Marketing Strategies and Values
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Marketing Strategies and Values

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Questions and Answers

What aspect does Men's Wearhouse's location and pricing strategy represent?

  • Viable mission
  • Core benefit proposition
  • Core values
  • Competitive advantage (correct)

    • Based on the sales revenue data, what is the most likely conclusion for Apple's actual sales results?

  • The planning gap is expanding
  • Sales have significantly increased since 2009
  • The actual sales results tracked well with the 2009 plan
  • The actual sales results underperformed the 2009 plan (correct)

    • Which statement best reflects a key role of marketing?

  • Operate at the corporate level
  • Deliver strategic business decisions
  • Look outward by listening to customers (correct)
  • Support the board of directors

    • LEGO's introduction of LEGO Friends represents what type of strategy?

    <p>Product development</p> Signup and view all the answers

    Michelin's offering to safety-conscious parents is an example of which concept?

    <p>Customer value proposition</p> Signup and view all the answers

    Volvo's incentives for current owners and military personnel exemplify which strategy?

    <p>Promotion strategy</p> Signup and view all the answers

    Kathy Young believes that St. Joseph's approach leads to employee and patient satisfaction; this reflects the hospital's _____

    <p>Culture and values</p> Signup and view all the answers

    The strategy of creating LEGO Friends was aimed specifically at which demographic?

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

    What is a key factor for Kellogg's in producing multiple cereals for different markets?

    <p>Better serves customer's needs</p> Signup and view all the answers

    In a market product grid, which meal occasion typically represents the largest product grouping for a restaurant near a university campus?

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

    The 80/20 rule most closely pertains to which basis of market segmentation?

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

    What concept does Land's End use when they custom-fit a Mariac Jacket with additional features?

    <p>Mass customization</p> Signup and view all the answers

    Samsung's approach to offer a range of TVs appeals to customer preferences is an example of which segmentation variable?

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

    What is the final step in the marketing research approach?

    <p>Take marketing actions</p> Signup and view all the answers

    What type of data should Procter & Gamble consider their sales tracking information collected by IRI?

    <p>External secondary data</p> Signup and view all the answers

    What term describes the recruitment of consumers who record all their purchases for market research purposes?

    <p>Syndicated panels</p> Signup and view all the answers

    How can secondary data be categorized?

    <p>Internal secondary data and external secondary data</p> Signup and view all the answers

    Which of the following is NOT an advantage of secondary data?

    <p>Tailor-made to specifications</p> Signup and view all the answers

    In what way does Nielsen collect national TV ratings data?

    <p>By using a 'people meter'</p> Signup and view all the answers

    What is the primary purpose of collecting data through syndicated panels?

    <p>To record consumers' purchasing habits</p> Signup and view all the answers

    What does developing findings in the marketing research process entail?

    <p>Analyzing collected data</p> Signup and view all the answers

    What does competition refer to in a market context?

    <p>Alternative firms that could meet a specific market's product needs</p> Signup and view all the answers

    Which of the following best describes ethics in a business context?

    <p>Moral principles guiding an individual or group’s actions in business</p> Signup and view all the answers

    What does the Latin phrase caveat emptor mean in terms of consumer transactions?

    <p>Let the buyer beware</p> Signup and view all the answers

    In the context of South Dakota v. Wayfair, which environmental force is exemplified by the ruling?

    <p>Regulatory influence</p> Signup and view all the answers

    In what market structure is price competition typically avoided due to few sellers?

    <p>An oligopoly</p> Signup and view all the answers

    What economic term describes a period of declining activity, rising unemployment, and reduced consumer spending?

    <p>A recession</p> Signup and view all the answers

    Counterfeiting of branded products is common in some regions due to which issue?

    <p>Weak enforcement of intellectual property laws</p> Signup and view all the answers

    Which of the following statements about the marketing mix is incorrect?

    <p>It is mainly concerned with the technological aspects of a product</p> Signup and view all the answers

    What labeling timeframe does the Federal Trade Commission (FTC) recommend for products labeled as 'new'?

    <p>For a period of six months after it enters regular distribution</p> Signup and view all the answers

    In which industry did Steve Jobs not orchestrate significant innovations?

    <p>Cable television</p> Signup and view all the answers

    The products Macintosh, iPod, and iPhone exemplify Apple's focus on what?

    <p>New product development</p> Signup and view all the answers

    What type of innovation was the introduction of multitouch functions initially considered?

