MARKETING MANAGEMENT (JNV1) - ASSESSMENT PREVIEW

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An established company is discussing various marketing strategies, and the chief information officer is asked to improve the online presence of the company by converting paper documents to electronic forms.

Which of the AMA's Seven Big Problems in Marketing is this company addressing?

Implementing a digital transformation

Which two concepts are core to marketing?

VALUE AND EXCHANGE

A popcorn company that differentiates itself from the competition with its fresh, handmade popcorn is expanding its business to e-commerce. Given its focus on producing high quality, gourmet popcorn, the company is concerned it cannot keep up with demand so it's looking at new equipment to sustain its handmade unique selling proposition and improve production efficiency.

Which extended marketing mix element will the company be focusing on?

PROCESS

The founder of a well-known company is focused on keeping and cultivating profitable current customers by collecting and using real-time customer information.

Which post-marketing concept is the focus of this company?

RELATIONSHIP ORIENTATION

Which element in the marketing mix is demonstrated by a magazine subscription service employing telemarketing strategies during early evening hours?

PROMOTION

A local doctor's office is deciding whether to install computer games in the waiting room to entertain children who are waiting for appointments.

Which macro-level external factor encourages the office to install this technology?

DEMOGRAPHIC

A company in a competitive industry needs to conduct an internal and external company analysis to determine future marketing strategies.

Which form of analysis should the company use?

SWOT

A company has a vision and mission to make education accessible to everyone around the world. It has innovative products and has developed an organization around capturing new opportunities to execute the mission.

Which strategic type is this categorized as?

PROSPECTOR

A cable company's marketing plan states that the company will lower prices during the next year to attract customers away from competitors.

At which planning level has the statement been written?

TACTICAL

A grocery store's marketing plan states that the company will purchase billboard advertising space during the first three months of the year.

At which planning level has the statement been written?

TACTICAL

A law firm hires two new attorneys to accommodate the growing needs of its largest client.

Which of Porter's five forces is this an example of?

POWER OF CUSTOMERS

The daycare market in the city is highly competitive and serves a large market of children from newborns to pre-kindergarten. A new preschool has identified a subsegment of the market that is not currently being served well. As a result the school will target parents who would like their children to become bilingual.

Which competitive strategy is the new preschool following?

NICHE

Which type of marketing utility is demonstrated by a department store extending operating hours to remain open 24 hours a day during a holiday weekend?

TIME

A domestic company wants to expand the marketing of an existing product to an international market. The company is willing to meet the legal and local product requirements of this new location as part of the marketing strategy.

Which global product strategy should the company use?

PRODUCT ADAPTATION

A company notices that a product sold well in a domestic market but was stagnant in an emerging international market that had a lower per capita income.

Which factor did the company fail to assess?

PURCHASING POWER OF THE CUSTOMERS IN THE FOREIGN MARKET

Two companies form a partnership that has allowed them both to enter a market that would have otherwise been closed due to legal restrictions.

Which type of strategic alliance has occurred?

JOINT VENTURE

A company is finding it critical to develop local government relationships in order to foster better connections with its local customers.

Which organizational structure should the company use to develop these relationships?

GEOGRAPHIC REGIONS

A company is considering hiring its own salespeople to market its products in a foreign country instead of using local distributors.

Which advantage to the company would be gained by taking this action?

INCREASED CONTROL

A pharmaceutical company based in the United States wants to market one of its new drugs in another country, but the government of that country prohibits the direct importing of the drug. The government also requires the U.S. company to have a local partner in that country.

Which type of market entry strategy should the U.S. company use in this situation?

LICENSING

firm hired an international agency to create potential advertisements. Local franchisees in each country picked the advertisements that best fit their culture and translated them into the local language without changing the content.

Which type of global advertising approach is this company using?

Development of global themes

A beef company based in the United States wishes to expand its business internationally and is considering a specific country as a potential market. The marketing manager discovers, however, that the population of that country is primarily vegetarian and many of the citizens have religious beliefs that will make the sale of beef an issue.

Which global market entry factor should the company consider?

CULTURE VALUES

A marketing manager for a company is determining the method of data collection for a marketing research project.

