Marketing - Chapter 1-6

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Marketing - Chapter 1-6
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2014-02-15 23:51:18
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  1. What are the three basic elements of an effective marketing strategy?
    singularity,target segments, competitive advantages
  2. ________is how a firm differentiates itself from competitors in a way that customers
    value.
    Singularity
  3. A marketing strategy of competitive advantages is typically based on either
    ________ or ________.
    cost leadership; differentiation
  4. A firm's marketing concept should primarily focus on ________.
    meeting specific customer needs
  5. What are the two generic frameworks of most marketing strategies?
    competitive advantage, competitive scope
  6. Which of the following marketing strategies is LEAST likely to generate long-term
    success for a firm?

    A)differentiation in a mass market
    B)cost leadership in a niche market
    C)differentiation in a niche market
    D)cost leadership in a mass market
    B
  7. A ________ is a graphical representation of the ratio between a product's
    benefits and costs.
    Value Map
  8. A product that falls within the fair value zone of a value map is perceived by
    consumers as delivering benefits that are ________ the product's cost.
    Equal to
  9. What is pushing the value frontier towards higher quality and/or lower prices?
    innovation
  10. What growth strategy involves selling more of a firm's existing products to the firm's
    existing markets?
    Market Penetration
  11. What growth strategy is most likely being used by a firm selling new products to existing
    markets?
    Product Development
  12. A firm selling new products to new markets is most likely using a growth strategy
    of ________.
    Diversification
  13. Strategic
    decisions primarily affect a firm's ________.
    A)globalization
    B)marketing
    C)present
    D)future
    future
  14. 1)Which stage of the marketing process primarily involves monitoring the
    environment, evaluating the firm's core competencies, and anticipating future
    events?

    A)market segmentation
    B)situation assessment
    C)budget analysis
    D)positioning
    B
  15. In a concentric market, which of the following is the core?
    A)generic competition
    B)product form
    C)budget competition
    D)product category
    B
  16. What is the broadest level of a concentric market?

    A)product form
    B)product category
    C)budget competition
    D)generic competition
    C
  17. A supply side approach to market definition focuses on the ________.

    A)primary industry
    B)budget competition
    C)alternative products
    D)customers' perspectives
    A
  18. Findings about customers discovered through ________ techniques often lead to marketing
    opportunities.

    A)data mining
    B)value networking
    C)data warehousing
    D)product branding
    A
  19. Which of the following would most likely be used by a marketer gathering customer
    insights about unmet and unrecognized customer needs?

    A)trendspotting
    B)in-depth interviews
    C)data mining
    D)loyalty surveys
    B)in-depth interviews
  20. Which of the following is NOT one of the forces that drive industry analysis?

    A)threat of new entrants
    B)competitive rivalry
    C)bargaining power of buyers
    D)product-market evolution
    D)product-market evolution
    (this multiple choice question has been scrambled)
  21. Major strategic gains and losses will most likely occur at which stage of the
    product life cycle?

    A)introduction
    B)decline
    C)maturity
    D)growth
    D)growth
    (this multiple choice question has been scrambled)
  22. In which stage of the product life cycle would share building most likely be
    difficult and lead to price competition?

    A)introduction
    B)decline
    C)growth
    D)maturity
    D)maturity
    (this multiple choice question has been scrambled)
  23. ________ occurs when a product provides more value to each customer when more
    overall customers own or use the product.

    A)Virtuous circle
    B)Network effect
    C)Economy
    D)Synergy
    B)Network effect
    (this multiple choice question has been scrambled)
  24. PIMS data shows a strong correlation between ________ and ________.

    A)market share; profitability
    B)market share; product quality
    C)unit costs; marketing strategy
    D)profitability; marketing success
    A)market share; profitability
    (this multiple choice question has been scrambled)
  25. Henry Ford, the founder of Ford Motor Company, was sued by his shareholders for
    ________.

    A)supporting controversial organizations
    B)failing to reduce manufacturing expenses
    C)using dividend payments to hire more workers
    D)distributing bonuses to long-term employees
    C)using dividend payments to hire more workers
    (this multiple choice question has been scrambled)
  26. Which of the following collects customer satisfaction data for the purpose of
    measuring marketing strategies and troubleshooting product malfunctions?

