MKG 300-7 Chapter 2 Study Guide – Flashcards
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marketing strategies
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are not whole company plans
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a marketing strategy
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specifies a target market and related marketing mix
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which of the following statements about target marketing is incorrect
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target marketing, in contrast to mass marketing
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focuses on fairly homogeneous market segments - tailors a market mix to fit a specific group of customers mass marketers see everyone as the same, with the same needs
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target marketing
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marketing managers should view potential customers as
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grouped into segments of similar consumers
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good marketing strategy planners know that
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target marketing does not limit one to small marketing segments
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"product" is concerned with
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developing the right products for the target market
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Big Fizz Co., a manufacturer of cola flavored drinks, wants to add packaged fruit juices to its existing product line. Big Fizz needs to make some decisions regarding packaging and branding of the fruit juices. these decisions would fall under what variable of the marketing mix?
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promotion (?)
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a firm's decisions regarding channel type, market exposure and kinds of intermediaries would fall under the marketinx mix variable of
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place
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Scott Paper uses intermediaries to reach its target markets; Citibank uses none. which of the marketing mix variables is being considered here?
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place
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a channel of distribution is
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any series of firms that participate in the flow of products from producer to consumer/final user
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an office supplies producer sells a variety of office supplies to a final consumer and businesses using its own mail order catalog. Here,
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direct marketing
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_____refers to personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase
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customer service
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advertising is
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any paid pro of non personal presentation of ideas, goods or services by an identified sponsor
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while setting the price of a product, what must managers consider?
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the price of one item in relation to the price of other items in the product line 1. identify pricing objectives/constraints 2. estimate demand and revenue 3. determine cost/volume/ profit relationships 4. select approx. price level 5. set list of quoted price 6. make adjustments
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when developing a marketing mix, a marketing manager should remember that
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"price" included markups, discounts, allowances and geographical terms
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a marketing plan is
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a marketing strategy, plus the time related to details for carrying it out
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which of the following is a part of a complete marketing plan
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1. what marketing mix will be offered, to whom and for how long 2. what resources will be needed at what rate 3. what results are expected
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which of the following is not included in the marketing plan
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should make decisions based on guidelines set during strategy planning
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which of the statements about operational decisions is FALSE
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which of the following is an operational decision - rather than a strategy decision
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which of the following is an example of an operational decision
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which of the following would NOT require an operational decision for a leading hair color manufacturer?
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a retailer's operation decision to hire new salespeople would best relate to the marketing mix decision area of
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promotion
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estimating a customer's lifetime purchasing potential is important because it helps marketers
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customer lifetime value
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which of the following is NOT a reason a marketing program should build customer equity?
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marketing strategies that focus on quick-term sales
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have long run-negative consequences should focus on long and short term -acquiring new customers -retaining customers -enhancing customer value
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which of the following best illustrated breakthrough opportunity
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opportunities that innovators develop hard-to-copy marketing strategies that will be profitable for a long time
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which of the following statements regarding marketing strategies is false
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marketers typically follow a tightly sequenced development process which always allows for detailed analyses and evaluations of consumer responses to chosen strategies
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which of the following statements about S.W.O.T analysis is true?
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identifies strengths, weaknesses, opportunities, and threats
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a S.W.O.T analysis
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should help a manager develop a strategy that leads to a competitive advantage
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differentiation refers to the ____ of the firm's marketing mix to meet the needs of the target market
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ability? segmentation?
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differentiation
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requires that the firm fine tune all of the elements of its marketing mix to the specific needs of a distinctive target market
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which of the following firms is exploring development opportunity?
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EZGo gold cart company begins selling golf carts for use in malls, air ports and factories -increase sales by selling present products in new markets
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Kraft Foods recently increased its advertising and couponing to its present cheese customers. it appears that Kraft is pursuing what kind of opportunity?
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market penetration
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if frito lay (which has products in almost all the sub markets for snack foods) were to try to increase its share of one of these markets, it would be pursuing _____ opportunity
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market penetration
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when a customer goes online to register Adobe's Acrobat Reader, the web page promotes other related products, such as photoshop, this is an example of...
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market penetration
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a mail-order marketer of flower bulbs to gardening hobbyists decides to sell the bulbs in grocery stores to reach nonhobbyists who might be interested in pretty flowers. this is an example of....
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market development
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to compete more successfully with its many competitors offering packaged cookies, famous amos added its own line of extra chunky premium cookies. this seems to be an effort at....
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product development
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wendy's continues to come out with new offering like stuffed pitas. this suggests that wendy's is pusuing...
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product development
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Hewlett-Packard decided that too many other companies were attracting its customers by advertising their computer printers a having all the same features of HP LaserJet. so HP designed a new color printer with a completely new set of features that no competitor's equipment offered. HP then introduced it to the same market with the hope that it could develop a larger and more profitable share. this was an effort at...
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product development
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a beer distributor, concerned about increasing regulation of alcoholic beverages, decides to start a new business distributing children's toys. the firm appears to be pursuing ___ opportunity
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diversification
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industrial plastics corp. has decided to manufacture and sell electric motors for fishing boats. this form appears to be pursuing ___ opportunity
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diversification
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a producer of home burglar alarm devices decides to start manufacturing portable video camera for use in industrial situations. this is an example of...
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market development
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the most risky and challenging opportunities usually involve
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diversification
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all of the following are reasons why international opportunities should be considered by managers, EXCEPT
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favorable trends at home and unfavorable trends in other countries make international marketing attractive
