ASU333: Introduction to Marketing Assignment 2 Question 1
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Questions and Answers

What is the main function of market penetration strategy?

  • Increasing sales of current products to new market segments (correct)
  • Offering modified or new products to current market segments
  • Identifying and developing new market segments for current company products
  • Starting up or acquiring businesses outside the company’s current products and markets

    • Which BCG box represents strong SBUs with low growth?

  • Star
  • Dog
  • Question Mark
  • Cash Cow (correct)

    • What is the BCG Model used for?

  • Market growth (correct)
  • Market development
  • Market diversification
  • Market share

    • What does product development strategy involve?

    <p>Offering modified or new products to current market segments</p> Signup and view all the answers

    In the context of the BCG matrix, what does a 'Star' represent?

    <p>High growth; strong SBUs</p> Signup and view all the answers

    In the BCG Model, what type of SBUs are considered Cash Cows?

    <p>Low growth: strong SBUs</p> Signup and view all the answers

    Which strategy involves identifying and developing new market segments for current company products?

    <p>Market Development</p> Signup and view all the answers

    What is the purpose of downsizing for a firm?

    <p>To increase profits</p> Signup and view all the answers

    What type of SBU in the BCG matrix generates enough to maintain itself but does not promise to be a large source of cash?

    <p>Dog</p> Signup and view all the answers

    Which type of SBUs in the BCG Model require heavy investments to finance rapid growth?

    <p>Stars</p> Signup and view all the answers

    In the context of the BCG Model, what do Dogs represent?

    <p>SBUs with low market share in a low-growth market</p> Signup and view all the answers

    What does Market Development involve according to the text?

    <p>Expanding into new geographic markets with existing products</p> Signup and view all the answers

    Why might a firm abandon products or markets?

    <p>Due to rapid growth and lack of experience in certain areas.</p> Signup and view all the answers

    In difficult economic times, firms prune out weaker products to:

    <p>Focus limited resources on the strongest products.</p> Signup and view all the answers

    Why do weak businesses require a disproportionate amount of management attention?

    <p>Due to their inefficiency and need to salvage them.</p> Signup and view all the answers

    What is one reason a firm might find brands unprofitable and need to divest them?

    <p>When the brands no longer fit the firm's overall strategy.</p> Signup and view all the answers

    What are the four steps in designing a customer-driven marketing strategy?

    <p>Market segmentation, market targeting, market differentiation, market positioning.</p> Signup and view all the answers

    What are some benefits of market segmentation over mass marketing?

    <p>The ability to target specific consumers efficiently.</p> Signup and view all the answers

    What is one of the benefits of marketing segmentation over mass marketing?

    <p>Enhanced relevance</p> Signup and view all the answers

    Why is it important for market segments to be measurable?

    <p>To measure the size and purchasing power of segments</p> Signup and view all the answers

    What does it mean for market segments to be substantial?

    <p>Being large or profitable enough to serve</p> Signup and view all the answers

    Why is it essential for market segments to be differentiable?

    <p>To respond differently to different marketing mix elements and programs</p> Signup and view all the answers

    What is an actionable requirement for effective segmentation?

    <p>Designing effective programs for attracting and serving the segments</p> Signup and view all the answers

    Which of the following is a strategy of market targeting?

    <p>Effectively reaching and serving market segments</p> Signup and view all the answers

    What is the marketing strategy where a firm targets several market segments and designs separate offers for each?

    <p>Differentiated Marketing</p> Signup and view all the answers

    Which marketing strategy tailors products and marketing programs to the needs of specific individuals and local customer segments?

    <p>Micromarketing</p> Signup and view all the answers

    In which market coverage strategy does a firm decide to go after a large share of one or a few segments of the market or niches?

    <p>Niche Marketing</p> Signup and view all the answers

    Which company demonstrates Undifferentiated Marketing in its strategy according to the text?

    <p>Henry Ford company</p> Signup and view all the answers

    Which marketing strategy involves ignoring market segment differences and going after the whole market with one offer?

    <p>Undifferentiated Marketing</p> Signup and view all the answers

    Which strategy includes tailoring products and programs to specific individuals and local customer segments?

    <p>Micromarketing</p> Signup and view all the answers

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