    <p>Discontinuous innovation</p> Signup and view all the answers

    What term describes Procter & Gamble's collection of product groupings like beauty and grooming?

    <p>Product mix</p> Signup and view all the answers

    Betsy is fully utilizing her employees and equipment during tax season. What condition is she not experiencing?

    <p>Idle production capacity</p> Signup and view all the answers

    Wrigley's Alert Caffeine Gum is designed to help adults control their caffeine intake. What type of innovation does this represent?

    <p>Incremental innovation</p> Signup and view all the answers

    A team consisting of both professional and amateur athletes is likely engaged in what type of work?

    <p>Consumer product testing</p> Signup and view all the answers

    Study Notes

    Men's Wearhouse

    • Location of stores and pricing strategy are part of Men's Wearhouse's competitive advantage.

    Apple Sales Revenue

    • Actual sales results tracked fairly well with the 2009 plan.

    Marketing Role

    • A key role of marketing is to look outward by listening to customers.

    LEGO Friends

    • LEGO Friends is an example of a product development strategy that would be found in quadrant B.

    Michelin

    • Michelin's customer value proposition can be summed up as providing safety-conscious parents greater security in tires at a premium price.

    Volvo Incentives

    • Volvo offering incentives is an example of a promotion strategy.

    St. Joseph Hospital

    • St. Joseph Hospital's core values make both her employees and patients happier.

    Competition

    • Competition refers to alternative firms that could provide a product to satisfy a specific market’s needs.

    Ethics

    • Ethics refers to moral principles and values that govern the actions and decisions of an individual or group.

    Caveat Emptor

    • The Latin phrase caveat emptor is a legal concept that means “let the buyer beware.”

    U.S. Supreme Court Ruling

    • The U.S. Supreme Court ruling is an example of a regulatory environmental force.

    Oligopoly

    • Price competition among firms is avoided in an oligopoly.

    Recession

    • A time of declining economic activity when businesses decrease production, unemployment rises, and many consumers have less money to spend is referred to as a recession.

    Counterfeit Brands

    • Making counterfeit copies of international brands is pervasive in some countries because laws protecting intellectual property are unclear.

    Last Step of Marketing Research

    • The last step of the marketing research approach is to take marketing actions.

    IRI's InfoScan

    • Data collected by IRI should be considered external secondary data for Consumer product firms such as Procter & Gamble.

    J.D. Power and Associates

    • J.D. Power and Associates recruit groups of consumers for syndicated panels.

    Marketing Research Process

    • D represents Develop findings in the marketing research process.

    Secondary Data

    • Secondary data can be divided into two parts: internal secondary data and external secondary data.

    Nielsen People Meter

    • Nielsen collects national TV ratings by using a people meter.

    Kellogg's Cereals

    • Kellogg's targeting different types of users with different cereals is worthwhile if it adds to the manufacturer’s profits and better serves customer’s needs.

    Wendy's Market Product Grid

    • The meal occasion (product grouping) that comprises the largest product grouping is dinner.

    80/20 Rule

    • The 80/20 rule is most closely related to the behavioral basis of segmentation.

    Lands' End

    • Lands' End custom-fitting a Mariac Jacket is an example of mass customization.

    Samsung

    • Samsung uses psychographic segmentation based on viewing preferences when selling a variety of TV's.

    FTC New Product Labeling

    • The Federal Trade Commission advises that products should be labeled as “new” only for a period of six months after it enters regular distribution.

    Apple Industries

    • Apple has revolutionized all of these industries except cable television.

    Apple Commitments

    • The Macintosh, iPod, iPhone, AirPods, and AirTags are all examples of Apple's commitment to new product development.

    Multitouch Interface

    • When the multitouch interface was first introduced, it was an example of a dynamically continuous innovation.

    Procter & Gamble

    • Procter & Gamble has a large product mix that includes product groupings such as beauty and grooming and household care.

    Capacity Marketing

    • Betsy's staff is not currently experiencing idle production capacity because all of her employees and equipment are being fully used.

    Wrgliey's Alert Caffeine Gum

    • Wrigley's new Alert Caffeine Gum is most likely a dynamically continuous innovation.

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    Description

    Explore various concepts related to marketing strategies and core values in different companies. This quiz covers key competitive advantages, product development strategies, and ethical considerations in business practices. Test your knowledge on how major brands like Men's Wearhouse and Michelin position themselves in the market.

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