MM T2 Ch 5
He can probably achieve either of these goals, but not both.
A CEO is considering how he wants his company to be positioned. He has thought of it as "the coolest brand" and also the one with the best value. Which of the following is true about his predicament? a. He should definitely try to have the coolest brand. b. He should definitely try to have the brand with the best value. c. He can probably achieve either of these goals, but not both. d. He can achieve both of these goals.
t
A positioning statement includes the specification of the target segment(s).
no
A positioning statement should address your target segment. Anything else you'll say in the positioning statement will have _______ meaning to customers who are not in that segment. a. a lot of b. no c. very significant d. confusing
t
Alexis is in charge of designing a new product for her company. The research data she collected suggests the benefits to her target segment will be minimal. Based on this information, Alexis will have a difficult time positioning this new product.
t
An element of the positioning statement may be only implied
similar
Brands depicted as points in the map close together are those perceived as _______. a. similar b. different c. expensive d. high-quality
t
Brands occasionally come along that are priced high but offer low quality
f
Communication is one of the 5 Cs
are willing to tailor their products to particular customer needs
Customer intimacy refers to companies that ______. a. pride themselves on quality and innovation b. are willing to tailor their products to particular customer needs c. target and position themselves high in the market d. are good at production and delivery, and price and convenience
t
Customer segments shown on perceptual maps offer marketing managers information about what's going on in the marketplace.
the five brands are viewed as most interchangeable by consumers
Dom is reviewing a perceptual map that compares a number of jeans brands based on customer survey data. Five of the eight brands are depicted as points close together on the map. A logical conclusion Dom can draw from this perceptual map is ________. a. three brands are well positioned as being diverse from all other brands b. the five brands are viewed as most interchangeable by consumers c. the five brands identify a "hole" in the perceptual map d. consumers will most likely purchase more of the three brands not clustered together
t
FedEx has a very straightforward positioning statement: "Dependable Solutions for Your Shipping Needs.
f
Holes in perceptual maps identify areas of fierce competition among an industry's firms.
f
If a brand has an exclusive image and distribution chain, it needs to promote it as much as possible.
over-promote it
If a brand has an exclusive image, it would make good sense NOT to a. over-promote it b. charge a premium price c. engage in light promotion d. distribute through selective channels
move a lot of merchandise
If a company promotes broadly and heavily, they are probably looking to ______. a. create a niche market b. offer low prices c. move a lot of merchandise d. distribute through selective channels
"Is my brand optimally positioned?"
In analyzing perceptual maps, one question always on the marketer's mind is: a. "Is my brand optimally segmented?" b. "Is my brand experiencing holes?" c. "Is my brand targeted correctly?" d. "Is my brand optimally positioned?"
Michael Porter
In his books on Competitive Strategy, ________ discusses generic strategies driven by keeping costs down and prices competitive, leading by differentiation (e.g., excellence in quality or innovation), or when appropriate, niche positioning. a. Mark Patton b. Mitchell Paul c. Matthew Pilsner d. Michael Porter
t
In marketing, USP stands for unique strategic position
unique selling proposition
Jen is developing the positioning statement for a new line of sunglasses. In a meeting, the marketing team tells Jen that she has succinctly and clearly expressed the competitive advantage of the new sunglasses brand. The team approves of the way Jen wants to express the brand's competitive advantage, and tells her to continue her work on fully developing the positioning statement. Which element of crafting the positioning statement has Jen's team just approved? a. positioning b. target marketing c. target segmenting d. unique selling proposition
f
Joe's company prides itself on efficient production and delivery of products, in addition to offering low prices and convenience to its customers. The strategy most likely being employed by Joe's company is Product Leadership.
f
Johnson & Johnson uses a customer intimacy strategy
t
Just as consumers are demanding, wanting the very best of everything, companies can be equally irrational.
f
Low prices always result in low profitability
t
Madison serves as Vice President of Customer Experience at Company X, a large international hospitality firm with hotels and resorts around the globe. Madison's role involves catering to the specific needs and preferences of Company X's most valuable guests. Company X is most likely engaged in a Customer Intimacy strategy to create value among its guests.
f
Managers should NOT use a positioning statement as an internal memorandum that keeps them aligned to it as a basic guiding principle
f
Mark needs to write the positioning statement for Company X. One of Mark's colleagues advises him that the positioning statement needs to be clearly understood by the company's employees, shareholders, and customers - but NOT by the general public since this group will not be interacting with the company. Mark's colleague has offered good advice.
perceptual maps
Marketers and senior managers like to see graphical depictions of where their brands are, and where their competitors are in the minds of their customers. What are these called? a. histograms b. perceptual maps c. genograms d. opinion charts
t
Niche positioning is a matter of exclusivity and size
t
On a perceptual map, brands depicted as points in the map close together are those perceived as similar.
