Marketing Chapter 1 and 2
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Questions and Answers

What criteria should Points of Difference (POD) fulfill?

  • Unique, Affordable, Memorable
  • Sustainable, Accessible, Innovative
  • Desirable, Deliverable, Differentiating (correct)
  • Effective, Broad, Recognizable

    • Which of the following is NOT a brand element?

  • Store Locations (correct)
  • URLs
  • Brand Names
  • Logos

    • The brand mantra for Disney is best described as which of the following?

  • Dreams come true
  • Fun family entertainment (correct)
  • Imagination and innovation
  • Citizen of the world

    • Which of the following best describes Points of Parity (POP)?

    <p>Shared attributes or benefits with other brands</p> Signup and view all the answers

    What is a characteristic of effective brand elements?

    <p>Memorable and meaningful</p> Signup and view all the answers

    What is considered a megatrend?

    <p>A large change that takes time to develop and impacts society for years.</p> Signup and view all the answers

    Which factor does NOT belong in the target market identification?

    <p>Economic environment</p> Signup and view all the answers

    Which term refers to a direction or sequence of events that has momentum and durability?

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

    Which of the following is a component of the socio-cultural environment?

    <p>Views of organizations</p> Signup and view all the answers

    What is the primary purpose of a marketing information system (MIS)?

    <p>To gather and analyze marketing data for decision-making</p> Signup and view all the answers

    Which characteristic is NOT considered in the natural environment challenges?

    <p>Technological advancement</p> Signup and view all the answers

    Which of the following best describes an industrializing economy?

    <p>A nation in transition to more industrial activities</p> Signup and view all the answers

    Which of the following factors influences the economic environment?

    <p>Growth rate</p> Signup and view all the answers

    What is one of the primary goals of database marketing and CRM?

    <p>To improve customer retention</p> Signup and view all the answers

    Which option is a characteristic of B2B markets?

    <p>Multiple buying influences</p> Signup and view all the answers

    What is a downside of implementing database marketing?

    <p>It may involve high investment costs</p> Signup and view all the answers

    Which method is NOT a way to monitor customer satisfaction?

    <p>Social Media Monitoring</p> Signup and view all the answers

    What role do gatekeepers play in an organization?

    <p>They control access to information and decisions.</p> Signup and view all the answers

    Which strategy should NOT be used to handle price-oriented customers?

    <p>Offer them unlimited credit</p> Signup and view all the answers

    Which of the following is NOT a base for segmenting B2C markets?

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

    What factor is NOT characteristic of B2C markets?

    <p>Multiple sales calls</p> Signup and view all the answers

    Who typically acts as the user in the interpersonal forces within an organization?

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

    What is a significant criterion for effective market segmentation?

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

    Which method is commonly used to identify groups of respondents with similar answers in market segmentation?

    <p>Cluster analysis</p> Signup and view all the answers

    Which aspect is NOT a role of brands for consumers?

    <p>Increases price sensitivity</p> Signup and view all the answers

    In brand positioning, which element refers to the distinctive place a brand occupies in the consumer's mind?

    <p>Points of difference</p> Signup and view all the answers

    Which of the following is NOT a benefit of branding for marketers?

    <p>Increased vulnerability to competition</p> Signup and view all the answers

    Which of the following best describes market targeting?

    <p>Selecting specific market segments to enter</p> Signup and view all the answers

    What is the primary purpose of a brand promise?

    <p>To communicate what the brand must be and do for consumers</p> Signup and view all the answers

    What aspect is NOT considered when classifying brands by distribution and marketing support?

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

    Which strategy focuses on expanding total market demand for a market leader?

    <p>Creative marketing</p> Signup and view all the answers

    What is an example of a brand operating under a category extension?

    <p>Honda lawn mowers</p> Signup and view all the answers

    Which of the following is a characteristic of a mobile defense strategy?

    <p>Offering new ecological friendly products first</p> Signup and view all the answers

    What branding model emphasizes the long-term relationship between consumers and the brand?

    <p>Brand Resonance Model</p> Signup and view all the answers

    What is one of the primary objectives for pricing a product aimed at achieving maximum profit?

    <p>Maximum market skimming</p> Signup and view all the answers

    Which type of costs are considered when calculating total production costs?

    <p>Fixed costs and variable costs</p> Signup and view all the answers

    When estimating demand, what factor does NOT influence price sensitivity?

    <p>Market research techniques</p> Signup and view all the answers

    Which pricing strategy is based primarily on the features of a product as assessed by customers?

    <p>Celling price pricing</p> Signup and view all the answers

    Which promotional pricing tactic involves setting a price lower than cost to attract customers?

    <p>Loss-leader pricing</p> Signup and view all the answers

    What is an essential factor in determining the final price of a product?

    <p>Customer perceptions of quality</p> Signup and view all the answers

    Which method of auction pricing involves bids that increase over time?

    <p>English auction</p> Signup and view all the answers

    What is a key factor that R.G. Cooper identified for successful new product teams?

    <p>Unique and superior product</p> Signup and view all the answers

    Which of the following factors is least likely to be considered in identifying a company's target market?

