MKTG 4562: Marketing Strategy Mid-term (Ch. 1-7)
A __________ is a consequence of mature industries where slow moving innovation, extensive product assortment, excess supply, and frugal consumers force margins to the floor; since firms have few competitive differences, they are unable to increase margins. a.) commodity b.) luxury product c.) proposition d.) demand
a
A brand has two parts: the brand name and brand mark. a.) True b.) False
a
A firm's strategic focus will change over time due to the dynamic nature of internal and external environments. a.) True b.) False
a
Brand is the most important tool of differentiation. a.) True b.) False
a
Brand licensing is a contractual agreement where a firm permits another to use its brand on non-competing products. a.) True b.) False
a
Competitive advantages are critical because they set the tone of the entire marketing program. a.) True b.) False
a
Comprehensiveness in the goal-setting process means that each functional area should be able to develop its own goals that relate to the organization's needs. a.) True b.) False
a
Consumers are more likely to be impacted by social influences than are businesses. a.) True b.) False
a
Corporate branding is considered as important as product-related branding. a.) True b.) False
a
Developing new products is crucial to a firm's effort to sustain growth and profits. a.) True b.) False
a
During the maturity stage of the product life cycle, a firm has four general goals that can be pursued. Which of the following IS NOT one of these options? a.) divest the product b.) generate cash flow c.) steal market share d.) hold market share e.) increase share of customer
a
Ensuring the availability of products in the right place in the right quantities at the right time in a cost efficient manner is the main focus of: a.) physical distribution. b.) marketing networks. c.) supply chain management. d.) channel management. e.) network management.
a
Ethnography is a qualitative research technique designed to understand cultural phenomena such as communication, shared meanings, and personal interests. a.) True b.) False
a
Giving one merchant or outlet sole right to sell a product within a defined geographic region is ___________. a.) exclusive distribution b.) selective distribution c.) intensive distribution d.) none of the above
a
In Mexico the government has levied a tax on sugary soft drinks. For Coca-Cola, this represents a threat. a.) True b.) False
a
In terms of SWOT analysis, when does a strength become a capability of the firm? a.) when the strength can be tied to satisfying a customer need b.) when the strength cannot be copied by competitors c.) when the strength stands alone without any corresponding weaknesses d.) when the strength can be connected to a second strength e.) when the strength can be supported by sufficient resources
a
In this stage of the product life cycle, test marketing is conducted to gauge customer needs before developing a marketing strategy. a.) development stage b.) introduction stage c.) growth stage d.) maturity stage e.) decline stage
a
Little Gym focuses on highly customized workout experiences for children between the ages of 4 months and 12 years. This is an example of niche marketing. a.) True b.) False
a
Low priced leaders do well in commoditized markets. a.) True b.) False
a
Many firms attempt to distinguish or differentiate their product offerings through the use of __________ strategies. This involves establishing a mental image of the product offering relative to competing offerings in the minds of target buyers. a.) product positioning b.) branding c.) perceptual marketing d.) image marketing e.) comparative
a
Motorola continuously establishes performance standards and assesses actual performance by comparing it with these standards. Afterwards, Motorola often takes corrective action to reduce any discrepancies. This process is most likely outlined in the __________ section of Motorola's marketing plan. a.) evaluation and control b.) marketing strategy c.) marketing implementation d.) SWOT analysis e.) goals and objectives
a
Nielsen's PRIZM segmentation system is a useful ___________ tool. a.) geoclustering b.) business segmentation c.) mass marketing d.) psychographic segmentation e.) behavioral segmentation
a
One of the major difficulties of conducting business in today's economy concerns the unclear legal jurisdiction surrounding many business transactions. The issue is especially keen for marketers who do business in: a.) international markets. b.) domestic, interstate markets. c.) business-to-business markets. d.) metamarkets. e.) peer-to-peer transactions.
