Principles of marketing

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

Advertising

What basic marketing questions are answered in a marketing plan?

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

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?

build a buyer persona with collected databuild a buyer persona with collected data

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

true

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

true

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

true

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

value = benefit-cost

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:

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 an example of the company using what component of the four Cs?

Communication

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

Consider your audience and what their needs are.

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

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

What is the purpose of a marketing plan?

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.

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?

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.

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

Marking

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?

Measure and improve their satisfaction

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

Profitability

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?

Target customers

What is added value?

The increased worth that a business creates for a product

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

True

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

True

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?

a lack of communication between all members involved in the process

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

clear, compelling, differentiating

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

collect customer information and build a buyer persona

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

create a personalized relationship and communication with a customer

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

current market share and the market's growth potential

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

customer relationship management

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

customer satisfaction

In the context of marketing planning, implementation requires:

delegating authority to employees.

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

developing a superior new product and capturing a new market

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?

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

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

gathering data through one large one-time survey and acting upon findings

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

increasing total sales by targeting more customers

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:

inputs

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?

is compelling for its target market to use its services

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

its value proposition

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

nations, states, zip codes

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

organization size, purchasing approaches

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?

prezi and google sites

The 4Ps of marketing are:

product, price, promotion, place

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

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

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

segmentation combination approach

Strategic planning:

should be based on creativity.

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

strategy

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

tactic

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 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

What is perceived value?

the relationship between a product's or service's benefits and its cost

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

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