Marketing

Kimball's Vintage Hats is an online-only business selling unique and affordable replicas of vintage designer hats. The business is new, but Kimball worked in Europe for years as a milliner. He sells his wares through an Etsy storefront and has the objective of becoming successful enough to work for Kimball's Vintage Hats full time. What are aspects about Kimball's Vintage Hats that could be identified in a SWOT analysis?

Strength: expertise of the owner, Weakness: current staff that assists founder, Opportunities: continue with founder only creating hats, Threats: Etsy could falter and close / wrong

A means or action by which a plan or objectives are accomplished is the definition of a:

Tactic

A lobster trap manufacturing company's marketing department completed their marketing segmentation analysis and discovered a potential new market in repurposing the traps for home decoration. If the company's objective for growth is to increase its market share by 3% by tapping into the international lobster market, how does the marketing objective use the company's objective?

aligns with the company objective, abandons the home decor market and focuses its efforts on the international community of lobster catchers

An online gaming company had thousands of people playing its car chase game, but no idea who its ideal customer was. What should this company do?

build a buyer persona with collected data

A toothpaste company began collecting customer information and discovered that its ideal customer was female, 41 years old, had a high school degree, worked as a teacher, enjoyed eating out and the latest popular books, lived in a suburb, worked in a small-sized company, has two children, and liked stay at home with her family on the weekends. This company just created what is known as a:

buyer persona

What is an approach a company can use to evaluate the quality of their customer relationships?

collect customer information and build a buyer persona

A company's purpose in managing its relationship with its customers should be to:

create a personalized relationship and communication with a customer

What two components of a business's product or business unit does the BCG Matrix address?

current market share and the market's growth potential

The discipline in marketing that combines databases and computer technology with marketing communications and customer service is the definition of:

customer relationship management

When a company uses a marketing discipline and combines computer technology and databases with customer service and marketing communications it is known as:

customer relationship management

According to the strategic opportunity matrix, a diversification strategy is going to potentially involve which of the following?

developing a superior new product and capturing a new market

Avon was known as the company that sold cosmetics door-to-door for a long time. In order to grow and reach new markets it began to sell jewelry through its door-to-door sales force. This involved marketing new products through existing channels of distribution. It also is now selling its products by mail order and has opened retail stores. Avon is an example of a company effectively using which strategy?

diversification strategy

When a company that made school notebooks enters the pencil and pen market with its new products it is using a:

diversification strategy

A sunscreen company ran a BCG Matrix analysis on its dog sunscreen product and discovered it was a question mark, identifying it as a product in a market that was growing. How does the information change the company's growth strategy for this product?

it assists the company's marketers to strategize tactics for gaining more of the dog sunscreen market this year

Beatrice's Vintage Dresses is an online-only business selling unique and affordable replicas of vintage designer dresses. Beatrice ran a SWOT analysis and discovered that she has opportunities to partner with other Etsy vintage fashion designer shops for cross-promotions. How has her SWOT analysis informed her potential marketing strategy?

it identified the market strategy opportunity of promoting her shop through other Etsy shops

Bud's Bucket ice cream company produces a chemically enriched ice cream and decides to penetrate the gourmet market by offering its same ice cream at premium prices. What might happen as a result of its market penetration strategy?

it may turn off its current customer base and cause them to purchase a competitor's ice cream

A company that produces gift cards for various retail stores implemented a marketing campaign that for a limited time offered a 10% discount on gift cards if you purchased three or more at the same time. It also ran new commercials close to school graduation times to capture this new market beyond its usual holiday gifts market. This company was demonstrating which marketing strategy?

market development strategy

A mini-calculator company saw its sales decrease over the last year and decided to launch a new marketing mix strategy to boost awareness and sales. One of the company's implemented tactics was to sell its mini-calculators through Amazon. It spent $5,000 to add new colors to their product offerings and $5,000 launching a video ad campaign. After tracking its online sales metrics, it saw a leap in sales of $20,000 in three months. What is this company's ROI on their marketing efforts?

2

A tax software company aligned its overall corporate objectives with its marketing mix strategy and tactics. When the time came to use its strategy and tactics, the team failed to enforce the new plans and returned to older plans of the 4Ps mix. They spent ⅔ of the allocated total marketing funds to run online advertisements in head-to-head competition with a well-established tax software competitor instead of sticking with its original advertising campaign strategy. What areas did this company fail to do well?

marketing-mix objectives and tactics implementation and aligning their budget

The Fruit4U company produces gourmet, organically produced fruit popsicles and uses an aggressive pricing strategy by slashing prices to penetrate the market. What negative effects could this pricing strategy have?

may affect the product and company image, alienating its current market

In previous years customers could rent DVDs from a store to watch movies when they wanted. When Netflix entered the market it offered a new service which mailed DVDs to a consumer's home. Netflix recognized an untapped market and used what strategy to capture this market?

product development strategy

When the Dove soap company decided it wanted to increase the size of its market, it chose to develop and offer a shampoo product under its Dove brand. Which strategy did Dove use?

product development strategy

Patagonia has a mission statement of, "Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis." Because of this, the company donates time, services, and at least 1% of its sales to hundreds of grassroots environmental groups around the world. This action is an example of a mission statement affecting the company's:

products ( wrong ) / corporate strategy and tactics

You are the marketing manager of a company that provides home cleaning services within your state. You have launched a new marketing mix strategy and tactics into the marketplace. What types of information should you monitor to judge the plan's implementation and effectiveness?

profits, customer relations, sales information, and competitor reactions

A fishing equipment company set an objective to increase its market share in 2016 by 3%. The marketing team's strategy to support that objective, is to focus on a new target market and the increased product sales will support the company's objective. What types of marketing strategies would be effective in reaching these objectives?

solidify a new partnership with Cabela's national retail chain to distribute company products

The company BarkBuddy decided to pursue a product allowing customers to use its phone app to find a dog for adoption. The app lets a potential owner swipe through profiles of nearby dogs needing a home with a simple Yes or No. Its users tell BarkBuddy what they are looking for in a dog and fill out a form for a pre-screening. BarkBuddy's details indicate that it has decided on its:

tactics

An apple juice company set its company objective and strategy to grow its market dominance by 5% in 2016. The marketing department set their strategy to create and additional product to offer the market, but were so excited about and focused on getting the new product formulated and onto the market that they conducted no market research to get an indication if the market wanted such a drink. What did the marketing department forget in collecting inputs for their strategy?

target customer

In order for a company's marketing mix to most effectively be utilized for reaching the company's objectives and strategies, it must focus on what marketing strategy input?

target customer

When a company sets its business strategy, in order for the marketing strategies and objectives to align with it, marketers should:

work through the components of the 4Ps, setting them to deliver value to the customer in alignment with the company objectives