succinctly, a number of audiences
Once a company has decided upon its positioning, either for the corporation as a whole, or for one of its brands, it must be able to communicate _______ the parameters of that position to ______. a. succinctly, a number of audiences b. verbosely, a number of audiences c. succinctly, one audience d. verbosely, one audience
f
Once it has positioned itself or its brand, a company must be able to communicate succinctly the parameters of that position to a single audience.
t
One question always on the minds of marketers is, "Is my intended position the one that customers perceive?"
are good at production, delivery, price, and convenience
Operational excellence refers to companies that ________. a. are good at production, delivery, price, and convenience b. pride themselves on quality and innovation c. are willing to tailor their products to particular customer needs d. are expensive but is expected to pay off in long-term loyalty and enhanced customer lifetime value
f
Perception is one of the 4 Ps.
t
Perceptual maps allow managers to see graphical depictions of where their brands are, and where their competitors are, in the minds of their customers.
f
Positioning has more physical elements than perceptual ones
f
Positioning involves two of the marketing mix variables
Price, Promotion, Product, Place
Positioning involves which of the marketing mix variables? a. Price, Promotion, Product, Place b. Price, Promotion, Product c. Price, Place d. Promotion, Product, Place
t
Positioning is about designing a product to have benefits that the target segment will value
T
Positioning is about identity (i.e., who you are in the marketplace vis-à-vis the competition).
identity
Positioning is mostly about ________. a. identity b. physical elements c. targeting d. advertising
f
Positioning statements should be lengthy and very detailed in order to communicate efficiently.
f
Positioning statements should not be used as advertising taglines
t
Positioning typically involves modifying all the 4P elements
pride themselves on quality and innovation
Product leadership refers to companies that ______. a. are good at production and delivery, and price and convenience b. are expensive but is expected to pay off in long-term loyalty and enhanced customer lifetime value c. pride themselves on quality and innovation d. are willing to tailor their products to particular customer needs
positioning
Shannon is struggling to communicate who Company ABC is compared to the competition. Shannon wants to communicate that Company ABC's brand has the benefits that the target market will value. Shannon is engaged in what marketing activity? a. segmenting b. targeting c. positioning d. advertising
f
Simultaneously being the "coolest" brand and offering the best value is a reasonable positioning objective.
t
Some perceptual maps contain descriptors for a single service provider
t
Some positioning statements are surprising in that they may NOT reflect current marketplace perceptions but rather the goals the company seeks to reach.
t
Sony uses a product leadership strategy
t
Southwest Airlines uses an operational excellence strategy
what is the product category
The USP concept captures two things. One is how does your market offering dominate these other providers. What is the other? a. what is the product category b. what is the target segment c. where is the product positioned d. none of these
consistencies
The positioning statement can serve as an internal memorandum keeping all managers aligned as a basic guiding principle in all their collective decisions, so as to enhance the likelihood of ______ in the results of those decisions. a. innovation b. consistencies c. boredom d. excitement
t
The three basic corporate strategies to creating value and achieving market stature were originally described by Michael Treacy and Fred Wiersema in The Discipline of Market Leaders.
t
Three basic corporate strategies to creating value and achieving market stature are operational excellence, product leadership, and customer intimacy.
f
To write a good positioning statement, you do not need to know who you are competing with. It's irrelevant.
t
To write a good positioning statement, you need to know who you are trying to persuade.
What are your weaknesses?
To write a positioning statement, you should answer all of the following questions EXCEPT: a. Who are you trying to persuade? b. Who are you competing with? c. How are you better? d. What are your weaknesses?
unique selling proposition
What do the letters of USP represent? a. ultimate selling proposition b. unique selling proposition c. unique selling product d. universal selling point
image
When you are writing a positioning statement, if you don't have real differences and cannot see a way to create them, then you can create a difference based on ________. a. image b. the future c. opinion d. data
heavy promotion and low (exclusive) availability
Which of the following combinations doesn't make very much sense? a. low price and low quality b. high price and high quality c. heavy promotion and low (exclusive) availability d. heavy promotion and high availability
comprehension
Which of the following is NOT one of the 5 Cs? a. customer b. company c. comprehension d. context
quality placement
Which of the following is NOT one of three basic corporate strategies for creating value and achieving market stature? a. operational excellence b. product leadership c. quality placement d. customer intimacy
low price, low quality, widely available, heavy promotions
Which of the following positioning combinations makes the most sense? a. low price, low quality, exclusive availability, heavy promotions b. high price, low quality, exclusive availability, heavy promotions c. low price, high quality, exclusive availability, light promotions d. low price, low quality, widely available, heavy promotions
Treacy and Wiersema
Who originally described the three basic corporate strategies to creating value and achieving market stature? a. Treacy and Wiersema b. Tracy and Wiseman c. Thompson and Walters d. Tisdale and Winters
t
With time, it's hard for a company to resist raising prices, or letting quality settle a little lower due to cost cutting measures.
holes
in perceptual maps offer(s) intriguing possibilities for new market opportunities a. Brands b. Holes c. Targeting d. Positioning