Podcast
Questions and Answers
What type of market can the breakfast cereal market be described as?
What type of market can the breakfast cereal market be described as?
monopolistic competition
The collapse of the U.S. housing market in 2008 was an example of a rapid change in the ______ environment.
The collapse of the U.S. housing market in 2008 was an example of a rapid change in the ______ environment.
economic
What is the first step in competitor analysis?
What is the first step in competitor analysis?
identify potential competitors
Susan is a first-time home buyer. She wants to keep her monthly mortgage payments as low as possible. Which of the following would work in her favor?
Susan is a first-time home buyer. She wants to keep her monthly mortgage payments as low as possible. Which of the following would work in her favor?
In competitive analysis, what are firms with similar products and marketing mix referred to as?
In competitive analysis, what are firms with similar products and marketing mix referred to as?
A major difference between the economic environment and the cultural and social environment is that the economic environment changes rapidly.
A major difference between the economic environment and the cultural and social environment is that the economic environment changes rapidly.
A marketing manager should research and seek information about competitors.
A marketing manager should research and seek information about competitors.
The use of scientific advancements to help convert resources into goods and services is also known as what?
The use of scientific advancements to help convert resources into goods and services is also known as what?
Which three of the following are considered elements of the economic environment?
Which three of the following are considered elements of the economic environment?
The pending impact of driverless cars will allow ______ to drive longer.
The pending impact of driverless cars will allow ______ to drive longer.
What is an example of a change in the economic environment that can affect a company's marketing strategy?
What is an example of a change in the economic environment that can affect a company's marketing strategy?
Carrie speaks to a device in her kitchen, 'Alexa, what's the weather today?' The device is based on what technology?
Carrie speaks to a device in her kitchen, 'Alexa, what's the weather today?' The device is based on what technology?
Promotion is concerned with which of the following within the marketing mix? (Check all that apply)
Promotion is concerned with which of the following within the marketing mix? (Check all that apply)
Target marketing classifies a marketing mix as
Target marketing classifies a marketing mix as
Which of the following are examples of 'product' strategy decisions? (Check all that apply)
Which of the following are examples of 'product' strategy decisions? (Check all that apply)
The term 'mass marketer' is used to
The term 'mass marketer' is used to
A product needs to get to the customer when and where they need it. This is considered to represent the function of the 4 Ps
A product needs to get to the customer when and where they need it. This is considered to represent the function of the 4 Ps
What is the best way to describe a targeted market segment?
What is the best way to describe a targeted market segment?
What are three components of the promotion element? (Check all that apply)
What are three components of the promotion element? (Check all that apply)
Which of the following are part of the 'marketing mix'? (Check all that apply)
Which of the following are part of the 'marketing mix'? (Check all that apply)
Which of the following are true about the price area of the marketing mix? (Check all that apply)
Which of the following are true about the price area of the marketing mix? (Check all that apply)
Product is concerned with which of the following in the marketing mix? (Check all that apply)
Product is concerned with which of the following in the marketing mix? (Check all that apply)
If a customer perceives a product to have more features and a higher quality, then the customer perceives the product to have more
If a customer perceives a product to have more features and a higher quality, then the customer perceives the product to have more
Which of the following statements about a product are true? (Check all that apply)
Which of the following statements about a product are true? (Check all that apply)
Which of the following is true concerning the importance of the Four Ps?
Which of the following is true concerning the importance of the Four Ps?
Which of the Four P's is focused on all the decisions needed to get the right product to the target market via retail stores or online stores?
Which of the Four P's is focused on all the decisions needed to get the right product to the target market via retail stores or online stores?
It is important for companies to remember that selecting a target market and developing a marketing mix are _____ activities and must be done _____.
It is important for companies to remember that selecting a target market and developing a marketing mix are _____ activities and must be done _____.
Which of the following is focused on informing people about the features of the product?
Which of the following is focused on informing people about the features of the product?
Which one of the following is the most important factor in determining an appropriate marketing mix?
Which one of the following is the most important factor in determining an appropriate marketing mix?
A(n)____ ____ is a written document that identifies a marketing strategy and spells out the various elements that are necessary for fulfilling that strategy. (Enter one word in each blank.)
A(n)____ ____ is a written document that identifies a marketing strategy and spells out the various elements that are necessary for fulfilling that strategy. (Enter one word in each blank.)
To clear out some slow-selling pink sofas, Furniture Warehouse offered $100 discounts. The furniture store made this decision based on the _______ component of the marketing mix.
