Great Skate skateboarding parks’ marketing team wants to stay open until 3:00 a.m. The
parks currently close at midnight. Most likely, this would be classified as a __________
strategy in Ansoff’s Product-Market Matrix.
A.Market diversification
B.Marketing strategy development
C.Market penetration
D.Product development
E.Market development
As per Ansoff’s Product-Market Matrix, market penetration involves investing in
existing customers to gain additional usage of existing products.
Define and give the advantages of the two major types of qualitative data.
A ______________________ is the advantageous outcome from the advantage found in
the product feature.
A.Need
B.Brand
C.Trust
D.Benefit
E.Want
A benefit is the advantageous outcome from the advantage found in the product feature.
Which of the following is NOT one of the critical mistakes salespersons make in
closing a sale?
A.Negative attitude
B.Failure to conduct an effective pre-approach
C.Too much talking
D.Avoiding a “one-size fits all” approach
E.Not enough listening
Research suggests salespeople make four critical mistakes in closing. These are- a
negative attitude about the customer or situation, failure to conduct an effective
pre-approach, too much talking and not enough listening, and using a “one size fits all”
approach.
A news report has just come out that the toddler cups produced by your firm contain
high amounts of BPA; a chemical the government states can slow children’s cognitive
development. As the head of public relations, you should focus on what aspect of your
job?
A.Buzz
B.Managing and writing news stories
C.Media relations
D.Lobbying and governmental affairs
E.Crisis management
Crisis management is a planned, coordinated approach for disseminating information
during times of emergency and handling the effects of unfavorable publicity.
Gino always purchases clothing made by S&G Clothing. He tells others about how
much he likes their clothes and the good qualities about them. When a shirt he
purchased turned out to be defective, instead of switching clothing companies, he gave
S&G a chance to fix the problems and still shops there. This is an example of the _____
dimension of brand equity.
A.Brand Assets
B.Brand Association
C.Brand Awareness
D.Brand Loyalty
E.Perceived Quality
Brand loyalty reflects a commitment to repeat purchases and increases customers’
willingness to forgive a brand for negative experiences. Loyal customers are often
ambassadors to new customers. Thus, the above case is an example of brand loyalty.
Firms use ______.
A.One segmentation technique at a time
B.Multiple segmentation techniques simultaneously
C.One technique then sequentially another and then yet another
D.A maximum of two segmentation techniques simultaneously
E.None of the above
Firms use multiple segmentation techniques simultaneously. They develop a profile of a
segment that might include aspects of any or all of the segmentation approaches
(geographic, demographic, psychographic, and behavioral approaches to segmenting).
Market skimming is a pricing strategy used in the _________ phase of the product life
cycle.
A.Growth
B.Introduction
C.Decline
D.Maturity
E.Maturity and decline
Market skimming is a pricing strategy in which the initial price is set high to target less
price-sensitive consumers so as to recoup R&D costs before competitors enter market.
Thus, it is a pricing strategy used in the introduction phase of the product life cycle.
Companies that use CRM are most likely to practice _______________.
A.Mass marketing, given the economics of scale created by CRM
B.Consumer marketing, due to being able to identify like-minded audiences
C.Shotgun marketing, given the ability to reach large numbers of people
D.Customer marketing, due to trying to establish one-to-one relationships
E.Holistic marketing, to reach many different audiences
In customer marketing, the focus is on developing relationships with individuals.
Information about individual customers can be gathered with the help of CRM and thus
CRM helps in one-to-one marketing.
Rush Express, a North American delivery service, wants to expand service into South
America. This is classified as ___________ in Ansoff’s Product-Market Matrix.
A.Market diversification
B.Marketing strategy development
C.Market penetration
D.Product development
E.Market development
As per Ansoff’s Product-Market Matrix, market development strategies involve
introducing existing products to new markets. Since Rush Express wants to expand its
existing services in South America, this is an example of market development strategy.
A SWOT analysis should NOT __________________.
A.Analyze the competition
B.Look at internal strengths
C.Include factors from the Situation Analysis
D.Identify natural factors
E.Suggest solutions to problems
The SWOT should identify and describe key findings, not draw conclusions or provide
solutions. Based on the situation analysis and SWOT, decisions can be made about the
remainder of the marketing plan.