a
One of the most successful and well-known tools of __________ segmentation is VALS™ developed by Strategic Business Insights. a.) psychographic b.) geographic c.) demographic d.) geoclustering e.) emotional
a
Porsche and BMW would most likely be positioned close to one another on a perceptual map. a.) True b.) False
a
Procter & Gamble's introduction of a national chain of car washes would be a new product line for the company. a.) True b.) False
a
Rather than conducting just one SWOT analysis, marketers should conduct a series of analyses, each focusing on a specific product/market combination. a.) True b.) False
a
Situation analysis summarizes pertinent information about the internal environment, external environment, and customer environment. a.) True b.) False
a
The ________ reviews the current objectives, strategy, and performance of the company. a.) internal environment b.) external environment c.) customer environment d.) competitive environment
a
The competitive analysis should start by identifying current and potential competitors. a.) True b.) False
a
The elements of the marketing program are what? a.) Marketing Mix + Target Market b.) Marketing Plan + Target Market c.) Marketing Goals + Marketing Objectives d.) Marketing Mix + Marketing Goals
a
The first stage of competitive analysis involves identifying all current and potential competitors. This is what stage? a.) Identification b.) Characteristics c.) Response d.) Capabilities e.) Assessment
a
The use of a vending machine is an example of nonstore retailing. a.) True b.) False
a
There are five condition of exchange. Which of the following is not a condition? a.) there must be at least 3 parties to the exchange b.) each party has something of value to the other party c.) each party must be capable of communication & delivery d.) each party must be free to accept/reject the exchange e.) each party believes it is desirable too exchange with the other party f.) all are conditions of exchange
a
Walmart offers many different private-label brands including Sam's Choice, Equate, and Ol' Roy. Overall, what is the primary reason that Walmart would offer these and other private-label brands? a.) increased profit margin b.) reduced marketing costs c.) lowers the risk of a product failure d.) lower inventory costs e.) enhances Walmart's image
a
What is a major risk of family branding? a.) Overextension b.) Brand ambiguity c.) Improper positioning d.) Lack of differentiation e.) Low brand loyalty
a
What type of strategy focuses promotional efforts toward stimulating consumer demand? a.) Pull Strategy b.) Push Strategy c.) Public Strategy d.) Promotional Strategy
a
When a company does business in more than one country, that company often faces a dilemma with respect to differing legal systems. This is referred to as what? a.) unclear legal jurisdiction b.) market uncertainty c.) expressive legality d.) outsourced issues
a
When a firm analyzes its objectives and performance, availability of resources, structural characteristics, and organizational culture, the firm is most likely examining its: a.) internal environment. b.) external environment. c.) mission statement. d.) competitive strategy. e.) strategic environment.
a
When making a SWOT analysis, one should look for causes not characteristics. a.) True b.) False
a
When marketers create the appropriate stimuli to foster a consumers need, this is what stage in the consumer buying process? a.) need recognition b.) information search c.) evaluation of alternatives d.) purchase decision e.) post-purchase evaluation
a
When your sister expresses her desire for a car, you know that her real need is transportation. a.) True b.) False
a
Which of the following is a type of consumer product? a.) unsought products b.) process materials c.) raw materials d.) installations e.) all the above
a
Which of the following is not one of the four complementary perspectives? a.) Relationship b.) Financial c.) Customer d.) Internal process e.) Learning & growth
a
________ have attributes/features that set them apart from the competition. a.) form utility b.) time utility c.) place utility d.) possession utility e.) psychological utility
a
__________ outlines the organization's game plan for success. a.) Strategic planning b.) Tactical planning c.) Internal Analysis d.) Competitive Analysis
a
___________ describes how the marketing program will be executed. a.) Marketing Implementation b.) Marketing Planing c.) Strategic Planning d.) Customer Focused Planning
a
____________ involves a pioneering effort by a firm that eventually leads to the creation of en entirely new market. a.) New-to-the-world products b.) New product lines c.) Product line extensions d.) Improvements or revisions of existing products e.) Repositioning
a
____________ is a base pricing strategy that occurs when a firm intentionally sets a high price relieve to the competition. a.) Price skimming b.) Price penetration c.) Prestige pricing d.) Value-based pricing (EDLP) e.) Competitive matching
a
____________ market products with similar features and benefits to the same customer at similar prices. a.) Brand competitors b.) Product competitors c.) Generic competitors d.) Total budget competitors e.) All the above
a
_____________ summarizes all pertinent information obtained about three key environments. a.) Situational Analysis b.) Strategic Plan c.) Marketing Plan d.) Customer Analysis
a