    A)strategic marketing matrix
    B)supplemental marketing tool
    C)consumer marketing database
    D)marketing information system
    D)marketing information system
    (this multiple choice question has been scrambled)
  27. A firm using a marketing information system would most likely have which of the
    following questions answered?

    A)What metrics would be appropriate for our customers?
    B)How well are we doing in our customers' eyes?
    C)How can our financial objectives best be attained?
    D)What geographic area is our firm targeting?
    B)How well are we doing in our customers' eyes?
    (this multiple choice question has been scrambled)
  28. Competitive advantages are best defined as the ________.

    A)technology developed by a firm
    B)improvements made by a firm
    C)strengths and weaknesses of a firm
    D)unique skills of a firm's employees
    C)strengths and weaknesses of a firm
    (this multiple choice question has been scrambled)
  29. 18)
    Clear marketing objectives primarily help a firm to ________.

    A)achieve decision-making consistency
    B)monitor business-to-business accounts
    C)motivate global sales representatives
    D)assess a competitor's strengths
    A)achieve decision-making consistency
    (this multiple choice question has been scrambled)
  30. For marketing strategists, ________ performance and ________ performance are
    measures of particular importance.

    A)short-term; long-term
    B)market; financial
    C)sales account; distribution
    D)historical; anticipated
    B)market; financial
    (this multiple choice question has been scrambled)
  31. A large retail firm is experiencing a significant sales gap. Which of the
    following strategies would LEAST likely be implemented by the firm to close the
    gap?

    A)forward integration
    B)diversification
    C)product development
    D)market penetration
    A)forward integration
    (this multiple choice question has been scrambled)
  32. A firm trying to close a profitability gap is concentrating on its most
    profitable products and abandoning markets that it cannot win. Which strategy
    is the firm most likely using?

    A)rationalization
    B)forward integration
    C)segmentation
    D)capacity utilization
    A)rationalization
    (this multiple choice question has been scrambled)
  33. 29)
    Which of the following should first be used to narrow situation assessment data
    into useable information?

    A)segment rationalization test
    B)relevance test
    C)SWOT analysis
    D)scenario analysis
    B)relevance test
    (this multiple choice question has been scrambled)
  34. A scenario analysis is best described as a tool used by firms to ________.

    A)collect situation assessment data
    B)analyze strengths of competitors
    C)conduct global market research
    D)plan future marketing responses
    D)plan future marketing responses
    (this multiple choice question has been scrambled)
  35. Firmscan most likely identify competitive advantages with a framework based on their
    ________.

    A)supply curve
    B)value chain
    C)sales ratio
    D)marketing mix
    B)value chain
    (this multiple choice question has been scrambled)
  36. The text describes how Lexus was able to successfully enter the luxury sedan market
    despite the dominance of BMW. Which of the following best explains how Lexus
    accomplished this task?

    A)Lexus used full market coverage to lower BMW's market share.
    B)Lexus used advertising that attacked BMW's quality ratings.
    C)Lexus targeted customers who were interested in high performance.
    D)Lexus focused on the market segment that valued reliability.
    D)Lexus focused on the market segment that valued reliability.
    (this multiple choice question has been scrambled)
  37. A
    firm that targets very broad segments with relatively homogeneous offerings is
    most likely using a ________ marketing strategy.

    A)multi-segment
    B)global
    C)niche
    D)target
    B)global
    (this multiple choice question has been scrambled)
  38. All
    of the following are examples of segmentation bases EXCEPT ________.

    A)performance
    B)profitability
    C)economy
    D) reliability
    B)profitability
    (this multiple choice question has been scrambled)
  39. A differentiated marketing strategy is typically linked to lower ________.

    A)economies of scale
    B)unit costs
    C)economies of scope
    D)customer value
    A)economies of scale
    (this multiple choice question has been scrambled)
  40. Which of the following best describes a differentiated marketing strategy of product
    specialization?

    A)many products and one segment
    B)one product and many segments
    C)one product and one segment
    D)many products and many segments
    B)one product and many segments
    (this multiple choice question has been scrambled)
  41. Matching
    a firm's competitive advantages with attractive market opportunities is best
    known as ________.

