Martketing BS class – Flashcards
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The _____ for an organization assembles all the pertinent facts about the organization, the markets it serves and its products, services, customers and competition.
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Marketing Plan
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The written marketing plan must reflect the goals of top management and:
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be consistent with company's mission and capabilities
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What is the first step in the traditional top-down marketing plan?
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Conducting a situation analysis
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The most common format used to develop a marketing plan is the _____ plan
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top-down
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Desert Knight Golf Resort has just completed a detailed, factual study of the resort's current strengths and weaknesses as well as what threats and opportunities exist that are outside the company's control but still impact it. Its next step in the development of its marketing plan is to:
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determine specific marketing objectives.
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Baxter International Inc, which maintains manufacturing facilities around the world is the world's largest manufacturer of IV solutions in flexible containers. A(n) _____ would reveal to Baxter, changes in its environments that the company would need to address to maintain its standing as the leading producers of IV solutions in flexible containers.
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situation analysis
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The exhibition and trade show industry, after decades of fabulous growth is experiencing business decline. The _____ for the Center for Exhibition Industry Research, reported, "The exhibition industry will face more competition for marketing dollars in the next five years than it has in the last 25 years."
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situation analysis
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_____ is the third section of the marketing plan and explains how the company plans to accomplish its marketing objectives.
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The Marketing Strategy
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Pyramid Breweries Inc. has stated that partnering with committed wholesalers capable of delivering first class customer service is an important _____ objective for the company if the microbrewery is to maintain its reputation for customer satisfaction.
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Corporate
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_____ objectives can be stated in terms of profit, return on investment, net worth, growth or corporate reputation.
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Corporate
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Within a timeframe of five to seven years Orco Construction Supply, a regional distributor of tools and hardware to framing and foundation contractor markets, plans to hit a revenue mark of $500 million which will more than double its 2006 gross sales. This would be an example of a(n) _____ objective.
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sales-target
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_____ objectives can be categorized as either general need-satisfying objectives or specific sales-target objectives
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Marketing
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Why would a company set need-satisfying objectives?
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To shift the organization's view from a production orientation to concern for the needs of its target market.
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Harry & David is a catalog retailer that specializes in fruit gifts, but it does not see itself as just a merchant of fruit. By setting _____ objectives, the retailer can views itself as a gift provider and act accordingly.
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need-satisfying
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Assume a bakery that wholesales gourmet pies and cakes to upscale restaurant chains has developed marketing objectives. Which of the following is the BEST sales-target objective for the bakery to use?
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To increase sales of pecan pies by 3 percent during the next six months.
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In February 2008, Light Full Foods in San Francisco, developed Light Full Satiety Smoothies, which are shelf-stable, all-natural, dairy-based smoothies for adult women. Adult women are the smoothie manufacturer's:
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target market
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Silly Putty has been around for years. It began as a gag gift sold in specialty stores alongside fake vomit. It has always avoided direct confrontation with other toy companies by finding a market that was small enough to defend and never really acting like a marketing leader. Which of the following strategies has Silly Putty successfully followed?
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Guerrilla
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As the leading manufacturer of bleach in the nation, Clorox must guard itself against challenges from detergent manufacturers who are using bleach as a detergent additive. According to Jack Trout and Al Reis's Marketing Warfare, which type of a strategy should Clorox use?
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Defensive
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Hops Grillhouse & Brewery, formerly known as Hops Restaurant/Bar/Brewery, unveiled a multimillion dollar brand strategy featuring a new menu intended to "capture consumer preferences for high quality, freshness and grilled tastes as well as an array of aromas, textures and price points." Its product mix of handcrafted beer and superior food is unlike that offered by other similar restaurant chain and describes its _____ strategy.
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positioning
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_____ refers to the place a brand occupies competitively in the minds of consumers.
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Positioning
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Clos du Bois wine, for example, pursues an advertising campaign targeting the gay and lesbian community that has been remarkably successful. Its ad in gay publications features a wine cork emblazoned with the Gay Pride rainbow—an instantly recognizable symbol in the gay community. What approach to positioning is the winery using?
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Product user
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Starbucks Coffee Company, expanded from bottled Frappuccino to two canned products—Doubleshot in 2002 and Starbucks Iced Coffee, which was introduced last year. While all are coffee-based products, each has a slightly different consumer base. Doubleshot is advertised as a morning beverage, Frappuccino, an afternoon treat and Starbucks Iced Coffee as an all-day product. What approach to positioning is Starbucks using?
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Product use/application
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Besides its signature product, the My-Tee T-shirt, a fashion design company, makes its own line of skirts, shoes, tank tops and accessories that retail from $32 to $78. Publicists and buyers browse My-Tee's trendy showroom for the latest trends and clothing lines. The company's promotional strategy relies on publicity. Celebrities from Hilary Duff to Courtney Cox have been photographed in My-Tee clothing. This exposure helped the company rack up $1 million in sales last year. This is a brief description of My-Tee's:
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marketing mix
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_____ determine the specific short-term actions to be taken, internally and externally, by whom and when.
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Tactics
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Randall Grahm, the owner of Bonny Doon Vineyards, made a name for his wines by injecting an irreverent sense of humor into everything associated with the winery. One of the _____ he used was to host a black mask dinner this fall to celebrate "the death of wine corks" when his company decided to use screw tops.
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action program
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When the owner of the Baskin-Robbins brand name decided to re-invigorate the brand, it used several different _____ including creating a launch kit, to its brokers and distributors. The kit contains sell sheets, samples, a media kit and gift items, such as branded memory stick and an ice cream scoop to help "Scoop Up Sales!"
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tactics
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Smaller companies typically use a bottom-up marketing format plan because:
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handling day-to-day problems leaves little time for formal planning.
