Marketing Homework

a method of obtaining a sustainable competitive advantage
A firm’s marketing strategy identifies a firm’s target market(s), its four Ps, and _______.
A) its relative market share
B.) its promotion strategy
C.) a method of pricing and producing its products
D.) a method of obtaining a sustainable competitive advantage
Market position excellence
All of the following are macro strategies to develop customer value and build sustainable competitive advantages EXCEPT ________.
A. customer excellence
B. operational excellence
C. market position excellence
D. locational excellence
Strong supply chain management
Which of the following would be a factor in providing operational excellence?
A. Strong supply chain management
B.Excellent customer service
C. A strong brand name
D. Products with a high perceived value
Locational
Many firms are developing websites and entering into e-commerce. This is to improve their _______ excellence.
A. locational
B.product
C. operational
D. customer
Planning, implementation, and control
The three major phases of a marketing plan are _______.
A. introduction, application, and execution
B. development, planning, and application
C. planning, implementation, and control
D. planning, execution, and revision
Mission statement
“Starbucks aims to inspire and nurture the human spirit—one person, one cup, and one neighborhood at a time.” This reflects Starbuck’s _______.
A. marketing mix
B.mission statement
C. SWOT analysis
D. marketing strategy
Planning
Performing a situation analysis (SWOT) occurs at which phase of a marketing plan?
A. Planning
B. Financial
C. Implementation
D. Control
Identify the business mission
Which of the following would NOT occur during the implementation phase of a marketing plan?
A. Positioning
B. Segmentation
C. Identify the business mission
D. Implement the marketing mix
marketing metrics
To evaluate the effectiveness or performance of a marketing strategy, firms typically use ________.
A. marketing metrics
B. SWOT analyses
C. customer surveys
D. brainstorming
market segmentation
Marriott Hotels recognizes that there are different groups of travelers with different needs, wants and characteristics in their choice of lodging. The process of dividing Marriott’s market into these groups is ______.
A. market segmentation
B. market positioning
C. value grouping
D. market mixing
Market segmentation
Most firms cannot cater to the needs of everyone. This is why it is important that marketers engage in ________ to find groups of consumers with different needs and wants they might serve.
A. market mixing
B. market segmentation
C. positioning
D. grouping
target marketing
Marriott developed Courtyard Inns specifically for the needs of business travelers. By pursuing this segment with a market offering, Marriott was engaged in _______.
A. market servicing
B. market positioning
C. target marketing
D. target mixing
position
Many consumers understand and perceive that Lexus automobiles are of high quality and offer superior service. This is Lexus’ market ______.
A. mix
B. target
C. segment
D. position
palce
In the expanding e-reader market, consumers can access books online using products like Amazon’s Kindle and Apple’s iPad. This easy access to books represents _______ value.
A. place
B. product
C. promotion
D. price
customer perceived value
In setting a product’s price, marketers must be careful not to set it too high, or too low. Ultimately, price is directly related to the ________; a customer has to feel he is getting a good deal if a company wants to win him over.
A. firm’s relative market share
B. customer’s perceived value
C. customer’s position in the market
D. firm’s market segment
relative
A firm wanting to measure sales growth compares monthly sales for a given month over the past several years. This type of comparison is referred to as a _______ metric.
A. progress
B. relative
C. sales
D. competitive
strategic business units
Goodyear is organized by regions: North America, Europe, Middle East and Africa, Latin America and Asia Pacific. These divisions of Goodyear are called _______.
A. strategic segments
B. portfolios
C. strategic business units
D. departments
relative market share
The BCG matrix uses two axes to classify product lines and SBUs. One axis is market growth rate and the other axis is _______.
A. price per share
B. relative market share
C. profit per share
D. relative cost per share
Stars
In the BCG matrix, which types of products typically require heavy resource investment to fuel their rapid growth?
A. Question marks
B. Cash cows
C. Stars
D. Dogs
Cash Cows
Which type of product in the BCG matrix typically has excess resources which can be used to support other products that need additional resources?
A. Dogs
B. Stars
C. Question marks
D. Cash cows
Current
Market penetration and product development strategies are both focused on a firm’s _______ markets.
A. new
B. emerging
C. untapped
D. current
market penetration
A retail chain is increasing its advertising and offering discounts to increase sales among its current customers. This represents a ______ strategy.
A. market penetration
B. market development
C. product development
D. diversification
market development
McDonald’s has found that when it enters new foreign markets, the company can still sell some of the same menu items it offers in the United States. So, to some extent, McDonald’s is able to use a ______ strategy.
A. market penetration
B. product development
C. market development
D. diversification
product development
MTV is constantly adding new shows and programming to increase the amount of time its current viewers spend watching the channel. In doing this, MTV is using a _______ strategy.