To clear out some slow-selling pink sofas, Furniture Warehouse offered $100 discounts. The furniture store made this decision based on the _______ component of the marketing mix.
Customer value _______ when customers perceive more benefits or lower costs.
Customer value _______ when customers perceive more benefits or lower costs.
Which of the following statements about the Four Ps is true?
Which of the following statements about the Four Ps is true?
Marketing plans are put into action during
Marketing plans are put into action during
The marketing _______ should be evaluated against the company's objectives.
The marketing _______ should be evaluated against the company's objectives.
When customers make online purchases, a company has access to data that can be used for marketing analytics.
When customers make online purchases, a company has access to data that can be used for marketing analytics.
Which of the following statements about marketing strategy are true? (Check all that apply)
Which of the following statements about marketing strategy are true? (Check all that apply)
Which two of the following describe a marketing program? (Check all that apply)
Which two of the following describe a marketing program? (Check all that apply)
A marketing plan is
A marketing plan is
The number of purchases a person could make from a firm during the course of their relationship is called the
The number of purchases a person could make from a firm during the course of their relationship is called the
Garrett knows what the company plans to do for its marketing efforts and now needs to find a way to put those plans into operation. What phase of the marketing plan is Garrett working on?
Garrett knows what the company plans to do for its marketing efforts and now needs to find a way to put those plans into operation. What phase of the marketing plan is Garrett working on?
When determining customer lifetime value, the ____ rate refers to the percentage of customers who stay with the company in comparison to the total number of customers.
When determining customer lifetime value, the ____ rate refers to the percentage of customers who stay with the company in comparison to the total number of customers.
The marketing department at Henri's company is taking the next two weeks to measure and analyze their current marketing performance. What is Henri's company engaging in?
The marketing department at Henri's company is taking the next two weeks to measure and analyze their current marketing performance. What is Henri's company engaging in?
An organization's ______ combines multiple marketing plans into a single, large plan.
An organization's ______ combines multiple marketing plans into a single, large plan.
A company's customer is what the company can expect to earn from its current and potential customers during a particular period.
A company's customer is what the company can expect to earn from its current and potential customers during a particular period.
Companies predict how many purchases a single customer might make from the company over the length of the relationship with that consumer, a measurement called the
Companies predict how many purchases a single customer might make from the company over the length of the relationship with that consumer, a measurement called the
Some firms find that it costs them less to retain a customer than trying to acquire a new one.
Some firms find that it costs them less to retain a customer than trying to acquire a new one.
Trina's Bakery had 600 customers last year and this year, 400 of those customers still patronize the bakery. What is the retention rate at Trina's Bakery?
Trina's Bakery had 600 customers last year and this year, 400 of those customers still patronize the bakery. What is the retention rate at Trina's Bakery?
When customers make online purchases, a company has access to data that can be used for marketing analytics.
When customers make online purchases, a company has access to data that can be used for marketing analytics.
A successful marketing strategy pairs
A successful marketing strategy pairs
Customer equity is
Customer equity is
What are a company's three potential paths for growth based on the customer equity approach? (Check all that apply)
What are a company's three potential paths for growth based on the customer equity approach? (Check all that apply)
Which of the following helps companies create marketing strategies that are difficult to replicate and have long-term profit potential?
Which of the following helps companies create marketing strategies that are difficult to replicate and have long-term profit potential?
When targeted customers ______, the company is said to have a competitive advantage.
When targeted customers ______, the company is said to have a competitive advantage.
An effective marketing strategy matches opportunities to the firm's resources and objectives.
An effective marketing strategy matches opportunities to the firm's resources and objectives.
Marketing managers
Marketing managers
A company's customer is what the company can expect to earn from its current and potential customers during a particular period.
A company's customer is what the company can expect to earn from its current and potential customers during a particular period.
Which of the following statements about the marketing strategy planning process are true? (Check all that apply)
Which of the following statements about the marketing strategy planning process are true? (Check all that apply)
Companies rely on opportunities to develop marketing strategies that are difficult to replicate and have the potential to make the company a lot of money for a long time.
Companies rely on opportunities to develop marketing strategies that are difficult to replicate and have the potential to make the company a lot of money for a long time.
Developing a _______ can help a manager identify and define the markets in which the firm wants to compete.
Developing a _______ can help a manager identify and define the markets in which the firm wants to compete.
A company has ______ when the target market prefers the company's marketing mix over a competitor's mix.
