Marketing Strategies Chapter 2

<p>Lack of marketing, management, and technical talent (B)</p> Signup and view all the answers

<p>A competitor going out of business (C)</p> Signup and view all the answers

<p>Hertz offers diverse vehicles to meet the needs of different customer segments (A)</p> Signup and view all the answers

<p>Strong brand recognition (C)</p> Signup and view all the answers

<p>Identifying and categorizing customers based on shared characteristics (D)</p> Signup and view all the answers

<p>Ensuring a strong supplier network and optimizing supply chain management. (A)</p> Signup and view all the answers

<p>It helps businesses identify opportunities and threats in the marketplace. (D)</p> Signup and view all the answers

<p>Brand Recognition (B)</p> Signup and view all the answers

<p>Having a strong and recognizable brand image. (A)</p> Signup and view all the answers

<p>A marketing strategy guides decision-making by identifying the target market and outlining how the firm will build a sustainable competitive advantage. (C)</p> Signup and view all the answers

<p>Understanding the external environment is critical for success. (B)</p> Signup and view all the answers

<p>It suggests that focusing on a combination of customer value, service, relations, and prices is most effective. (A)</p> Signup and view all the answers

<p>Creating a unique brand identity that resonates with consumers and sets the firm apart from its competitors. (A)</p> Signup and view all the answers

<p>By consistently delivering on marketing promises and exceeding customer expectations, creating loyalty. (A)</p> Signup and view all the answers

<p>It attracts a wider customer base and increases accessibility. (C)</p> Signup and view all the answers

<p>Building and maintaining long-term relationships with loyal customers. (B)</p> Signup and view all the answers

<p>By constantly releasing new and innovative product variations, staying ahead of the competition. (D)</p> Signup and view all the answers

<p>It creates a barrier to entry for competitors, making it harder for them to challenge the firm's position. (A)</p> Signup and view all the answers

<p>Developing effective marketing campaigns. (A)</p> Signup and view all the answers

<p>Having a robust marketing budget to fund extensive advertising campaigns. (B)</p> Signup and view all the answers

<p>Excellent customer service is a key component of value. (D)</p> Signup and view all the answers

<p>It means having capabilities that are difficult for competitors to imitate and provide lasting value to customers. (D)</p> Signup and view all the answers

<p>It helps PepsiCo appeal to a wider range of consumers, including environmentally conscious ones. (A)</p> Signup and view all the answers

<p>Product quality and service excellence. (A)</p> Signup and view all the answers

<p>Fundraising for research and awareness campaigns. (C)</p> Signup and view all the answers

<p>To guide decision-making and set strategic direction. (D)</p> Signup and view all the answers

<p>Clear articulation of their core values and purpose. (C)</p> Signup and view all the answers

<p>Market segment (D)</p> Signup and view all the answers

<p>To evaluate performance and project future outcomes (A)</p> Signup and view all the answers

<p>By delivering innovative design and technology (D)</p> Signup and view all the answers

<p>Is part of the customer perception of value (C)</p> Signup and view all the answers

<p>A single comprehensive performance metric (C)</p> Signup and view all the answers

<p>Social media influencers (A)</p> Signup and view all the answers

<p>Products must be readily accessible to customers (C)</p> Signup and view all the answers

<p>It can shift among various steps due to environmental changes (C)</p> Signup and view all the answers

<p>Merchandise availability when needed (A)</p> Signup and view all the answers

<p>Sequential planning (C)</p> Signup and view all the answers

<p>New market segments (C)</p> Signup and view all the answers

<p>Provide new products or services to unserved markets (A)</p> Signup and view all the answers

<p>It employs an existing marketing mix for current customers. (A)</p> Signup and view all the answers

<p>Creating new products for current customers (B)</p> Signup and view all the answers

<p>Targets previously unserved market segments (B)</p> Signup and view all the answers

<p>Increase the market share with existing customers (D)</p> Signup and view all the answers

A plan identifying a firm's target market and related marketing mix to gain a competitive edge.

Key components outlining the marketing strategy, objectives, actions, and evaluation methods.

A tool to analyze Strengths, Weaknesses, Opportunities, and Threats related to a business.

The specific group of consumers a firm aims to reach with its marketing efforts.

The combination of four elements (product, price, place, promotion) to satisfy consumers.

An advantage a firm can maintain over competitors, making it difficult to replicate.

The satisfaction a customer perceives from a product compared to its cost.

Approaches firms use to expand their market presence and increase profitability.

Broad description of a firm's objectives and activities.

Instrument used to evaluate the success of marketing efforts.

Unique skills a firm consistently performs better than competitors.

Written analysis of competitors' strengths, weaknesses, and your advantages.

Strategy focused on retaining loyal customers and offering outstanding service.

Efficient operations and strong supplier relations for greater effectiveness.

High perceived value through effective branding and positioning.

The importance of strategic locations in retail success.

Providing consumers with merchandise they want at the right time.

Methods aimed at increasing market share and profitability.

Selling more of existing products to current customers.

Introducing existing products to new market segments.

Creating new products for current target markets.

Introducing new products to new market segments.

A step-by-step approach in marketing strategy implementation.

An approach that does not aim at increasing market size or share.

Internal characteristics that give a company an advantage over competitors.

Internal factors that place a company at a disadvantage compared to competitors.

External factors that a company can exploit to its advantage.

External challenges that could harm the business's performance.

The process of dividing a market into distinct groups with common needs or characteristics.

Selecting the segments to serve and focusing marketing efforts on those groups.

Creating a distinct image of a product in the minds of target consumers.

Example of segmenting a market into different customer types like single thrill-seekers and business customers.

An acronym for external factors: Cultural, Demographic, Social, Technological, Economic, and Political.

A declaration of the purpose and core values of a business or organization.

Plans that prioritize customer needs and satisfaction to build loyalty.

The capability to deliver products/services effectively while reducing costs.

How a brand is perceived in the minds of customers relative to competitors.

A group of consumers who respond similarly to marketing efforts.

The promise of value to be delivered to customers.

Tools used to evaluate the effectiveness of marketing activities.

A framework for portfolio analysis based on market growth and market share.