Quiz 1,2,7 and 18

What does a company do to start the strategic planning​ process? A. Define its overall purpose and mission. B. Perform a cost analysis. C. Identify the needs and wants of their customers. D. Analyze its competitors. E. Plan their marketing mix.

A. Define its overall purpose and mission.

When a firm starts up or buys a business outside of its current product line and​ markets, it is pursuing which growth​ strategy? A. Diversification B. Divesting C. Market penetration D. Product development E. Market development

A. Diversification

Marketing strategy often passes through three stages. At which stage is a company started by an individual who visualizes an​ opportunity? A. Entrepreneurial marketing B. Cost leadership marketing C. Differentiated marketing D. Intrapreneurial marketing E. Formulated marketing

A. Entrepreneurial marketing

When Starbucks expanded its current products into global​ markets, it was pursuing which growth​ strategy? A. Market development B. Product development C. Divesting D. Market penetration E. Diversification

A. Market development

Assume Starbucks increased its spending on advertising by 35 percent to increase sales in its current markets. Which growth strategy does this​ represent? A. Market penetration B. Market development C. Divesting D. Diversification E. Product development

A. Market penetration

Which targeting strategy focuses on common consumer​ needs, as opposed to different​ needs? A. Mass marketing B. Individual marketing C. Concentrated marketing D. Local marketing E. Differentiated marketing

A. Mass marketing

Which of the following strategies would be utilized by a market​ challenger? A. Observe what has made the market leader successful and improve on it B. Find one or more market niches that are safe and profitable C. Protect their current market share through good defensive and offensive actions D. Expand total demand E. Expand their market share further

A. Observe what has made the market leader successful and improve on it

What are the two measurements used in the BCG matrix to classify strategic business​ units? A. Relative market​ share; market growth rate B. Relative market​ share; number of products the company produces C. Market growth​ rate; degree of competitiveness D. Relative market​ share; return on investment​ (ROI) E. Market growth​ rate; return on investment​ (ROI)

A. Relative market​ share; market growth rate

In marketing​ terms, what is a​ market? A. The set of actual and potential buyers of a product or service B. The products that are sold to customers C. A​ company's current customers D. A retail establishment E. All sellers of a product or service

A. The set of actual and potential buyers of a product or service

For which customer relationship group should a company make continuous relationship investments to​ delight, engage,​ retain, and grow​ them? A. True friends B. True believers C. Butterflies D. Strangers E. Barnacles

A. True friends

The total combined lifetime value of a​ company's current and potential customers is called​ __________. A. customer equity B. share of customer C. customer loyalty D. customer retention E. market share

A. customer equity

There are three ways that market leaders can expand total market demand. They can expand total demand by​ __________. A. finding new users of the​ product, promoting new uses for the​ product, and encouraging more usage of its products B. finding new users of the​ product, promoting new uses for the​ product, and aggressively cutting price C. encouraging more usage of its​ products, driving out​ competitors, and finding a niche for the product D. finding new users of the​ product, finding a niche for the​ product, and encouraging more usage of its products E. finding new users of the​ product, promoting new uses for the​ product, and driving out competitors

A. finding new users of the​ product, promoting new uses for the​ product, and encouraging more usage of its products

One key role marketing plays in a​ company's strategic planning is to​ __________. A. provide a guiding philosophy B. work to add customer value so other departments do not have to C. allow other departments to not be concerned with marketing D. eliminate the need to coordinate marketing with other departments E. focus on the customer while other departments formulate strategies

A. provide a guiding philosophy

Marketing was once understood in the sense of making a sale.​ Today, marketing is understood in the new sense of​ __________. A. satisfying customer needs B. telling customers what they need C. eliminating promotion D. not engaging customers E. developing innovative products.