In which stage of the market research process is the marketing manager?

ESTABLISH THE RESEARCH DESIGN

Researchers are attempting to collect primary data in several foreign countries. During the process, they realize they must account for cultural barriers, such as concerns of personal safety, that are preventing participants from disclosing information about themselves.

Which global research challenge should the researchers address regarding study participants?

UNWILLINGNESS TO RESPOND

A market research company segments individuals from the general population into sample groups that were created using sets of assumed characteristics.

Which ethical issue should the company's market research team address in this situation?

STEREOTYPING

What is the first stage in the market research process?

Define the problem to be researched

A social media manager uses information posted by customers on the business's social networking webpage.

Which type of research data is being demonstrated here?

PRIMARY

A public relations manager uses information provided by customers during an in-depth interview with a representative of the business.

Which type of research data is being demonstrated here?

PRIMARY

A nonprofit executive who is compiling a report on people living below the poverty level in a particular state uses census data posted on a governmental website.

Which type of research data is being demonstrated here?

SECONDARY

A company conducts monthly surveys to assess customer product satisfaction and combines the survey results with sales data from the customer relationship management (CRM) system to adjust its marketing strategy.

Which element of the CRM process cycle is the company using?

ANALYSIS AND REFINEMENT

An online retail company recently suffered from a data security breach. The company hired new marketing managers to protect customer information and to communicate security strategies to its customers.

What are the new marketing managers trying to acquire?

CUSTOMER TRUST

A mobile phone retailer analyzes data from a survey administered to a large sample of customers. The data identify which features and benefits are most attractive to customers when they consider upgrading to a new mobile phone plan.

How is customer relationship management (CRM) being used by this company?

TO INCREASE CUSTOMER LIFETIME VALUE

A shoe company is collecting data in its customer relationship management (CRM) system on how its customers make decisions to purchase shoes. The company wants to use this data to tailor its upcoming marketing campaigns to specific customer needs identified in the research.

Which customer-centric approach results from the company's use of the CRM system data?

REFINE PRODUCT COMMUNICATIONS

Which big data source provides marketers with customer ratings and online reviews that result in actionable information for decision-making?

SOCIAL MEDIA PLATFORMS

A marketer is using census and demographic data to identify market trends, segments, and target markets.

Which big data source provides marketers with this type of information?

GOVERNMENT AGENCIES

A dog food company is tailoring its marketing strategy to family households to attract consumers to its new dog food product.

Which market segmentation approach is this company using?

DEMOGRAPHIC

How may a consumer's strong desire to balance home and family life impact the consumer's purchasing behavior?

It will influence the consumer's purchasing priorities and preferences.

What is the last step in the consumer decision-making process?

POST-PURCHASE EVALUATION

A teenager uses the new skis he recently bought, and he is disappointed to find they are much heavier to carry than he expected.

Which step in the consumer decision-making process is this an example of?

Post-purchase evaluation

Which statement reflects an outcome of a positioning strategy?

Consumers perceive the brand as higher status, compared to competitors.

A project team leader and a coworker are working on a portion of a marketing project. The team leader suggests using a cloud-based mobile application to organize their efforts, but the coworker has a 10-year-old cell phone that cannot run any applications. The coworker purchases a refurbished phone that will run the needed application.

Which product adoption process group is this coworker in?

LAGGARDS

A consumer is known for finding great deals and will only make a purchase if there is a sale. The consumer is also attracted to products that have a strong, long-standing reputation for quality.

Which product adoption process group is this consumer in?

LATE MAJORITY

What is an example of a telecommunication company’s pure tangible and durable good?

A MOBILE PHONE

Which classification of business products includes tangible products that will need further processing before being offered for sale to the consumer?

RAW MATERIALS

Which type of business products are operating materials such as office paper classified as?

Business supplies

Which classification of consumer products is a custom-made men's suit an example of?

SPECIALITY PRODUCTS

A national fast-food chain would like to improve its operating strategy. It chooses to meet this goal by redesigning its work spaces and giving employees rewards for excellent service.

Which aspect of the service-profit chain does this represent?

