Quiz 1,2,7 and 18
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
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
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
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
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.
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
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
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
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
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
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
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
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
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
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 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
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.
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
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
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
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
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 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
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
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 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