________________ power deals with the firm's position in the supply chain—this power balance shifted to large retailers in the 1990s. a.) Legitimate b.) Reward c.) Coercive d.) Information e.) Referent
a
Personal selling is the most precise form of communication because it assures companies that they are in direct contact with an excellent prospect. a.) True b.) False
a
A change in international, federal, state, or local laws and regulations is an example of a political trend. a.) True b.) False
b
A consumer wanted to purchase a new computer. However, she used the money to pay her rent instead. In this case, housing is what type of competitor? a.) Product competitor b.) Total budget competitor c.) Market competitor d.) Generic competitor e.) Brand competitor
b
A feature article is a few pages of typewritten copy typically fewer than 300 words used to draw attention to a company event, product, or person affiliated with the firm. a.) True b.) False
b
A major drawback to primary data gathering is its relevance to the specific problem at hand. a.) True b.) False
b
A marketer for Whole Foods compares sales during a certain time period to performance standards in the marketing plan. This process is known as marketing implementation. a.) True b.) False
b
A product line consists of: a.) a total group of products offered by the firm b.) a group of closely related product items c.) a variety of product mix d.) an assortment of each product
b
A want occurs when the consumer's existing level of satisfaction and desired level of satisfaction are not the same, while a need is a consumer's desire to a specific product that will satisfy the need. a.) True b.) False
b
Another word for data is information. a.) True b.) False
b
Companies that have products in the decline stage should immediately divest them. a.) True b.) False
b
Firms specializing in operational excellence excel at basic research/rapid research interpretation as a core competency. a.) True b.) False
b
Giving several merchants or outlets the right to sell a product within a defined geographic region is ____________. a.) exclusive distribution b.) selective distribution c.) intensive distribution d.) none of the above
b
In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering __________ and a shift from creating exchanges to creating __________. a.) satisfaction; customer relationships b.) value; customer relationships c.) quality; transactions d.) value; satisfaction e.) quality; value
b
In order to develop and leverage a competitive advantage, companies must have all but which of the following? a.) operational excellence b.) strategic plan c.) product leadership d.) customer intimacy
b
Information is often easier to collect than data. a.) True b.) False
b
Institutional markets buy raw materials for use in producing finished goods. a.) True b.) False
b
Marketing objectives are broad, simple statement of what will be accomplished through the marketing strategy, while marketing goals are more specific and are essential to planning. a.) True b.) False
b
Planning efforts within each functional area will result in the creation of a _______________ for that area. a.) Situational Analysis b.) Strategic Plan c.) Marketing Plan d.) Customer Analysis
b
Tablet computers are in the introductory stage of the product life cycle. a.) True b.) False
b
The Internet has shifted more power to the marketer. a.) True b.) False
b
The SWOT analysis is derived from the marketing goals and objectives section. a.) True b.) False
b
The ability of a product to satisfy a customers' needs and wants. a.) strategic planning b.) utility c.) exchange d.) marketing implementation
b
The concept of reciprocity is a significant factor in the consumer buying decision process. a.) True b.) False
b
The four actions framework contains all but: a.) reduce b.) experiment c.) eliminate d.) raise e.) create
b
The second stage of competitive analysis involves assessing key competitors' size, strategy, profitability, and target markets. This is what stage? a.) Capabilities b.) Characteristics c.) Identification d.) Response e.) Assessment
b
This stage of the product life cycle begins when development is complete and ends when customers widely accept the product. a.) development stage b.) introduction stage c.) growth stage d.) maturity stage e.) decline stage
b
What type fo strategy focuses promotional efforts toward supply chain? a.) Pull Strategy b.) Push Strategy c.) Public Strategy d.) Promotional Strategy
b
When business is bad, a price cut will stimulate sales. a.) True b.) False
b
When business is good, a price cut will capture greater market share. a.) True b.) False
b
When companies offer the same basic product to the same customer at roughly the same price resulting in a lack of differentiation this is referred to as: a.) Economic instability b.) "Commodity Hell" c.) Consumer skepticism d.) Technological plateau
b
When consumers narrow their potential choices to an evoked set of suitable alternatives that may meet their needs based on the risk, experience, and cost of the product, this is what stage in the consumer buying process? a.) need recognition b.) information search c.) evaluation of alternatives d.) purchase decision e.) post-purchase evaluation
