Chapter 2 pom

Which of the following helps companies create marketing strategies that are difficult to replicate and have long-term profit potential?

Breakthrough opportunities

Select all that apply Which of the following are potential concerns about international opportunities? (Check all that apply.)

Cultural differences can create problems. Laws can be different in other countries. Some countries have instability because of political or social issues.

______ management planning involves the creation of a plan to guide the actions of an entire company.

Strategic

True or false: When customers make online purchases, a company has access to data that can be used for marketing analytics.

True

True or false: An effective marketing strategy matches opportunities to the firm's resources and objectives.

True

True or false: Some firms find that it costs them less to retain a customer than trying to acquire a new one.

True

Customers can perceive differences based on

only one important element of the marketing mix.

A successful marketing strategy pairs

opportunities with a company's resources and goals.

The marketing manager for Dunkin' Donuts paid for television and magazine advertising to announce improvements in its coffee. The advertising is an example of which variable in the marketing mix?

Promotion

Which of the following is focused on informing people about the features of the product?

Promotion

Click and drag on elements in order Given below are the steps of the marketing management process. Arrange the steps in the correct order with the first step at the top and the last step at the bottom.

1- planning marketing activities 2-guiding the implementation of marketing plans 3- controlling marketing plans

Trina's Bakery had 600 customers last year and this year, 400 of those customers still patronize the bakery. What is the retention rate at Trina's Bakery?

66% 400/600

Select all that apply Which of the following are examples of products? (Check all that apply.)

A television A car A diet soft drink A DVD movie

What is true for firms considering international opportunities?

Advances in transportation make it cheaper to ship around the world.

Select all that apply Which of the following statements about mass selling is true? (Check all that apply.)

Advertising is one form of mass selling. Publicity is one form of mass selling. Mass selling can involve media that includes magazines and the Internet.

Which of the following is true concerning the importance of the Four Ps?

All are equally important.

marketers, such as Target, aim at large, clearly defined markets.

Blank 1: Mass

Nonpersonal communication of a product that is paid for by an identified sponsor is known as .

Blank 1: advertising, advertisement, advertisment , advertizing, or advertisements

Companies rely on opportunities to develop marketing strategies that are difficult to replicate and have the potential to make the company a lot of money for a long time.

Blank 1: breakthrough

Jones Company sells its motors in the United States. Now, it has the opportunity to sell in China. This means the cost per motor will . (Enter only one word in the blank.)

Blank 1: decrease, decline, lower, low, or reduce

A company is attempting to achieve market when it works to increase sales by selling its current products in new markets.

Blank 1: development

A company's customer is what the company can expect to earn from its current and potential customers during a particular period.

Blank 1: equity

A(n) is a written document that identifies a marketing strategy and spells out the various elements that are necessary for fulfilling that strategy. (Enter one word in each blank.)

Blank 1: marketing Blank 2: plan

Many companies find attractive opportunities close to markets they already know. They are focused on market .

Blank 1: penetration

A product needs to get to the customer when and where they need it. This is considered to represent the function of the 4 Ps.

Blank 1: place

Risks involved in international opportunities include lack of knowledge of a country's culture, learning foreign regulations, and unrest.

Blank 1: social, civil, or political

Population growth in the United States has slowed down and income is leveling off, making this a(n) market for high end jewelry companies. (favorable/unfavorable)

Blank 1: unfavorable

If a customer perceives a product to have more features and a higher quality, then the customer perceives the product to have more .

Blank 1: value, benefit, worth, or price

Select all that apply Place is concerned with which of the following in the marketing mix? (Check all that apply.)

Channel type Product storage

Select all that apply Promotion is concerned with which of the following within the marketing mix? (Check all that apply.)

Contests Number of salespeople

Which of the following involves a seller using personal communication to help a customer fix an issue with a completed purchase?

Customer service

Select all that apply Which of the following statements about customer service are correct? (Check all that apply.)

Customer service is important for getting customers to buy again. Customer service is a form of promotion. Customer service deals with resolving problems after the sale.

Select all that apply Samson Inc. faced tough competition in the U.S. motorcraft market. What steps might the company take to improve the bottom line? (Check all that apply.)

Cut costs Expand overseas

Select all that apply Choose the statements about differentiation that are true. (Check all that apply.)

