Marketing from Scratch

Module 2 5

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

5-50?

6

When strategic decision-makers have resources they should allocate those resources to where the largest need or biggest opportunity for return exists. Tangible Infinite Intangible Finite Financial At times marketers develop new products and target the new products toward new target segments. The tactic combines the market development and product development growth strategies. Video game marketers pursued this strategy when developing new, more relationally-oriented (as opposed to violenceoriented) games, and targeting the new products toward female gamers. This description illustrates a: Diversification Growth Strategy Market Development Growth Strategy Market Penetration Growth Strategy Product Development Growth Strategy Marketing goals can be qualitative in nature, but marketing objectives should be stated quantitatively. When firms use market penetration growth strategies they seek to serve: Newly identified market segments with the same product while changing certain elements of the marketing mix. The same market segment that they have been pursuing with the same product while changing other elements of marketing mix. New market segments with different products while keeping the other marketing mix elements constant. A new market segment with a new product. The same market segment with the new product. The acronym SCA, written out in full, stands for: Securing competitive advantage Sustainable competitive advantage Sustaining customer advantage Securing customer advantage What was economist Milton Friedman referencing when he said: "If the U.S. were in charge of the Sahara Desert the nation would quickly run out of sand"? The governments poor talent management The governments poor sand management The governments poor treasure management The governments poor time management An organization's mission should be refined if: The organization's internal strengths and weaknesses have drastically changed. External environmental opportunities and threats have radically changed. The mission statement is too broad to clearly define opportunities the organization should pursue. Each preceding statement is true. People's ability to recall the name of Amelia Earhart, a person who disappeared more than 80 years ago, most underscores the value of: The Law of Leadership. The Law of Category. The Law of the Mind. The Law of Perception. Which professional group logically could be described as "problem-makers" - due to the fact that "creating problems" is sometimes part of their job. CEO's Copywriters HR Managers Administrators Marketers Why is it counterproductive to follow a "build it and they will come" strategy? Other competitors may be following the same strategy If it is built and no one comes then the company will go bankrupt It doesn't stand out in the industry The marketing strategy is more important than the product itself Marketers must have a target market What does the existence of unsatisfied customers create for marketers? Marketing opportunities Marketing failures False wants Marketing problems are inventoried items that are core to one's business or are core to the performance or conduct of consumers' or customers' normal activities. Competencies Minor Goods Staple Goods inelastic Goods Elastic Goods Which answer best describes the meaning of an "evoked set?" The first three to five brands that consumers think of inside a given product category. The most valuable three to five brands that consumer think of inside a particular product category. The worst - or least desirable - three to five brands that consumers think of inside a particular product category. None of the above Statement A: Many products feature a substantial serviceor intangiblecomponent. Statement B: Many services feature a substantial product-or tangible-component. Statements A and B are each false. Statements A and B are each true. Statement A is true; statement B is false. Statement A is false; statement B is true. Which of the 3 ''s is the least finite resource? Time Talent Treasure A cash cow is a branded product that enjoys a: High market share of a high growth market. Low market share of a low growth market. Low market share of a high growth market. High market share of a low growth market. The preceding statements are each wrong. The marketing concept prescribes that firms should focus almost all efforts on: Becoming the best known and most widely respected firm brand in the market sphere "owned" by the firm. Growing the business and subsequently sustaining that growth. Determining how to reap huge profits. Identifying and satisfying customer needs. Ensuring that everyone is happy, almost all the time (tough but not impossible). Which word or phrase does NOT characterize SMART goals? Specific Actionable Real-time Realistic Applicable What two human characteristics should B2C advertisers remember? The perceived needs and wants of consumers. Consumers' need to feel unique and to feel accepted. Consumers' need to experience happiness and equanimity. Consumers' need to sustain their privacy and popularity. Two, as yet unmentioned characteristics, are more important still. An Apple branded product would be considered a shares in a low growth market and required little investment to sustain. DogStarCashCowQuestionMark What of the following strategic terms (concepts) function to prevent problems? Laws Guidelines Principles Justice A great marketing tactic, one related to managing customer expectations, is to "under-promise" (values and benefits) and "over-deliver" (values and benefits). Recently Audi released a new line of electric vehicles and made the promise of developing electric vehicles for all the categories in which Audi competes. Audi expects to target new consumer segments that characterized by extremely high level of environmental awareness. Which type of growth strategy best explains Audi's innovations? Market