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Questions and Answers
A consulting firm decides to focus its marketing efforts on software companies with fewer than 50 employees. This is an example of what kind of approach?
A consulting firm decides to focus its marketing efforts on software companies with fewer than 50 employees. This is an example of what kind of approach?
- Selective targeting
- Market specialization
- Mass market targeting
- Market concentration (correct)
A restaurant introduces a family meal deal at a price significantly lower than the combined cost of individual items. Which pricing strategy does this BEST represent?
A restaurant introduces a family meal deal at a price significantly lower than the combined cost of individual items. Which pricing strategy does this BEST represent?
- Cost-plus pricing
- Penetration pricing (correct)
- Value-based pricing
- Freemium pricing
Which of the following marketing goals is MOST affected by the service characteristic of intangibility?
Which of the following marketing goals is MOST affected by the service characteristic of intangibility?
- Managing customer demand to match service capacity.
- Ensuring consistent service delivery across multiple locations.
- Communicating the value and benefits of the service to potential customers. (correct)
- Standardizing the service process for efficiency.
A car manufacturer emphasizes fuel efficiency, safety, and sleek design in its advertising campaigns. What is this an example of?
A car manufacturer emphasizes fuel efficiency, safety, and sleek design in its advertising campaigns. What is this an example of?
A company determines that a weakness identified in a SWOT analysis cannot realistically be overcome, given current resources and market conditions. How should the company classify this weakness?
A company determines that a weakness identified in a SWOT analysis cannot realistically be overcome, given current resources and market conditions. How should the company classify this weakness?
Which of the following situations BEST demonstrates the application of behavioral segmentation?
Which of the following situations BEST demonstrates the application of behavioral segmentation?
A small business is considering entering a market segment that appears viable but is dominated by well-established, larger companies. Which of the following would be the MOST significant reason not to pursue this segment?
A small business is considering entering a market segment that appears viable but is dominated by well-established, larger companies. Which of the following would be the MOST significant reason not to pursue this segment?
What is a primary disadvantage of cost-plus pricing?
What is a primary disadvantage of cost-plus pricing?
Flashcards
Mass Customization
Mass Customization
Tailoring products or services to meet the needs of individual customers on a large scale.
Evoked Set
Evoked Set
The mental list of acceptable brands or products a consumer considers when making a purchase.
Behavioral Segmentation
Behavioral Segmentation
Dividing a market based on consumer behaviors, such as usage rate, loyalty, or occasion.
Market Concentration
Market Concentration
A marketing strategy where efforts are concentrated on serving only one market segment.
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Freemium Pricing
Freemium Pricing
Offering a basic version of a product or service for free, while charging for premium features or add-ons.
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Value-Based Pricing
Value-Based Pricing
A pricing strategy where the price is set based on the perceived value to the customer rather than the cost of production.
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Omnichannel Concept
Omnichannel Concept
A retail strategy that provides a seamless and integrated customer experience across all channels.
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Penetration Pricing
Penetration Pricing
A pricing strategy of setting a low initial price to rapidly gain market share and discourage competitors.
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- Service demand is time-and-place dependent due to customer presence requirements.
- Mass customization is a marketing strategy that offers personalized products to a large audience.
- Product differentiation distinguishes a product from competitors.
- Marketing goals should defined using the SMART acronym - Specific, Measurable, Achievable, Relevant, Time-bound.
- An evoked set refers to the brands a consumer considers while making a purchase.
- The universal goal of sales promotion is to drive immediate action.
- Assigning responsibility for marketing objectives provides accountability and focus.
- Supply chain management comprises supply, operations, distribution, and integration.
- Business markets can be segmented by factors like industry, size, and geography.
- The degree of risk significantly affects the time, effort, and money spent when consumers search for information.
- Freemium pricing is offering a basic product or service for free, while charging for additional features.
- Behavioral segmentation groups consumers based on actions and usage patterns.
- Pull strategies focus on creating demand, while push strategies use intermediaries to sell products.
- Four general directions for strategic efforts are market penetration, market development, product development, and diversification.
- Strategic canvas is a visualization tool for comparing offerings relative to competitors.
- Business market pricing techniques include competitive bidding and negotiated pricing.
- Mass market targeting is when a company aims to appeal to the entire market with a single strategy.
- An extension of one-to-one marketing is when personalization happens at scale, often through technology.
- Limitations are weaknesses that cannot be converted into strengths.
- Penetration pricing introduces products at low prices to gain market share.
- Opportunities and threats typically occur within the external environment.
- Product leadership is when a company focuses on innovation and quality.
- Individualized segmentation approaches include mass customization and permission marketing.
- Market concentration is a strategy that focuses on serving a few specific segments.
- Strategic focus involves defining a clear and specific target market and value proposition.
- Mass marketing assumes that all customers have similar needs and wants.
- Value-based pricing is setting prices based on the perceived value to the customer.
- An omnichannel concept provides a seamless customer experience across all channels.
- Selective targeting is when a company chooses to focus on a few profitable segments.
- Market specialization focuses on serving a specific industry or niche.
- Disruption is a process where a new technology or business model transforms an existing market.
- Five sources of power in a supply chain include expertise, reward, coercive, legitimate, and referent power.
- Discontinuous objectives are major shifts in strategic direction or goals.
- Service characteristics include intangibility, inseparability, variability, and perishability.
- Intangibility is how a goal can be hard to measure in real terms.
- Cost-plus pricing doesn't account for demand or competitor pricing.
- Sales force compensation methods include salary, commission, and bonuses.
- Unique characteristics of business markets are the complex decision-making and close relationships.
- Slotting allowances are fees paid by manufacturers for shelf space in retail stores.
- Objectives provide specific, quantitative benchmarks to gauge progress toward goals.
- Looking for causes, not characteristics, means focusing on underlying drivers of behavior.
- Product line depth refers to the number of variations within a product category.
- An attractive market segment may be dropped due to overwhelming competition.
- Kodak failed by excessively focusing on the direct brand competitors and failing to consider new technologies.
- Increasing the percentage of repeat customers from 70% to 75% in 6 months is a continuous objective.
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