Question 1

What are the various components of the value delivery network of a company?

Accepted Answer

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Question 2

Market segmentation can be best described as the process of ________.
A) assigning specific human attributes to a given brand
B) dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing programs
C) evaluating each market segment's attractiveness and selecting one or more segments to enter
D) turning marketing plans into marketing actions to accomplish strategic marketing objectives
E) maintaining a strategic fit between organizational goals and changing marketing opportunities

Accepted Answer

Market segmentation involves dividing a large, heterogeneous market into smaller, homogeneous groups of consumers with similar needs, characteristics or behaviors. These groups are then targeted with specific marketing programs and messages designed to appeal to their unique preferences and interests. This approach allows companies to better meet the needs of their customers, differentiate their products and services, and ultimately increase sales and profits.

Question 3

RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a(n) ________.
A) link in the company's internal value chain
B) separate organization
C) independent subsidiary of the company
D) separate market segment
E) SBU

Accepted Answer

The internal value chain refers to the set of activities and departments within a company that work together to produce a product or service. RedFin's success is the result of the collaboration between its various departments, such as research and development, manufacturing, marketing, and customer service, which are all part of the company's internal value chain.

Question 4

Which of the following is NOT an element of the marketing mix?
A) place
B) purchase
C) product
D) price
E) promotion

Accepted Answer

Purchase is not an element of the marketing mix. The marketing mix comprises the 4 P's: product, price, place, and promotion.

Question 5

What are some of the problems associated with matrix approaches?

Accepted Answer

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Question 6

The marketing logic by which a company hopes to create customer value and achieve profitable customer relationships is referred to as the ________.
A) price
B) marketing implementation
C) value chain
D) marketing strategy
E) downsizing

Accepted Answer

Marketing strategy is the logic or plan by which a company hopes to create customer value and achieve profitable customer relationships. Price, marketing implementation, value chain, and downsizing are all related concepts but do not fully encompass the idea of creating customer value and relationships through a planned approach.

Question 7

What is a business portfolio? What are the steps involved in business portfolio planning?

Accepted Answer

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Question 8

Customers can be grouped and served in various ways based on several factors. These include all of the following EXCEPT ________ factors.
A) psychographic
B) behavioral
C) technological
D) demographic
E) geographic

Accepted Answer

The given options include four common ways to group customers - demographic, geographic, psychographic, and behavioral. Technological factors do not typically play a significant role in customer grouping and segmentation.

Question 9

Since companies want to work together to attract customers, marketers do not need to practice partner relationship management.

Accepted Answer

Partner relationship management is essential in maintaining successful alliances and collaborations between companies. Marketers need to practice it to ensure effective communication, coordination, and mutual benefits for their organizations and their partners.

Question 10

Each department in a company can be thought of as a link in the company's internal value chain.

Accepted Answer

Each department performs a specific function that contributes to the overall value creation process of the company, which can be seen as a chain of interconnected activities or departments.

Question 11

What factors determine the success of a company's value chain?

Accepted Answer

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Question 12

Marketing plays a key role in the company's strategic planning in all of these ways EXCEPT ________.
A) providing input to identify attractive market opportunities
B) designing new products from scratch
C) creating customer value and building profitable relationships with customer groups
D) designing strategies for reaching a unit's objective
E) providing a guiding philosophy

Accepted Answer

Marketing may provide input on designing new products, but it is not solely responsible for this task. Other departments such as research and development may play a larger role in product development.

Question 13

Which of the following is NOT part of a company's decision about which customers it will serve and how?
A) differentiation
B) targeting
C) budgeting
D) segmentation
E) positioning

Accepted Answer

Budgeting is not directly related to a company's decision about which customers it will serve and how. Budgeting is more focused on allocating resources and determining how much money can be spent on different areas of the business. Meanwhile, differentiation, targeting, segmentation, and positioning are all strategies that companies use to determine which customers they will serve and how they will differentiate themselves from competitors in the market.

Question 14

Which of the following is an element of the marketing mix?
A) place
B) education
C) needs
D) wants
E) esteem

Accepted Answer

Place, also known as distribution, is one of the elements of the marketing mix. It refers to the channels through which products or services are made available to the customer. Education, needs, wants, and esteem are not part of the marketing mix.

Question 15

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system is known as the ________.
A) business portfolio
B) supply chain
C) marketing mix
D) value delivery network
E) internal value chain

Accepted Answer

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Question 16

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.
A) channel intermediary
B) line extension
C) market segment
D) product attribute
E) brand personality

Accepted Answer

Teenagers represent a specific group of consumers with similar needs and preferences, making them a market segment. A channel intermediary refers to a party involved in the distribution of a product, a line extension refers to a new product in the same category as an established product, a product attribute refers to a specific feature of a product, and a brand personality refers to the set of human characteristics associated with a brand.

Question 17

Customer engagement and value are the key ingredients in the marketer's formula for success.

Accepted Answer

Customer engagement and value are crucial aspects of successful marketing strategies, as they help build lasting relationships with customers and increase their satisfaction with a brand or product. By providing value to customers and engaging with them in meaningful ways, businesses can establish trust, loyalty, and ultimately drive growth and profitability.

Question 18

What is a growth-share matrix? Discuss the BCG growth-share matrix.

Accepted Answer

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Question 19

What is a value delivery network?

Accepted Answer

The answer of What is a value delivery network?...

Question 20

Each department in a company that carries out value-creating activities can be thought of as a link in the company's ________.
A) channel of intermediaries
B) external value stream
C) demand chain
D) internal value chain
E) supplier chain

Accepted Answer

The internal value chain refers to the series of departments within a company that carry out activities to create value for the customer. Each department plays a crucial role in the overall process of creating value, and a well-designed internal value chain can lead to a competitive advantage for the company. Choices A, B, C, and E may relate to various aspects of a company's operations, but they are not the most accurate description of the concept of internal value chain.

Quiz 2: Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

What are the various components of the value delivery network of a company?

Market segmentation can be best described as the process of ________.

RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a(n) ________.

Which of the following is NOT an element of the marketing mix?

What are some of the problems associated with matrix approaches?

The marketing logic by which a company hopes to create customer value and achieve profitable customer relationships is referred to as the ________.

What is a business portfolio? What are the steps involved in business portfolio planning?

Customers can be grouped and served in various ways based on several factors. These include all of the following EXCEPT ________ factors.

Since companies want to work together to attract customers, marketers do not need to practice partner relationship management.

Each department in a company can be thought of as a link in the company's internal value chain.

What factors determine the success of a company's value chain?

Marketing plays a key role in the company's strategic planning in all of these ways EXCEPT ________.

Which of the following is NOT part of a company's decision about which customers it will serve and how?

Which of the following is an element of the marketing mix?

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system is known as the ________.

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.

Customer engagement and value are the key ingredients in the marketer's formula for success.

What is a growth-share matrix? Discuss the BCG growth-share matrix.

What is a value delivery network?

Each department in a company that carries out value-creating activities can be thought of as a link in the company's ________.