Principles of Managing test1

developing a superior new product and capturing a new market

According the strategic opportunity matrix, a diversification strategy is going to potentially involve which of the following?

It is a tool to align the marketing strategy objectives and tactics with the corporate mission to create alignment across the company.

Why is it in the best interest of a company to create an effective marketing plan?

Who are we trying to reach and how will we reach them?

• What basic marketing questions are answered in a marketing plan?

current market share and the market's growth potential

• What two components of a business's product or business unit does the BCG Matrix address?

work through the components of the 4Ps, setting them to deliver value to the customer in alignment with the company objectives

• When a company sets its business strategy, in order for the marketing strategies and objectives to align with it, marketers should:

segmentation Profitability

• You are evaluating your company's segmentation discover an important missing target market and discovered it is reachable, stable, cost-effective, condition. They have measured their approach and and measurable. Which condition is missing?

Advertising

A banner ad appears on your favorite website is an example of what marketing tool?

Marketing Concept

A company's strategy stems from the ideology that "the customer is king," and the company tries to understand its customer as much as possible. Which concept is the company using to drive its success?

true

A marketing strategy involves the activities of selecting and describing one or more target markets.

true

A sustainable competitive advantage is a function of the speed with which competitors can imitate a leading company's strategy and plans.

Prezi and Google sites

If a person does not want to use PowerPoint to present, what other technology options could he or she choose for his or her presentation based on the reading in this module?

delegating authority to employees.

In the context of marketing planning, implementation requires:

ørganization size, purchasing approaches

Some of the characteristics of segmenting business-to-business markets include:

should be based on creativity.

Strategic planning:

true

Target markets can be selected by appealing to the entire market with one marketing mix.

What is added value?

The increased worth that a business creates for a product

marketing

The term that best describes the process of identifying, satisfying, and maintaining customer relationships

a lack of communication between all members involved in the process

There are many reasons why organizations fail to execute a marketing plan effectively. Which of the following best explains how a large amount of employees can contribute to the failure of a plan?

each segment requires its own marketing.plan and execution and costs add up quickly.

To introduce its products to more markets, a small startup company that produces lip balms is using a differentiated marketing strategy and targeting three main market segments, What obstacles might the company run into?

collect customer information and build a buyer persona

What is an approach a company can use to evaluate the quality of their customer relationships?

It is meant to be the guiding document used by marketing managers and teams to identify objectives and plan the tactical implementation of marketing mix tools.

What is the purpose of a marketinf plan.

sales numbers, expensintures from the marketing budget, number of new customers acquired.

When a company is trying to evaluate the effectiveness of its marketing campaign, or marketing ROI, it needs to monitor what types of information?

customer relationship management

When a company uses a marketing discipline and combines computer technology and databases with customer service and marketing communications it is known as:

Consider your audience and what their needs are.

When starting a presentation, what is the first crucial step to take?

gathering data through one large one-time acting upon findings

Which of these steps assist business making its products more effective?

the Promotion: IMC Strategy section

Which section of a marketing plan covers the recommended marketing strategy, objectives, messaging, and tactical approach for a marketing campaign in order to reach a target audience?

the Promotion: IMC Strategy section

Which section of a marketing plan the recommended marketing strategy, objectives, messaging, and tactical approach for a marketing campaign in order to reach a target audience?

clear, compelling, differentiating

communicate an effective value proposition message, the value target market. For an organization or business to accomplish this and company or organization's product or service offering to its intended The purpose of a value proposition is to quickly and easily convey a proposition should be:

responding to and anticipating their customers' evolving needs

• A B2B company wishes to develop a strong relationship with its high lifetime value business customers. It can develop this by:

increasing total sales by targeting more customers

• A company decides to focus its marketing eforts on two target markets, the Asian-American community and the healthy cater segment. This multisegment strategy has the advantage of:

personalized relationship and communication with a customer

• A company's purpose in managing its relationship with its customers should be to: create

true

• A company's skills are functions such as customer service and promotions-that the firm performs better than its competitors.

is compelling for its target market to use its services

• A company's web page communicates its value proposition quickly and clearly to its target market. Its direct value proposition has what effect on the target market?

strategy

• A course of action that directed to achieve an intended goal or set of goals is the definition of a:

strategy.

• A course of action that is directed to achieve an intended goal or set of goals is the definition of

tactic

• A means or action by which a plan or objectives are accomplished is the definition of a:

build a buyer persona with collected data

• An online gaming company had thousands of people playing its car chase game, but no idea who its ideal customer was. What should this company do?

Measure and improve their satisfaction

• High lifetime value customers bring more money to a company when managed well. How do you manage these customers to bring more value to your company?

Target customers

• In order for a company's marketing mix to most effectively be utilized for reaching the company's objectives and strategies, it must focus on what marketing strategy input?

customer satisfaction

• In today's competitive landscape, a company like Netflix can be a marketing success if it puts what guideline as its main focus?

segmentation combination approach

• Marketing a business by using decision-maker data, behavioral data, and demographic data is an example of using a:

true

• Marketing managers rely on customer databases for effective implementation of the market penetration strategy.

It needs to do an excellent job of guiding marketing teams to formulate and exercise marketing activities that are well aligned with an organization's goals and objectives

• Marketing plans are customized to focus on a variety of areas for different businesses. What is most important for a marketing plan to do regardless of the area(s) on which it is focused?

its value proposition

• On its website Pinterest describes itself as "A few (million) of your favorite things" and pictures its cross-platform capability of a communicates the benefit of its product to a visitor computer screen and cell phone. Pinterest effectively through the description and the images. What has Pinterest conveyed clearly on its website?

product, price, promotion, place

• The 4Ps of marketing are:

Communication

• The four Cs of marketing include a greater focus on the customer. A company is using radio advertising, viral videos, and email campaigns to reach its current and potential consumers. This is example of the company using what component of the four Cs?

inputs

• The marketing strategy created for a cell phone accessories company was put together after conducting a SWOT analysis which looked at the company's internal strengths and weaknesses and external opportunities and threats that it faced. This process is known as identifying:

nations. states, zip codes

• There are five types of common marketing segmentation approaches. One of them is geographic segmentation, which covers:

Value = benefit - cost

• Value is created through various components. What simple formula correctly states the relationship of these components?