CLEP Principles Of Marketing 5th Edition James E. Finch, James R. Ogden, Denise T. Ogden MBA - Solutions

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Reflect and compare your 1-page marketing plan Use the visual 1-page marketing plan and ask two colleagues separately about your firm’s marketing plan. Who do they perceive as your competitors? On which KSFs do you compete? What is your brand promise?What are your value propositions? In which
Granularity of the 1-page marketing plan A bank has identified three very different segments: homeowners who need mortgages, students who need student loans, and retired citizens. Does it make sense to write one marketing plan for the whole bank or three marketing plans, one for each segment?
Identify the four roles of the marketer Look at the four roles of a marketer: the strategist, architect, change agent, and manager. For each role, think about the activities that are undertaken in your organization. Are these activities carried out by the same person or several different people?The
Demand curve We talked about a case where the rental fee of $1,500 monthly seems to be a certain market threshold.a. Draw a demand curve that shows the sudden change of demand(higher below $1,500 and lower at $1,500).b. Is the price elasticity between $1,490 and $1,510 highly negative, moderately
Obstacles for Value-Based Pricing Once you have created your pricing strategy, consider the obstacles you might face when implementing it? Who needs to be involved? How might you influence and persuade them to apply it?
Implementing Value-Based Pricing Think about what pricing approach your firm uses. Is it cost-based? Do you apply value-based pricing? Using the House of Pricing and the four capabilities, work through how you might create a value-based pricing strategy for your products and services. Can you build
Apply the brand circle Pick a brand and then look closely at it – ideally, one with which you are familiar. Then answer, what is its brand promise? Then define what its brand strategy is and how the brand is encoded. Think about brand cultivation and how the brand creates a brand advantage.Even
Brand equity calculation A hotel owner has offered to buy into an established brand. The consultant she hires estimates that she can increase her occupancy from 60% on average over the year for all 200 rooms to 65% with the brand, while increasing the rate from $180 to $200. Her variable costs are
Develop a compelling value proposition for your firm We would like you to look at how you are able to craft a better value proposition using the framework we just saw in this unit. Think about the value in which the customers are ultimately interested and what benefits will help the customer
Define and position your innovation efforts In your company, identify two innovations and position them in the framework. Did you improve the user’s role? Did you improve the payer’s role? And did you improve the buyer’s role or another role? The answer to all of these questions fits into one
Solution Readiness Based on published business school rankings, there is evidence that leading Executive Education programs’ alumni earn 50% more salary three years after graduation compared to their pre-EMBA salary. One business school considered dropping the tuition fee altogether, and instead
Industrial logic versus co-creation logic The two different logical perspectives determine how we interpret value creation, customers’ role, and firms’ role. The following statements are implying a certain perspective, either an industrial logic or a co-creation logic. Assess the perspective
VALS type Look at the US VALS typology and make an educated guess on which segment you belong to http://www.strategicbusinessinsights.com/vals/ustypes.shtml Then take the survey and see whether the categorization makes sense.http://www.strategicbusinessinsights.com/vals/presurvey.shtml
Conjoint experiment A Korean study shows utilities for performing arts options based on surveying 309 respondents.86 The choices presented are related to genre, price, location and type of theatre. The following figure shows that, on average, the respondents had a high preference for a price below
Define the attributes, benefits, and values for your offering Interview at least one customer, but ideally five to eight. Using the tips about what to ask and what not to ask, try to find out what the customer’s—JTBD, rather than just assessing the attributes and features you provide.If you
Customer journey Take a representative customer experience from one of your typical customers and go through the full customer experience circle, as shown in Figure 87. Try to visualize the full customer experience as a graphic and then think about which part(s) of this journey could be improved,
Identify your competitors based on a broad market definition Extend your market definition to a needs-based or a constraints-based market definition. After you have defined it, identify new competitors in this space that you would traditionally not consider as competitors. Think about what this
Define your metrics based on a narrow market definition Use a narrow market definition – product or industry focus – and define market potential, market size, market share, and market penetration. Based on that definition or estimation, define different marketing strategies to increase each of
Draw a positioning map for your products/brands First, define a set of competitors. Second, build a positioning map with two dimensions that are not directly correlated. Third, position these competitors on the map that you just created. What insights can you identify from creating this positioning
Distribution Coverage Figure 54 calculated the NDC and the WDC for three brands. What type of distribution coverage strategy, exclusive, intensive, or selective, does each pursue?
