Question 1

The ________ is the most fundamental part of the marketing mix.

Accepted Answer

The product is the most fundamental part of the marketing mix as it is the offering that satisfies the needs and wants of the target market. Without a product or service to offer, there is no need for the other elements of the marketing mix such as distribution, price, and promotion.

Question 2

Which step in developing a marketing plan includes an analysis of the marketing environment?

Accepted Answer

The situation analysis includes an analysis of the marketing environment such as the competition, economic factors, technological factors, and social factors. This analysis helps to identify opportunities and threats in the market and inform the development of marketing objectives and strategies.

Question 3

Marketers communicate a product's value proposition to the target market by implementing a ________.

Accepted Answer

Communicating a product's value proposition to the target market is the job of a communication strategy. This strategy includes advertising, sales promotion, personal selling, public relations, and direct marketing.

Question 4

The four Ps are the components of the ________.

Accepted Answer

The four Ps (product, price, promotion, and place) make up the marketing mix, which is the set of tactics and strategies that a business uses to promote and sell its products or services. This mix includes decisions about the product's design and features, the price at which it will be sold, the promotional activities used to advertise and market the product, and the channels through which it will be distributed to customers.

Question 5

Which of the following best describes the components of the marketing mix?

Accepted Answer

The components of the marketing mix are product, price, place, and promotion. These are the four variables that organizations can manipulate in order to meet the needs of their target market and achieve their marketing objectives.

Question 6

In a marketing plan, the ________ state what the marketing function must accomplish to achieve overall business objectives.

Accepted Answer

Marketing objectives state specific goals that the marketing function must achieve in order to contribute to the overall business objectives. Situation analyses provide information and insights about the company's current situation, while strategic plans outline the overall approach and direction for achieving business objectives. Market development strategies and marketing controls are specific tactics and methods for executing the marketing plan and assessing its effectiveness, respectively.

Question 7

________ strategies emphasize both new products and new markets to achieve growth.

Accepted Answer

Diversification strategies involve expanding both into new products and new markets in order to achieve growth. Market penetration, market development, product development, and cash cow strategies may focus on one or the other, but not both simultaneously.

Question 8

The ability of a firm to outperform the competition, providing customers with a benefit the competition cannot is called_______________

Accepted Answer

Competitive Advantage refers to a firm's ability to offer a unique value proposition to customers that sets it apart from its competitors. This advantage can come from various sources, such as lower costs, superior quality, innovative products or services, brand recognition, or customer service. Achieving competitive advantage is a key goal of strategic planning and can contribute to the long-term success and profitability of a business. The other options listed are related to marketing and business management, but do not specifically address the concept of competitive advantage.

Question 9

In the ________ step of the marketing planning process, decisions are made concerning what markets to target and what marketing mix strategies to use.

Accepted Answer

In the develop marketing strategies step, decisions are made about which markets to target and what marketing mix strategies to use. This step comes after conducting a situation analysis and before implementing and controlling the marketing plan. Developing marketing metrics comes after the plan has been implemented to measure its effectiveness.

Question 10

Product planners for JetBlue Airways decided to include in-seat video games and television during flights that attracts more customers for flying JetBlue.This is an example of a ________ for JetBlue.

Accepted Answer

The inclusion of in-seat video games and television during flights is an example of a product strategy, as it involves adding a feature to the product (the flight experience) in order to attract more customers.

Question 11

Advertising, sales promotion, public relations, direct marketing, and personal selling are all part of the ________.

Accepted Answer

Advertising, sales promotion, public relations, direct marketing, and personal selling are part of the communication strategy, which is concerned with how a company communicates its message to the target market.

Question 12

According to the text, which of the following is NOT one of the six basic reasons why some organizations fail?

Accepted Answer

The answer of According to the text, which of the...

Question 13

When General Mills urged consumers to lower their cholesterol by eating Cheerios twice a day over the course of six weeks, the aim was to increase usage among current customers.General Mills used a ________ strategy.

Accepted Answer

The aim of the strategy was to increase usage among current customers, indicating a market penetration strategy focused on increasing sales of existing products to existing customers.

Question 14

The ________ outlines how, when, and where the firm will make the product available to targeted customers.

Accepted Answer

The distribution strategy outlines how, when, and where the firm will make the product available to targeted customers. The target market strategy identifies and analyzes the potential target customers, the pricing strategy determines the price of the product, the product strategy outlines the characteristics and features of the product, and the promotion strategy determines the communication methods to promote the product.

Question 15

When Jay Minkoff at First Flavour decides what he wants to accomplish in terms of product development and pricing strategies,which step of the marketing planning process is he undertaking?

Accepted Answer

Setting marketing objectives is the step in the marketing planning process where a company decides what it wants to achieve in terms of sales, market share, or profitability through product development and pricing strategies.

Question 16

Measurements or "scorecards" marketers use to identify the effectiveness of different strategies or tactics is called _____________

Accepted Answer

Metrics are the measurements used by marketers to evaluate the effectiveness of their strategies or tactics. Market segment refers to the group of consumers with similar needs or characteristics that a company targets with specific marketing efforts. Return on marketing investment is a financial measure that evaluates the profitability of marketing activities. The marketing mix refers to the combination of product, price, promotion, and place a company uses to achieve its marketing objectives. The mass market refers to a broad group of consumers with diverse needs and characteristics.

Question 17

Westjet Airlines uses a ________ to target customers who could not previously afford air travel.

Accepted Answer

Westjet's focus on offering low-cost airfares is a pricing strategy aimed at increasing accessibility for customers who may have previously found air travel too expensive. By pricing tickets lower, they are able to tap into a new market segment and attract customers who may not have considered air travel before.

Question 18

The first step of the marketing planning process involves closely examining the ________.

Accepted Answer

The first step of the marketing planning process is to closely examine the marketing environment, which includes factors such as the competitive landscape, consumer behavior, economic conditions, and regulatory issues. This analysis helps inform the development of marketing strategies and tactics. Therefore, option D is the best choice. Options A, B, and E are either part of or directly influenced by the marketing planning process, but they are not the first step. Option C, marketing controls, would come later in the process, after strategies have been developed and implemented.

Question 19

A(n) ________ analysis is an analysis of an organization's internal strengths and weaknesses and the opportunities and threats in its external environment.

Accepted Answer

SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats. It is a commonly used framework to evaluate a company's internal and external factors that can impact its performance. Strategic analysis (choice A) is a broader term that encompasses various analytical tools and techniques used to assess an organization's overall health and competitive position. Environmental analysis (choice B) is a type of analysis that focuses on a company's external environment only, including its industry, competitors, and regulatory factors. Marketplace analysis (choice D) and market analysis (choice E) both specifically focus on examining market trends, customer behavior, and demand for a company's products or services.

Question 20

The ________ determines how much a firm charges for a product.

Accepted Answer

The pricing strategy is the key factor in determining how much a firm charges for a product. It involves analyzing the market, competition, costs, and other factors to set a price that will be attractive to customers and profitable for the business. Gantt chart analysis and PERT chart analysis are project management tools used for scheduling and tracking tasks. Product strategy involves determining the features, design, and branding of a product. Return on marketing investment is a metric used to measure the effectiveness of marketing campaigns.

Quiz 2: Strategic Market Planning: Take the Big Picture