinct mission, and it will operate independently of ConAgra Foods. Pinnacle Foods is known as a(n) _______.
strategic business unit
Darden Restaurants is well known for its famous restaurant brands, including Olive Garden, Seasons 52, Bahama Breeze, and LongHorn Steakhouse. Each of these restaurant operations maintains a distinct mission and target market, and they are run as independent businesses. Thus, they are considered _______.
strategic business units
Pedro is the owner of BoxFitness, a cardio-fitness club specializing in boxing. He has a certificate as a sports trainer, provides excellent guidance as a trainer, and his business is conveniently located. If a situation analysis were performed, these would be examples of the company's _______.
strengths
Walgreens is based in Chicago, Illinois, and has developed a large customer base, especially in larger cities. It has strong relationships with its suppliers and an innovative supply chain, enabling it to reduce out-of-stock inventory, especially with fast-moving items that are purchased frequently. These capabilities have enabled Walgreens to maintain its market position and have a strong competitive position since they are not easily copied or duplicated by other firms. Walgreens enjoys a _______ competitive advantage.
sustainable
A _______ is an advantage that cannot be copied by the competition in the near future.
sustainable competitive advantage
A firm using a niche competitive advantage _______.
targets and serves a single segment of the market
Jorge recently interviewed with a business machine company for a sales position marketing copiers and printers to businesses. He was surprised to find that the company's emphasis was purely on sales and using aggressive sales tactics to convince buyers to purchase its line of photocopiers and printers. Which of the following is true about this company related to its marketing management philosophy?
the company has an inward-looking focus on selling what the organization makes
Huggies is a popular brand of diapers that offers a variety of sizes and styles to fit babies based on weight, gender, and activity, such as swim diapers. Huggies devotes significant resources to conduct market research to understand customer needs and to ensure that its diaper products meet the needs of the customer. Rather than make just one diaper formulation, the products are highly customized and appeal to each customer's unique situation. This highlights one of the key differences between sales-oriented firms and marketing-oriented firms, which is _______.
the organization's approach to marketing its products to specific customer segments rather than "everyone" or the average customer
When asked about lessons they have learned from starting their own business, Shep and Ian shared this: "...it's essential to empower the people around you—your team, customers, partners, vendors—believing in them 100%." This statement best reflects _______. Inspiration came to brothers Shep and Ian Murray, then in their 20s, when they started meeting for lunch and complaining about how they disliked their desk jobs and the business suits and ties that went with them. They decided to go into business for themselves and settled on a product they knew nothing about: neckties. If they sold enough ties, they reasoned, they could stop wearing them. Today, more than 15 years later, Connecticut-based Vineyard Vines has grown into a multimillion-dollar business. Those familiar with the firm's success credit the Murrays' understanding of their customers' needs and their determination to make customers happy. The brothers say they're interested in dressing people not merely to go to work but rather to "take some fun to work." Their company sells clothes, but also a carefree lifestyle image that many people want to adopt. For instance, one of Shep and Ian's first decisions, when they quit their jobs and began selling ties out of their cars, was to create whimsical designs that reflected the happy summers they spent on Martha's Vineyard while growing up. Thus was born the sporty vacation theme that runs through all their bright pastel designs, featuring lobster pots, sailboats, whales, crabs, and sports paraphernalia such as tennis racquets, golf balls, and hockey sticks. Customers who would rather be sailing, swimming, golfing, or fishing are quickly drawn to these lighthearted images and the lifestyle they conjure up.
the organization's focus
Alliance Life Insurance promotes its term life insurance products through commissioned sales representatives, who use aggressive sales tactics to acquire new customers who make monthly premium payments. Alliance is driven to earn profits and instructs its sales representatives to sell, sell, sell, and it trains them that "Everyone needs life insurance." This highlights one of the key differences between sales-oriented firms and marketing-oriented firms, which is _______.
the organization's primary goal to achieve profitability through sales volume
Carefully specified objectives should have all of the following characteristics EXCEPT _______.
to have unspecified end dates
While Coca-Cola advertises its products, it recognizes that product, distribution, and pricing decisions are also important in providing customers value. This statement best reflects _______. Coca-Cola is one of the best-known brands in the world. Its mission, "To refresh the world...To inspire moments of optimism and happiness...To create value and make a difference" speaks to the benefits Coca-Cola wishes to provide its customers. Coca-Cola conducts extensive marketing research with customers. In 2018 the company released four new flavors of Diet Coke after testing more than 30 new flavors with Millennials. Diet Coke senior brand manager Melissa Schwartz said, "We hope to bring new fans into the Diet Coke family with these new flavors, but also to encourage those who have either never tried Diet Coke or lost touch with the brand to give it a try." Coca-Cola also recognizes that consumers are increasingly looking for healthier options than soda. As a result, the company has acquired brands such as Fairlife, Honest Tea, Dasani, Simply, Minute Maid, and more. The company recognizes that it has separate but distinct target markets for each of these drink brands. In addition, Coca-Cola is making sustainability a business priority through its World Without Waste and Water Stewardship efforts. The company is working toward a goal of having 100 percent recyclable packaging by 2025, uses PlantBottle packaging, and introduced a BYOB (Bring Your Own Bottle) initiative using the Coca-Cola Freestyle machines.
tools the organization uses to achieve its goals
Strategic planning is usually conducted by _______.
top managers
Companies that develop new products for new markets would fall in the _______ range on the innovation matrix.
transformational innovation
The innovation matrix identifies three levels of change and innovation. They include _______, _______, and _______. (Select three)
transformational innovation, adjacent innovation, core innovation
A __________ is ___________ to the company and is a limitation that puts the company at a disadvantage.
weakness, internal
Elements of product strategy can include all of the following EXCEPT _______.
where the product is sold
