Podcast
Questions and Answers
What does a marketing strategy address?
What does a marketing strategy address?
- Price, place, people, promotion
- Product, price, place, promotion (correct)
- Place, potential, product, performance
- Product, price, promotion, profit
- Positioning, performance, potential, profitability
How do I come up with a killer product idea?
How do I come up with a killer product idea?
- Ask, 'Which distribution channels offer the most cost effective solution?'
- Ask customers what they want
- Ask, 'How much money can I make?'
- Ask, 'What problems are people trying to solve?' (correct)
- Ask, 'What are the competitive offerings?'
Which marketing philosophy does Toms use when they donate a pair of shoes for every pair purchased?
Which marketing philosophy does Toms use when they donate a pair of shoes for every pair purchased?
- Societal (correct)
- Market
- Consumer
- Production
- Sales
Attracting and keeping customers drives _____________ for the firm.
Attracting and keeping customers drives _____________ for the firm.
The path to profitability starts with what?
The path to profitability starts with what?
What part of the SWOT analysis does the domestically challenging consumer trend of eating healthier represent for McDonald's?
What part of the SWOT analysis does the domestically challenging consumer trend of eating healthier represent for McDonald's?
What type of income is used to purchase expensive jewelry and luxury products?
What type of income is used to purchase expensive jewelry and luxury products?
Which social force has the most influence on consumers' consumption behavior in Mala's case?
Which social force has the most influence on consumers' consumption behavior in Mala's case?
What is Sven gathering by analyzing age, gender, and income for the Scandinavian market?
What is Sven gathering by analyzing age, gender, and income for the Scandinavian market?
For the United States, people born during the same time period and who share similar life experiences represent:
For the United States, people born during the same time period and who share similar life experiences represent:
Kentucky Fried Chicken entered the China market through which strategy?
Kentucky Fried Chicken entered the China market through which strategy?
What is a global marketing strategy based on a standard platform combined with modifications for the market called?
What is a global marketing strategy based on a standard platform combined with modifications for the market called?
When Nestle adapted its packaging and pricing in India, it is an example of:
When Nestle adapted its packaging and pricing in India, it is an example of:
When Clorox bought the right to manufacture under the Brita name, they entered into a(n) _________ agreement.
When Clorox bought the right to manufacture under the Brita name, they entered into a(n) _________ agreement.
Inadequate protection of intellectual property in some developing countries reveals a ____________ risk.
Inadequate protection of intellectual property in some developing countries reveals a ____________ risk.
According to the fraud triangle, what aspect is missing from Cassi's unethical situation?
According to the fraud triangle, what aspect is missing from Cassi's unethical situation?
What is the number one reason new products fail?
What is the number one reason new products fail?
What does writing a negative review on Trip Advisor demonstrate?
What does writing a negative review on Trip Advisor demonstrate?
For marketers, what are the three components of sustainability?
For marketers, what are the three components of sustainability?
Which analytical method is useful for classifying credit card users into segments?
Which analytical method is useful for classifying credit card users into segments?
What is the primary purpose of marketing research?
What is the primary purpose of marketing research?
To minimize coverage error, researchers should:
To minimize coverage error, researchers should:
Which marketing research technique should Frito-Lay use to optimize chip varieties?
Which marketing research technique should Frito-Lay use to optimize chip varieties?
Home Depot used data from the US Census Bureau as an example of:
Home Depot used data from the US Census Bureau as an example of:
What kind of buying decision does putting toothpaste in the cart out of habit represent?
What kind of buying decision does putting toothpaste in the cart out of habit represent?
What are marketing insights characterized by?
What are marketing insights characterized by?
Problem recognition in consumer behavior is caused by:
Problem recognition in consumer behavior is caused by:
Marketers focus on what aspect of markets?
Marketers focus on what aspect of markets?
What factor influenced Samantha's buying behavior when she saw Selena Gomez purchasing a jacket?
What factor influenced Samantha's buying behavior when she saw Selena Gomez purchasing a jacket?
Study Notes
Marketing Concepts and Strategies
- Marketing Strategy: Involves targeting a specific market with a cohesive marketing mix (Product, Price, Place, Promotion).
- Product Idea Generation: To identify product ideas, it's essential to understand the problems consumers are trying to solve.
Marketing Philosophies
- Toms' Marketing Philosophy: Utilizes a societal marketing philosophy by donating a pair of shoes for every pair sold.
Customer Retention and Profitability
- Customer Attraction: Creating, communicating, and delivering value to customers leads to increased profitability.
Market Entry Strategies
- KFC in China: Entered through a joint venture with local companies, illustrating collaboration in foreign markets.
Global Marketing Strategies
- Glocal Strategy: Combines a standardized global platform with market-specific modifications.
Product Customization
- Nestle's Approach in India: Adaptation of packaging and pricing for local preferences demonstrates customization in international marketing.
Risk Assessment in Foreign Markets
- Intellectual Property Risks: Insufficient protection can deter businesses from entering certain foreign markets due to legal risks.
Ethical Marketing Myths
- Plan Obsolescence Myth: The belief that companies intentionally design products to become obsolete to drive repeat sales.
Unethical Situations and Consumer Power
- Fraud Triangle: Identifying pressure, opportunity, and rationalization in unethical practices; opportunity is a missing factor in some scenarios.
- Consumer Power: Negative reviews by consumers can significantly influence perceptions and company reputations.
Sustainability in Marketing
- Components of Sustainability: For marketers, sustainability involves aligning consumer wants, company needs, and societal interests.
Market Research Techniques
- Market Segmentation: Cluster analysis is useful for identifying segments based on demographic and behavioral responses.
- Importance of Valid Data: Coverage error can compromise research validity; qualifying respondents reduces this risk.
Consumer Behavior Insights
- Buying Decisions: Purchasing low-involvement products, like toothpaste, typically occurs out of habit rather than in-depth evaluation.
- Problem Recognition: Triggered by the discrepancy between current and desired states, driving consumer motivation to buy.
Influences on Buying Behavior
- Social Influence: Celebrity endorsements affect consumer purchasing decisions; social factors often sway individual choices beyond personal preferences.
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Description
Prepare for your Marketing Test with these practice questions flashcards. Test your knowledge on key marketing strategies and product ideation. Perfect for students looking to enhance their understanding of marketing concepts.
