Marketing Ch 2 Questions
Which of the following is an example of a market segment? A group of individuals with different product needs A group of business units belonging to the same organization A group of companies producing similar products A group of individuals aged between 60-75 years
d
A marketing mix typically encompasses: promotion strategies. divestment strategies. innovation strategies. harvesting strategies.
a
In the context of the marketing mix, distribution strategies are concerned with: making products available when and where customers want them. advertising and organization of a product in order to promote sales. informing and educating target markets about products. what a buyer gives up in order to obtain a product.
a
In the context of the marketing mix, which of the following statements is true of promotion? It includes advertising, public relations, and personal selling. It ensures that products arrive in usable condition at designated places when needed. It encompasses pricing strategies for the products that are promoted. It works independently of the other Ps of the marketing mix.
a
Sican Pharmaceuticals has a large market share and enjoys customer loyalty. The company has a strong brand image that is associated with trust and safety. It is also known for its unique drug packaging and a wide variety of drugs at reasonable prices. In this scenario, which of the following competitive advantages is Sican Pharmaceuticals most likely to have built? Product/service differentiation competitive advantage Retail competitive advantage Niche competitive advantage Cost/revenue competitive advantage
a
Which of the following companies is most likely to have a product/service differentiation competitive advantage? Harlose Inc., an electronic appliances store, is famous for its after-purchase customer support. Imrow Inc., a publishing firm, serves only a single segment of the market. Magnira Corp., a clothing store, inhibits post-sale customer service relations. VeFilia Motors., an automobile manufacturing company, solely relies on pricing strategies to counter competition.
a
A marketing plan: has the same content irrespective of the organization. allows managers to enter the marketplace with an awareness of possibilities and problems. follows a single format across organizations. is a set of unwritten or orally communicated rules that develops by practice in an organization.
b
A potential weakness for HiLift Trucking Company is the outdated models of its tractors and the high turnover of drivers. On the other hand, the company's low operating costs result in lower prices for its customers and a high market share. In this scenario, the company managers were able to gather this information by means of _____. a mission statement a SWOT analysis the General Electric model the strategic opportunity matrix
b
Having a _____ means being the inexpensive competitor in an industry while maintaining satisfactory profit margins. niche competitive advantage cost competitive advantage mass competitive advantage product differentiation competitive advantage
b
Which of the following factors leads to a product/service differentiation competitive advantage? Bundle pricing Product uniqueness High overhead costs High-cost products
b
Which of the following statements is true of strategic business units (SBUs)? They plan collaboratively along with other units of an organization. They require their own strategies and funding. They lack specific target markets. They are devoid of distinct missions
b
In the context of the marketing mix, which of the following statements is true of price? It does not affect competitive advantage. It is the starting point of a marketing mix. It can be raised or lowered by marketers. It is the least important of the four Ps.
c
_____ involves designing activities relating to marketing objectives and the changing marketing environment. Market divesting Market operations Marketing planning Marketing activation
c
_____ is the managerial process of creating and maintaining a fit between an organization's objectives and resources and the evolving market opportunities. Enterprise modeling Business networking Strategic planning Divesting
c
n the context of the marketing mix, _____ is often the most flexible of the four Ps—the quickest element to change. product place price promotion
c
A sustainable competitive advantage: exclusively pertains to low-price competitive advantage. seeks to target and effectively serve a single segment of the market. often results in mediocre performance. cannot be copied by the competition.
d
Large companies may manage a number of very different businesses called _____. business clusters strategic business alliances focus groups strategic business units
d
Of the four Ps, the marketing mix typically starts with the _____. pricing strategy promotion strategy point of purchase product offering
d
The environmental scanning process is used to: assess a firm's inner strengths and weaknesses. assess internal business operations. examine the requirement of organizational resources. identify market opportunities and threats.
d
The foundation of any marketing plan is the firm's _____, which answers the question "What business are we in?" article of incorporation scenario planning statement of qualification mission statement
d
Which of the following is a characteristic of a successful marketing mix? It focuses exclusively on advertising. It lays the most emphasis on pricing. It has only one weak component. It focuses on satisfying target markets.
d