Differentiation can only occur if one or more of the four Ps is done better than the competition. True differentiation occurs when customers see the firm's offering as being better with regard to all four Ps. Offering a lower price than the competition—while being similar on the other three Ps—would be a source of differentiation.

Select all that apply What are the specific steps in the marketing management process? (Check all that apply.)

Directing implementation of marketing activities Controlling marketing plans Planning marketing activities

Select all that apply Price is concerned with which of the following? (Check all that apply.)

Discounts Allowances

Which of the following statements about the Four Ps is true?

Each of the Four Ps contributes to a whole marketing strategy.

Select all that apply Which of the following are the result of advances in e-commerce, transportation, and communications? (Check all that apply.)

Firms can more easily reach international customers. Small firms can operate internationally at little expense.

What is the best way to describe a targeted market segment?

Homogeneous

Garrett knows what the company plans to do for its marketing efforts and now needs to find a way to put those plans into operation. What phase of the marketing plan is Garrett working on?

Implementation

Why does the marketing strategy process start broad before narrowing?

It gives firms a chance to identify opportunities they might miss if the process starts too narrow.

Select all that apply Which two of the following describe a marketing program? (Check all that apply.)

It implements several marketing strategies at once. It includes more than one marketing strategy.

Select all that apply Which of the following are true about personal selling? (Check all that apply.)

It involves spoken communication. It can occur over the telephone.

Select all that apply Which of the following are true of market segmentation? (Check all that apply.)

Managers use segmentation to help them figure out which groups of customers to serve. A major reason for market segmentation is to help a manager truly understand customers.

Since most firms find attractive opportunities for their products fairly close to existing markets, what opportunity do marketing strategies typically pursue first?

Market penetration

Select all that apply What are the four broad areas of opportunity a company can pursue in the marketing strategy planning process? (Check all that apply.)

Market penetration Product development Diversification Market development

The marketing department at Henri's company is taking the next two weeks to measure and analyze their current marketing performance. The company will use the results of this analysis to adjust any areas and improve their current effectiveness. What is Henri's company engaging in?

Marketing analytics

When a seller shares information about a product with large audience, she is doing what?

Mass selling

Which of the following involves a face-to-face conversation in which a seller delivers information about a product to a potential customer?

Personal selling

What is the purpose of a S.W.O.T. analysis?

Picks out a firm's weak and strong points, as well as any potential opportunities or threats the firm might face

Which of the Four P's is focused on all the decisions needed to get the right product to the target market via retail stores or online stores?

Place

Select all that apply Which of the following are true about the price area of the marketing mix? (Check all that apply.)

Price includes decisions about discounts. As part of Price, marketing managers estimate how customers will react to changes in price. Price includes an evaluation of delivery costs.

Select all that apply Which of the following are part of the "marketing mix"? (Check all that apply.)

Product Promotion

Select all that apply Which of the following statements about the Product area of the marketing mix are true? (Check all that apply.)

Product can involve a physical good. Product can involve a blend of physical good and service.

Select all that apply What are three components of the promotion element?

Sales promotion Mass selling Personal selling

Select all that apply What are the two parts of a marketing strategy? (Check all that apply.)

Target market Marketing mix

Which type of marketing focuses the marketing mix on appealing to a particular group?

Target marketing

Select all that apply Which of the following are true with respect to target marketing? (Check all that apply.)

Target marketing can mean big profits and big markets. Target marketing fulfills the selected group's needs better than mass marketing.

Select all that apply The people who make up a company's target market have which two qualities? (Check all that apply.)

The company wants to appeal to them. They are similar.

Select all that apply Which of the following statements about the marketing strategy planning process are true? (Check all that apply.)

The marketing strategy process starts broadly and then narrows down. A marketing strategy begins with an evaluation of customers, competitors, and company.

Which one of the following is the most important factor in determining an appropriate marketing mix?

The needs of the target market

Select all that apply Which of the following statements about marketing strategy are true? (Check all that apply.)

The needs of the target market should drive decisions on the marketing mix. Strategies include identifying both a target market and a marketing mix.

Select all that apply Which of the following could be "breakthrough opportunities" for a candy company? (Check all that apply.)

The opportunity to purchase a well-known and respected brand name A patented formula that customers love and competitors could not copy

Select all that apply Which of the following are true about the specific qualitative and quantitative screening criteria marketing managers develop? (Check all that apply.)

These criteria are useful in figuring out the markets in which a firm wants to compete. The firm's objectives and available resources help determine the appropriate criteria to use.

