Marketing Final

Which of the following would be classified as an opportunity in a SWOT analysis of Fun-Spot?

A new Luxury hotel is being constructed in the area, with the aim of attracting more high-spending families on vacation

"Many companies today are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions, cities, and neighborhoods." This is an example of

Geographic Segmentation

Andrew Levitt runs a retail store in Norristown. Andrew's store stocks cold weather products as Norristown mostly has sub-zero temperatures. Which of the following marketing strategies is used here?

Local Marketing

For which of the following would a company use an exclusive distribution strategy?

Luxury Cars

A strategy where a producer releases a internationally, nationally or regionally produced product.

Manufacturer's Brand

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of

Market Segments

When marketers at Fair & Leigh Inc. selected the Millennials, a demographic group that includes college students, as an untapped group of potential customers for their new line of products, they were engaging in

Market Targeting

Which of the following is LEAST relevant when a firm evaluates different market segments?

Core competencies of competitors

Which of the following should be a manufacturer's first step when designing an effective marketing channel?

Analyze consumer needs

Toyota recently rolled out a high end version of the Prius, which combines the attractiveness of a luxury car with the excellent agility of a sports car. Toyota is confident that this will appeal to both sports car enthusiasts as well as the luxury segment. Which of the following types of market segmentation is evident here?

Benefit Segmentation

A strategy where a successful manufacturer of cleaning products release a new type of product with the same name in a new category.

Brand Extension

Which of the following is true about behavioral segmentation on the basis of the loyalty variable?

By looking at customers who are shifting away from its brand, a company can learn about marketing weaknesses and take actions to correct them.

Sears opened up department stores in Mexico and Spain, where it found qualified local manufacturers to produce many of the products it sells. This type of join venture is known as

Contract Manufacturing

Which of the following product mix pricing strategies did Polaroid use when it set the general price range of its cameras low and the markup on its film high?

Captive Product Pricing

Harvey's Bookstore is a popular online bookstore that has differentiated itself through smooth-functioning delivery networks. This is an example of

Channel Differentiation

A strategy where two or more existing brands work together to improve the value of a product offering

Co-Branding

In Chinese, the KFC slogan "finger-lickin good" came out as "eat your fingers off." And Motorola's Hello-moto ringtone sounded like "Hello, Fatty" in India. Which of the following strategies can be used to avoid such mistakes?

Communication adaptation

A market-skimming pricing strategy should NOT be used for a new product when _______

Competitors can undercut prices easily

Which of the following is a sociocultural factor that a company should consider before deciding to enter into a new country?

Consumer lifestyles, beliefs, and values

Nike inadvertently offended Chinese officials when it ran an ad featuring LeBron James crushing a number of revered Chinese figures in a kung fu-themed television ad. As a result, Nike has to release a formal apology. This is an example of the impact of ______ on marketing strategy.

Culture

What sets the ceiling for product prices?

Customer perceptions of the product's value

Members of management at Growing Green, a company that markets organic and environmentally friendly gardening and landscaping supplies and equipment, are evaluating benefits and disadvantages of indirect exporting, direct exporting, and licensing. In which of the international marketing process is Growing Green?

Deciding on how to enter the market

Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?

Demographic Segmentation

_________ segments are conceptually distinguishable and respond differently to different marketing mix elements and programs

Differentiable

Lower costs in the form of cheaper labor or raw materials, foreign government investment incentives, freight savings, and the opportunity to improve the company image are the factors that would most likely lead a company to enter a foreign market using the market entry strategy of

Direct Investment

The product mix matrix approach is problematic in that it ________

Focuses solely on current businesses and provides little scope for future planning

Industrializing economies are also known as ___________ economies

Emerging

Retailers such as Costco and Walmart charge a constant, daily low price with few or no temporary price discounts. This is an example of

Everyday low pricing

Which of the following is an advantage of adding new channels in a multichannel distribution system?

Expanding sales and market coverage

Gilron Holidays runs a premium membership club which caters to customers whose annual salary exceeds $100,000. Members of this club are offered seasonal discounts on select luxury hotels in select cities worldwide. Gilron Holidays most likely follows a(n) _____ segmentation approach.

Income

The two key economic factors reflecting a country's attractiveness as a market are its industrial structure and its

Income Distribution

A country's ________ shapes its product and service needs, income levels, and employment levels

Industrial Structure

Kellogg's begins to sell its cereals in new markets after conducting extensive marketing research. After the cereal begins to appear in these new markets, the company increases its promotion expenditure to check competition. Kellogg's is in the _________ stage of the product life cycle.

Introduction

Which of the following is true of indirect exporting?

It involves less risk and investment than other entry methods

Which of the following is true of market-penetration pricing?

It results in drawing in large numbers of buyers quickly, winning a large market share

Campell Soup recently agreed with Hong Kong-based Swire Pacific to form an entity called Campbell Swire -- to better distribute the company's soups in China. This is an example of

Joint Ownership

A strategy where one entity pays for the use of images, logos and the like to place on or in other products.

Licensed Brand

In Japan, Budweiser beer flows from Kirin breweries, and Moringa Milk Company produces Sunkist fruit juice. These are examples of ____________.