A company has ______ when the target market prefers the company's marketing mix over a competitor's mix.
What is the purpose of a S.W.O.T. analysis?
What is the purpose of a S.W.O.T. analysis?
Not everyone turns an opportunity into a successful strategy. You need to have a logical process to avoid marketing situations
Not everyone turns an opportunity into a successful strategy. You need to have a logical process to avoid marketing situations
To identify and understand different subgroups in the target market, marketing managers rely on
To identify and understand different subgroups in the target market, marketing managers rely on
The marketing manager reminded the team that they had to come up with something that would set them apart from their competitor. In other words, their marketing mix needed
The marketing manager reminded the team that they had to come up with something that would set them apart from their competitor. In other words, their marketing mix needed
Why does the marketing strategy process start broad before narrowing?
Why does the marketing strategy process start broad before narrowing?
Which of the following are true about the specific qualitative and quantitative screening criteria marketing managers develop? (Check all that apply)
Which of the following are true about the specific qualitative and quantitative screening criteria marketing managers develop? (Check all that apply)
Customers can perceive differences based on
Customers can perceive differences based on
A S.W.O.T. analysis helps a company figure out which four of the following? (Check all that apply)
A S.W.O.T. analysis helps a company figure out which four of the following? (Check all that apply)
What are the four broad areas of opportunity a company can pursue in the marketing strategy planning process? (Check all that apply)
What are the four broad areas of opportunity a company can pursue in the marketing strategy planning process? (Check all that apply)
Which of the following are true of market segmentation? (Check all that apply)
Which of the following are true of market segmentation? (Check all that apply)
A company that is working to increase customer purchases of its current products in its current market is trying to achieve market
A company that is working to increase customer purchases of its current products in its current market is trying to achieve market
When a marketing mix has an element that sets it apart from those of the competition, it is said to have
When a marketing mix has an element that sets it apart from those of the competition, it is said to have
Which of the following is a company engaged in when it attempts to increase sales of its current products by offering them in new markets?
Which of the following is a company engaged in when it attempts to increase sales of its current products by offering them in new markets?
Which of the following statements about the marketing strategy planning process are true? (Check all that apply)
Which of the following statements about the marketing strategy planning process are true? (Check all that apply)
A firm engaged in ______ is offering its current markets a new product or an improved version of a current product.
A firm engaged in ______ is offering its current markets a new product or an improved version of a current product.
Choose the statements about differentiation that are true. (Check all that apply)
Choose the statements about differentiation that are true. (Check all that apply)
When a company begins working in a brand new market or with new products, it is engaged in
When a company begins working in a brand new market or with new products, it is engaged in
The broad possibilities available in the market strategy planning process include market development, market penetration, product development, and
The broad possibilities available in the market strategy planning process include market development, market penetration, product development, and
Since most firms find attractive opportunities for their products fairly close to existing markets, what opportunity do marketing strategies typically pursue first?
Since most firms find attractive opportunities for their products fairly close to existing markets, what opportunity do marketing strategies typically pursue first?
When a company is working to achieve market penetration, it is attempting to increase sales of its _____ products in its _____ markets.
When a company is working to achieve market penetration, it is attempting to increase sales of its _____ products in its _____ markets.
A company is attempting to achieve market when it works to increase sales by selling its current products in new markets.
A company is attempting to achieve market when it works to increase sales by selling its current products in new markets.
When a company offers a new product or an improved version of a current product in its present markets, it is engaged in
When a company offers a new product or an improved version of a current product in its present markets, it is engaged in
Moving into a new line of business, such as a new product or market, is known as
Moving into a new line of business, such as a new product or market, is known as
Many companies find attractive opportunities close to markets they already know. They are focused on market
Many companies find attractive opportunities close to markets they already know. They are focused on market
Customers and competitors are within the ______ market environment and must be considered during marketing strategy planning.
Customers and competitors are within the ______ market environment and must be considered during marketing strategy planning.
When marketing managers analyze similar businesses and their strategies, they are considering the ______ environment.
When marketing managers analyze similar businesses and their strategies, they are considering the ______ environment.
Which four of the following are basic market/competitive situations a company might face? (Check all that apply)
Which four of the following are basic market/competitive situations a company might face? (Check all that apply)
Which competitive market situation describes one organization having total control over a product-market?
Which competitive market situation describes one organization having total control over a product-market?