Value constellation Codecheck is a startup firm that runs the Codecheck app on smartphones.Users can scan the code of most products in the food and cosmetic department in a supermarket. The app is linked to an extensive database that retrieves information about this product. It shows nutrition
Market Penetration and Market Share Strategies In the Smacks example above, we discussed four different growth strategies.• Growing the market of cereal buying from 75.4% to 80%• Getting people who buy cereal but don’t buy Smacks to buy Smacks.• Getting cereal buyers to eat more cereal.•
Calculate the CLV for two of your customers Take two of your customers or customer segments and then calculate the CLV as we have shown you. Looking at your results, think about the lessons you have learned from this exercise? What does a CLV perspective mean for the marketing approach in your
CLV for a Health App with a Freemium model“Fitness4you” is a leading health app for mobile phones, helping users customize their workouts in four categories: strength, cardio, yoga, and stretching. Some 250,000 users currently use the app.It offers two versions in the App store. The free
CLV at Adobe Creative Cloud This is a case study about Adobe Creative Suite and Adobe Creative Cloud.The full version of Adobe Creative Suite, with all the software, such as Photoshop, Illustrator, InDesign, Premier, and 12 additional packages, was sold for about $2,500 at a gross margin of 80%
MCI for a restaurant business Stefan was raised working in his parent’s restaurant and discussed improving its marketing with his father. How can Stefan convince his father to increase his marketing investments?Let’s start with our revenue breakdown: We have two different businesses, two
Vertical marketing channel-systems, in which the whole channel focuses on the same target market at the end of the channel, could best be described as which of the following?(A) A corporate channel system(B) An administered channel system(C) A contractual channel system(D) It could be described by
The difference between the quantity of products that is economically feasible to create for a manufacturer or producer, and the quantity of products desired by the final users of that product is called(A) discrepancy of quantity(B) discrepancy of assortment(C) regroupmg(D) accumulating(E)
The first step in segmenting international markets is to(A) develop a marketing mix Test3(B) segment by country or region looking at cultural, demographic, and other characteristics(C) list the suppliers who serve the market(D) consider the list of the suppliers who serve the market(E) consider the
A segmentation of the toothpaste market would most likely reveal that(A) most consumers are concerned about brightness of teeth(B) factors such as taste and price are unimportant(C) different market segments seek different product benefits(D) the entire market can be served with one marketing
Tuttie Babe Bikes, a manufacturer of mountain, ten speed, and other bikes, wants to divide its entire market into different groups. One group is for those who exercise, another for those who need transportation, and so on. They want to develop a different marketing mix for each of these groups.
What type of research seeks to find in-depth, open-ended responses?(A) Quantitative(B) Marketing(C) Chi square(D) Experimental(E) Qualitative
A poorly written and worded question that has different meanings to different respondents, when used in a marketing research setting, is said to have poor(A) validity(B) accuracy(C) reliability(D) confidence interval(E) sample
Behavioral segmentation dimensions include(A) geographic location(B) age(C) mcome(D) purchase frequency(E) social class
Suzanne Marie is a salesperson who utilizes a prepared and memorized presentation of the product she sells every time she goes out on sales calls. This approach to selling is better known as(A) cold calling(B) a sales presentation(C) a canned sales approach(D) consultative selling(E) the selling
There are four types of regrouping activities associated with physical distribution management. Of these four, which one involves separating products into grades and/or quality that may be desired by the different target markets?(A) Assorting(B) Bulk breaking(C) Accumulating(D) Sorting(E) All of
A selective distribution policy might be used to avoid selling to wholesalers and/or retailers for a number of reasons. Which of the following reason(s) could be given for following a selective strategy?(A) Retailers/wholesalers have a poor credit rating.(B) The intermediaries have a reputation for
In the U.S., transportation rates for goods usually reflect the idea that(A) there are economies of scale in transportation(B) small quantities can be shipped at a lower cost per pound than large quantities(C) different modes of transportation do not compete with one another (D) customers won't pay
A write-up in the local paper's "Dining Out" column includes information about your restaurant. This best represents what type of promotion?(A) Sales promotion(B) Publicity(C) Personal selling(D) Advertising(E) Merchandising
Which of the following sales promotion techniques are generally NOT aimed at middlemen, or intermediaries?(A) Trade shows(B) Push money(C) Aisle displays(D) Catalogs(E) All of the above are traditionally aimed at middlemen or intermediaries.