Select all that apply For which of the following reasons would a company want a fresh start in another country? (Check all that apply.)

Tough competition Thin profit margins Slow sales growth

Select all that apply Which of the following makes international marketing attractive? (Check all that apply.)

Unfavorable trends at home Favorable trends in other countries

Select all that apply Which of the following are examples of the Promotion element of the marketing mix?

Vail Ski Resort runs advertising in California newspapers. Nike creates a short video about its soccer cleats that it posts on YouTube.

Select all that apply A S.W.O.T. analysis helps a company figure out which four of the following? (Check all that apply.)

Weaknesses Threats Strengths Opportunities

A marketing plan is

a document that describes a marketing strategy and various steps and elements involved in carrying out the strategy.

When sellers use paid, nonpersonal communication to engage in mass selling and identify themselves as the sponsors of that communication, they are using

advertising.

Target marketing classifies a marketing mix as

appealing to a selected group of people.

When a company is working to achieve market penetration, it is attempting to increase sales of its Blank______ products in its Blank______ markets.

current; present

Companies predict how many purchases a single customer might make from the company over the length of the relationship with that consumer, a measurement called the Blank______.

customer lifetime value

The number of purchases a person could make from a firm during the course of their relationship is called the

customer lifetime value.

First Bank of Canada has people who answer phone calls and help customers resolve any issues they have with the bank. This is an example of

customer service.

The term "mass marketer" is used to

describe large firms that aim at specific groups.

Specifying a target market and the corresponding marketing mix are the two elements that comprise the

development of a marketing strategy.

The marketing manager reminded the team that they had to come up with something that would set them apart from their competitor. In other words, their marketing mix needed

differentiation.

When a marketing mix has an element that sets it apart from those of the competition, it is said to have

differentiation.

Moving into a new line of business, such as a new product or market, is known as

diversification.

The broad possibilities available in the market strategy planning process include market development, market penetration, product development, and

diversification.

When a company begins working in a brand new market or with new products, it is engaged in

diversification.

Customers in other countries are interested in products that a firm offers. This can improve a company's

economies of scale.

It implements several marketing strategies at once. It includes more than one marketing strategy.

implementation.

Customer value Blank______ when customers perceive more benefits or lower costs.

increases

It is important for companies to remember that selecting a target market and developing a marketing mix are Blank______ activities and must be done Blank______.

interrelated; together

Which of the following is a company engaged in when it attempts to increase sales of its current products by offering them in new markets?

market development

To identify and understand different subgroups in the target market, marketing managers rely on

market segmentation.

Implementing, controlling, and adjusting marketing plans are all tasks performed by

marketing managers.

An organization's Blank______ combines multiple marketing plans into a single, large plan.

marketing program

A company that is working to increase customer purchases of its current products in its current market is trying to achieve market

penetration.

When Marcus meets with Lily and talks to her about the advantages of the service offered by his company, he is engaging in

personal selling.

The three basic jobs of marketing managers are

planning, implementation, and control.

When targeted customers Blank______, the company is said to have a competitive advantage.

prefer a company's marketing mix over that of a competitor

Tom's Drug Store buys toothpaste for $1.00 and decides to mark it up to $1.50. This strategy decision falls into the Blank______ area of the marketing mix.

price

A firm engaged in Blank______ is offering its current markets a new product or an improved version of a current product.

product development

When a company offers a new product or an improved version of a current product in its present markets, it is engaged in

product development.

The "four Ps" of the marketing mix are

product, place, promotion, and price.

Select all that apply What are a company's three potential paths for growth based on the customer equity approach? (Check all that apply.)

retaining current customers enhancing customer value acquiring new customers

When determining customer lifetime value, the Blank______ rate refers to the percentage of customers who stay with the company in comparison to the total number of customers.

retention

Developing a Blank______ can help a manager identify and define the markets in which the firm wants to compete.

set of specific qualitative and quantitative criteria

What managerial process involves cultivating and keeping a relationship that matches an organization's resources with its market opportunities?

strategic management planning

The marketing Blank______ should be evaluated against the company's objectives.

strategies

As part of their marketing strategy, companies will identify a Blank______, a group of similar people whose interest the company wants to gain.

target market

Customer equity is

the amount of money a company can expect to earn from customers during a given time.

When a seller engages in personal selling, the seller uses Blank______ to tell a potential customer about a product or service.

verbal communication