One competitive force NOT addressed directly by Michael Porter is ____________.
A.Power of competitive forces
B.Power of substitute forces
C.Power of other stakeholders
D.Power of suppliers
E.Power of potential entrants
Stakeholders like unions, community groups, and trade associations can strongly impact
industry attractiveness. But this competitive force is not directly addressed by Michael
Porter.
The Clean-O Company makes an all-purpose cleaner for the hospital and nursing home
market that is guaranteed to kill 99% of staphylococcus germs, a major concern for
medical facilities. The company is not interested in pursuing the consumer market.
Clean-O has adopted a ___________.
A.Market orientation
B.Mass customization orientation
C.Differentiation orientation
D.Selling orientation
E.Production orientation
Differentiation enables the firm to serve very specific customer groups through
segmentation and targeting.
Reliability of a product refers to the products ability to ________.
A.Work a high percentage of the time without failure or stoppage
B.Work perfectly all the time
C.Work in the most hostile environments
D.Work where they are intended to work most of the time but not all the time
E.Do exactly what the marketing communications claim
Reliability is the percentage of time the product works without failure or stoppage, and
businesses and consumers consistently report this as an important discriminator in their
purchase decision.
Apple has run a series of humorous ads on television in which two guys stand side by
side and sling barbs back and forth about features of the Mac versus the PC. This is an
example of _________________________.
A.Pioneering advertising,
B.Competitive advertising
C.Institutional advertising
D.Comparative advertising
E.Sales promotion
In comparative advertising, two or more brands are directly compared against each
other on certain attributes.
________________ is NOT part of the promotion mix.
A.Advertising
B.Sales promotion
C.Public relations (PR)
D.Pricing
E.Personal Selling
Marketing managers usually communicate with customers through promotion, which
involves various forms of communication to inform, persuade, or remind. This
communication is accomplished through elements of the promotion mix-advertising,
sales promotion, public relations (PR), personal selling, direct marketing, and
interactive marketing.
Marketing misunderstandings occur because many people think of marketing as
__________.
A.Pushy salespeople
B.Advertising and celebrity spokespersons
C.The firm’s department of advertising
D.Overstated product claims
E.All of the above
Many people think of marketing as pushy sales people or the firm’s department of
advertising. But marketing also has aspects that involve sophisticated research, detailed
analysis, and thoughtful development of strategies and plans.
Promotion feeds _______________ through strong persuasive communication.
A.Attention
B.Interest
C.Desire
D.Action
E.Advertise
To translate customer attention into interest requires persuasive communication; to
stimulate interest, the promotion must begin to touch a customer’s “hot buttons.”
A low propensity to consider switching to other service providers is indicative of
_____.
A.Poor customer service
B.Customer dissatisfaction
C.Low customer loyalty
D.High customer retention
E.Customer turnover
Customer loyalty sparks high customer retention, that is, a low propensity to consider
switching to other providers.
Roberta’s company, New Home Builders Corp., is a specialist in designing one-story
homes that have wide hallways and walk-in showers that could accommodate the need
to use a wheelchair or walker, and other amenities that allow couples to remain in their
homes as they age. The company’s strong value proposition has allowed it to maintain
steady market share in a weak housing market. A discussion of this relative advantage
would be included in the _______ section of the SWOT.
A.Strengths
B.Threats
C.Opportunities
D.Strategy
E.Weaknesses
The company has a relative advantage over its competitors. So it should be included in
the strength section of the SWOT.
When targeted to members of a channel on which a firm relies to sell product,
_____________ is an important element of a push strategy.
A.Consumer advertising
B.Public relations
C.Personal selling
D.Sales promotion
E.Institutional advertising
Sales promotion can be targeted to members of a channel on which a firm relies to sell
product and is an important element of a push strategy.
Multiple payment methods is a service which enhances the _______.
A.Retail experience
B.Shopping experience
C.Sales experience
D.All of the above
E.None of the above
Multiple payment methods make the sales experience easier. Thus it enhances the sales
experience.
Growth, stability, and retrenchment refer to a firm’s position relating to its _______.
A.Specific strategy
B.Generic strategy
C.Future strategy
D.Marketing strategy
E.Corporate strategy
Generic strategy indicates the firms overall directional strategy at the business level; the
possible generic strategies are growth, stability, and retrenchment.
Amanda White, the new CEO of the Too Big Corporation, wants to use the BCG model
to analyze the corporation. You are to oversee the project that must be completed in the
next 60 days. Amanda has called a meeting for corporate executives and the presidents
of the eleven strategic business units. Your task at the meeting is to explain the BCG
model and how you will implement it. What will you say? Include any weaknesses of
the BDG model.
Paul and Pierre are writing a business plan to submit to a bank to ask for a loan to start
a French restaurant. Paul has worked in finance for five years and Pierre is a chef.
Unfortunately, neither has much experience in marketing and they think that marketing
equals advertising. They have asked you to explain the marketing concept as it is
viewed today. What do you say?
Explain the differences between values and beliefs. Provide an example of how
attitudes about a product or brand are formed by values and beliefs.
Compare and contrast salary versus commission compensation packages.
Define societal marketing and give an example of a firm that practices it.
Making Waves Boating has just returned from a trade show where managers purchased
ten new boats and multiple boating accessories. Making Waves already has promised
five of the boats to a local resort, and by Monday the remaining new items will be on
the showroom floor ready for purchase. In a B2B market what would Marking Waves
be labeled as a seller? Why?