penetration Market development Product development Diversification None of the above The Honey Badger is used as a metaphor to illustrate: That marketers should be aggressive because there is no room for negotiation; marketing is war. That marketers should stay concentrated by focusing on their strengths and core competences. That marketers should be reactive because there is little to no time for additional planning. That marketers should sometimes play nasty because marking their territory and protecting their market share is the most crucial part of a fight. When using growth strategies marketers change one or more elements in their marketing mix, while keeping the product inside the marketing mix the same. \begin{tabular}{l} Market penetration \\ \hline Low cost \\ Low price \\ First mover \\ Premium pricing \end{tabular} are useful because they designate opportunities that marketers can and cannot pursue, as well as opportunities that marketers should and should not pursue. Visions Mission statements Company procedures and policies Corporate ethics statements Goals and objectives The act of market segmentation involves: Identifying key market segments to target. Subdividing larger markets into smaller subsets. Developing the largest markets that can be profitably served. Dividing homogeneous markets into heterogeneous segments. Each statement is actually descriptive of what happens during market segmentation processes. In 2016 Wells Fargo was fined about $185 million because the bank had created around 1,534,280 unauthorized deposit accounts and 565,433 credit-card accounts during the previous five years. After the scandal, in 2018, the bank released a new integrated marketing campaign called "re-established" to emphasize the company's commitment to trust. Which marketing law best explains Wells Fargo's reaction? The law of attributes. The law of perception. The law of candor. The law of unpredictability. The law of attention. Most marketing promotions, at some level, entail manipulations. But especially Personal selling. Advertising. Sales promotions. Magic. Virtual reality. Marketing firms typically choose only one strong market segment to target. The makeover of Barbie, the doll, resulted from: Mattel's strategic attempt to become more diverse in order to be more culturally relevant. Mattel's strategic reaction to the evolution of the targeted marketing segment. Mattel's strategic response to the obesity crisis in western societies. Mattel's strategic attempt to diversify their product portfolio in order to reach a new target market. The two-headed goal of marketing strategists is to (1) manage their in ways that create differentiating value and uniquely-desirable positions for their brands (2) as their organization (1) customers, (2) manages the financial bottom line. (1) marketing mix, (2) targets specific market segments. (1) marketing concept, (2) innovates with new products. (1) desired positioning, (2) influences consumers. (1) product development, (2) profits from these developments. The most effective tool that marketers can use to motivate customer to make decisions or take actions marketers want them to take is called: Advertising Promotions Marketing messages Incentives Supply chain management Which answer is NOT part of promotional management? Issuing reminders Conveying information Delivering incentives Attempting to persuade Managing supply chain relationships Which brand category generates the most cash? Dog brands Question mark brands Cash cow brands Star Brands Assume that recent conflicts in the Middle East caused gas prices in the US to rise. For the electric car division at General Motors, this cause and effect represents a: Strength. Weakness. Opportunity. Threat. What is the name of the factor that best permits marketers to distinguish their products from similar products in the category? Product attributes Product evaluations Product focus Product alternatives Product prices Which of the following tools are tactics is not included in the Promotional mix? Advertising Personal and direct selling Penetration Pricing Public relations All marketers should identify, develop, and then emphasize the same/similar attributes that imitates or may be closely compared to other competitors' attributes. What behavioral tendency would most hinder a marketer's ability to make predictions in an unpredictable market? An over-reliance on consumers opinions An over-reliance on their own opinions An over-reliance on competitor's opinions An over-reliance on co-worker's opinions Which well-branded organization's primary mission-driven goal was to "build lasting relationships with our customers by enhancing the value of their consumption experiences so as to increase their visit frequency and loyalty, thus building sales and profits through superior service and products." Walmart Applebee's Microsoft Wendy's Starbucks Which BCG category includes brands that enjoy high shares in low growth markets? Dog brands Question mark brands Cash cow brands Star Brands You face a limited number of choices below. Which, among those choices, best captures the primary purpose of positioning efforts? To enter customers' evoked sets To be perceived as creative by customers To expand the market To create the perception or reality of customer problems What is the first step in most strategic marketing planning processes? Develop smart goals and objectives Identify the competitive advantage Identify opportunities and threats Develop or refine a mission Develop or refine the product Which answer represents an interchangeable phrase that describes what happens when organization satisfy a customer's needs? An organization fulfills a customer's wants An organization meets a customer's desires An organization makes a customer happy An organization solves a customer's problems What is another term for a set of conflicting facts presented as the truth? \begin{tabular}{l} Paradox \\ Conundrum \\ Competency \\ \hline Enigma \\ \hline Fallacy \end{tabular} When strategic decision-makers have resources they should allocate those resources to where the largest need or biggest opportunity for return exists. Tangible Infinite Intangible Finite Financial At times marketers develop new products and target the new products toward new target segments. The tactic combines the market development and product development growth strategies. Video game marketers pursued this strategy when developing new, more relationally-oriented (as opposed to violenceoriented) games, and targeting the new products toward female gamers. This description illustrates a: Diversification Growth Strategy Market Development Growth Strategy Market Penetration Growth Strategy Product Development Growth Strategy Marketing goals can be qualitative in nature, but marketing objectives should be stated quantitatively. When firms use market penetration growth strategies they seek to serve: Newly identified market segments with the same product while changing certain elements of the marketing mix. The same market segment that they have been pursuing with the same product while changing other elements of marketing mix. New market segments with different products while keeping the other marketing mix elements constant. A new market segment with a new product. The same market segment with the new product. The acronym SCA, written out in full, stands for: Securing competitive advantage Sustainable competitive advantage Sustaining customer advantage Securing customer advantage What was economist Milton Friedman referencing when he said: "If the U.S. were in charge of the Sahara Desert the nation would quickly run out of sand"? The governments poor talent management The governments poor sand management The governments poor treasure management The governments poor time management An organization's mission should be refined if: The organization's internal strengths and weaknesses have drastically changed. External environmental opportunities and threats have radically changed. The mission statement is too broad to clearly define opportunities the organization should pursue. Each preceding statement is true. People's ability to recall the name of Amelia Earhart, a person who disappeared more than 80 years ago, most underscores the value of: The Law of Leadership. The Law of Category. The Law of the Mind. The Law of Perception. Which professional group logically could be described as "problem-makers" - due to the fact that "creating problems" is sometimes part of their job. CEO's Copywriters HR Managers Administrators Marketers Why is it counterproductive to follow a "build it and they will come" strategy? Other competitors may be following the same strategy If it is built and no one comes then the company will go bankrupt It doesn't stand out in the industry The marketing strategy is more important than the product itself Marketers must have a target market What does the existence of unsatisfied customers create for marketers? Marketing opportunities Marketing failures False wants Marketing problems are inventoried items that are core to one's business or are core to the performance or conduct of consumers' or customers' normal activities. Competencies Minor Goods Staple Goods inelastic Goods Elastic Goods Which answer best describes the meaning of an "evoked set?" The first three to five brands that consumers think of inside a given product category. The most valuable three to five brands that consumer think of inside a particular product category. The worst - or least desirable - three to five brands that consumers think of inside a particular product category. None of the above Statement A: Many products feature a substantial serviceor intangiblecomponent. Statement B: Many services feature a substantial product-or tangible-component. Statements A and B are each false. Statements A and B are each true. Statement A is true; statement B is false. Statement A is false; statement B is true. Which of the 3 ''s is the least finite resource? Time Talent Treasure A cash cow is a branded product that enjoys a: High market share of a high growth market. Low market share of a low growth market. Low market share of a high growth market. High market share of a low growth market. The preceding statements are each wrong. The marketing concept prescribes that firms should focus almost all efforts on: Becoming the best known and most widely respected firm brand in the market sphere "owned" by the firm. Growing the business and subsequently sustaining that growth. Determining how to reap huge profits. Identifying and satisfying customer needs. Ensuring that everyone is happy, almost all the time (tough but not impossible). Which word or phrase does NOT characterize SMART goals? Specific Actionable Real-time Realistic Applicable What two human characteristics should B2C advertisers remember? The perceived needs and wants of consumers. Consumers' need to feel unique and to feel accepted. Consumers' need to experience happiness and equanimity. Consumers' need to sustain their privacy and popularity. Two, as yet unmentioned characteristics, are more important still. An Apple branded product would be considered a shares in a low growth market and required little investment to sustain. DogStarCashCowQuestionMark What of the following strategic terms (concepts) function to prevent problems? Laws Guidelines Principles Justice A great marketing tactic, one related to managing customer expectations, is to "under-promise" (values and benefits) and "over-deliver" (values and benefits). Recently Audi released a new line of electric vehicles and made the promise of developing electric vehicles for all the categories in which Audi competes. Audi expects to target new consumer segments that characterized by extremely high level of environmental awareness. Which type of growth strategy best explains Audi's innovations? Market penetration Market development Product development