A. satisfying customer needs

To create and capture customer​ value, companies must engage the first step of the marketing​ process, which is​ __________. A. understand the marketplace and customer needs and wants B. create customer delight C. build profitable customer relationships D. construct an integrated marketing program E. design a customer​ value-driven marketing strategy

A. understand the marketplace and customer needs and wants

Which of the following correctly identifies the five core customer and marketplace​ concepts? A. ​(1) Needs, wants​, and demands​; ​(2) Market​ offerings; (3) Value and satisfaction​; ​(4) Exchanges and relationships​; and ​(5) Markets B. ​(1) Needs​, wants​, and demands​; ​(2) Market​ offerings; (3)​ Value; (4) Satisfaction​; and ​(5) Markets C. ​(1) Needs​, wants​, and demands​; ​(2) Market​ offerings; (3) Value and satisfaction​; ​(4) Competitors​; and​ (5) Profits D. ​(1) Needs​, wants​, and demands​; ​(2) Products;​ (3) Value;​ (4) Customers; and​ (5) Competitors E. ​(1) Needs; ​(2) Wants; ​(3) Demands​; ​(4) Market​ offerings; and ​(5) Markets

A. ​(1) Needs, wants​, and demands​; ​(2) Market​ offerings; (3) Value and satisfaction​; ​(4) Exchanges and relationships​; and ​(5) Markets

Which orientation could result in a firm simply matching or extending industry practices rather than seeking innovative new ways to create more value for​ customers? A. ​Competitor-centered B. ​Market-centered C. ​Customer-centered D. ​Product-centered E. ​Profit-centered

A. ​Competitor-centered

The four Ps of the marketing mix have been redefined in​ buyer's terms as the four As. Product design influences​ __________, price affects​ __________, place affects​ __________, and promotion influences​ __________. A. ​acceptability; affordability;​ accessibility; awareness B. ​affordability; accessibility;​ acceptability; awareness C. ​awareness; affordability;​ accessibility; acceptability D. ​awareness; acceptability;​ affordability; accessibility E. ​acceptability; affordability;​ awareness; accessibility

A. ​acceptability; affordability;​ accessibility; awareness

According to the​ growth-share matrix,​ __________ are​ high-share, high-growth products. When the market growth slows these products become​ __________. A. ​stars; cash cows B. cash​ cows; dogs C. question​ marks; stars D. cash​ cows; stars E. question​ marks; cash cows

A. ​stars; cash cows

Which of the following statements regarding demographic segmentation is​ correct? A. Consumer​ needs, wants, and usage rates vary closely with demographic variables. B. Demographics segmentation uses lifestyle as the primary measure for segmentation. C. Demographic variables are difficult to measure. D. Demographic segmentation divides a market based on​ age, personality, and benefits sought. E. Demographics are rarely used anymore for market segmentation.

A. Consumer​ needs, wants, and usage rates vary closely with demographic variables.

BMW says their cars are​ "The Ultimate Driving​ Machine". Ford trucks are​ "Built Ford​ Tough". Which type of differentiation do these examples​ represent? A. Product differentiation B. People differentiation C. Channel differentiation D. Image differentiation E. Services differentiation

A. Product differentiation

What is a strategic​ group? A. A group of firms in an industry that target different markets with different strategies B. A group of firms in an industry following the same or a similar strategy in a given target market C. A group of firms in an industry following different strategies D. A group of firms in different industries that follow similar strategies E. A group of firms in an industry that do not compete with one another

B. A group of firms in an industry following the same or a similar strategy in a given target market

In the process of analyzing​ competitors, what should a company do next after identifying​ competitors? A. Ignore them B. Assess them C. Avoid them D. Attack them E. React to them

B. Assess them

Which of the following is a true statement regarding managing and measuring marketing return on investment​ (ROI)? A. Marketers are increasingly using​ customer-centered measures of ROI which include brand​ awareness, sales, and market share. B. Marketers are increasingly using measures such as customer acquisition and​ retention, customer​ engagement, and customer equity as measures of ROI. C. One measure of ROI is sales generated by investments in marketing activities. D. One reason ROI is used is because it is very easy to measure. E. There is a consistent definition of ROI used by marketers.

B. Marketers are increasingly using measures such as customer acquisition and​ retention, customer​ engagement, and customer equity as measures of ROI.