Licensing

Think Ink is growing company that sells a variety of inks for home and business printers Management at Think Ink has decided to open a sales branch overseas to handle sales and distribution abroad. Think Ink is engaging in __________.

Licensing

Generation Xers, who were born between 1965 and 1976, share the childhood experiences of higher parental divorce rates, recession, and corporate downsizing. They tend to care about the environment and value experience over acquisition. Generation Xers make up a __________

Life-cycle Stage

The latest trend in the United States involves rediscovering the benefits of home-cooked food and the use of organic ingredients. People are choosing to spend hours in the kitchen using only the freshest ingredients to cook healthy and nutritious meals. This change in ___________ is one of the reasons for the increasing demand for organic ingredients

Lifestyle

A strategy where a manufacturer releases a new flavor or an existing product.

Line Extension

Kodak has been said to have missed the digital revolution. The company failed to act quickly when technology evolved and did not develop a digital product until late in the game. Which of the following does this situation describe?

Marketing Myopia

Which of the following is NOT an accurate description of modern marketing?

Marketing emphasizes selling and advertising exclusively

When the size, purchasing power, and profiles of a market segment can be calculated, the market is

Measurable

A strategy where a manufacturer releases multiple products under a parent company.

Multi-Branding

Atlas Imports and Exports sells products directly to consumers via the Atlas Web site, and through local retailers as well. Which of the following is evident here?

Multichannel Distribution System

A Spanish-language channel runs its ads only in Hispanic neighborhoods. This is an example of ______

Narrowcasting

A church targeting different demographic groups to increase attendance is an example of

Not-for-profit Marketing

Rachel loves fashion and is always seen wearing the trendiest fashion outfits. She actively shares her knowledge with a wide group of friends and colleagues about where to shop for the latest fashion at great deals. Most of her friends and colleagues follow her fashion tips. Rachel portrays the image of a(n)

Opinion Leader

___________ Shows consumers perceptions of a company's brands versus competing products on important buying dimensions.

Perceptual maps

___________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Positioning

A strategy where products unique to a particular retail outlet.

Private Brand

What sets the floor for product prices?

Product Costs

GigaTalk, a U.S. based computer manufacturing company, found that Japanese commuters had difficulty using standard laptops on crowded rush-hour trains because while standing commuters cannot use their laptops. So GigaTalk created a standing computer. This computer includes a touch screen and small keyboard that can be used while standing or on the move. This is an example of

Product Invention

Samsung plans to introduce four mp3 player models over the next year. These models range from basic players at $99 per unit, to more sophisticated players at $399 per unit. The more features a model has, the more expensive it is. What pricing strategy is Samsung using for its range of mp3 players?

Product line Pricing

Hearth & Home, a store which sells household products, has announced a one-week sale on its new carpet line. This is an example of

Promotional pricing

An American cola-manufacturing company that primarily targets rebellious and adventurous people most likely uses ____________ segmentation.

Psychographic Segmentation

Marketers who use ___________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals.

Psychographic Segmentation

Michael Kors, a producer of expensive purses, segments its market according to consumer lifestyles. Michael Kors most likely uses ________ for segmenting its market.

Psychographic Segmentation

Different soft drinks target different personalities. This is an example of

Psychographic segmentation

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the product mix matrix, the pharmaceuticals division of Omni can be classified as a

Question Mark

A shoe manufacturing company uses ads featuring the members of a country music band with the hope that the band's fans will see them wearing the company's shoes and hence purchase the same brand of shoes. The shoe company believes that the band portrays the image of a _________ to the bands fans

Reference Group

Stores such as Walmart, Best Buy, PetSmart, David's Bridal, and DSW Shoes use _________ positioning.

Same for Less

Although it might seem that the market leader has the most going for it, challengers often have what some strategists call a ___________. The challenger observes what has made the leader successful and improves upon it

Second mover advantage

Blue Bunny, an ice-cream manufacturing company, encourages all stakeholders, including top management and employees at all levels in their stores, to consider individual and community welfare in their day-to-day decisions. This action undertaken by Blue Bunny reflects

Social Responsibility

For which of the following products would the intensive distribution strategy most likely be used?

Soft Drinks

Heineken beer is sold successfully in the same form around the world. Which of the following product strategies is illustrated in this example?

Straight product extension

Each culture contains smaller ____________, or groups of people with shared value systems based on common life experiences and situations.

Subcultures

________ calls for meeting the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs

Sustainable Marketing

Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of

Target Marketing

In an effort to differentiate its offering from its competitors, Pegasus Computers decided to add an extra USB port in all its laptops besides providing a free pair of Delphi power bass headphones with every Pegasus laptop. Although the additional features increased the price of the laptops by $500, Pegasus was confident that the strategy would help boost demand for its laptops substantially. This is an example of

Value-added Pricing

Which question should most likely be answered by all companies due to the rapid move toward globalization?

Where should we produce or source our products?

The perceived value of different product offers can be reasonably assessed by

conducting surveys and experiments

Department stores such as Kohl's and Macy's practice high-low pricing by

having frequent sale days for store credit-card holders