MKTG 3310.21 Ch. 1-5 Qs

Which type of product in the BCG matrix typically has excess resources which can be used to support other products that need additional resources?

Cash cows

A service is different from a good in that the benefit is _______.

Intangible

The Coffee Collective is seeking to identify customers who want a unique coffee drinking experience and are open to a loyalty rewards program. In doing so, the Coffee Collective is identifying its target...

Market Segment

One key _________ for many firms is the economic development occurring in many nations which allows for global expansion into new markets.

Opportunity

In identifying marketing opportunities, which is the correct order of the steps a firm undertakes?

Segment, target, position

In the BCG matrix, which types of products typically require heavy resource investment to fuel their rapid growth?

Stars

What does SWOT stand for?

Strengths Weaknesses Opportunities Threats

Which of the following would be a factor in providing operational excellence?

Strong supply chain management

Your company markets baby products, but the birthrate has been steadily dropping for the past 10 years. This represents a(n) _________ in a SWOT analysis.

Threat

When consumers weigh the benefit gained from a product in comparison to the money spent, the end result is _______.

Value

A firm's marketing strategy identifies a firm's target market(s), its four Ps, and _______.

a method of obtaining a sustainable competitive advantage

In delivering value to customers, which of the four Ps is the most important? a.) All of the 4 Ps are of equal importance. b.) Product c.) Price d.) Place e.) Promotion

a.) All of the 4 Ps are of equal importance.

Which of the following is NOT true of a sustainable competitive advantage? a.) It should be easy for competitors to match. b.) It can often be sustained for a long period of time. c.) It is not easily copied. d.) It is unique.

a.) It should be easy for competitors to match.

All of the following are macro strategies to develop customer value and build sustainable competitive advantages EXCEPT ________. a.) market position excellence b.) customer excellence c.) operational excellence d.) locational excellence

a.) market position excellence

Which of the following would NOT occur during the implementation phase of a marketing plan? a.) Positioning b.) Segmentation c.) Identify the business mission d.) Implement the marketing mix

c.) Identify the business mission

Market penetration and product development strategies are both focused on a firm's _______ markets.

current

In setting a product's price, marketers must be careful not to set it too high, or too low. Ultimately, price is directly related to the ________; a customer has to feel he is getting a good deal if a company wants to win him over.

customer's perceived value

In 1999 Coca-Cola developed Dasani bottled water to reach a new market for the company—bottled water drinkers. In doing this Coca-Cola pursued a _______ strategy.

diversification

The primary function of marketing is to _______.

establish value

Strengths and weaknesses are _______ factors to a firm while opportunities and threats are _______ factors to a firm.

internal; external

Many firms are developing websites and entering into e-commerce. This is to improve their _______ excellence.

locational

McDonald's has found that when it enters new foreign markets, the company can still sell some of the same menu items it offers in the United States. So, to some extent, McDonald's is able to use a ______ strategy.

market development

A retail chain is increasing its advertising and offering discounts to increase sales among its current customers. This represents a ______ strategy.

market penetration

Marriott Hotels recognizes that there are different groups of travelers with different needs, wants and characteristics in their choice of lodging. The process of dividing Marriott's market into these groups is ______.

market segmentation

Most firms cannot cater to the needs of everyone. This is why it is important that marketers engage in ________ to find groups of consumers with different needs and wants they might serve.

market segmentation

To evaluate the effectiveness or performance of a marketing strategy, firms typically use ________.

marketing metrics

"Starbucks aims to inspire and nurture the human spirit—one person, one cup, and one neighborhood at a time." This reflects Starbuck's _______.

mission statement

If Mom places the highest value on convenience when looking for a cup of coffee, which of the marketing mix components is she most concerned with?

place

In the expanding e-reader market, consumers can access books online using products like Amazon's Kindle and Apple's iPad. This easy access to books represents _______ value.

place

Performing a situation analysis (SWOT) occurs at which phase of a marketing plan?

planning

The three major phases of a marketing plan are _______.

planning, implementation, and control

Many consumers understand and perceive that Lexus automobiles are of high quality and offer superior service. This is Lexus' market ______.

position

Joe to Go offers donuts with its simple cup of black coffee that customers serve themselves. In doing so, the company is attempting to create value for Dad and other customers through which element of the four Ps?

product

MTV is constantly adding new shows and programming to increase the amount of time its current viewers spend watching the channel. In doing this, MTV is using a _______ strategy.

product development

Which element of the marketing mix relates to how companies tell consumers about their products and define their image in the marketplace?

promotion

A firm wanting to measure sales growth compares monthly sales for a given month over the past several years. This type of comparison is referred to as a _______ metric.

relative

The BCG matrix uses two axes to classify product lines and SBUs. One axis is market growth rate and the other axis is _______.

relative market share

Intangible customer benefits, such as a car wash or a haircut, are examples of _______.

services

Goodyear is organized by regions: North America, Europe, Middle East and Africa, Latin America and Asia Pacific. These divisions of Goodyear are called _______.

strategic business units

A firm's reputation for high-quality products is a (n) ______ for the firm.

strength

Marriott developed Courtyard Inns specifically for the needs of business travelers. By pursuing this segment with a market offering, Marriott was engaged in _______.

target marketing

A local coffee shop is known for poor customer service and an unclean, dirty environment. These would be classified as ______ in a SWOT analysis.

weaknesses