Which value proposition is the most difficult to sustain in the long​ run? A. Less for much less B. More for less C. More for more D. More for the same E. The same for less

B. More for less

In determining which customers to​ serve, a company engages in which two marketing​ activities? A. Segmentation and differentiation B. Segmentation and targeting C. Segmentation and positioning D. Positioning and differentiation E. Targeting and positioning

B. Segmentation and targeting

The first step to a successful​ value-driven marketing strategy is to determine whom to serve with a market offering. To make this​ decision, marketers engage in which two​ activities? A. Segmenting and demand management B. Segmenting and targeting C. Targeting and positioning D. Customer management and demand management E. Segmenting and positioning

B. Segmenting and targeting

What is the key idea in a market nicher​ strategy? A. Operational excellence B. Specialization C. Product leadership D. Differentiation E. Cost leadership

B. Specialization

Which of the following statements regarding identifying competitors is​ correct? A. Competitive analysis is only useful when competitors are identified at the industry level. B. There is no one correct way to identify competitors. C. Companies should take a myopic view of competitors. D. Competitors are only those companies that offer similar products and services to the same customers at similar prices. E. Identifying competitors is a simple task.

B. There is no one correct way to identify competitors.

The actual and potential buyers in a market share which of the following​ characteristics? A. They do not engage in marketing. B. They share a particular need​ and/or want. C. They have the same demographic profile. D. They have little influence over marketers. E. They are not affected by environmental forces.

B. They share a particular need​ and/or want.

Fitbit makes health and fitness tracking devices. Some buyers want very basic fitness tracking such as steps taken and calories consumed. Others are focused on high performance and want heart rate and sleep​ monitoring, text​ notification, and wireless sync to their smart phone. In serving these two very different​ groups, Fitbit is using​ __________ segmentation. A. ​life-cycle stage B. benefits sought C. usage rate D. personality E. demographic

B. benefits sought

Competition can be good for a firm for all of the following reasons EXCEPT . A. competitors may share the cost of product development B. competitors may erode profit margins C. competitors may serve less attractive market segments D. competitors may share the cost of market development E. competitors may help legitimize new technologies

B. competitors may erode profit margins

When segmenting international​ markets, markets can be grouped according to​ language, religion,​ customs, and values. This type of segmentation is based on​ __________ factors. A. psychographic B. cultural C. demographic D. geographic E. economic

B. cultural

To improve the performance of the​ __________, many companies today are partnering with other members of the supply chain—​suppliers, ​distributors, and customers. A. strategic plan B. customer value delivery network C. marketing system D. internal value chain E. ​partner-relationship network

B. customer value delivery network

Strategically, a company may phase out or sell an SBU. This is known as​ __________. A. holding B. divesting C. building D. milking E. harvesting

B. divesting

The process of evaluating each market​ segment's attractiveness and selecting one or more market segments to enter is called​ __________. A. a​ customer-driven marketing strategy B. market targeting C. market segmentation D. differentiation E. positioning

B. market targeting

In portfolio​ analysis, a company must identify​ __________, which are key businesses that make up the company. A. potential future businesses B. strategic business units C. competitors D. marketing intermediaries E. functional departments

B. strategic business units

In​ today's global​ environment, everything and everyone are digitally connected to everything and everyone else. The term used to describe this is​ __________. A. digital media B. the Internet of Things C. social media D. the World Wide Web E. mobile marketing

B. the Internet of Things

According to the​ text, it is important that a company design a competitive intelligence system that is​ __________. A. difficult to copy B. ​cost-effective C. easy to use D. cutting edge E. wifi enabled

B. ​cost-effective

Which of the following statements regarding a customer intimacy strategy is​ correct? A. A customer intimacy strategy offers generic products to the target market. B. A customer intimacy strategy does not require market segmentation. C. A customer intimacy strategy requires a quick response to customer needs. D. A customer intimacy strategy attempts to create a lean value delivery system. E. A customer intimacy strategy serves customers who demand a lower price.

C. A customer intimacy strategy requires a quick response to customer needs.

What does a market segment consist​ of? A. The 4 Ps B. A group of competitors C. A group of consumers who respond to the marketing effort in the same way D. A mental image of a product E. A group of similar products

C. A group of consumers who respond to the marketing effort in the same way

How has the Great Recession of 2008-2009 affected marketers in terms of consumer​ attitudes? A. ​Consumers' attitudes have not been affected by the recession. B. Consumers are less concerned with value for the dollar. C. Consumers are showing an enthusiasm for frugality. D. Consumers are less willing to save their money. E. Consumers are moving from mindful to mindless spending.

