MRKT 303-Exam Practice Ch 2 – Flashcards
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A company can gain a cost competitive advantage by:
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reorganizing functional departments into cross-disciplinary teams.
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A distinguishing feature of the product/service differentiation competitive advantage is _____.
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having a strong brand image
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A marketing mix typically involves:
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distribution strategies.
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Cost competitive advantage can be achieved by:
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avoiding marginal customers.
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In the context of SWOT analysis, a strength of an organization can be:
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superior production technology.
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In the context of a marketing mix, the product strategy involves:
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warranty.
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In the context of marketing mix, promotion includes:
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public relations activities
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In the portfolio matrix, a _____ is in a low-growth market, but the product has a dominant market share; it is an SBU that generates more money than it needs to maintain its market share.
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cash cow
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MaxNutri sells cookies and nutrition bars. The marketers at MaxNutri are trying to come up with a new and attractive packaging design for its cookies. In this scenario, MaxNutri is working on its _____ strategy.
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product.
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Revel Inc., a cell phone manufacturer, launched its new range of smartphones that could only be purchased on the company's official Web site and not at retail outlets. This limitation may be attributed to the _____ element of Revel's marketing mix.
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distribution
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Strategic planning:
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should be based on creativity.
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Synergy Corp. is large seller of energy-efficient bulbs that uses extensive promotional strategies to stimulate sales. Synergy has noticed that a competitor is doing well and is steadily gaining a large market share. The marketers at Synergy want to counter the competitor immediately by increasing the sales of its bulbs. What quick step can Synergy take to stimulate the sales of its products?
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Change the pricing strategy
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The heart of the marketing mix is the:
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product offering and product strategy.
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The price component of a marketing mix is:
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a competitive weapon for companies.
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The product in the marketing mix:
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includes company image.
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Thompson Crayons Ltd. is a manufacturer of crayons and colored pencils in Rhodia. The company has started packaging their products in vibrant colored boxes, as opposed to brown boxes used in the past, in order to increase their sales. In this scenario, Thompson Crayons Ltd. is using a _____ strategy.
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product differentiation
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Varion Air offers its customers a complementary air ticket on the purchase of three business class tickets. Varion Air's strategy best represents the ____ element of its marketing mix.
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promotion
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Which of the following actions is closely associated with the niche strategy?
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Choosing a target market that is not crucial for the success of major competitors
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Which of the following can be considered as a business opportunity in the context of SWOT analysis?
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Favorable government regulations
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Which of the following considered by marketers is most closely related to distribution strategies?
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How can we effectively store raw materials?
