Marketing 301 Midterm Prep

identifying possible competitive advantages to deifferentiate:

- product - services - channels - people - image

Choosing a targeting strategy depends on

-company resources -product variability -product -life-cycle stage market variability -competitor's marketing strategies.

According to the Boston Consulting Group approach, ________ serves as a measure of company strength in the market. Question options: A) relative market share B) market segmentation C) market diversification D) product development E) product attribute

A

In conducting ________, the company first identifies the major attributes that customers value and the importance customers place on these attributes. Next, it assesses its performance against competitors on those valued attributes. Question options: A) a customer value analysis B) benchmarking C) intrepreneurial marketing D) a customer lifetime value estimate E) entrepreneurial marketing

A

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________. Question options: A) value creation and exchange B) manufacturing efficiencies C) innovation and creativity D) sales and revenue creation E) research and development

A

A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want. Question options: A) market mix B) market offering C) value proposition D) brand positioning E) market segment

B

Benchmarking has become a powerful tool for increasing a company's ________. Question options: A) mass appeal B) competitiveness C) employee training services D) distribution channels E) product mix

B

Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do. Question options: A) first-mover advantage B) competitive advantage C) differentiation D) comparative advantage E) economies of scale

B

Most of the market is in the hands of the ________, the firm with the largest market share. Question options: A) market maven B) market leader C) market follower D) market challenger E) market nicher

B

Which of the following terms is used to describe the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers? Question options: A) target markets B) marketing environment C) marketing orientation D) strategic planning E) marketing mix

B

________ involves first identifying and assessing competitors and then selecting which competitors to attack or avoid. Question options: A) Self-competition B) Competitor analysis C) Quantitative analysis D) Perfect competition E) Blue ocean strategy

B

Question 4 2 / 2 points ________ are human needs that are shaped by culture and individual personality. Question options: A) Values B) Exchanges C) Wants D) Necessities E) Demands

C

Question 5 2 / 2 points ________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities. Question options: A) Diversification B) Market segmentation C) Strategic planning D) Benchmarking E) SWOT analysis

C

Rather than competing head to head with established competitors, many companies seek out unoccupied positions in uncontested market spaces. They try to create products and services for which there are no direct competitors. This is called a ________. Question options: A) lean dynamics approach B) horizontal integration approach C) blue ocean strategy D) guerrilla marketing technique E) commercialization process

C

Selecting target markets: a. local, niche, segmented, mass b. mass, niche, local, segmented c. mass, segmented, niche, local d. local, segmented, mass, niche

C

Which of the following is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification? Question options: A) analysis of variance B) SWOT analysis C) product/market expansion grid D) Harris matrix E) BCG matrix

C

According to Michael Porter, what are three effective competitive positioning strategies? Question options: A) middle-of-the-roaders, focus, and overall cost leadership B) focus, differentiation, and middle-of-the-roaders C) differentiation, market segmentation, and focus D) overall cost leadership, differentiation, and middle-of-the-roaders E) overall cost leadership, differentiation, and focus

E

Companies that pursue a clear strategy will likely perform well. Firms that do not pursue a clear strategy are called ________. Question options: A) jack-of-all-trades B) red oceans C) niches D) laggards E) middle-of-the-roaders

E

Making more sales to current customers without changing a firm's products is known as ________. Question options: A) product diversification B) market segmentation C) prospecting D) product development E) market penetration

E

Market segmentation can be best described as the process of ________. Question options: A) assigning specific human attributes to a given brand B) maintaining a strategic fit between organizational goals and changing marketing opportunities C) evaluating each market segment's attractiveness and selecting one or more segments to enter D) turning marketing plans into marketing actions to accomplish strategic marketing objectives E) dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

E

Question 3 2 / 2 points Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs? Question options: A) a cartel B) customer lock-in C) marketing mix D) market segmentation E) value proposition

E

The macroenvironment consists of the factors close to the company that affect its ability to serve its customers, such as suppliers, customer markets, competitors, and publics. Question options: True False

False

The microenvironment consists of larger societal forces that affect a company, such as demographic, economic, political, and cultural forces. Question options: True False

False

A marketing information system:

Provides info to the company's marketing and other managers and external partners.

Question 6 2 / 2 points The marketing mix refers to the set of marketing tools the firm uses to implement its marketing strategy. Question options: True False

True

A target market is

a set of buyers who share common needs or characteristics that the company decides to serve

Customer-Drive Marketing Strategy: Select Customer to serve: a. segmentation: divide market into segments b. targeting: select segments to enter c. differentiation: differentiate market offering to create value d. positioning: position market offering to target customers which two are on the left on graph?

a, b

Marketers obtain info from: a. marketing intelligence b. internal data c. marketing research b. marketing mix e. all of the above

a, b, c

5 key requirements for effective segmentation: a. measurable b. accesible c. current d. relative e. substantial f. differentiable g. actionable

a, b, e, f, g

Customer-Drive Marketing Strategy: Select Customer to serve: a. segmentation: divide market into segments b. targeting: select segments to enter c. differentiation: differentiate market offering to create value d. positioning: position market offering to target customers which two are on the right on graph?

c,d

Advantages to gathering secondary data: a. lower cost b. obtained quickly c. cannot collect otherwise d. all

d

Steps in the marketing research process: a. develop, define, interpret and report findings, implement. b. define, implement, develop, interpret and report. c. implement, interpret and report, define, develop d. define, develop, implement, interpret and report.

d

disadvantages to gathering secondary data: may not be: a. relevant (most important) b. accurate c. current d. impartial e. all

e

concentrated marketing

targets a large part of a smaller market, more effective and efficient.

differentiated marketing

targets several different market segments and designs separate offers.

undifferentiated marketing

targets the whole market with one offer. mass marketing towards common needs.