C. Consumers are showing an enthusiasm for frugality.

On the My​ M&Ms website buyers can place custom orders for​ M&Ms. They can choose their own​ colors, put a personalized text message on the​ candies, and even upload a photo to be placed on each​ M&M. Which targeting strategy is​ M&M using for My​ M&Ms? Question content area bottom Part 1 A. Local marketing B. Undifferentiated marketing C. Individual marketing D. Concentrated marketing E. Differentiated marketing

C. Individual marketing

In which way does increasing customer satisfaction disrupt the internal value​ chain? A. It makes all departments "think consumer." B. It will coordinate the efforts of different company departments to deliver customer value C. It can increase production​ costs, increase​ inventories, and disrupt production schedules. D. It aligns all functional areas with the goal of increasing customer value. E. It will gain commitment from the entire company to engage customers.

C. It can increase production​ costs, increase​ inventories, and disrupt production schedules.

What are the three winning competitive positioning strategies proposed by Michael​ Porter? A. Operational​ excellence, customer​ intimacy, and product leadership B. Overall cost​ leadership, middle-of-the-road, and focus C. Overall cost​ leadership, differentiation, and focus D. Entrepreneurial​ marketing, formulated​ marketing, and intrapreneurial marketing E. Overall cost​ leadership, differentiation, and​ middle-of-the-road

C. Overall cost​ leadership, differentiation, and focus

Which of the following uses a​ sense-and-respond philosophy to promote a​ customer-centered marketing​ orientation? A. The selling concept B. The production concept C. The marketing concept D. The societal marketing concept E. The product concept

C. The marketing concept

Which marketing orientation states that consumers will favor products that offer the most in​ quality, performance, and innovative​ features? A. The marketing concept B. The selling concept C. The product concept D. The production concept E. The societal marketing concept

C. The product concept

What is the overall goal of marketing​ strategy? A. To identify​ competitors, suppliers, and publics B. To position and differentiate the product C. To create customer value and build profitable relationships D. To segment the market and target specific segments E. To develop the marketing mix

C. To create customer value and build profitable relationships

What is the purpose of a value​ proposition? A. To balance customer management with demand management B. To define the target market C. To differentiate and position a market offering in the marketplace D. To determine the prices a company will charge for its products E. To determine whom a company will serve with its market offerings.

C. To differentiate and position a market offering in the marketplace

What are perceptual positioning maps used​ for? A. To find the best retail locations for a brand B. To compare a​ company's profitability with the profitability of competitors C. To show consumer perceptions of different brands on important buying dimensions D. To show consumer perceptions of an individual brand on important buying dimensions E. To show consumer perceptions of different brands on a single product dimension

C. To show consumer perceptions of different brands on important buying dimensions

The BCG matrix classifies products which have a high market share in a low growth market as​ __________. A. cash stars B. dogs C. cash cows D. question marks E. stars

C. cash cows

​A(n) __________ is used to determine the benefits that target customers value and how customers rate the relative value of various​ competitors' offers. A. competitive analysis B. competitive intelligence system C. customer value analysis D. benchmark E. ​blue-ocean strategy

C. customer value analysis

Psychographic segmentation divides buyers into different segments based on​ __________. A. age and​ life-cycle stage B. lifestyle and geography C. lifestyle and personality D. lifestyle and income E. personality and income

C. lifestyle and personality

Mission statements should be defined in terms of satisfying basic customer needs. In other​ words, they should be​ __________. A. relationship oriented B. price oriented C. market oriented D. product oriented E. media oriented

C. market oriented

Some​ retailers, such as the Dollar​ Store, Dollar​ Tree, and Family​ Dollar, profitably focus on buyers with modest means. This is an example of​ __________. A. the 4 Ps B. packaging C. market targeting D. positioning E. the marketing mix

C. market targeting

__________ is the​ customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. A. Demand B. Objective value C. ​Customer-perceived value D. Exchange E. Satisfaction