    <p>Employee satisfaction</p> Signup and view all the answers

    Which aspect of the socio-cultural environment is most important for a marketing strategy?

    <p>Views of society</p> Signup and view all the answers

    What defines a 'fad' in marketing terms?

    <p>An unpredictable and short-lived phenomenon</p> Signup and view all the answers

    What is a distinguishing feature of a megatrend compared to a trend?

    <p>Megatrends have substantial social, economic impacts</p> Signup and view all the answers

    Which of the following is NOT a component that contributes to a marketing information system?

    <p>Predictive analytics</p> Signup and view all the answers

    What is a significant factor that can affect the economic environment faced by a company?

    <p>Income distribution</p> Signup and view all the answers

    Which type of industrial structure is characterized by countries that are primarily focused on extracting and exporting natural resources?

    <p>Raw-material exporting economies</p> Signup and view all the answers

    Which of the following factors does NOT typically influence customer needs and wants?

    <p>Distribution channels</p> Signup and view all the answers

    What type of distribution strategy involves selling through a limited number of specified retailers?

    <p>Selective distribution</p> Signup and view all the answers

    Which channel power type relies on the ability to enforce compliance through potential negative consequences?

    <p>Coercive power</p> Signup and view all the answers

    Which of the following represents a key consideration when evaluating channel alternatives?

    <p>Economic criteria of transaction costs</p> Signup and view all the answers

    Which reason would NOT typically be a motivation for selecting and training channel members?

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

    What does market potential represent in relation to marketing expenditure?

    <p>The theoretical limit of market demand when spending is maximized</p> Signup and view all the answers

    What does a higher customer expectation than customer-perceived performance indicate?

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

    In Total Quality Management (TQM), what is the primary focus?

    <p>Continuous improvement of processes, products, and services</p> Signup and view all the answers

    What does Total Customers Cost refer to in the context of customer satisfaction?

    <p>The holistic expenditures customers associate with a product</p> Signup and view all the answers

    Which analysis method uses the 80-20 rule to assess customer profitability?

    <p>Customer-Product Profitability Analysis</p> Signup and view all the answers

    In the context of a customer-oriented organizational chart, what is the primary goal?

    <p>Shifting the focus from products to customer needs</p> Signup and view all the answers

    What drives performance marketing in an organization?

    <p>Understanding returns on marketing activities based on KPIs</p> Signup and view all the answers

    What is the ultimate objective of focusing on customers-perceived value?

    <p>To maximize customer satisfaction and loyalty</p> Signup and view all the answers

    What does market forecast indicate?

    <p>The market demand under realistic spending conditions</p> Signup and view all the answers

    Which of the following bases for segmenting B2C markets focuses on psychological attributes of consumers?

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

    What characteristic does NOT belong to effective segmentation criteria?

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

    Which step follows the establishment of market segments in the process of market segmentation?

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

    Which of the following is considered a consumer benefit of branding?

    <p>Greater loyalty</p> Signup and view all the answers

    What is a characteristic of a brand promise?

    <p>It outlines what the brand must deliver to consumers</p> Signup and view all the answers

    Which of the following factors is NOT a base for segmenting B2B markets?

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

    Which analytical approach is typically used to identify groups of respondents with similar answers during market segmentation?

    <p>Cluster analysis</p> Signup and view all the answers

    What is one of the key benefits of strong brand positioning?

    <p>Improved product performance perceptions</p> Signup and view all the answers

    Which of the following aspects is a crucial benefit for marketers achieved through branding?

    <p>Increased licensing opportunities</p> Signup and view all the answers

    What is one of the main goals of leveraging detailed information about customers?

    <p>To improve customer retention</p> Signup and view all the answers

    Which of the following is a disadvantage of database marketing?

    <p>High investment costs</p> Signup and view all the answers

    Which method is least effective for monitoring customer satisfaction?

    <p>Unscheduled price adjustments</p> Signup and view all the answers

    What is a characteristic of B2B markets?

    <p>Fewer, larger buyers</p> Signup and view all the answers

    Which interpersonal role is primarily responsible for making purchasing decisions?

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

    What strategy could be used to appease price-oriented customers?

    <p>Limit the quantity they can order</p> Signup and view all the answers

    Which of the following best describes derived demand in B2C markets?

    <p>Demand based on consumer purchasing behaviour</p> Signup and view all the answers

    What is a primary role of gatekeepers within a business organization?

    <p>To control the flow of information and balance relationships</p> Signup and view all the answers

    What is one challenge that companies might face when attempting to implement CRM systems?

    <p>Difficulty in finding skilled personnel</p> Signup and view all the answers

    Which of the following reflects a characteristic of interpersonal forces within a business organization?

    <p>They include roles that can influence product improvements.</p> Signup and view all the answers

    Study Notes

    Marketing 1

    • The strategic planning, implementation, and control processes are described.
    • Define the corporate mission.
    • Build corporate culture.
    • Establish Strategic Business Units (SBUs).
    • Assess growth opportunities.
    • Assign resources to each SBU.
    • A good mission statement focuses on a limited number of major goals, stresses the company's policies and values, defines major competitive spheres, and takes a long-term view. It should be short, memorable, and meaningful.