Diversification None of the above The Honey Badger is used as a metaphor to illustrate: That marketers should be aggressive because there is no room for negotiation; marketing is war. That marketers should stay concentrated by focusing on their strengths and core competences. That marketers should be reactive because there is little to no time for additional planning. That marketers should sometimes play nasty because marking their territory and protecting their market share is the most crucial part of a fight. When using growth strategies marketers change one or more elements in their marketing mix, while keeping the product inside the marketing mix the same. \begin{tabular}{l} Market penetration \\ \hline Low cost \\ Low price \\ First mover \\ Premium pricing \end{tabular} are useful because they designate opportunities that marketers can and cannot pursue, as well as opportunities that marketers should and should not pursue. Visions Mission statements Company procedures and policies Corporate ethics statements Goals and objectives The act of market segmentation involves: Identifying key market segments to target. Subdividing larger markets into smaller subsets. Developing the largest markets that can be profitably served. Dividing homogeneous markets into heterogeneous segments. Each statement is actually descriptive of what happens during market segmentation processes. In 2016 Wells Fargo was fined about $185 million because the bank had created around 1,534,280 unauthorized deposit accounts and 565,433 credit-card accounts during the previous five years. After the scandal, in 2018, the bank released a new integrated marketing campaign called "re-established" to emphasize the company's commitment to trust. Which marketing law best explains Wells Fargo's reaction? The law of attributes. The law of perception. The law of candor. The law of unpredictability. The law of attention. Most marketing promotions, at some level, entail manipulations. But especially Personal selling. Advertising. Sales promotions. Magic. Virtual reality. Marketing firms typically choose only one strong market segment to target. The makeover of Barbie, the doll, resulted from: Mattel's strategic attempt to become more diverse in order to be more culturally relevant. Mattel's strategic reaction to the evolution of the targeted marketing segment. Mattel's strategic response to the obesity crisis in western societies. Mattel's strategic attempt to diversify their product portfolio in order to reach a new target market. The two-headed goal of marketing strategists is to (1) manage their in ways that create differentiating value and uniquely-desirable positions for their brands (2) as their organization (1) customers, (2) manages the financial bottom line. (1) marketing mix, (2) targets specific market segments. (1) marketing concept, (2) innovates with new products. (1) desired positioning, (2) influences consumers. (1) product development, (2) profits from these developments. The most effective tool that marketers can use to motivate customer to make decisions or take actions marketers want them to take is called: Advertising Promotions Marketing messages Incentives Supply chain management Which answer is NOT part of promotional management? Issuing reminders Conveying information Delivering incentives Attempting to persuade Managing supply chain relationships Which brand category generates the most cash? Dog brands Question mark brands Cash cow brands Star Brands Assume that recent conflicts in the Middle East caused gas prices in the US to rise. For the electric car division at General Motors, this cause and effect represents a: Strength. Weakness. Opportunity. Threat. What is the name of the factor that best permits marketers to distinguish their products from similar products in the category? Product attributes Product evaluations Product focus Product alternatives Product prices Which of the following tools are tactics is not included in the Promotional mix? Advertising Personal and direct selling Penetration Pricing Public relations All marketers should identify, develop, and then emphasize the same/similar attributes that imitates or may be closely compared to other competitors' attributes. What behavioral tendency would most hinder a marketer's ability to make predictions in an unpredictable market? An over-reliance on consumers opinions An over-reliance on their own opinions An over-reliance on competitor's opinions An over-reliance on co-worker's opinions Which well-branded organization's primary mission-driven goal was to "build lasting relationships with our customers by enhancing the value of their consumption experiences so as to increase their visit frequency and loyalty, thus building sales and profits through superior service and products." Walmart Applebee's Microsoft Wendy's Starbucks Which BCG category includes brands that enjoy high shares in low growth markets? Dog brands Question mark brands Cash cow brands Star Brands You face a limited number of choices below. Which, among those choices, best captures the primary purpose of positioning efforts? To enter customers' evoked sets To be perceived as creative by customers To expand the market To create the perception or reality of customer problems What is the first step in most strategic marketing planning processes? Develop smart goals and objectives Identify the competitive advantage Identify opportunities and threats Develop or refine a mission Develop or refine the product Which answer represents an interchangeable phrase that describes what happens when organization satisfy a customer's needs? An organization fulfills a customer's wants An organization meets a customer's desires An organization makes a customer happy An organization solves a customer's problems What is another term for a set of conflicting facts presented as the truth? \begin{tabular}{l} Paradox \\ Conundrum \\ Competency \\ \hline Enigma \\ \hline Fallacy \end{tabular}