    A)targeting
    B)positioning
    C)segmenting
    D)differentiating
    A)targeting
  42. Most marketers use either a SWOT analysis or a(n) ________ when they need to
    identify the best markets to target with a specific product.

    A)decision model
    B)perceptual map
    C)demographic survey
    D)strength/attractiveness matrix
    D)strength/attractiveness matrix
    (this multiple choice question has been scrambled)
  43. Amarketer who has decided to use the GE/McKinsey Portfolio Planning Grid will
    most likely assess segments based on ________ and ________.

    A)segment attractiveness; strength of the firm
    B)product category; segment attractiveness
    C)segment size; competitive advantages
    D)strength of the firm; long-term market share
    A)segment attractiveness; strength of the firm
    (this multiple choice question has been scrambled)
  44. Which term refers to the loss of focus on the target segment in favor of other
    segments?

    A)target drift
    B)straddling
    C)segment shift
    D)repositioning
    A)target drift
    (this multiple choice question has been scrambled)
  45. Targeting more than one segment with a single marketing mix is known as ________.

    A)target drift
    B)segmenting
    C)straddling
    D)positioning
    C)straddling
    (this multiple choice question has been scrambled)
  46. What is the most likely result of straddling?

    A)highly effective brand positioning
    B)long-term marketing failure
    C)strong brand equity
    D)short-term marketing failure
    B)long-term marketing failure
    (this multiple choice question has been scrambled)
  47. Deploying the marketing mix to claim a unique, valued, and defensible position in the
    marketplace is known as ________.

    A)positioning
    B)targeting
    C)segmenting
    D)differentiating
    A)positioning
    (this multiple choice question has been scrambled)
  48. Customer-oriented
    metrics would most likely be used to ________.

    A)collect data on customer satisfaction
    B)identify customer needs and demands
    C)direct marketing efforts towards global segments
    D)link customer needs with core competencies
    A)collect data on customer satisfaction
    (this multiple choice question has been scrambled)
  49. Marketers would most likely use ________ research to come up with ideas for new
    strategies and opportunities or to generate specific issues for future
    research.

    A)descriptive
    B)exploratory
    C)experimental
    D)causal
    B)exploratory
    (this multiple choice question has been scrambled)
  50. A________ is a name, term, sign, symbol, design, or a combination of these, that
    identifies the maker or seller of a product or service.

    A)label
    B)package
    C)segment
    D)brand
    D)brand
    (this multiple choice question has been scrambled)
  51. Superior Auto Sales, a chain of high-end used car dealerships, wants to sum up its
    company positioning and value proposition in a formal statement to serve as a
    guide for marketing communication development. Superior's management would use
    a ________.

    A)vision statement
    B)mission statement
    C)corporate statement
    D)brand position statement
    D)brand position statement
  52. Which
    term refers to a group of marketing variables a business controls with the
    intent of claiming a place in customers' minds?

    A)product platform
    B)segments
    C)position statement
    D)marketing mix
    D)marketing mix
    (this multiple choice question has been scrambled)
  53. Which
    of the following questions most closely involves analysis of the product
    element of the marketing mix?

    A)What do competing firms charge for similar products?
    B)What is the target's level of awareness for each competitive brand?
    C)Will wholesale, retail, or direct-to-consumer channels be used?
    D)Are there any foreseeable changes in the requirements of the target?
    D)Are there any foreseeable changes in the requirements of the target?
    (this multiple choice question has been scrambled)
  54. In the product hierarchy, which level would most likely generate positive
    word-of-mouth and customer loyalty?

    A)potential product
    B)expected product
    C)augmented product
    D)core product
    A)potential product
    (this multiple choice question has been scrambled)
  55. A(n)________strategy involves using a common technology for multiple products in a product
    line.

    A)product platform
    B)brand extension
    C)price lining
    D)augmented product
    A)product platform
    (this multiple choice question has been scrambled)
  56. The growth-market share matrix developed by the Boston Consulting Group (BCG) is a
    type of ________.