    Marketing 2

    • The economic environment includes purchasing power, income distribution, savings rate, debt, and credit availability.
    • Types of industrial structures include industrial economies, industrializing economies, raw-material exporting economies, and subsistence economies.
    • Fad, trend, and megatrend are described.
    • Population and demographics include size, growth rate, population age mix, ethnic mix, educational groups, household patterns, regional characteristics, movements, and lifestyles.

    Marketing 3

    • Customer satisfaction is achieved by aligning customer-perceived performance with customer expectations. Dissatisfaction occurs when expectations exceed performance.
    • Customers-oriented organizational charts focus on customer needs as the top priority.
    • Emphasize total customer benefit and total customer cost, and customer-perceived value, in addition to customer satisfaction and loyalty.
    • Total quality management (TQM) is an organization-wide approach focused on improving quality. Quality is the set of features that satisfy customers.
    • Customer profitability analysis using the 80/20 rule (Pareto Principle) identifies high-profit customers and products. This strategy reduces marketing costs and increases value for loyal customers.
    • Customer lifetime value (CLTV) and customer equity are measures of customer profitability.
    • CRM builds stronger relationships, enhances customer loyalty, and improves overall customer satisfaction. Identify, prospects, and customers.

    Marketing 4

    • Target marketing requirements include market segmentation, market targeting, and market positioning.
    • Bases for segmenting B2C markets are geographic, demographic, behavioural, user and usage, and psychographic.
    • Bases for segmenting B2B markets are demographic, operating variables, purchasing approaches, situational factors, and personal characteristics.
    • Effective segmentation criteria include measurable, substantial, accessible, differentiable, and actionable criteria.
    • Statistical procedures like cluster analysis identify groups of respondents with similar responses.
    • A brand is a name, term, sign, symbol, or design that distinguishes goods or services from competitors. It provides benefits for consumers and marketers (e.g., improved perceptions, greater customer loyalty).
    • Brand positioning includes competitive frame of reference, points of difference (PODs), and points of parity (POPs). Brand mantras capture the essence of brand positioning

    Marketing 5

    • Market members include market leaders, challengers, followers, and nichers.
    • Market leader strategies involve expanding market demand, protecting current market share, and responding to various market forces.
    • Market challenger strategies are designed to attack market leaders on various fronts (i.e., frontal, flank, encirclement, bypass, and guerilla attacks.)
    • Market follower strategies are similar or mimicking market leaders.
    • Market niched strategies identify gaps in the market allowing the company to focus on their strengths.
    • Product life-cycle strategies that coincide with stages of sales and profits. (i.e., introduction, growth, maturity, and decline.)

    Marketing 6

    • The 4Ps of marketing tactics are product, pricing, place, and promotion
    • Common pricing mistakes include taking traditional industry margins, setting prices without considering the other "Ps", and failing to adjust prices for product items.
    • Consumer psychology and pricing encompass price-quality inferences, and reference prices.
    • Price endings (last price paid, usual discount, fair price, etc).
    • Pricing objectives include survival, maximum profit, maximum market share, product-quality, and leadership.
    • Methods to determine demand include price sensitivity and estimating elasticity demands.
    • Costs are crucial to the pricing strategy.
    • Various types of costs, e.g., fixed, variable, and total costs, are critical for business owners to consider.

    Marketing 7

    • A distribution channel is a set of independent organizations that participate in making a product or service available for consumption.
    • Intermediaries (merchants, agents, and facilitators) are critical to the channel functions.
    • Multi-omnichannel marketing encompasses using several channels for business to connect with consumers.
    • Channel functions include transportation, storage, ownership, communications, and back and forth information, negotiation, finance, and ordering and payment
    • Customer needs and demands should be addressed, with criteria like price, convenience, lot size, waiting and delivery time, spatial convenience, product variety and service backup, shopping goals, economic, social, and experiential aspects considered.
    • Channel management's objectives and constraints are influenced by product characteristics, installations, maintenance, bulkiness, and nonstandard products.
    • Types of strategies for channels include intensive, exclusive, and selective strategies.
    • Cost analysis and evaluation criteria should be applied to each alternative.
    • Motivating channel members involves selection, modification, evaluation, training and motivation in order to improve the efficiency and effectiveness of different selling strategies.

    Marketing 8

    • Marketing communication is the way a business informs and connects with their target consumers directly or indirectly.
    • The marketing communications mix includes advertising, public relations, events and experiences, sales promotion, personal selling, word-of-mouth, and social media.
    • The macromodel of the communication process includes the sender, encoding, message, medium, decoding, receiver, and feedback.
    • Perceptual processes include selective attention, selective distortion, and retention.
    • Steps in developing an effective communication include identify target audience, determining objectives, designing communications, establishing a budget, selecting channels, and measuring results.

    Additional Information

    • Information about completing an exam, including recognizing the type of questions and the approaches for studying.

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    Description

    This quiz covers the key concepts presented in Marketing Chapters 1 and 2, including strategic planning, corporate mission, and economic environments. Test your knowledge on strategic business units, growth opportunities, and demographic factors influencing marketing decisions.

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