b
Which of the following does not increase price elasticity? a.) availability of substitute products b.) situational influences c.) noticeable price differences d.) easy price comparisons e.) higher total expenditure
b
Which of the following is a type of business product? a.) convenience products b.) business services c.) shopping products d.) speciality products e.) all the above
b
Which of the following is not an advantage of selling manufacture (name) brands? a.) reduced costs b.) more inventory c.) enhanced image d.) less risk e.) all the above are advantages
b
Which of the following is the best example of a brand mark? a.) Honda b.) Nike's swoosh c.) WD-40 d.) BMW e.) 7-Eleven
b
While goals should be quantitative in nature, objectives are usually expressed in qualitative terms. a.) True b.) False
b
_______ are available when customers want them. a.) form utility b.) time utility c.) place utility d.) possession utility e.) psychological utility
b
__________ addresses specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets. a.) Strategic planning b.) Tactical planning c.) Internal Analysis d.) Competitive Analysis
b
__________ is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits. a.) Specialization b.) Commoditization c.) Maturation d.) Price devaluation e.) Market homogeneity
b
___________ compete in the same product class, but with products that are different in features, benefits, and price. a.) Brand competitors b.) Product competitors c.) Generic competitors d.) Total budget competitors e.) All the above
b
___________ is a base pricing strategy that occurs when a firm sets a relatively low initial price to maximize sales, gain widespread market acceptance, and capture a large market share quickly. a.) Price skimming b.) Price penetration c.) Prestige pricing d.) Value-based pricing (EDLP) e.) Competitive matching
b
___________ power involves the ability to help other parties reach their goals and objectives. a.) Legitimate b.) Reward c.) Coercive d.) Information e.) Referent
b
___________ represent new offerings by the firm, but the firm introduced them into established markets. a.) New-to-the-world products b.) New product lines c.) Product line extensions d.) Improvements or revisions of existing products e.) Repositioning
b
A ___________ is a written document that provides the blueprint or outline of the organization's marketing activities, including the implementation, evaluation, and control of those activities. a.) Situational Analysis b.) Strategic Plan c.) Marketing Plan d.) Customer Analysis
c
According to the American Marketing Association, which of the following is the definition of marketing today? a.) Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. b.) Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. c.) Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. d.) none of the above
c
Advances in supply chain management now allow companies to customize products to meet the needs of individual customers on a mass scale. This individualized approach to market segmentation is called: a.) individualization. b.) one-to-one marketing. c.) mass customization. d.) customized marketing. e.) permission marketing.
c
Among the fundamental changes to marketing and business practice in today's economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today's economy? a.) retailers b.) wholesalers c.) customers d.) manufacturers e.) market research firms
c
Firestone carefully watches the automotive market to ascertain the demand for cars, SUVs, and trucks. Firestone does this because the demand for its products is dependent on the demand for automobiles. This situation describes __________. a.) synergistic demand b.) shopping demand c.) derived demand d.) product line demand e.) price elasticity
c
In a marketing plan, the executive summary should be a complete but concise overview of the entire marketing plan because: a.) the executive summary is the most important part of the plan. b.) the executive summary is the first part of the marketing plan to be written. c.) most readers of a marketing plan are busy and value condensed information. d.) the executive summary is the least read part of the marketing plan. e.) the executive summary does not provide any quantitative information.
c
In today's business environment, firms that truly focus on customers instill a corporate culture that places customers and other stakeholders at the top of the organizational hierarchy. When this occurs, the firm shifts its focus from transactions to __________, and from __________ to collaboration. a.) market share; competition b.) information; rivalry c.) relationships; competition d.) value; cooperation e.) long-range planning; contracts
c
Overall, what is the difference between differentiation and positioning? a.) Differentiation is about the product whereas positioning is about the brand. b.) Differentiation is based on real differences between products, while positioning is completely perceptual. c.) Differentiation is about creating differences among competing products, while positioning is about creating a mental image in consumers' minds. d.) Differentiation is used in tangible goods, while positioning is used in services. e.) Differentiation focuses on differences among brands, while positioning is about differences among products.
