MKT 340 Ch. 2

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When a company such as Singapore Airlines positions itself as a leader in technology, innovation, quality, and _______ service it ensures that its competition will have difficulty meeting its standards. these strategies have helped singapore airlines to remain profitable even as other airlines struggle to survive.
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customer
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___ is the quantity of a market compromised by a specific entity
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market share
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in portfolio analysis
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management evaluates the firm’s various products and businesses management allocates its resources to products with the greatest potential to be profitable
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Marketers strive for efficient operations to provide their customers with all of the following EXCEPT: The merchandise they want A lower delivered cost than their competitors Low quality products The correct quantity
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Low quality Efficiency is aimed at cost savings and smooth, accurate operations, and ensuring good value to their customers
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the components of SWOT analysis include the following except which?
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target markets segmentation
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___, which includes services, constitutes the first of the 4 Ps
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prouduct
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___ excellence is when a firm focuses on having high perceived value and effective branding and positioning
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product
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firms can maintain competitive advantage by
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reinforcing the brand image through merchandise, service, and promotion
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___ is the element of the 4Ps responsible for communicating value to customers
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promotion
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a firm can build sustainable competitive advantage
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through some business activities over a long period of time when it ouperforms competition
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match the macro strategies for developing customer value with the specific actions that organizations can take to achieve them.
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customer excellence- loyalty programs and superior service operational excellence- excellent supply chain management, strong supplier relations, and human resource management product excellence- effective branding and positioning locational excellence- high density of stores and closer proximity to customers
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step 5 of the marketing plan involves:
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evaluating the results of the strategy and implementation program
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STP includes which of the following
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segmentation positioning
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a ____ competitive advantage is an advantage over the competition that is not easily copied and can be maintained over a long period of time
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sustainable
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what do “threats” represent in SWOT analysis?
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the negative aspects of the company’s external environment
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some commonly used financial performance metrics include
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profits sales revenue
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which of the following is true regarding SBUs?
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an SBU may have a different mission or objectibe from other divisions
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firms achieve operational excellence through which of the following?
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efficient operations, strong relationships with suppliers, excellent supply chain management
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the 3 major phases of the marketing plan are:
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planning, implementation, and control
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place is the component of the four Ps responsible for ____ value
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delivering
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which of the following are examples of strengths that might be identified in a SWOT analysis
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a strong network of retailers, licensing of a brand
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which of the following strategies are frequently used to achieve locational excellence?
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closer proximity to customers, high density of stores
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customer excellence is focused on
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retaining loyal customers and offering excellent customer service
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which of the following are strategies for achieving operational excellence?
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supply chain management efficient oeprations
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____ is achieved through efficient operations, excellent supply chain, and human resource management
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operational excellence
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involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products
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market positioning
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in ___ of the 5 step marketing planning process, marketing managers are responsible for implementing the marketing mix using the four Ps
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the fourth step
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in a SWOT analysis, __ pertain to positive aspects of the external environment
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opportunities
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loyalty programs
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give firms the opportunity to learn more about their customers
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which of the following is one of the macro strategies for developing customer value through effective branding and positioning?
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product excellence
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step 3 of the 5-step marketing planning process
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involves segmentation, targeting, and positioning
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a firm needs a marketing plan
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to implement the marketing mix, to explain how overall objectives will be met, to clearly state its overall objectives
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a _ _ is a group of products that consumers perceive as similar in some way and that the firm regards as a group
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product line
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which of the following are examples of how firms use information from loyalty programs?
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analyzing buying habits of customers, tailor their offering to meet the needs of customers
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firms consider pursuing various ___ as part of their overall growth strategies
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market segments
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in the __ step of the 5 step marketing planning process, marketers evaluate the situation by assessing how various players, both in and outside the organization, affect the firm’s potential for success
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second
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why do firms use metrics?
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to explain why things happen, to make it possible to compare results across regions, product lines, and time periods
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____ consist of consumers who respond similarly to a firm’s marketing efforts
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market segments
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a ____ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements
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marketing plan
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After a firm has identified a group of market segments, it
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determines which segments to pursue, uses a process known as targeting, evaluates each segments attractiveness. it does not re-assign the segments
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which of the following are true regarding price?
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it will not generate much volume if it is too high. it should be based on the value that the customer perceives
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excellent customer service helps build
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sustainable competitive advantage
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What’s true regarding Market share?
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it’s the % of a market accounted for by a specific entity. it defines a product’s strength in a particular market
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The process of dividing the market into groups of customers according to their needs, wants, or characteristics
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market segmentation
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in step 1 of the planning phase, a fir
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defines the mission and/or vision of the business
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The product development strategy incorporates a _____ product or service to a firm’s ______ market
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new product; current market
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what does “strengths” refer to in SWOT analysis
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the positive internal attributes of a firm
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one firm’s competitive advantage makes it ___ for other firms to compete for the same target customers
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harder
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locational excellence is particularly important for which?
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retailers
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in a SWOT analysis, possible threats for firms can include each of the following except
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widespread market dominance by the firm
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a market development strategy employs the existing marketing offering to:
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reach new market segments
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A firm needs a marketing plan
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to explain how overall objectives will be met and to clearly state its overall objectives and to implement the marketing mix
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a metric is a ___ that quanitifies a trend, dynamic, or characteristic
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measuring system
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A strategy that employs the existing marketing mix and focuses on the firm’s efforts on increasing sales to current customers is called:
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market penetration
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brand ___ means that customers are reluctant to patronize competing firms
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loyalty
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a mission statemetn
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defines the scope of activities a firm plans to undertake
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Pricing is the only marketing activity that:
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brings in money
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a marketing strategy identifies each of the following except
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staffing requirements for the marketing department
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a marketing strategy
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outlines what a firm plans to do to appeal to potential customers
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a firm can’t begin to implement the marketing mix immediately after which of the following steps?