In pure competition, where competitors offer similar products, over time, profit margins generally
In pure competition, where competitors offer similar products, over time, profit margins generally
An important requirement of the marketing strategy planning process is
An important requirement of the marketing strategy planning process is
In ______ competition, several firms offer marketing mixes that at least some customers see as different. In this situation, marketing managers try to differentiate their offerings by adjusting other aspects of the marketing mix.
In ______ competition, several firms offer marketing mixes that at least some customers see as different. In this situation, marketing managers try to differentiate their offerings by adjusting other aspects of the marketing mix.
Which two of the following factors are part of the competitive environment for a fast food chain? (Check all that apply)
Which two of the following factors are part of the competitive environment for a fast food chain? (Check all that apply)
Which of the following activities are part of the basic approach to competitor analysis? (Check all that apply)
Which of the following activities are part of the basic approach to competitor analysis? (Check all that apply)
The four basic market situations include monopoly, pure competition, monopolistic competition, and
The four basic market situations include monopoly, pure competition, monopolistic competition, and
Marketing managers focus their competitive analysis on ______, firms that offer similar products and marketing mixes.
Marketing managers focus their competitive analysis on ______, firms that offer similar products and marketing mixes.
How common are monopoly situations in market-directed economies?
How common are monopoly situations in market-directed economies?
Aliza is the marketing manager at SinoSure Foods, an Asian food company. She has been going to stores to check out new products on the shelves by the SinoSure goods. She is actively seeking out information about current and potential
Aliza is the marketing manager at SinoSure Foods, an Asian food company. She has been going to stores to check out new products on the shelves by the SinoSure goods. She is actively seeking out information about current and potential
In pure competition, customers see the different available products as close substitutes. Many marketing managers compete by
In pure competition, customers see the different available products as close substitutes. Many marketing managers compete by
Macro-economic factors that influence consumer spending, including rates of inflation and economic growth, are part of the ______ environment.
Macro-economic factors that influence consumer spending, including rates of inflation and economic growth, are part of the ______ environment.
Study Notes
Marketing Fundamentals
- Promotion in the marketing mix involves salespeople and contests.
- Target marketing focuses on appealing to specific groups.
- Product strategy decisions include packaging, installation, branding, and instructions.
Market Classifications
- Mass marketers target specific groups through broad marketing strategies.
- Target markets are described as homogeneous segments, sharing similar characteristics.
Promotion Elements
- Components of promotion include sales promotion, personal selling, and mass selling.
- Promotion informs customers about product features.
Marketing Mix Insights
- The marketing mix encompasses product and promotion.
- Price entails evaluation of delivery costs, discount decisions, and customer reactions to price changes.
- Product strategy encompasses branding, installation, and service.
Customer Value and Perception
- Customer value increases with perceived benefits or lower costs.
- A product can exist as a physical good or a blend of goods and services.
Marketing Plans and Strategies
- A marketing plan details strategies for achieving marketing objectives.
- Implementation involves actioning these marketing strategies and plans.
- Retention rates indicate customer loyalty; for example, 66% at Trina's Bakery.
Competitive Analysis and Market Strategies
- Four Ps of marketing are equally important and interrelated.
- Competitive advantages arise when targeted customers prefer a company’s mix over competitors.
- Market segmentation aids in identifying and understanding customer subgroups.
Growth Opportunities
- A customer lifetime value represents potential earnings from a customer over their relationship with a company.
- Customer equity is expected earnings from a customer base within a timeframe.
- Paths for growth include acquiring new customers, enhancing value, and retaining current customers.
Differentiation and Product Strategies
- Differentiation occurs when elements of the marketing mix set a company apart from competitors.
- Companies evolve through opportunities such as market penetration and diversification.
Environmental Considerations
- Direct market environments include customers and competitors impacting strategies.
- Economic environments affect consumer spending and include factors like inflation and national income.
Competitor Analysis
- Understanding the competitive environment requires identifying existing and potential rivals.
- Competitive situations range from monopolistic competition to oligopoly and monopoly scenarios.
Economic Factors
- Changes in economic conditions, such as the housing market collapse, can significantly influence marketing strategies.
- Rapid changes characterize the economic environment, affecting long-term planning.
Technology and Modern Marketing
- Advancements in technology facilitate resource conversion into goods and services.
- Examples include AI applications like smart devices enhancing customer interaction.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on key concepts from Marketing Chapters 2 to 4 with these interactive flashcards. Topics include promotion strategies, target marketing, and product strategy decisions. Use this quiz to reinforce your understanding of the marketing mix.