C. ​Customer-perceived value

According to the​ text, which customer and competitor orientation should companies practice​ today? A. ​Competitor-centered B. ​Customer-centered C. ​Market-centered D. ​Product-centered E. ​Profit-centered

C. ​Market-centered

Vince's Video has suffered in the current economy because fewer people have the money for videos and because more people use online streaming sites such as YouTube and Hulu. The videos that​ Vince's Video does sell are often outpriced by versions coming from China or​ Taiwan, or they are accused of being damaging to the environment. Which of the following marketing impacts has NOT affected​ Vince's Video? A. Rapid globalization B. Sustainable marketability C. ​Not-for-profit marketing D. The digital age E. The changing economic environment

C. ​Not-for-profit marketing

In competitive​ positioning, __________ are​ runner-up firms that want to hold their share without rocking the boat. A. market nichers B. market challengers C. product leaders D. market followers E. market leaders

D. market followers

Defining competitors as "companies that are trying to satisfy the same customer need or build relationships with the same customer group" is using​ a(n) __________ point of view. A. myopic B. product C. competitive D. market E. industry

D. market

What are the main components of a marketing​ plan? A. ​Segmentation, targeting, positioning B. A mission​ statement, objectives, and a business portfolio C. The marketing budget and a marketing dashboard D. An executive​ summary, situation​ analysis, objectives, marketing​ strategy, action​ programs, budgets and​ controls, and threats and opportunities E. ​Product, price,​ place, promotion

D. An executive​ summary, situation​ analysis, objectives, marketing​ strategy, action​ programs, budgets and​ controls, and threats and opportunities

What is​ positioning? A. A part of a​ company-driven marketing strategy B. Dividing a market into smaller groups of buyers C. Selecting which segments to enter D. Arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target consumers E. Developing profiles of market segments

D. Arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Which of the following is an accurate statement about building customer relationships in the modern marketing​ era? A. Digital technologies and social media have had little impact on relationship building. B. Customers have no role in managing relationships and creating personal brand experiences. C. New digital and social media relationship tools are a fad which marketers can safely ignore. D. Building relationships through​ consumer-generated content is expensive and takes time. E. Digital technologies and social media have caused a decline in​ customer-engagement marketing.

D. Building relationships through​ consumer-generated content is expensive and takes time.

What is the final step in the marketing​ process? A. Engage customers. B. Construct an integrated marketing program. C. Develop a customer​ value-driven strategy. D. Capture value from customers. E. Understand customer needs.

D. Capture value from customers.

Which of the following statements regarding segmentation is​ correct? A. The business market is homogenous and is not segmented B. As gender roles have​ changed, gender is no longer a useful form of segmentation. C. Marketers typically use one variable to segment their markets. D. Consumer and business marketers use many similar​ variables, but business marketers use additional variables to segment their markets. E. The use of demographics to segment markets has declined in recent years.

D. Consumer and business marketers use many similar​ variables, but business marketers use additional variables to segment their markets.

Which of the following statements about segmentation is​ true? A. Market segmentation is part of a​ company's value proposition. B. Most companies today mass market and do not segment their markets. C. Buyers within a market segment have different​ needs, characteristics, and behaviors. D. Different segments might require different marketing strategies or mixes. E. Segmentation identifies individual buyers that can be targeted with a market offering.

D. Different segments might require different marketing strategies or mixes.

What is the first thing a company does when analyzing​ competitors? A. Select which competitors to avoid. B. Assess the​ competitor's objectives and strategies. C. Assess​ competitor's strengths and weaknesses. D. Identify the​ company's competitors. E. Select which competitors to attack.