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The development of _____ marketing requires marketers to focus on ingenious tactics first and then develop that tactic into a strategy.
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bottom-up
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_____ is the creating, maintaining and enhancing long-term relationships with customers and other stakeholders that result in exchanges of information and other items of mutual value.
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Relationship marketing
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_____ is the ratio of perceived benefits to the price of the product in a consumer study.
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Value
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Clos du Bois wine pursues an advertising campaign that targets the gay and lesbian community. Its ad in gay publications features a wine cork emblazoned with the Gay Pride rainbow. Gay publications are examples of _____ for Clos du Bois wine.
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stakeholders
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Roy Harold purchased a new washer/dryer for his apartment. Shortly after the appliances had been installed, a store representative called Harold and asked if he were satisfied with the washer/dryer and how they were installed. The store representative also asked Harold to call if he had any further needs for appliances. According to Kotler and Armstrong, this is an example of which relationship level?
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Accountable relationship
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Kotler and Armstrong have identified five levels of relationships that can be formed between a company and its various stakeholders. Charlotte purchased a book on how to crochet from a Web site. After purchasing the book, she was pleased to receive regular e-mail from the site offering her other products that she might be interested in. The e-mail also told her about current trends in yarn and offered troubleshooting advice as well as free patterns. The relationship between Charlotte and the Web site is at what level?
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Proactive relationship
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Eby-Brown is a large distributor of candies and snacks to convenience stores in the eastern half of the U.S. Eby-Brown describes itself as "a service-oriented company." Its corporate guidelines state, "Without our customers, we don't exist as an organization. So our priority in life is to make sure that our customers are happy, that we're taking good care of them and addressing their needs." According to Kotler and Armstrong, what type of relationship does Eby-Brown strive to maintain with its customers?
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Partnership
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The full-page ad that Xerox ran in Fortune magazine is an example of which type of company/brand-related messages being sent to company stakeholders?
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Planned
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The price of a bottle of Chivas Regal Scotch, the use of Federal Express delivery by Lands' End and the workmanship found in a well-crafted wicker rocking chair are all examples of which type of company/brand-related messages that are sent to company stakeholders?
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Product
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Because drugstore chains realize that nearly three-fourths of the visitors to a drugstore are there just to pick up a prescription, drugstores have found it profitable to stock a variety of products that have typically been found in supermarkets and convenience store. Stakeholders receive a(n) _____ message when they go to a drugstore to pick up an antibiotic prescription and are able to buy milk and bread without having to go to another store.
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product
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Jerome stopped at Brewster's and purchased himself a chocolate ice cream cone. As he was exiting the store, the cone developed a leak and dripped ice cream all over his expensive suit. At that point, he swore to never buy Brewster's ice cream ever again. In terms of the messages that stakeholders receive, Jerome received a(n) _____ message
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Unplanned
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Think about the various sources of brand messages. Which message form is considered to be a confirm message because that is what others say and confirm (or not) about what the company says or does?
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Unplanned
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What should be the advertising manager's first step when he or she is asked to develop an advertising plan?
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Review the company's marketing plan
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Mood-lites are colored light bulbs that were developed according to research on how colors affect moods. According to the advertising pyramid, the first task of the initial advertising for Mood-lites, was to create:
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awareness
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According to the advertising pyramid, the second task of advertising is to:
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communicate enough information about the product and its features to persuade a certain number of people to believe in its value.
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Mycogen Seeds has announced details of its Over-the-Top program for 2007-08. This unique program offers cash rebates to customers who purchase both Mycogen brand products and any of 16 selected crop protection products from Dow AgroSciences. According to the advertising pyramid, the purpose of this rebate is to encourage
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action
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The two sub-strategies of the advertising strategy are the:
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creative strategy and media strategy.
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Which of the following statements about the relationship of advertising to sales and profits is true?
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Increases in market share are more directly related to increases in the marketing budget than to price reductions
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The percentage-of sales method:
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is the simplest to use of all budgeting methods
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Mood-lites are colored light bulbs that were developed according to research on how colors affect moods. In allocating funds for advertising the new light bulbs, its manufacturer decided to budget 5 percent of last year's sales for advertising expenditures. Which allocation method was the manufacturer using?
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Percentage-of-sales
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In the summer of 2002, Kelly Flatley and Brendan Synnott joined forces to launch a homemade granola business out of Flately's parents' home. They had no advertising budget, so they had to find other ways to let consumers know about Bear Naked Granola. The two entrepreneurs went door-to-door to small specialty and natural food stores. They also set up tables and tents at community events and 5K charity runs where they gave away sample of their granola. From this information, you can infer that Flatley and Synnott used the _____ method for promoting their product.
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all available fund
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The FoldzFlat Pen that folded in half to the size of a business card. Its flat surface is a perfect "billboard" on which to print advertising and company logos and it can be shaped into a bookmark, a business card, a race car or a skateboard. Its manufacturer wants to advertise this new product to people in the specialty products industry. Which method of setting its advertising budget should the new product use?
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Share-of-market/share-of-voice
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What is the greatest shortcoming for the percentage-of-sales method of setting the advertising budget?
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The percentage-of-sales method violates the basic marketing principle of marketing activities stimulating demand and thus sales and not occurring as a result of sales.
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According to the text, a firm that has used the share-of-market/share-of-voice method for allocating advertising funds for a number of years may have a tendency to:
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be bold in their attempt to link advertising dollars with sales objectives.
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When used to determine how to allocate funds for advertising, the _____ method has three steps: defining objectives, determining strategy and estimating cost.
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objective/task
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Which of the following statements about the objective/task method for allocating advertising expenditures is true?
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It is often difficult to determine in advance the amount of money needed to reach a specific goal.