    A)value chain
    B)compatibility assessment
    C)portfolio analysis
    D)SWOT analysis
    C)portfolio analysis
    (this multiple choice question has been scrambled)
  57. Amarketer would most likely use the BCG Matrix or GE/McKinsey Portfolio Planning
    Grid to make decisions about ________.

    A)resource allocations
    B)new product ideas
    C)distribution channels
    D)media concepts
    A)resource allocations
    (this multiple choice question has been scrambled)
  58. According to Peter Drucker, marketing and ________ lead to positive results for a firm.
    A)modern technology
    B)budgetary forecasts
    C)product innovation
    D)localized distribution
    C)product innovation
    (this multiple choice question has been scrambled)
  59. A marketer who only promotes a product by advertising in national magazines is
    using a ________.

    A)word-of-mouth network
    B)push strategy
    C)marketing mix
    D)pull strategy
    D)pull strategy
    (this multiple choice question has been scrambled)
  60. A sound marketing plan should do all of the following EXCEPT ________.

    A)establish financial budgets
    B)segment niche consumers
    C)set measurable objectives
    D)outline potential risks
    B)segment niche consumers
    (this multiple choice question has been scrambled)
  61. Which term refers to different events and changes that could affect the marketing
    strategy both externally and internally?

    A)possible futures
    B)potential valuations
    C)budget projections
    D)pro forma goals
    A)possible futures
    (this multiple choice question has been scrambled)
  62. Which
    of the following is a true statement about forecasts, budgets and marketing mix
    plans?

    A)They should be developed independently.
    B)They should be developed with a BCG Matrix.
    C)They should be developed with a SWOT analysis.
    D)They should be developed simultaneously.
    D)They should be developed simultaneously.
    (this multiple choice question has been scrambled)
  63. According to ________, a dependent variable can be predicted by multiple independent
    variables.

    A)regression logic
    B)optimization analysis
    C)CRM indicators
    D)data analytics
    A)regression logic
    (this multiple choice question has been scrambled)
  64. A________ would most likely be used by a marketer to improve the accuracy of a
    sales forecast.

    A)financial metric
    B)product platform
    C)staircase analysis
    D)consumer group
    C)staircase analysis
    (this multiple choice question has been scrambled)
  65. Allof the following factors would most likely be evaluated in a staircase analysis
    EXCEPT ________.

    A)potential market
    B)purchase rate
    C)marketing mix
    D)brand awareness
    C)marketing mix
    (this multiple choice question has been scrambled)
  66. A staircase analysis helps marketers with sales forecasts by ________.

    A)segmenting target markets
    B)evaluating effective sales tactics
    C)separating the components that affect sales
    D)analyzing budgets for the marketing mix
    C)separating the components that affect sales
    (this multiple choice question has been scrambled)
  67. ________would most likely be used by a marketing manager who needs to determine ROMI
    coefficients.

    A)Data mining
    B)Regression analysis
    C)SWOT analysis
    D)Diversification strategy
    B)Regression analysis
    (this multiple choice question has been scrambled)
  68. Marketing
    budgets that are ________ enable strategic planners to make assessments and
    adjustments.

    A)highly categorized
    B)minimally regressive
    C)somewhat indefinite
    D)broadly universal
    A)highly categorized
    (this multiple choice question has been scrambled)
  69. Which
    of the following is LEAST likely to help a firm manage marketing
    accountability?

    A)forecasting
    B)planning
    C)interval scales
    D)CRM software
    C)interval scales
    (this multiple choice question has been scrambled)
  70. According
    to research by Frederick Reichheld, which of the following post-consumption
    questions is the most predictive of future consumer behaviors?

    A)How likely is it that you will continue to purchase products from [company X]?
    B)How strongly do you agree that [company X] sells quality products?
    C)How strongly do you agree that [company X] deserves your loyalty?
    D)How likely is it that you would recommend [company X] to a friend or colleague?
    D)How likely is it that you would recommend [company X] to a friend or colleague?
    (this multiple choice question has been scrambled)
  71. According
    Frederick Reichheld, the Net Promoter Index is a strong indicator of ________.

    A)future corporate growth
    B)core competencies
    C)portfolio expansion
    D)customer acquisition costs
    A)future corporate growth
    (this multiple choice question has been scrambled)

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