Chapter 2 Quiz- Marketing Functions

Tom has analyzed the competitive landscape of cookbook costs, what a customer is willing to pay for a cookbook, and what the target customer uses to evaluate a cookbook's value. The marketing mix area Tom is focused on is:

Price

Zeus' Boltz, a bolt manufacturer, pays a large sales staff to focus its efforts primarily on selling its bolts to vehicle manufacturers. They push purchases regardless of the manufacturer's needs, which often causes business relations problems. Zeus' Boltz is an example of a company using which marketing philosophy?

Selling concept

The Ladders is a career search site specializing in high income ($80k+) job placement. Their headline, "Your career is our job," indicates to the customer the company will work hard until you are satisfied. The visual layout of its website also indicates organizational clarity to speed you toward your new job. What has this website done a good example of conveying

Value proposition

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

Listia lets people list their stuff, sell their stuff for credits, then turn around and use those credits to purchase things on its website. Its value proposition is, "Get rid of old stuff. Get new stuff for free." Identify some of the aspects of their value proposition ____.

compelling and motivating to use website

William has been playing a rented saxophone for the last three years. He has now saved up enough money to purchase a new one, so he visits his local music store. The music store sells saxophones from two main companies. One company offers just the saxophone while the other includes reeds, cleaning equipment, and a buffing cloth. The instruments are the same price, so William decides to purchase the second one that includes the extra components. The choice William made was based on the instrument maker's _______.

competitive offering

You are trying to define your target market for a travel agency service. Identify the correct order of the market targeting steps ______.

identify business needs, segment total market, profile target customer segment, research and validate marketing opportunity

In 2005 the hamburger restaurant Heart Attack Grill opened its doors and offered its customers food "so bad for you it's shocking." To meet the desires of its customers, they added a new promotion. If a customer finishes a Triple or Quadruple Bypass Burger, they are placed on a wheelchair and wheeled out to their vehicle by their own "personal nurse. " Heart Attack Grill is using what type of marketing approach?

market orientation

Randy owns a shoe company and recently retooled his company's marketing mix strategy. His new target market is wealthy, craftsman-quality-seeking younger individuals. He has hired more craftsmen in his factory, purchased premium materials to construct high-quality shoes and will distribute the shoes through Nordstroms, Zappos, and his own website. Shoe prices now begin at $500 and up. What promotion strategy would support the rest of his marketing mix decisions?

partner with a young celebrity to endorse his shoe brand

A cotton swab manufacturer looked at its abysmal sales figures and conducted an organizational situation analysis. Next, it decided on its marketing goals and began creating its marketing plan. What is a next step for it?

planning effective strategies and specific tactics to accomplish the strategic objectives

The 4Ps of marketing are:

product, price, promotion, place

A balloon manufacturer is trying to grow its sales by better addressing the needs of its customers. Besides party stores, the company doesn't really know who purchases balloons from it. What should the company do to understand its customers better?

run a segmentation analysis of current customers

Better Mudder, the three-year-old mud race organization, has a goal of increasing its racing market share by 20% over the next year. It looks into how to accomplish this and discovers a low repeat runner rate. As it digs further it finds that three more mudding race organizations have started in the area this year. With increased competition, Better Mudder must change its new runner offerings and generate higher loyalty in current mudding participants. To identify this information, Better Mudder conducted a _____.

situation analysis

Zingerman's Deli in Michigan is deciding which new sandwich to add to their menu. There was a month of customer voting, employee voting, and corporate feedback as well to consider. Each segment chose different sandwiches. If the company follows the marketing mix smartly, which sandwich choice should be added to their menu?

target customer's sandwich choice

Gabrielle is a marketer with a non-profit organization building schools in Ecuador. She is given the task to evaluate the organization's new value proposition. To best evaluate the value proposition, she should come from the perspective of the _______.

target market