D. Identify the​ company's competitors.

There is a growing segment of people who want food that tastes good and is also good for them. This​ healthy-living segment represents which segmentation​ base? A. Usage rate B. Geography C. Gender D. Lifestyle E. Age

D. Lifestyle

Which answer below does NOT include three the of broad targeting strategies used by​ marketers? A. Mass​ marketing, differentiated​ marketing, and micromarketing B. Differentiated​ marketing, concentrated​ marketing, and micromarketing C. Undifferentiated​ marketing, differentiated​ marketing, and concentrated marketing D. Mass​ marketing, digital​ marketing, and micromarketing E. Mass​ marketing, differentiated​ marketing, and concentrated marketing

D. Mass​ marketing, digital​ marketing, and micromarketing

Companies such as​ IBM, Walmart, and Google now look beyond economic gain​ and, in their marketing​ strategies, they also consider the​ well-being of​ customers, the depletion of natural​ resources, the viability of​ suppliers, and the interests of the local community. This reflects which marketing​ philosophy? A. The marketing concept B. The production concept C. The product concept D. The societal marketing concept E. The selling concept

D. The societal marketing concept

What is benchmarking used​ for? A. To identify​ competitor's reaction patterns B. To assess​ competitor's objectives and strategies C. To identify a​ company's competitors D. To assess​ competitor's strengths and weaknesses E. To assess​ competitor's profitability

D. To assess​ competitor's strengths and weaknesses

The primary goal of consistently delivering superior value is to​ ________. A. keep costs down B. maximize profits C. avoid the need to advertise D. build profitable customer relationships E. expand into global markets

D. build profitable customer relationships

If men and women respond similarly to the same marketing​ mix, they do not constitute​ distinct, identifiable segments. Gender would not be an effective base for segmentation in this example because the segments are not​ __________. A. substantial B. measurable C. actionable D. differentiable E. accessible

D. differentiable

Effective positioning is based on​ __________. A. market share B. choosing which segments to profitably serve with a market offering C. eye level​ in-store shelf space D. differentiation E. identifying groups of consumers with similar needs

D. differentiation

Ritz-Carlton focuses on the top 5 percent of corporate and leisure travelers. This represents​ a(n) __________ strategy. A. differentiation B. challenger C. overall cost leadership D. focus E. ​middle-of-the-road

D. focus

When segmenting international​ markets, marketers often can form segments of consumers who have similar needs and buying behaviors even though they are located in different countries. This is called​ __________. A. cultural segmentation B. global segmentation C. geographic segmentation D. intermarket segmentation E. ​intra-market segmentation

D. intermarket segmentation

Regarding their competitive​ position, Walmart,​ Amazon, Coca-Cola, and Facebook are all examples of​ __________. A. market nichers B. market challengers C. ​well-known companies D. market leaders E. global firms

D. market leaders

Engaging customers and managing profitable customer relationships is the simplest definition of​ ________. A. satisfaction B. a market C. value D. marketing E. advertising

D. marketing

When a company provides superior value by leading its industry in price and​ convenience, it is pursuing​ a(n) __________ strategy. A. customer intimacy B. product leadership C. ​middle-of-the-road D. operational excellence E. cost leadership

D. operational excellence

A company has​ a(n) __________ orientation when it is not​ customer-centered and is also not​ competitor-centered. A. profit B. market C. competitor D. product E. customer

D. product

After defining its​ mission, the next step in strategic planning is to​ __________. A. identify key strategic business units B. design the business portfolio C. allocate resources to each product that is being marketed D. set company objectives and goals E. plan marketing strategies

D. set company objectives and goals

The full mix of benefits on which a brand is differentiated and positioned is called​ a(n) __________. A. image statement B. mission statement C. perceptual map D. value proposition E. positioning statement

D. value proposition

What are the 4 Ps of​ marketing? A. ​Product, price,​ promotion, profit B. ​Product, people,​ price, promotion C. ​Product, promotion,​ price, packaging D. ​Product, price,​ place, promotion E. ​Product, price,​ people, packaging

D. ​Product, price,​ place, promotion

The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT​ analysis, the rising demand for organic produce would be​ a(n) __________ for Green Acres​ Farms, and the fact that they grow only organic vegetables is​ a(n) __________. A. ​strength; opportunity B. ​opportunity; threat C. ​opportunity; opportunity D. ​opportunity; strength E. ​threat; strength

D. ​opportunity; strength

Which base of segmentation divides buyers into segments based on their​ knowledge, attitudes,​ uses, or responses to a​ product? A. Geographic B. Economic C. Psychographic D. Demographic E. Behavioral

E. Behavioral

A colleague wants to evaluate the attractiveness of a particular market segment. Which of the following would be good advice for your​ colleague? A. If there are powerful buyers in the segment it will drive prices up. B. If a segment is larger than others it should always be targeted. C. Fast growing segments are always attractive. D. A segment is attractive if there are substitute products available. E. Carefully consider the degree of competition and ease of entry into the segment.

