Marketing 101 chapter two
James' company owns several supermarkets. His company has decided to install self-checkout lanes in order to decrease their costs. What method is James' company using?
Creating a new delivery method.
Your company offers the best cars on the market at relatively affordable prices. You currently have no competitors regarding the features your cars have. Why is this an example of product differentiation?
Because you are advertising the unique features of the product.
Which of the following is an example of competitive advantage?
Buying Burger King instead of McDonalds.
Tom works for a large marketing firm and wants to form a new strategy about how his firm should operate. Before forming it he wants to think about how he could maximise the capacity of his firm in comparison to the economic environment. How should he proceed in doing that?
By conducting a SWOT analysis to analyse the strengths and weaknesses of the firm and the opportunities and threats in the environment.
How does a large company place its SBU's on the portfolio matrix ?
By the market share and growth potential for each SBU
What type of market segmentation strategy is used by Disney?
Multiple market segmentation.
Which of the following would a company do when it decides to 'harvest' a product made by an SBU?
Spend as little on advertising and promotions as possible
What question should a business mission statement answer?
Why a company is in business and what they are trying to accomplish.
What is included in promotional strategies?
Personal selling, advertising, sales promotion, and public relations.
The Gumball Company is a new company that started in one distribution channel but is now trying to enter multiple different stores. Which of the 4 Ps BEST describes what the Gumball Company is focusing on?
Price
What is the overall sacrifice a consumer is willing to make to acquire a specific product or service?
Price
Which of the following is a strategy when a company pursues the development of a new product for a current market?
Product Development
The marketing mix consists of
Product, Place, Promotion and Price
Which of these products would be classified as a star on the portfolio matrix ?
Self-driving vehicles
Brenda's Beauty Salon offers customers hair styling. This is a _____.
Service
What type of market consists of a defined group most likely to buy a company's products or services?
Target Market
If a business created a mission statement that said, 'We will make products to make the world a better place,' then what type of mission statement development mistake has occurred?
The mission statement is too broad.
Evaluate the effect of market penetration.
It is a marketing strategy that tries to increase market share among existing customers.
How does a business mission statement relate to marketing?
It is the foundation of the marketing plan.
Jamerson Marketing is the only company in the world that uses an example of both qualitative and quantitative analysis in order to create efficient marketing strategies. Due to this, they are the leading company in the field of marketing. Their competition work by using either qualitative or quantitive analysis. Why is this an example of a USP?
Because that is how they are unique from the rest of the field so it is their unique selling proposition.
Assess the strategy that is used to increase sales by creating new products that can be targeted to new markets.
Diversification
What is marketing myopia?
It is defining a business in terms of goods and services rather than in terms of the benefits that customers seek.
Which part of the marketing mix is the most flexible and easiest to change?
Price
Walmart is a mass marketer that has a substantial competitive advantage because of its size and power. Which type of competitive advantage is Walmart part of?
cost advantage
What is a marketing strategy that is based on attracting new customers to current products?
Market Development
What are the four different strategic alternatives?
Market penetration, market development, product development, diversification
Which of the following is an example of a company using a niche competitive marketing strategy?
A company that makes clothing specifically for dogs.
What is environmental scanning?
A process accomplished by analyzing and understanding environmental conditions.
What question does a business mission statement answer?
What is our reason for being in business and what is the purpose of the product in relationship to the consumer?
The four types of promotion are
advertising, public relations, sales promotion and personal selling
If a manufacturer of candy decides to open a theme park, this would be an example of a _____ strategic alternative.
diversification
Anything of value to a consumer and offered through voluntary marketing exchange is a _____.
product
The price of a product includes _____
the financial amount charged plus the time and effort put forth by the purchaser.
Thomas owns a large IT company. He attempts to gain an upper hand in the market by using very skilled workers and inexpensive raw materials. Overall, he is very focused on controlling the costs in order to maximize the value of his products to consumers. How is this an example of cost-competitive advantage?
Because the overall focus is on controlling costs in every segment of production.
When a company offers multiple locations to reduce travel time, which strategy is it using?
Place strategy for a good or service
Which of the following would NOT be an external threat to a marketing manager?
Poor employee work habits.
Explain how place strategies work.
They make the product available to the consumers when they want and need them.
What should a very large company with many different business units do for their mission statement?
They should create a mission statement for each separate business unit.
What is a strategic alternative?
the game plan for the company to grow profits and market share
