Marketing Quiz 3 – Flashcards

The purpose of business portfolio analysis is to A. add or delete product line and brand extensions. B. search for growth opportunities from among current and new markets as well as current and new products. C. alter a product's characteristic, such as its quality, performance, or appearance, to increase its value to customers and increase sales. D. determine the appeal of each SBU or offering and then determine the amount of cash each should receive. E. seek opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

A marketing manager must be able to put a market segmentation plan into effect. This means being able to form market segments and then __________ without encountering excessive costs. A. eliminate potential non-buyers B. identify segmentation variables C. select the market segment(s) to target D. redirect their purchase behaviors E. ignore any and all similarities

Criteria for forming segments involve both similarities and differences. Which of the following statements is most accurate? A. Within a segment, the needs of potential buyers should be different; among segments, the needs of buyers should be similar. B. Within a segment, the needs of potential buyers should be similar; among segments, the needs of buyers should be different. C. The needs of buyers should be different, both between segments and within segments. D. The needs of buyers should be the same, both between segments and within segments. E. If there are any differences at all, you should forgo any segmentation.

When expenses are greater than the potential increased sales from market segmentation, a firm should A. not consider market segmentation at this time. B. combine departments within the company to make the process more streamlined. C. reduce production costs or increase prices to facilitate the segmentation process. D. seek alternate channels of distribution, including Internet sales. E. discontinue manufacturing any products that are not in the mature stage of their product life cycle.

To be identified as a market segment, its members must A. represent a large share of the entire market and have buying power. B. have common needs and respond similarly to a marketing action. C. have different needs and have potential for future growth. D. have different needs and respond similarly to market actions. E. have the potential for future growth and increased profit or ROI.

Four general categories used to segment consumer markets are geographic segmentation, demographic segmentation, __________, and behavioral segmentation. A. supplier segmentation B. demand segmentation C. regional segmentation D. psychographic segmentation E. product segmentation

Compared to marketing strategies, marketing tactics generally involve actions that A. are detailed day-to-day operational decisions. B. are long-term rather than short-term. C. involve upper levels of management rather than front-line managers. D. are general rather than specific in nature. E. have been successfully implemented in the past.

Segmentation based on what product features are important to different customers is known as A. demographic segmentation. B. behavioral segmentation. C. psychographic segmentation. D. geographic segmentation. E. socioeconomic segmentation.

Which of the following statements regarding market segmentation is most accurate? A. Even if a firm finds only one potential market segment, it should take advantage of the opportunity, no matter what. B. Market segmentation only works for large corporations because small businesses don't have the resources to engage in the process or implement the resulting marketing actions. C. Governments should not attempt market segmentation because there is no need for them to do so. D. If a business firm goes to the trouble and expense of segmenting its markets, it expects to increase its sales and profits. E. Market segmentation strategies work less than 25% of the time. However, for the instances that it does work, the benefits more than compensate for previous failures.

The best segmentation approach is the one that A. makes it easiest to reach the segment. B. maximizes the opportunity for future profit and ROI. C. recognizes different needs of buyers among different segments. D. recognizes similarities of needs of potential buyers within a segment. E. is simplest and least costly in assigning potential buyers to segments.

"To contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health, and extend life" is Medtronic's __________. A. core value proposition B. corporate culture C. functional goal D. sustainability doctrine E. mission statement

An effective summary tool for an organization's situation analysis is referred to as (a) __________. A. SWOT analysis B. strategic management planning C. environmental scanning D. market-product grid analysis E. marginal analysis

The actions taken during the evaluation phase of the strategic marketing process include: (1) compare results with plans to identify deviations and (2) __________. A. find points of difference B. execute the marketing program C. track sales and revenues and compare with competitors D. develop the budget by estimating revenues, expenses, and profits E. correct negative deviations and exploit positive ones

The actions taken during the implementation phase of the strategic marketing process include: (1) obtain resources; (2) design the marketing organization; (3) develop schedules; and (4) __________. A. position the product B. select target markets C. find points of difference D. execute the marketing program E. develop the budget by estimating revenues, expenses, and profits

The process of segmenting a market and selecting specific segments as targets is the link between __________ and the organization's marketing program. A. self-regulatory industry standards B. government regulations C. top-level management D. buyers' or market needs E. controllable environmental factors

One marketing action that can be taken to sell a single product or service to multiple market segments is to A. develop and produce another version of the product. B. manufacture products that appeal to different markets. C. develop separate promotional campaigns. D. purchase another firm that has additional products that would appeal to multiple markets. E. issue stock to fund additional research and development for new products.

The primary purpose of a marketing metric is to A. assign qualitative values to quantitative data. B. allow the sharing of information across product lines. C. measure the quantitative value of a marketing activity. D. forecast potential product/service opportunities over a period of five years. E. provide a numerically precise measurement of management judgment for an industry's growth.

The strategic marketing process involves three phases: planning, implementation, and A. review. B. execution. C. evaluation. D. goal revision. E. correction.

Since its launch, Netflix has changed its business model in order to A. compete with Blockbuster retail store expansion. B. respond to changing consumer needs and the evolution of new technologies. C. expand its focus from entertainment to movie collectibles and memorabilia. D. avoid head-to-head competition with satellite television providers, which recently announced a strategic partnership with Blockbuster that offers a similar service as Netflix. E. begin preparations to withdraw from its traditional method of mail delivery, which takes 2-3 business days and introduce next-day delivery through FedEx.

In the 20th century, railroads may have let airlines, barges, pipelines, and trucks take business away from them because their strategies were developed only for the railroad business, rather than a broader definition of the __________ business. A. transportation B. transcontinental shipping C. passenger travel D. product delivery E. bulk cargo