E. Carefully consider the degree of competition and ease of entry into the segment.

Which of the following statements regarding concentrated marketing is​ correct? A. Concentrated marketing is not feasible for small companies. B. Concentrated marketing is generally not a profitable strategy. C. Marketers cannot effectively​ fine-tune the marketing mix to the needs of a​ narrow, carefully designed segment. D. Concentrated marketing targets a small share of a large market. E. Concentrated marketing involves​ higher-than-normal risks.

E. Concentrated marketing involves​ higher-than-normal risks.

What is the key to building lasting customer​ relationships? A. Offering everyday low prices B. Selling products at a discount C. Marketing on the web D. Creating unique products that competitors do not offer E. Creating superior customer value and satisfaction

E. Creating superior customer value and satisfaction

Which of the following is not one of the five marketing management​ functions? A. Control B. Planning C. Analysis D. Implementation E. Customer service

E. Customer service

Which of the following descriptions best represents targeting a demographic​ segment? A. Marketing athletic clothing for sports enthusiasts B. Rewarding heavy users of a product C. Promoting a smartphone with longer battery life D. Promoting cranberry sauce for the Thanksgiving holiday E. Marketing prepackaged lunches for children

E. Marketing prepackaged lunches for children

Companies such as Walmart and Spirit Airlines offer lower prices than competitors. Which competitive strategy are they​ using? A. Differentiation B. Focus C. ​Middle-of-the-road D. Price leadership E. Overall cost leadership

E. Overall cost leadership

Which of the following statements regarding positioning is​ correct? A. Once a positioning strategy is​ identified, it is typically very easy to implement. B. Abruptly changing a position is an effective strategy when consumer needs change. C. Establishing a position usually takes a very short amount of time. D. Once​ established, a strong position is never lost. E. Positions must adapt over time to meet changing consumer needs.

E. Positions must adapt over time to meet changing consumer needs.

According to the​ text, what is the best way a market leader can protect its market share​ position? A. Through specialization B. Through operational excellence C. Through differentiation D. Through fixing weaknesses E. Through continuous innovation

E. Through continuous innovation

What is the overall focus of strategic​ planning? A. To design a business portfolio B. To maximize profits C. To define the​ company's mission D. To ensure prices are lower than competitors E. To create a game plan for​ long-run survival and growth in consideration of changing marketing opportunities

E. To create a game plan for​ long-run survival and growth in consideration of changing marketing opportunities

What is the overall purpose of​ differentiation? A. To divide the market into smaller groups of buyers B. To market high quality products C. To select the segment or segments to enter D. To allow a firm to offer the lowest prices E. To create superior customer value

E. To create superior customer value

What is the goal of a​ blue-ocean strategy? A. To compete only with weak competitors B. To drive competitors out of business C. To attack competitors D. To avoid strong competitors E. To make competition irrelevant by finding uncontested market spaces

E. To make competition irrelevant by finding uncontested market spaces

The key element of successful marketing today is to​ __________. A. develop​ one-of-a-kind products B. run frequent promotions C. advertise on television D. offer low prices E. create value

E. create value

Choosing a differentiated targeting strategy has many​ benefits, but a potential downside is that​ __________. A. offering one marketing mix can limit sales B. the demand for customized products is decreasing C. serving one or a few smaller segments can limit sales D. focusing on what is common in consumers can potentially appeal to the largest number of buyers E. it can increase costs

E. it can increase costs

You are thirsty and decide to have an iced tea. Your thirst is a​ ________ and your choice of iced tea is a​ ________. A. ​demand; want B. ​want; need C. ​need; demand D. ​want; demand E. ​need; want

E. ​need; want

Market offerings include​ ________. A. ​value, satisfaction, and markets B. ​demands, exchanges, and relationships C. ​needs, wants, and demands D. ​products, services, and exchanges E. ​products, services, and experiences

E. ​products, services, and experiences