Good market segments are those that are(A) operational (D) All of the above(B) substantial (E) international in nature(C) homogeneous within
Jan Winfield will only buy Levi's jeans. If one store does not have her size, she will go to another store to purchase them. This is an example of which of the following?(A) Brand preference (D) Brand insistence(B) Brand recognition (E) Brand rejection(C) Brand nonrecognition
In a new-task buying situation, a good salesperson should contact the client's(A) influencers(B) buyers (purchase managers)(C) deciders(D) gatekeepers(E) All of the above
Brian and Frank sell many different varieties of products. All of the products that Brian and Frank offer to their consumers are called(A) product assortment(B) product line(C) individually branded products(D) product variety(E) product life cycle
Ninfa is walking down an aisle in a supermarket. Noticing a display of cookies, she suddenly has a craving for them. The cookies are an example of what type of good?(A) A staple(B) A shopping good(C) An impulse good(D) A specialty product(E) An unsought good
Yahoo!, Excite, and Google are examples of(A) Web browsers(B) Webcasters(C) search engines(D) chatrooms(E) kiosks
Which of the following is the best example of the types of firms that seem to be the most heavily invested in database marketing?(A) Movie theaters(B) Theme parks(C) Hotels, banks, and airlines(D) Automobile companies(E) Aircraft manufacturers
A "buying center"(A) is always identified on a firm's organization chart(B) is always controlled by the purchasing manager(C) is usually located in big cities(D) refers to all purchasing managers in an industry(E) varies from purchase to purchase
Which stage of the product life cycle would have the lowest industry profits, where a firm entering may experience profit losses?(A) Market introduction(B) Market growth(C) Market maturity(D) Sales decline(E) Sales and profits decline, then rise
Which of the following best describes the conditions found in the market maturity stage of the product life cycle?(A) Consumers view the products in the market as homogenous.(B) Industry profits begin to rise.(C) Promotional advertising is unnecessary.(D) Industry sales are at their lowest
Marianne Johnson Cookies has a total cost for producing macaroon cookies of $102,000. The quantity produced is 90,000 units with a total fixed cost of $30,000. Estimate the average cost.(A) $3.40(B) $3.00(C) $1.13(D) $1.18(E) Cannot be estimated from the information given.
Bit Johnson sells four units of his famous BJ733 barbecue grill system, resulting in a total revenue of $420. His total revenue for five units is $460. The price on the four units is $105 per unit and the price for the five units (per unit) is $92. What is the marginal revenue for the fifth
A shaver is priced very low. The blades that are sold for the shaver have a higher price and a larger profit margin. The idea is to increase the profits for the blades. What is this type of pricing called?(A) Prestige pricing(B) Product-bundle pricing(C) Complementary product pricing(D) Full-line
Which of the following forms of direct marketing has had the most explosive growth in recent years?(A) Catalog marketing(B) Direct mail marketing(C) Telemarketing(D) Online marketing(E) B2B marketing
Which of the following is NOT part of a target return strategy when it deals with pricing?(A) It is a variation of the average-cost method, since the desired target return is added into the total cost.(B) This approach has the same weaknesses as other average-cost pricing methods.(C) If the
Which of the following best describes "value in use" pricing?(A) The price the customers expect to pay for many of the products they purchase(B) Setting some very low prices in order to get customers into retail stores(C) Setting very low prices to attract customers, with the intent to sell more
When developing a final price for a product, the marketing manager needs to know several things about product cost. Which of the following costs, in relation to accounting costs, is most related to product output?(A) Breakeven point(B) Average cost(C) Total cost(D) Total variable cost(E) Total
A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer is called(A) undifferentiated marketing(B) differentiated marketing(C) concentrated marketing(D) turbomarketing(E) cause marketing
When assessing a market situation utilizing the GE Strategic Planning Grid, which of the following is NOT considered when looking at business strengths?(A) How long a company has been in business(B) If the firm has people with the right talents for implementation(C) Whether the plan is consistent
Which of the following would make up the cultural and social environment that have an effect on consumer's buying behaviors?(A) Languages people speak(B) Religious beliefs(C) Consumer's views on marriage and family(D) All of the above.(E) Both (B) and (C)
Deciding to target several market segments and design separate offers for each is called(A) undifferentiated marketing(B) differentiated marketing(C) concentrated marketing(D) mass marketing(E) cause marketing