A. market penetration
B> diversification
C. market development
D. product development
diversification
In 1999 Coca-Cola developed Dasani bottled water to reach a new market for the company—bottled water drinkers. In doing this Coca-Cola pursued a _______ strategy.
A. diversification
B. product development
C. market penetration
D. market development
competitve advantage
Staples offers quality customer service and its own brand of products to establish a ___________.
A. competitive advantage
B. large inventory
C. fun environment
D. marketing plan
E. target market
by human observation
Ethnographic research takes place ________.
B. in focus groups
C. online only
D. by measuring sales of items
E. through surveys
F. by human observation
innovation products
The Staples Mailmate is an example of how Staples offers value by providing consumers with _________.
A. discount products
B. innovative products
C. the lowest possible prices
D. large assortments
E. products that copy the national brands
more items at once
A bundle pricing strategy means that the cost is lower when you buy _________.
A. more styles of a product
B. more items at once
C. more often
D. on a regular schedule
E. an assortment of products
The lowest prices of any competitor
Which is not one of Staples’s promotional efforts?
A. Quality service
B. TV commercials
C. The lowest prices of any competitor
D. Circulars
E. In-store displays
an easy experience
When Staples plans its store layout and designs its website, it wants to offer its customers __________.
A. big cost savings
B. luxury products
C. ink and paper
D. an easy experience
E. a huge product selection
promotion
Marketers communicate the value proposition to their customers through a variety of media, such as television and the Internet. Which of the four Ps does this represent?
A. Product
B. Price
C.Promotion
D. People
E. Place
strategic business units
The Goodyear Tire Company is organized by regions: North America, Europe, Middle East and Africa, Latin America, and Asia Pacific. These divisions of Goodyear are called
A. segments.
B. strategic business units.
C. metrics.
D. portfolios.
E. marketing mixes.
cahs cows
According to the BCG matrix, which type of product typically has excess resources that can be used to support other products that need additional resources?
A. Cash cows
B. Stars
C. Question marks
D. Dogs
E. Leaders
market penetration
In an attempt to increase sales during a lagging economy, Macy’s has increased its advertising and sales promotions for its current products to stimulate sales in its current markets. Which growth strategy is Macy’s employing?
A. product development
B. market development
C. market penetration
D> diversification
E. demarketing
GM (gross margin)
Which of the following is a marketing metric that might be used to evaluate the performance of a company’s implementation of its marketing plan?
A. Four Ps (price, product, promotion, place)
B. SWOT analysis (strengths, weaknesses, threats, C. opportunities)
C. STP (segmentation, targeting, positioning)
D. GM (gross margin)
E. SBU (strategic business unit)
planning, implementation, control
Which of the following represents the three major phases of a marketing plan?
A. assessment, action, adjustment
B. planning, implementation, control
C. strategy, execution, regulation
D. design, apply, manage
E.forecasting, application, management
relative market share and market growth
What two metrics are used in the BCG portfolio analysis to evaluate the various products of a firm?
A. relative market share and market growth rate
B. production costs and profit potential
C. market share and profit potential
D. market growth rate and strength of product
E. relative market share and profit potential
market metrics
To evaluate the effectiveness or performance of a marketing strategy, firms typically use
A. a mission statement.
B. customer surveys.
C. marketing metrics.
D. brainstorming.
E. a SWOT analysis.
conducting a situation analysis
The SWOT analysis is typically conducted during which of the following steps in the marketing planning process?
A. defining the mission
B. conducting a situation analysis
C. identifying and evaluating opportunities
D. implementing the marketing mix
E. evaluating performance
product develpment
Starbucks recently introduced Via, its brand of instant coffee, to exploit the growth opportunities for new products in current markets. As he prepared for the instant-coffee product’s North American rollout, Chief Executive Howard Schultz called Starbucks Corporation’s Via Ready Brew “perhaps the biggest opportunity” in company history. This is an example of which growth strategy?
A. product development
B. market development
C. market penetration
D. diversification
E. demarketing
portfolio analysis
When managers at General Motors evaluated all the firms’ various divisions and then chose to close both the Saturn and Pontiac divisions, it was involved in
A. product development.
B. demarketing.
C. diversification.
D. portfolio analysis.
E. franchise reevaluation.
identification of target markets
Which of the following is one of the major considerations involved when a company develops its marketing strategy?
A. analysis of human resource policies
B. determination of sustainable business practices
C. review of all corporate standards
D. identification of target markets
E. summary of executive compensation
diversification
Which growth strategy is being used when a firm introduces a new product or service to a market segment that is currently not served by the firm?
A.. product development
B. market development
C. market penetration
D. diversification
E. demarketing