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it has finished segmentation, targeting, and positioning
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one key to long-term financial performance is to establish a
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sustainable competitive advantage
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Value creation means that firms attempt to develop products or services that customers perceive as _____ enough to buy
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valuable
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of the following, who would require access to a company’s marketing plan
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stakeholders
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strategy that employs the existing marketing mix and focuses on the firm’s efforts on increasing sales to current customers is called:
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market penetration
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True or false: it is a mistake for a firm to try to use multiple approaches to build a sustainable competitive advantage
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false
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a written marketing plan provides a reference point for evaluating whether or not the firm met its
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objectives
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Market penetration strategy, as one of the possible growth options, may be achieved by which of the following?
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encouraging current customers to patronize the firm and the brand more often
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a _ identifies a firm’s target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage
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marketing strategy
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a competitive advantage based on location
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is sustainable when real estate is difficult or expensive to obtain
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Which of the following is one of the major considerations involved when a company develops its marketing strategy?
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identification of target markets
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Although Starbucks, Dunkin’ Donuts, and McDonald’s all strive to provide a good cup of coffee and pastries to their respective target markets, the difference in who they target, how they design their marketing mix, and what they choose as the basis of building their competitive advantage is directly related to their own
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marketing strategy.
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Singapore Airlines is recognized as an industry leader for exemplary customer service, and has continued to add new ways to serve customers better than competitors. In doing so, it has focused on sustaining its competitive advantage through _____ excellence.
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customer
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When marketers strive to get their customers the merchandise they want, when they want it, in the required quantities, and at a lower delivered cost than that of their competitors, they are hoping to achieve a sustainable competitive advantage through _______ excellence
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operational
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Companies must deliver more value and satisfaction to target consumers than its competitors to gain a
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competitive advantage.
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A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected income statements is referred to as a(n)
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marketing plan.
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Which of the following represents the three major phases of a marketing plan?
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planning, implementation, control
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When a firm considers its overall objectives and considers the type of business it is in, it is engaged in which of the following steps of the marketing planning process?
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defining the mission
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The SWOT analysis is typically conducted during which of the following steps in the marketing planning process?
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conducting a situation analysis
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A SWOT analysis involves an analysis of factors internal to the company, which include _____ as well as factors outside the company, which include _____.
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strengths and weaknesses; opportunities and threats
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A local coffee shop is known for poor customer service and an unclean, dirty environment. These factors would be classified as _____ in a SWOT analysis.
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weaknesses
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After a firm has conducted a SWOT analysis, it would typically progress to the next step of marketing planning which is _______ and involves using STP (segmentation, targeting, and positioning).
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identifying and evaluating opportunities
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Toothpaste manufacturers understand that consumers have different needs when it comes to toothpaste (i.e., teeth whitening, sensitive teeth, breath freshening, and tartar control). Knowing that, they have divided the market based on these various needs and developed toothpaste to accommodate each group. By doing so, these toothpaste manufacturers are involved in
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market segmentation.
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Marriott Hotels recognizes that there are different groups of travelers with different needs, wants, and characteristics in their choice of lodging. The process of dividing Marriott’s market into these various groups is
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market segmentation.
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Honda marketed its CR-Z hybrid model to a distinct segment of consumers as a fun, green, sporty hybrid that stands out as being uniquely different from other hybrid models. This is an example of which of the following?
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market positioning
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Through which of the following marketing mix variables do companies capture value from consumers, resulting in the generation of revenue?
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price
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When marketers make their offering available when and where the customer wants it, which of the following elements of the marketing mix is involved?
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place
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Marketers communicate the value proposition to their customers through a variety of media, such as television and the Internet. Which of the four Ps does this represent?
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promotion
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To evaluate the effectiveness or performance of a marketing strategy, firms typically use
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marketing metrics
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A _______ is a measuring system that quantifies a trend, dynamic, or characteristic and is used by marketers to help explain why things happened and also to predict the future.
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metric
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Which of the following is a marketing metric that might be used to evaluate the performance of a company’s implementation of its marketing plan?
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GM (gross margin)
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When managers at General Motors evaluated all the firms’ various divisions and then chose to close both the Saturn and Pontiac divisions, it was involved in
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portfolio analysis
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The Goodyear Tire Company is organized by regions: North America, Europe, Middle East and Africa, Latin America, and Asia Pacific. These divisions of Goodyear are called
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strategic business units
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What two metrics are used in the BCG portfolio analysis to evaluate the various products of a firm?
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relative market share and market growth rate
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General Motors determined that it would close down divisions that were in low-growth markets that had relatively low market shares. According to the BCG product portfolio analysis, GM was identifying divisions in the _____ category for closure.
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dogs
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According to the BCG matrix, which type of product typically has excess resources which can be used to support other products that need additional resources?
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cash cows
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Which of the following is one of the four major growth strategies marketers typically utilize?
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product development
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In an attempt to increase sales during a lagging economy, Macy’s has increased its advertising and sales promotions for its current products to stimulate sales in its current markets. Which growth strategy is Macy’s employing?
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market penetration
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Starbucks recently introduced Via, its brand of instant coffee, to exploit the growth opportunities for new products in current markets. As he prepared for the instant coffee product’s North American rollout, Chief Executive Howard Schultz called Starbucks Corporation’s Via Ready Brew “perhaps the biggest opportunity” in company history. This is an example of which growth strategy?
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product development
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Which growth strategy is being used when a firm introduces a new product or service to a market segment that is currently not served by the firm?
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diversification

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