COMM 296 Midterm 1

True or False: A company should focus on one of the four macro strategies for achieving sustainable competitive advantage at a time.

F

Adidas Group owns Reebok, Rockport, and Greg Norman brands. Adidas uses the different brands to pursue a(n) __________ strategy. differentiated targeting micromarketing concentrated targeting undifferentiated targeting

a

One of the goals of value-based marketing is to offer greater value than the competitors offer. to sell products for the highest possible price. to determine the value of the brand. to provide the greatest value to the most segments possible.

a

What is another acronym or initialism that means the same thing as CDSTEP? PEST CRM AIDA SWOT

a

Which of the following is NOT part of a marketing strategy? Marketing plan Desired sustainable competitive advantage Marketing mix Identified target market

a

Willow is loyal to Kiehl's skin care products and will always choose that brand, even if other brands are less expensive or more highly recommended by her friends. What kind of decision rule does Willow use for skin care products? noncompensatory multi-attribute model uni-attribute model compensatory

a

Airlines were among the first retailers to embrace loyalty segmentation when they created in-flight movies. frequent flyer programs. 30-day advance pricing. business-class seating.

b

Broadly defined, _________ is (are) the shared meanings, beliefs, morals, values, and customs of a group of people. Ethnicity Culture Demographics Psychographics

b

Paul is considering psychographics as a way to segment the market for his small travel agency. This approach to segmentation offers him an advantage because psychographic segmentation is the least expensive method. it is based on underlying reasons why people make choices. psychographics is the preferred method for service businesses. it is easier to use than demographics.

b

Stats Canada regularly publishes reports on its website on trends in Canadian citizens' occupational status (i.e. what types of jobs they hold). In which category does this information belong? Cultural Demographic Social Technological

b

The perceptions of __________ are being measured in a perceptual map. the R&D team consumers strategic planners competitors

b

What is the name for the type of influences on consumer behaviour that occur at the time and point of purchase? point of purchase factors situational factors last-chance factors environmental factors

b

Which of the following situations would most likely be high involvement for most consumers? Booking an appointment with a highly recommended massage therapist Choosing a university for one's undergraduate degree Choosing an outfit for working out at one's regular gym Completing a detailed intake form for a new family doctor

b

Social media monitoring, in-depth interviews, and focus groups are all __________ research methods. quantitative structured qualitative syndicated

c

The number of customers who discontinue their use of a service divided by the average number of total participants is called customer loss rate. loyalty attrition rate. churn. cancellation cost.

c

There are a number of factors that affect a person's external search for information about a purchase decision. Which factor is best represented in this example? "Fraser did not spend very much time researching various university degree programs, because he knew his parents would insist that he attends UBC and studies sciences." Luxury vs. necessity Perceived benefits vs. costs Locus of control Financial risk

c

What common mistake do organizations make in positioning? They shy away from strong competitors whose positions they could never tackle. They focus on one segment at a time, rather than handling more for a more efficient approach. They think they can totally control their position in the market. They forget to do a SWOT analysis before they start positioning.

c

Which aspects of the SWOT focus on internal factors? Strengths and Opportunities Weaknesses and Threats Strengths and Weaknesses Opportunities and Threats

c

Which of the following is NOT a characteristic of a sustainable competitive advantage? That it is meaningful to a target market That it is a clear advantage over the competition That it never changes over time That it is difficult to copy

c

Which quadrant in the BCG Matrix requires the largest input of resources to maintain a product in that position? Dog Cash cow Star Question mark

c

Aditya's laptop is starting to slow down and experience more problems, and he is considering buying a new one. But it has been four years since he last shopped for a laptop, so he is spending lots of time researching the latest technology, seeking input from his friends, and reading consumer reviews. For Aditya, what type of consumer product is a laptop? convenience specialty unsought shopping

d

If values provide goals, and self-concept is the way we see ourselves, lifestyles are visual images of how we should live our lives. motivations turned into perceptual maps. determined by demographics. the way we live our lives to achieve our goals.

d

In addition to company, there are three other immediate environmental factors that shape the context in which organizations compete. Which of the following is NOT one of those immediate factors? Consumers Competition Corporate partners Culture

d

In what section of the marketing plan should proposed financing options for a luxury product be outlined? Situation Analysis - Economic environment Marketing Strategy - Product Appendix - Break-even analysis Marketing Strategy - Price

d

In which of the 4Ps of marketing would choosing to sell online belong? Price Product Promotion Place

d

One of the disadvantages of secondary research is ______, whereas one of the disadvantages of primary research is often ________. time required for collection; sources not original cost; outdated information sophisticated training required to obtain it; information not relevant to data needs potential bias; cost

d

The marketing research process follows five steps, and researchers should start to collect data even before defining the research objectives. will jeopardize the reliability of their findings if they vary the order of these five steps. should maintain the integrity of the process by following each step sequentially and thoroughly. may not always go through them in the exact sequence if the situation changes or new information is discovered.

d

There are a number of factors that affect a person's external search for information about a purchase decision. Which factor is best represented in this example? "Biyu bought a pricey new sofa but did not shop around at many furniture stores before she chose her couch because she does not have a car and thinks most sofas are similar anyway." Locus of control Luxury vs. necessity Financial risks Perceived benefits vs. costs

d

Through analysis of sales data, Price-Cutters retail store found that customers who bought peanut butter also tended to buy bananas. Price-Cutters was engaged in focus group analysis. behavioral analysis. structured sampling. data mining.

d

What does Veeral Rathod believe is Spence Diamonds' competitive advantage? An aggressive go-to-market strategy A focus on traditionally mined diamonds Access to digital channels for custom-designed products Extensive product offering and customer-centric strategy

d

What is the relationship between a need and a motive? Needs are good and motives are bad A need and a motive are the same thing Needs are stronger than motives A motive is the desire to address a need

d

Which of the following is NOT one of the components of an attitude? Cognitive Behavioural Affective Emotive

d

True or False: According to Maslow's Hierarchy of Needs, a product can only satisfy one type of need at a time for any consumer.

f

True or False: In marketing, perceptions and attitudes are essentially synonymous.

f

In marketing strategy, the value proposition should come before the positioning. True False

t

True or False: A marketing plan should include both short- and long-term projections. True False

t

True or False: By definition, a consumer's evoked set is part of her/his retrieval set. True False

t