Question 1

Superior Auto Sales,a chain of high- end used car dealerships,wants to sum up its company positioning and value proposition in a formal statement to serve as a guide for marketing communication development. Superior's management would use a .

Accepted Answer

A brand position statement is used to define the company's unique value proposition and positioning in the market, guiding marketing communications.

Question 2

To attract a target audience of 25- to 35- year- olds,Godiva began running advertisements that resembled fashion advertisements. Godiva also began purchasing ad space in Vogue and Vanity Fair. In doing so,Godiva altered the element of its marketing- mix strategy.

Accepted Answer

Godiva changed its advertising strategy, which is part of the promotion element of the marketing mix.

Question 3

The marketing research process is more productive and effective when marketers use broad research guidelines and collect as much data as possible.

Accepted Answer

A more focused and specific approach to research objectives and data collection leads to more productive and effective marketing research, avoiding information overload and irrelevant data.

Question 4

In which phase of the product life cycle would promotion needs be high and product distributions be limited?

Accepted Answer

During the introduction phase, promotion needs are high to create awareness and interest in the product, while distribution is often limited as the product is just being launched and may not yet be widely available.

Question 5

Detailed decisions about pricing and promoting a product occur during the positioning stage of marketing.

Accepted Answer

Pricing and promoting decisions are closely tied to the positioning of a product, which determines the target audience and the unique value proposition of the product. Therefore, these decisions are made during the positioning stage of marketing.

Question 6

Data that has been collected for some other purpose than to answer the question at hand is called .

Accepted Answer

Secondary data is information that was collected for a different purpose than the current research question.

Question 7

Based on the BCG Matrix,a product in a market position typically generates enough cash to fund other investments.

Accepted Answer

In the BCG Matrix, a product with high market share and low growth is considered a "Cash Cow." It typically generates more cash than is needed to maintain its market position, allowing the excess to be used to fund other investments.

Question 8

Which of the following is a true statement about the marketing research process?

Accepted Answer

The first step in the marketing research process is to specify or define the research problem, which guides the entire research process.

Question 9

occurs when a product's attributes that were once new become widespread among all products in a market.

Accepted Answer

Commoditization occurs when unique features of a product become common and expected, leading to a lack of differentiation in the market.

Question 10

A Customer Relationship Management system would most likely be used by a marketer to .

Accepted Answer

A CRM system allows marketers to track customer interactions and preferences, which can be used to customize product offerings and improve customer service.

Question 11

A is a name,term,sign,symbol,design,or a combination of these,that identifies the maker or seller of a product or service.

Accepted Answer

A brand is a name, term, sign, symbol, design, or a combination of these, that identifies the maker or seller of a product or service.

Question 12

Cable television,video games,the Internet,and word- of- mouth referral networks are responsible for the decline of mass media advertising.

Accepted Answer

Cable television, video games, the Internet, and word-of-mouth referral networks have provided consumers with more options and personalized experiences, making mass media advertising less effective.

Question 13

Which of the following is a limitation of the BCG matrix?

Accepted Answer

The BCG matrix helps identify which SBUs to invest in or divest, but it doesn't provide strategies for achieving growth.

Question 14

Cadillac's portfolio consists of sedans,a crossover,a sport utility vehicle,and a high- performance version of the sedan. The sedans are sold through the Cadillac dealer network,but the high- performance version is sold in limited volumes and is not available at all dealerships. This difference in availability is an example of how the products within the Cadillac portfolio are differentiated by the element of the marketing mix.

Accepted Answer

The difference in availability of the high-performance version of the sedan relates to the "place" element of the marketing mix, as it involves distribution and where the product is available for purchase.

Question 15

A skimming strategy involves charging a high price for an innovative product early in the product life cycle.

Accepted Answer

Skimming strategy involves setting a high price for an innovative product when it is introduced in the market. This helps the company to recover the costs of research and development and make a profit before competitors enter the market with similar offerings. Over time, the price of the product is lowered as competition increases.

Question 16

Which type of research design would most likely be used to characterize specific customers with regard to their behaviors and preferences?

Accepted Answer

Descriptive research is used to characterize specific customers by systematically describing their behaviors and preferences.

Question 17

Positioning statements are strategy statements that specify the needs of the target market and the marketing mix that will be implemented to develop brand awareness.

Accepted Answer

Positioning statements are strategic statements that outline how a brand or product uniquely meets the needs of its target market in comparison to its competitors, focusing on the unique value or benefit it offers, rather than specifying the marketing mix elements.

Question 18

A(n)_ _ strategy involves using a common technology for multiple products in a product line.

Accepted Answer

A product platform strategy involves using a common technology for multiple products in a product line.

Question 19

The growth- market share matrix developed by the Boston Consulting Group (BCG)is a type of .

Accepted Answer

The BCG matrix is a tool used for portfolio analysis to help companies decide how to allocate resources among different business units or products based on their market growth rate and market share.

Question 20

Exploratory research is typically large scale,highly structured,and more expensive than other research techniques.

Accepted Answer

Exploratory research is typically smaller in scale, less structured, and less expensive than other research techniques. It is often used to generate ideas, theories, or hypotheses, and to identify key variables that may be important in future research.

Quiz 5: Implementation