c
The Balanced Performance Scorecard cautions business leaders to look at strategy and performance through four interrelated perspectives. Which of the following IS NOT one of these perspectives? a.) financial perspective b.) customer perspective c.) vision and strategy perspective d.) learning and growth perspective e.) internal process perspective
c
The final stage of competitive analysis estimates competitors strategies and response under different environmental situations. This is what stage? a.) Identification b.) Assessment c.) Response d.) Capabilities e.) Characteristics
c
The third stage of competitive analysis involves assessing key competitors' strengths and weaknesses. This is what stage? a.) Response b.) Capabilities c.) Assessment d.) Characteristics e.) Identification
c
This stage of the product life cycle focuses on shifts from customer acquisition to retention and building a brand; profits rapidly increase and decline toward the end of this stage. a.) development stage b.) introduction stage c.) growth stage d.) maturity stage e.) decline stage
c
What is an example of a shopping product? a.) a Pepsi can b.) a signed jersey c.) a refrigerator d.) a band-aid
c
When a consumer translates their needs into wants for a specific product or brand, evaluating the attributes on its ability to satisfy that need, they are in most likely in what stage of the consumer buying process? a.) need recognition b.) information search c.) evaluation of alternatives d.) purchase decision e.) post-purchase evaluation
c
When a firm makes a product available in the maximum number of merchants or outlets in each area to gain as much exposure and as many sales opportunities as possible. a.) exclusive distribution b.) selective distribution c.) intensive distribution d.) none of the above
c
When firms use a(n) __________ strategy, they focus their promotional efforts toward stimulating demand among final customers, who then exert pressure on the supply chain to carry the product. a.) pressurization b.) IMC c.) pull d.) guerilla e.) push
c
When the goal is to complete a large number of discrete exchanges with individual customers. a.) Responsible marketing b.) Market Segmentation c.) Transactional marketing d.) Relationship marketing
c
Which of the following IS NOT one of the five conditions of exchange in marketing? There must be at least two parties to the exchange. a.) Each party has something of value to offer the other party. b.) Each party must be free to accept or reject the exchange. c.) Each party must be capable of immediate delivery. d.) Each party believes that it is desirable to exchange with the other party.
c
Which of the following is considered an internal factor? a.) customer behavior b.) technological advancements c.) organizational resources d.) new entrants
c
Which of the following is not an advantage of branding? a.) product identification b.) shopping efficiency c.) risk expansion d.) product acceptance e.) enhanced self-image
c
Which of the following statements best describes the term "slotting allowances"? a.) The amount of shelf space that a retailer grants to a specific brand or product. b.) The amount of product from a specific manufacturer that a wholesaler agrees to carry. c.) A fee, paid by manufacturers to retailers, to get a product placed on retail shelves. d.) A fee, paid by retailers to wholesalers, to get them to carry the retailer's private label brand. e.) The amount of product from a specific manufacturer that a retailer agrees to carry.
c
________ are available where customers want them. a.) form utility b.) time utility c.) place utility d.) possession utility e.) psychological utility
c
________ market very different products that solve the same problem or satisfy the same basic customer need. a.) Brand competitors b.) Product competitors c.) Generic competitors d.) Total budget competitors e.) All the above
c
___________ power stems from the ability to take positive outcomes away from other channel members, or the ability to inflict punishment on other channel members. a.) Legitimate b.) Reward c.) Coercive d.) Information e.) Referent
c
____________ is a base pricing strategy that sets prices at the top end of all competing products in a category to promote an image of exclusivity and superior quality. a.) Price skimming b.) Price penetration c.) Prestige pricing d.) Value-based pricing (EDLP) e.) Competitive matching
c
____________ supplement an existing product line with new styles, models, features, or flavors. a.) New-to-the-world products b.) New product lines c.) Product line extensions d.) Improvements or revisions of existing products e.) Repositioning
c
_______________ refers to the strategic, coordinated use of promotion to create one consistent message across multiple channels to ensure maximum persuasive impact on the firm's current and potential customers. a.) The AIDA Model b.) Pull Strategy c.) Integrated Marketing Communications (IMC) d.) Push Strategy
c
A customer is likely experiencing dissatisfaction or cognitive dissonance when: a.) the dollar value of the purchase increases b.) opportunity costs of rejected alternatives are high c.) the purchase decision is emotionally involving d.) all the above
d
A vision statement seeks to answer which of the following questions? a.) "What business are we in?" b.) "What are our responsibilities with respect to being a good steward of our human, financial, and environmental resources?" c.) "Who are our customers?" d.) "What do we want to become?" e.) All the above
d
All of the following are reasons for the general decline in customer satisfaction over the past 20 years EXCEPT: a.) Customers are much less brand loyal than in the past. b.) Today's customers are very price sensitive. c.) Today's customers are exceptionally demanding. d.) Product quality is much lower now than at any time in the past. e.) Customers are more cynical, have more information, and have more attitude than ever before.