Many product launches are front loaded with communication dollars with the goal of
___________.
A.Seeing if there is any interest in the product
B.Evaluating the product excitement generated
C.Creating sufficient product interest that will turn into repeat and replacement
purchases later
D.Studying the product life cycle to see what kind of curve is achievable in the short
run so the longer run can be forecasted with some degree of certainty
E.Identifying consumer tastes and preferences
Products seldom recover from poor launch. So the goal of spending heavily at the
product launch is to create sufficient product interest that will turn into repeat and
replacement purchases later.
The cost of data protection with encryption, back-up files is ____________.
A.Low
B.Very inexpensive
C.Relatively inexpensive
D.Moderately expensive
E.High
The cost of data protection with encryption, back-up files is high; hence companies
often take a wait-and-see attitude on investing in such measures.
When TGI Friday’s, Outback Steakhouse, and other fast-casual restaurants began
offering curbside delivery for call-in customers, the trend seemed unnoticed by the
€fast-food’ chains like McDonalds. This illustrates Fred Wiersema’s new market reality
of ____________________.
A.Competitors proliferate
B.All secrets are open secrets
C.Customers have more time than ever
D.Information overwhelms and depreciates
E.Easy growth makes hard times
Competition often comes from unexpected sources. McDonald’s famously missed for
several years the trend of full-service restaurants such as Outback Steakhouse and TGI
Friday’s offering call-ahead drive-up food pickup, which in essence made this genre of
restaurant faster and more convenient than the supposedly “fast-food” outlets like
McDonald’s.
When a company makes frequent changes in its positioning and sends out contradictory
messages, such positioning error is called as _________.
A.Doubtful positioning
B.Overpositioning
C.Under positioning
D.Confused positioning
E.None of the above
When frequent changes and contradictory messages confuse consumers regarding the
positioning of the brand, it is known as confused positioning.
The best place in a SWOT analysis to identify a reduced marketing budget is in
___________________.
A.External opportunities
B.External threats
C.Internal opportunities
D.Internal strengths
E.Internal weaknesses
The firm that reduces its marketing budget exposes itself to competitive threats. This
would be an internal problem.
CRM is mainly used by the ____________ department(s).
A.Marketing, sales, and customer service
B.Senior management
C.Accounting and IT
D.Customer service
E.Information technology
CRM captures a lot of information about customers. Although IT manages the software,
it is the marketing side of the firm that uses the data for marketing planning.
In the buying process there is one group that can play a critical role. This group is often
the first to recognize the problem based on a need and they help define the product
specifications. This group is called ___________.
A.Deciders
B.Gatekeepers
C.Users
D.Influencers
E.Buyers
Users are the actual consumers of the product. While typically not the decision makers,
they do have a lot of input at various stages of the process. They recognize the problem,
help define the product specifications, and provide critical feedback after the product
purchase.
When a company solicits RFPs from suppliers with an open vendor search, the goal is
to __________________.
A.Get several proposals which would help in negotiating with the preferred vendor
B.Get one good response from the preferred vendor
C.Get a lot of responses so the firm can focus only on price
D.Get proposals in order to get competitive intelligence
E.All of the above
Companies frequently solicit proposals from a number of vendors for two reasons.
First, even if there is a preferred vendor, getting more information about available
options from other suppliers is a good idea. Also, getting additional proposals helps in
negotiating with the preferred vendor.
Jorge has just taken over a technology company that has always operated in the high
price/low benefits sector of the Generic Price-Quality Positioning Map. You are his
marketing manager and are supposed to be preparing a report about the pricing efforts
of the company. What are some of the problems that you will include in your report?
What can happen in the long run to firms that operate like yours does?
What is the goal of a just in time (JIT) inventory control system?
What are the eight elements that create product discrimination? Give an example of
each.
Define the elements of FAB is how they interact.
Why are marketing managers concerned with competition when making marketing
decisions? Give an example.
Victor has just transitioned from working in a primarily consumer driven market to
working in a B2B market. His company manufactures headlights for various vehicles.
Victor’s business partner believes they need to move their production plant closer to
their major customers, Victor believes they can continue to operate as they always have.
Who is right? Why?
Products are evaluated on two dimensions to determine satisfaction/dissatisfaction in
the minds of consumers. How are they evaluated? If consumers are dissatisfied, what
happens?