Which of the following acts deals with deceptive advertising, selling practices, and deceptive pricing?(A) The Sherman Act(B) The Clayton Act(C) The Federal Trade Commission Act(D) The Magnuson-Moss Act(E) The Antimerger Act
Which of the following could be common mistakes a marketing manager might make when introducing a new product?(A) Incorrectly estimating how long it will take for potential competitors to enter the market(B) Failing to consider that there will be competition(C) Discounting how aggressive the
True work in "green marketing" requires companies to practice the three R's of waste management which are(A) recycle, recycle, recycle(B) response, reinforcement, and reward(C) reducing, reusing, and recycling(D) recycling, response, and reward(E) reduce, recycle, and renew
A marketing manager must compete for customers with competitors who are offering very similar types of products, and where there are just a few sellers in the industry. This environmental situation would best be described as(A) an oligopoly(B) head-on competition(C) a democracy(D) industry
An objective of our MACRO-marketing system should be to(A) eliminate monopolistic competition(B) eliminate materialism(C) satisfy only the very basic requirements of life(D) eliminate advertising and that will lower prices(E) continually seek more satisfying solutions to consumer needs
Which of the following are important when considering what objectives a firm sets for themselves?(A) To engage in specific activities that will perform a socially and economically useful function(B) To develop an organization to carry on the business and implement its strategies(C) To earn the
"Economies of scale" means that(A) the more producers there are in a country, the greater the need for retailers (B) larger countries enjoy more economic growth than smaller countries (C) as a company produces larger numbers of a particular product, the cost of each product goes up (D) as a company
Packaging involves(A) promotion (D) containment (B) product identification (E) All of the above (C) protection
Which of the following is used by a company to help separate brand names for each of the company's products, when the products are of varying quality or type?(A) Licensed brands (D) Individual brands (B) Dealer brands (E) Licensed-dealer brands (C) Manufacturer brands
The use of a name, term, symbol, design, or a combination thereof that may or may not be registered is called(A) a trademark (B) a brand (C) a brand name (D) a service mark (E) brand recognition
Monopolistic competition exists when(A) each competitor in the market sells an identical (homogeneous)product(B) there is only one firm in the industry(C) no substitute products are available for consumers in this market(D) each firm in the market has differentiated its product from its
Oligopoly market structures develop when a market has(A) numerous sellers(B) no buyers(C) few sellers(D) a monopoly(E) a very elastic industry demand
What is the term used that means the seller pays the cost of loading the products onto some transportation vehicle, then at the point of loading, title passes to the buyer who usually also assumes responsibility for damage en route and pays the freight costs?(A) Freight absorption pricing(B) Zone
Which type of allowance is used for new items, slower-moving items, or higher-margin items?(A) Trade-in allowance(B) Prize-money allowance(C) Advertising allowance(D) Stocking allowance(E) Weekly allowance
Communicating information between the seller and the potential buyer, or others in the channel, to influence attitudes and behavior is known as(A) marketing(B) promotion(C) pncmg(D) channels of distribution(E) All of the above
When a consumer experiences cognitive dissonance, this means(A) without confirmation, the adopter may buy something else next time he makes a purchase(B) the consumer's doubts may lead to tension(C) the customer is experiencing uncertainty about the correctness of his purchase decision(D) the
A music lover wanting a higher-quality sound from a CD player is most apt to use which of the following levels of problem solving?(A) Limited problem solving(B) Routinized response behavior(C) Extensive problem solving(D) Psychological variable problem solving(E) Social influences
Which of the following is NOT included in the five-step problemsolving process utilized by consumers when purchasing products and services?(A) Awareness of a problem(B) Information gathering and recall(C) Alternative solution evaluation(D) Solution selection(E) Purchase decision sharing among
Which social class group is matched COITectly with their approximate size for those social classes in the United States?(A) Upper-class-32%(B) Upper-middle class-38%(C) Lower-middle class-1.5%(D) Upper-lower (or "working") class-12.5%(E) Lower-lower class-16%
The total cost approach of physical distribution includes which of the following?(A) Evaluating each physical distribution system(B) Cost accounting(C) Inventory carrying costs(D) (A), (B) and (C)(E) None of the above
Transporting is the marketing function of moving goods. Transportation provides which of the following utilities?(A) Time utility(B) Possession utility(C) Place utility(D) (A) and (C)(E) All of the above utilities are provided by transportation.