d
All organizations need a __________, the central scheme for utilizing and integrating resources in the areas of production, finance, research and development, human resources, and marketing to carry out the organization's mission and achieve desired goals and objectives. a.) marketing strategy b.) cross-functional strategy c.) cross-functional goal d.) corporate strategy e.) corporate mission
d
By focusing on efficiency of operations and processes, lower costs, and delivering good value, Southwest Airlines attempts to build a competitive advantage based on: a.) production orientation. b.) customer intimacy. c.) process improvement. d.) operational excellence. e.) strategic efficiency.
d
Developing and leveraging competitive advantages is based on one of the following strategies: a.) operational excellence b.) customer intimacy c.) product excellence d.) all the above
d
If an organization does not understand its customers, what should it consider doing? a.) Determine a competitive advantage. b.) Choose another target market. c.) Analyze the external environment. d.) Conduct primary research. e.) Conduct secondary research.
d
In the 5W model of customer analysis, what is the primary emphasis of the "Why" question? a.) Identifying the situational influences that affect the customer buying process. b.) Assessing how purchases vary across different distribution outlets. c.) Determining how the purchase and consumption of one product is related to other products. d.) Identifying the basic need-satisfying benefits provided by the firm's products. e.) None of the above.
d
Many firms have changed the focus and content of their marketing plans. Which of the following is one of those changes? a.) renewed emphasis on the customer b.) the advent of balance strategic planning c.) tight integration with functional areas d.) all the above e.) both a & b
d
Marketing programs must be designed to: a.) change priority of choice criteria b.) change consumers' opinions about product or brand image c.) change consumer's needs d.) both a & b e.) all the above
d
Personal Selling: a.) informs customer about offerings and persuades them to buy b.) is the more precise from of communication c.) has evolved too take on elements of customer service and marketing research d.) all the above are true
d
Strategic combination of four marketing mix elements are aimed at maximizing ___________ attributes of a complete offering. a.) tangible b.) intangible c.) perceptual d.) all the above
d
The AIDA model stands for: a.) American Identification Association b.) Asset, Interest, Dividend, Accounting c.) Association of Individual Data Analysts d.) Attention, Interest, Desire, Action
d
The Ritz-Carlton Hotel is widely known for its exceptional quality and impeccable customer service. Not surprisingly, the Ritz-Carlton sets prices at the top end of all competing hotels. Which pricing strategy is the Fairmont using? a.) exclusive pricing b.) image pricing c.) psychological pricing d.) prestige pricing e.) service-based pricing
d
The fourth stage of competitive analysis focuses on the analysis of the competitors' marketing capabilities. This is what stage? a.) Assessment b.) Identification c.) Response d.) Capabilities e.) Characterisitics
d
The goal of public relations is to: a.) track public attitudes b.) identify issues that may elicit public concern c.) develop programs to create and maintain positive relationships d.) all the above
d
The phrase "Unused service capacity is lost forever" refers to which major challenge associated with the marketing of services? a.) client-based relationships b.) limited standardization c.) simultaneous production and consumption d.) perishability e.) heterogeneity
d
The shift in power from marketers to consumers is a result of: a.) access to information b.) ability to compare shops c.) overspending d.) all the above
d
This stage of the product life cycle is the longest stage in the cycle in which no more firms will enter the market. a.) development stage b.) introduction stage c.) growth stage d.) maturity stage e.) decline stage
d
What might be the problem with only taking the customer's perspective? a.) Taking a customer perspective involves a lot of costs and resources. b.) Customers often take a generic analysis of the organization. c.) The information is more constructive than descriptive. d.) Customers do not see behind the scenes to understand the firm's characteristics. e.) Adopting a customer perspective doesn't usually translate into insightful information.
