Business Marketing Management
Instead of having employees bag groceries, Winco requires customers to bag their own. This is an example of which profitability driver?
Margin
For a marketing manager, the term "Margin" most likely refers to which of the following?
Margin is the difference between price and cost.
New Market and Existing Product
Market Development
Southwest Airlines was created based on understanding the pain experienced by business travelers waiting in lines. Trying to meet the customer's needs Southwest created a low cost, customer friendly airline service. Southwest most likely employed which type of Marketing Philosophy?
Market Orientation
Tostitos' consumers complained that the flat tortilla chips weren't holding salsa well. So the brand manager of Tostitos created several prototypes of chips to see which kind consumers liked the most. Based on what consumers preferred, Tostitos launched its Scoops brand. This is an example of which type of marketing philosophy?
Market Orientation
Existing Market and Existing Product
Market Penetration
Henry Ford thought like a marketer because he saw that people needed a quicker, more convenient, and comfortable way to get from Point A to Point B. What did Henry Ford "have an eye for" in order to think like a marketer?
Pain and Products
What is generally the most difficult element to get right in the marketing mix?
Price
Existing Market and New Product
Product Development
McDonald's has just introduced a new side to the menu. Sweet potatoes fries will now be available in McDonald's U.S. restaurants. If the workers advertise sweet potatoes by asking the customer ordering if they want to try the new side, this is an example of what?
Product Development
Marketing within the firm creates value for what end purpose?
Profitability
Advertising, Public Relations, Sales Promotions, Trade Promotions, and Personal Selling are examples of what marketing mix?
Promotion
For every pair of Toms Shoes purchased, the firm donates a pair of shoes to a child in need in another country. Which marketing philosophy does Toms use?
Societal Orientation
Segway had problems selling its futuristic scooter because:
They had the wrong target market
Marketing strategy addresses a specific target market with a cohesive marketing mix of:
roduct, price, promotion, place
Apple has created a new product, the iRobot, a robot that can perform tasks such as house cleaning, cooking, and babysitting. Since the product resonates with a different market than the rest of Apple's products, what quadrant of the Product-Market Expansion matrix would the iRobot fall into?
Diversification
New Market and New Product
Diversification
In 1996, McDonald's launched the Arch Deluxe with a $100 million ad campaign. It was similar to McDonald's Quarter Pounder but with a different bun, peppered bacon, and a mustard-mayonnaise sauce. The burger was meant to be the leadoff product in a line of new adult-themed menu items. However, it was discontinued after failing to become popular. McDonald's dropped the Arch Deluxe because the burger was which of the following?
Dog
The add-on sales of fries and a drink at McDonald's is an example of which profitability driver?
Add-on Sales
Which of the following is a way to "Chase Customers, not Competitors"?
Address unaddressed customer pain
Apple Inc. is the market share leader in the portable music players. However, iPod sales growth has considerably slowed down in recent years due to consumers using smartphones as music players. According to the Boston Consulting Group Model, under which category would the iPod be?
Cash Cow
Microsoft reinvented themselves in 2013. The first questions they addressed in a board meeting was, "How should we define Microsoft in 2013 and what businesses should we delete or add to our portfolio"? Microsoft was asking questions pertaining to what level of strategy?
Corporate Strategy
If marketers are trying to figure out how to achieve success for a new lip balm product, what should they do?
Create a product that meets the unaddressed customer pain
Taco Bell knows that the lifetime value of a typical 18-year-old customer is $100 and that it takes $50 of advertising per 18-year-old to get the customer to make an initial purchase. This is an example of which profitability driver?
Customer Acquisition
Dress Barn offers blushPerks where a customer can earn one blushPerks credit for every $25 they spend. Collecting 10 credits gives a customer $15 off a future Dress Barn purchase. This system is an example of which profitability driver?
Customer Retention
Allie is starting a new elbow-jewelry business and is thinking about her target market, her USP and her cost to attract new customers. She is in the ____________ phase of the Marketing Strategy Process.
Customer acquisition
Marketing managers create value by meeting customers:
Functional needs and emotional needs
The "Bigfoot Pizza" by Pizza Hut failed because it:
Had a lower product quality; Was a "me too" product
Often, the most powerful marketing strategies begin by seeing the product through the eyes of:
brand champions
Which questions are important to consider when focusing on customer acquisition?
1. How will customers be made aware of the product? 2. What is the USP?
What is Marketing?
1.Marketing is the exchange that takes place between sellers and buyers. 2.Marketing creates, communicates, and delivers value to facilitate exchanges. 3.Marketing Concept: By delivering value, marketing satisfies customer needs and wants, at a profit.
Venture capitalists make their livings by deciding on which promising new products to invest in. They look at the revenue model to determine if they should invest or not. Marketers as well should look at this first. Which of the following is not part of a good revenue model?
A product idea that is completely new to the market It is: 1.A product that will be coming in a market generating hundreds of millions of dollars in revenue 2.A product that demands a price far exceeding its cost 3.A management team that has a history of turning a profit
A Marketing plan can be defined as:
A target market & marketing mix with a budget and time schedule
Marketing strategy can be defined as:
A target market combined with a marketing mix
