Marketing 351
What is the difference between ethics and law?
Ethics is unwritten rules and law is written rules of the land
What is product philosophy?
Focusing on producing the highest quality goods
A food chain restaurant that has operated in the United States for the past 15 years, has decided to expand its services to Canada. What strategy is it following?
Market development
A retail company aims at understanding its customers, and provides customer service at all times. What philosophy is the company following?
Marketing philosophy
In GE Matrix, how do companies evaluate the overall attractiveness of the portfolio?
Most of the SBUs should be in the higher attractiveness cells
If a car company releases an affordable model, but the vehicle is only available in white, would it be successful in today's market?
No, because consumers have specific wants
How is GE Matrix different from the BCG Matrix?
On the Y axis, it uses a detailed index of market attractiveness
A company has competitive advantage because of the technology it has, compared to its competitors. In SWOT Analysis, this is an example of:
Strength
Which of the following is an element of sustainability?
Caring for our environment
A software is the market leader in a stable market. What quadrant does the software belong to?
Cash cow
What is a code of ethics?
Clarification for employees what the company values
What is green marketing?
Consumers are willing to pay more for green products
An electric vehicle that offers a new, longer lasting battery at the existing prices is an example of a company focusing on:
Customer value
What is Relationship Marketing?
Developing and enhancing long-term relationships between a seller and its customers
What is typically a good opportunity to pursue for a company deciding to diversify?
Enter large, high growth markets which allows expansion
According to GE Matrix, what strategies should a company use for SBUs in the medium attractiveness cells?
Invest cautiously to move them to higher level
Which of the following is key to Bank of America's success at relationship marketing?
It tries to ensure that its customers have a satisfactory experience during each interaction
A company manufactures and markets reusable metal straws. What factor of the pyramid is the company likely following?
Philanthropic responsibilites
Which philosophy is focused on reducing cost?
Production philosophy
Which of the following is not a step in the marketing plan?
Research and development
Which parts of the SWOT analysis focus on looking inward?
SW
What is the primary focus of marketing philosophy?
Satisfying customers' needs and wants
What does SBU stand for?
Strategic Business Units
What is the American Market Association's definition of marketing?
The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large
Why is diversification a risky proposition?
The company is not familiar with the market or the product
What is ethics?
The moral principles that govern the conduct of an individual or group
What is the primary purpose of SWOT Analysis?
To assess the opportunities and threats in the marketing environment
What is the focus of the BCG matrix?
What is the focus of the BCG matrix?