d
When a consumer sees a low risk, an easy purchase, and a solution to their need that increases possession utility, they are most likely in what stage of the consumer buying process? a.) need recognition b.) information search c.) evaluation of alternatives d.) purchase decision e.) post-purchase evaluation
d
When the goal is to develop and maintain long-term, mutually satisfying arrangements where both buyer and seller focus on the value obtained from the relationship. a.) Responsible marketing b.) Market Segmentation c.) Transactional marketing d.) Relationship marketing
d
Which of the following is considered an external factor? a.) marketing objectives b.) skills in staff c.) cultural issues d.) market size
d
Which of the following is not true about making a marketing plan? a.) explains how the organization will achieve its goals and objectives b.) serves as the "road map" for implementing the marketing strategy c.) instructs employees as too their roles and functions in fulfilling the plan d.) provides a SWOT Analysis of the company e.) it provides specifics regarding the allocation of resources and includes the specific marketing tasks, responsibilities of individuals, and the timing of all marketing activities
d
Which of the following type of planning focuses on specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets? a.) strategic planning b.) customer analysis c.) environmental planning d.) tactical planning e.) marketing plan
d
With respect to developing a marketing plan, what does it mean for a marketing plan outline to be consistent? a.) The outline should be sufficient to ensure that information is not omitted. b.) The outline should have the ability to be modified to fit the situation. c.) The outline should flow in a logical manner. d.) The outline should have some connection to other functional area plans. e.) The outline should be consistent across firms in the same industry.
d
________ deals with the transfer of ownership or title from marketer to customer. a.) form utility b.) time utility c.) place utility d.) possession utility e.) psychological utility
d
________ is a base pricing strategy that sets reasonably low prices, but still offering high quality products and adequate customer services. a.) Price skimming b.) Price penetration c.) Prestige pricing d.) Value-based pricing (EDLP) e.) Competitive matching
d
___________ power comes from having and sharing knowledge among members of the supply chain. a.) Legitimate b.) Reward c.) Coercive d.) Information e.) Referent
d
____________ compete for the limited financial resources of the same customers. a.) Brand competitors b.) Product competitors c.) Generic competitors d.) Total budget competitors e.) All the above
d
_______________ offer customer improved performance or greater perceived value. a.) New-to-the-world products b.) New product lines c.) Product line extensions d.) Improvements or revisions of existing products e.) Repositioning
d
A marketing plan must be ________. a.) comprehensive b.) flexible c.) consistent d.) logical e.) all the above
e
A mission statement seeks to answer which of the following questions? a.) "What business are we in?" b.) "Who are we?" c.) "Who are our customers?" d.) "What are our core competencies or competitive advantages?" e.) All the above
e
Amount of time, effort, and expense dedicated to information search depends on: a.) degree of risk involved in the purchase b.) amount of expertise with the product category c.) actual cost of the search d.) both a & b e.) all the above
e
Analyzing the customer environment involves examining: a.) Firm's current and potential customers b.) Prevailing needs of current and potential customers c.) Basic features of the firm's and competitor's products that meets customers' needs d.) Anticipated changes in customer needs e.) All the Above
e
Analyzing the internal environment involves reviewing: a.) the current marketing objectives, strategy and performance b.) the current and anticipated organizational resources c.) the current and anticipated cultural & structural issues d.) both a & b e.) all the above
e
Because service capacity is perishable and service demand is highly time dependent, service firms employ yield management strategies in an effort to: a.) control costs. b.) control demand through effective advertising strategies. c.) establish fair guidelines for overbooking capacity. d.) shift customer demand to other firms that can handle the excess business. e.) balance price and revenue considerations with their need to fill unused capacity.
e
Branding strategy involves selecting the right ___________ that identifies a product. a.) name b.) symbol c.) term d.) design e.) all the above
e
Competitive advantages: a.) Can arise from many internal and external sources b.) Refer to real differences between competing firms c.) Can be based on perception rather than reality d.) Should possess a specific benefit for customers to be of value to firms e.) All the above
e
Effective sales management process includes: a.) Developing sales force objectives b.) Determining sales force size c.) Recruiting and training salespeople d.) Controlling and evaluating the sales force e.) All the above
e
Market-oriented firms successfully generate, disseminate, and respond to market information. They focus on: a.) Customer analysis b.) Competitor analysis c.) Integrating the firm's resources d.) Long-term profits e.) All the above
e
Most critical strategic decisions in a marketing plan involve___________. a.) design b.) development c.) branding d.) positioning e.) all the above
e
Sears at one time lost sight of its mission and jumped into markets such as real estate and financial services that did not fit its strengths or core operations. This most likely occurred because Sears lacked a mission statement with the appropriate: a.) focus. b.) strategic fit. c.) stability. d.) profitability. e.) width.