Whenever the product involves a physical good, the place variable of the marketing mix requires physical distribution. Another name for physical distribution is(A) place utility(B) diversion in transit(C) logistics(D) transportation(E) conveyance
Sales promotion expenditures are growing and are aimed toward which of the following group(s)?(A) Final consumers or users(B) Middlemen, or intermediaries(C) Employees(D) Mature markets(E) All of the above
The Internet is still having some trouble selling mainstream products. Which of the following challenges would MOST likely account for this fact?(A) Skewed user demographics and psychographies(B) Clutter(C) Security(D) Ethical concerns(E) Technological inadequacy
Which of the following promotional methods may best be described as mass selling?(A) Personal selling and sales promotion(B) Advertising and publicity(C) Encoding and decoding(D) Personal selling and public relations(E) Product and promotion
Why is it often desirable for a marketing manager to combine personal selling with advertising, public relations, direct marketing, and sales promotion?(A) To provide immediate feedback(B) To provide flexibility(C) To save on personal selling expense(D) To help salespeople adapt to their
Which kind of positioning involves providing the most upscale product or service and charging a premium price to cover the higher costs?(A) More for more(B) More for the same(C) More for less(D) The same for less(E) Less for less
An important family life-cycle category to sell to, and an attractive market for many products and services because of the unusually high income period for the workers in the demographic segment, may be(A) empty nesters(B) senior citizens(C) divorced people(D) single/unmarried people(E) young
Which of the following describes the typical buying behavior of the senior citizen?(A) They feel affluent and free. They buy basic household goods, and are more interested in recreation, cars, and clothes.(B) They feel financially well off. The house may be paid for, thus they may move into an
Which of the following factors of income affect spending patterns?(A) Geographic location of a customer's family(B) Geographic boundaries(C) Marital status, age, and the age of the children of a family(D) (A) and (C)(E) All of the above
Income that is left after paying for the family's necessities and which is used for "luxuries" is called(A) discretionary income(B) disposable income(C) net profit(D). gross profit(E) There is no such definition or word
The General Agreement on Tariffs and Trade (GATT) was replaced by the(A) World Trade Center(B) World Health Organization(C) International Monetary Fund(D) World Trade Organization(E) World Bank
Which of the following is true about a Market Information System(MIS)?(A) MIS is a way of continually gathering and analyzing data to provide marketing managers with information they need to make decisions.(B) MIS is very expensive and only large firms can develop an effective system.(C) The
The accuracy of quantitative data is affected by(A) the response rate(B) the sample size(C) the sampling procedure(D) (A), (B) and (C)(E) None of the above Test3
Trying to balance the interests of people who want to drink beer and the dangers of losing lives because of drunk driving is an example of(A) green marketing(B) the micro-macro dilemma(C) a marketing exchange(D) a subsistence economy(E) relationship marketing
Sellers usually approach organizational customers directly. They do this through sales representatives. The use of representatives helps to(A) personally pressure a customer to buy from you(B) adjust the marketing mix for each individual customer(C) size up the customer to decide if you want to
The United States government market is a large market in and of itself. The U.S. spends billions every year on products and services.Some marketers choose to ignore this market. Why?(A) Afraid of not being paid(B) Too much competition(C) Not enough competition(D) Too much red tape (bureaucracy)(E)
SIC stands for(A) Single industry code(B) Several innovative classes(C) Standard industrial classification(D) Sub-industrial codes(E) Standard industry code
Which of the following conditions are favorable to successful branding?(A) The dependability and availability of the product are limited.(B) The demand for the general product class is small.(C) There are no economies of scale.(D) The demand is strong enough so that the market price can be high

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CLEP Principles Of Marketing 5th Edition James E. Finch, James R. Ogden, Denise T. Ogden MBA - Solutions

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