INTERNAL SERVICE QUALITY

A bicycle rental business with multiple locations has published an employee handbook to help ensure that service processes are the same at each location.

Which aspect of the service-profit chain does the handbook represent?

INTERNAL SERVICE QUALITY

A realtor company posts all of its residential offerings online and includes pictures of the inside and outside of the properties. The realtor takes this step so potential customers can see if the property will meet their needs.

Which service attribute does this represent?

SEARCH

An award-winning car dealership has salespeople who are extremely knowledgeable when answering customers' questions.

Which service quality dimension is represented by the salespeople's knowledge?

ASSURANCE

Which term describes services that cannot be stored or saved for future use?

PERISHABILITY

What is a characteristic of services?

They are more difficult to standardize.

A consumer-products company sells items directly to consumers through television infomercials. Its newest infomercial begins by emphasizing that a high-quality garden hose is available for the low price of $19.99. The commercial then transitions into a “wait, there’s more” announcement that offers a second hose and a garden shovel at no extra cost.

Which pricing strategy does this company use?

Value pricing

A razor manufacturer sells an inexpensive razor handle for an entry-level user, but the razor blades that the handle uses are fairly expensive and must be changed frequently.

Which pricing tactic is being used by this manufacturer?

Captive pricing

A used car dealership runs a promotion that advertises its older used cars for only $1. After customers arrive at the car lot for the purchase, they learn that the $1 is just the down payment, and each car actually costs at least $7,000.

Which term describes the illegal pricing issue occurring in this scenario?

Deceptive pricing

A business sets a product price based on an attempt to drive competitors out of business.

Which illegal pricing activity is this an example of?

Predatory pricing

A business sets prices based on the goal of attracting competitors' current customers.

Which pricing objective does this business have?

Increasing market share

A business sets prices based on the cost to produce products plus a markup percentage.

Which price setting approach is the business using?

Cost-plus pricing

A manufacturer enters into a partnership with a retailer to provide credit to the retailer's customers in order to facilitate the sale of products.

Which facilitating function is being performed by this manufacturer?

financing

A company decides to distribute its new line of soft drinks in convenience stores, grocery stores, gas stations, and vending machines.

Which type of distribution intensity is this company employing?

intensive

A group of small grocers in a region band together to form a contractual vertical marketing system to compete with a large corporate grocer chain. By grouping together, they form an organization working together to achieve economies of scale in procuring produce from multiple suppliers.

Which type of contractual vertical marketing system has this small group of grocers formed?

retail cooperative

An electronics retailer is requiring Microsoft computer consumers to buy internet service from its preferred partner or risk paying a fee for early contract termination to connect to another internet provider.

Which type of supply chain legal issue is established when consumers accept this offer?

tying contract

Which member is an example of an intermediary member of a marketing channel?

retailer

Which task would a marketing intermediary perform?

storing a product

Which element of the distribution system addresses the volume of product maintained at each location?

inventory control

After researching many other options, a business assesses which insurance company offers a policy that meets the needs of its employees. The business owner seeks advice from the salespersons representing the different insurance companies as part of this process.

Which stage of the buyer's journey is illustrated by the business owner's actions?

consideration

A marketing manager of a company meets with the company's sales staff to discuss the product features and the target audience for the company. Subsequently, sales increase greatly in the next quarter.

Which aspect of promotion occurred during this meeting?

internal marketing

A technology firm creates software that allows different computer applications to interface with each other. The firm has decided to rely on personal selling to increase awareness of this product.

Which constraint should the company be aware of when choosing this promotional mix option?

the associated cost are high

A game developer is marketing its latest offering to channel members at an event held at a local convention center. At the event, there are other game developers and game device developers who also market similar products.

Which type of promotional mix element is occurring?

trade show

A candy manufacturer pays to have its product used prominently in an upcoming feature film.

Which sales promotion is this an example of?

product placement

Television advertisements are part of a business's marketing campaign.

Which element of the promotional mix is the business using?

advertising

Test your knowledge of marketing strategies and concepts with this quiz. Explore different scenarios and identify the problems being addressed, core marketing concepts, extended marketing mix elements, post-marketing concepts, and macro-level external factors affecting marketing decisions.

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