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Service pricing becomes important and difficult when: a.) Service quality is hard to detect prior to purchase b.) Costs are difficult to determine c.) Customers are unfamiliar with service process d.) Brand names are not well established e.) All the above
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The customer environment answers which of the following questions? a.) Who are our current and potential customers? b.) What do customers do with our products? c.) When do customers select our products? d.) Why (and how) do customers select our products? e.) All the above
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The main advantage of __________ is specialization, as it allows the firm to focus its resources toward understanding and serving a single segment. a.) focused marketing b.) unidimensional marketing c.) mass marketing d.) multisegment marketing e.) market concentration
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The overall concept or model that guides the firm as it weaves various marketing elements together into a coherent strategy is called its: a.) marketing strategy. b.) operational focus. c.) strategic posture. d.) marketing thrust. e.) strategic focus.
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This stage of the product life cycle is when a persistent decline in revenue begins. a.) development stage b.) introduction stage c.) growth stage d.) maturity stage e.) decline stage
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To utilize SWOT analysis successfully, the marketing manager must be cognizant of the issues involved. Which is not one of those issues? a.) the assessment of strengths and weaknesses must look beyond the firms resources and product offerings to examine processes that are key to meeting customer needs. b.) the achievement of the firms goals and objectives depends on its ability to create capabilities by matching its strengths with market opportunities. c.) firms can often convert weakness into strengths, or even capabilities, by investing strategically in key areas. d.) weaknesses that cannot be converted into strengths become firms limitations e.) all are potential issues
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Unforeseen circumstances can interfere with consumer's decision to buy a product. Marketers overcome these factors by: a.) reducing the risk of purchase b.) making purchase easy c.) finding creative solutions too unexpected problems d.) both a & b e.) all the above
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What do escalator and aspirin have in common? a.) They were once generic brands. b.) They are both private-label brands. c.) They are protected by copyright. d.) Their brands did not sufficiently explain their benefits. e.) Their brand names were not sufficiently protected.
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When consumers give feedback about the product, they are in what stage of the consumer buying process? a.) need recognition b.) information search c.) evaluation of alternatives d.) purchase decision e.) post-purchase evaluation
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Which of the following decreases price elasticity? a.) Lack of substitutes b.) Real or perceived necessities c.) Complementary products d.) Perceived product benefits e.) All the above
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Which of the following is a challenge faced during the growth stage of the product life cycle? a.) pricing b.) rise in competition c.) shakeout periods d.) both a & b e.) all the above
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Which of the following is a factor to consider during the decline stage? a.) market segment potential b.) market position of the product c.) firm's price and cost structure d.) rate of market deterioration e.) all the above
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Which of the following is not a source of competitive advantage? a.) relational & organizational advantages b.) product & pricing advantages c.) promotion & distribution advantages d.) legal & human resource advantages e.) all the above are sources
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Which of the following is not an advantage of selling private-label (store) brands? a.) increased profit b.) less competition c.) total control d.) merchant loyalty e.) all the above are advantages
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Why is it difficult to reach a true mass audience? a.) large number of media choices used today b.) the limited time devoted to any one medium c.) customers are always looking for the cheapest product/service d.) all the above e.) both a & b
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__________ deliver positive experiential or psychological attributes that customers find satisfying. a.) form utility b.) time utility c.) place utility d.) possession utility e.) psychological utility
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___________ is base pricing strategy that focuses on matching competitors' prices and price changes. a.) Price skimming b.) Price penetration c.) Prestige pricing d.) Value-based pricing (EDLP) e.) Competitive matching
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____________ power is based in personal relationships and the fact that one party likes another party. a.) Legitimate b.) Reward c.) Coercive d.) Information e.) Referent
e
Analyzing the external environment involves examining: a.) competition b.) economic growth & stability c.) political trends d.) legal & regulatory issues e.) technological advancements f.) all the above
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The market has changed because of: a.) a shift in power from marketers to consumers b.) an increase in the selection of goods/services c.) new media outlets forcing marketers to rethink the way they communicate d.) consumer reliance on e-commerce e.) changing technological advancements f.) all the above
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Which of the following is not one of the common principles to be successful in Balance Strategic Planning? a.) Translate the strategy into operational terms b.) Align the organization to strategy c.) Make strategy everyone's everyday job d.) Make strategy a continual process e.) Mobilize change through executive leadership f.) All of these are principals
f