Question 1

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

Accepted Answer

All six elements mentioned (advertising, sales promotion, public relations, publicity, direct marketing, and personal selling) are part of the promotional strategy, which aims to communicate with customers and promote products or services.

Question 2

After initially targeting young game-playing consumers with its Wii home gaming system, Nintendo introduced the Wii system to older consumers in retirement homes for light exercise. Explain the kind of growth strategy Nintendo used.

Accepted Answer

The answer of After initially targeting young game-playing consumers with...

Question 3

________ decisions identify how marketing will accomplish its objectives in the target markets by using product, price, promotion, and place.

Accepted Answer

The set of decisions involving the product, price, promotion, and place is known as the marketing mix, which helps in achieving marketing objectives in a target market. Therefore, option D is the correct choice. Option A, marketing metrics, refers to the numerical analysis of marketing performance, which is not directly related to the marketing mix. Option B, strategic business unit, is a separate business entity within a larger organization that operates independently, and option C, return on marketing investment, refers to the measurement of the revenue generated by investments made in marketing activities. Neither of them are directly related to the marketing mix. Finally, option E, strategic planning, refers to the process of setting goals and objectives for an organization's future and determining the necessary steps to achieve those goals, which is broader than just focusing on the marketing mix.

Question 4

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

Accepted Answer

The first step of the market planning process involves closely examining the marketing environment, which encompasses factors such as demographics, economic conditions, competition, technological trends, and socio-cultural influences. Analyzing the marketing environment helps organizations identify opportunities and threats that may impact their business and helps them develop strategies to capitalize on or mitigate these factors.

Question 5

In recent years, airlines have used debundling strategies, charging fees for perks such as checked baggage that had previously been included in the ticket price. This is an example of a ________ strategy.

Accepted Answer

The airline's decision to charge fees for checked baggage is a pricing strategy. It involves adjusting the price of the ticket by charging additional fees for specific services or products that were previously included.

Question 6

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

Accepted Answer

Marketing objectives define the specific goals and targets that the marketing function needs to accomplish in order to support the overall business objectives. Situation analyses provide an understanding of the current market conditions and competitive environment, strategic plans outline the approach and direction for achieving the marketing objectives, market development strategies identify growth opportunities and how to leverage them, and marketing controls measure and evaluate the effectiveness of the marketing plan.

Question 7

Alaska Airlines decided to fly a model of the Boeing 737 with overhead bins with significantly increased luggage space. This is an example of a ________ for Alaska Airlines.

Accepted Answer

Offering a new model with larger overhead bins is an example of a product strategy, as it involves upgrading the features of the airline's offerings to attract and retain customers.

Question 8

The four Ps are the components of the ________.

Accepted Answer

The four Ps (product, price, promotion, place) are the components of the marketing mix, which is the set of tools and tactics used by a business to promote its products or services to the target market. The other options are not correct, as the marketing environment refers to external factors that affect the business, functional planning mix is not a commonly used term in marketing, marketing concept is a philosophy that focuses on customer needs and wants, and controls refer to the process of monitoring and measuring performance.

Question 9

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 basis for all other decisions regarding the other three Ps (price, promotion, and place/distribution). Without a product to sell, there can be no marketing strategy.

Question 10

In which step of the market planning process are decisions made concerning what markets to target and what marketing mix strategies to use?

Accepted Answer

In the "develop marketing strategies" step of the market planning process, decisions are made about which markets to target and which marketing mix strategies to use. The other steps are as follows: performing a situation analysis, implementing the marketing plan, controlling the marketing plan, and developing marketing metrics.

Question 11

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

Accepted Answer

A promotional strategy is the most direct way for marketers to communicate a product's value proposition to the target market. Pricing and distribution strategies are important in their own ways, but don't necessarily convey the value proposition to the target market. Product segmentation is more of a tactic for defining the market and developing products, rather than communicating value to the target market. Marketing metrics are tools for measuring marketing effectiveness, but don't actually communicate the value proposition to the target market.

Question 12

In the ________ stage of market planning, marketers must determine how they want consumers to think of their product in comparison to competing products.

Accepted Answer

The stage referred to in the question is the development of marketing strategies. In this stage, marketers must determine the positioning of their product in the market, and how they want it to be perceived by consumers in comparison to other products. This involves identifying the product's unique selling points and creating messages that differentiate it from competitors. Thus, the correct answer is C, "develop marketing strategies."

Question 13

During past years, the Oreo cookie has undergone many changes. It is no longer just a cookie. Oreo cookies now appear in breakfast cereals, ice cream, pie crust, cake mix, frosting, brownies, and granola bars. These are all examples of which type of growth strategy?

Accepted Answer

The answer of During past years, the Oreo cookie has...

Question 14

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

Accepted Answer

The marketing mix refers to the four key elements a company uses to market its product or service: product, price, place, and promotion. These four components are essential to the success of any marketing strategy.

Question 15

The second step of the marketing planning process is to ________.

Accepted Answer

The answer of The second step of the marketing planning...

Question 16

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 the specific group of customers that the firm aims to reach, the pricing strategy sets the price of the product, the product strategy determines the features and benefits of the product, and the promotional strategy outlines how the firm will communicate with and persuade customers to buy the product.

Question 17

A firm's ________ determines how much a firm charges for a product.

Accepted Answer

Pricing strategy determines how much a firm charges for a product. Gantt chart analysis and PERT chart analysis are project management tools, product strategy refers to how a firm develops and markets a product, and return on marketing investment is a metric used to evaluate the effectiveness of marketing activities.

Question 18

In which step of developing a marketing plan would managers examine external elements that specifically affect the marketing plan?

Accepted Answer

External elements are analyzed in the situation analysis stage of developing a marketing plan. This includes analyzing the market, competition, economic and political factors, and other environmental factors that may impact the marketing plan.

Question 19

________ refers to a company's estimate of the number of consumers who are willing and able to pay for a product.

Accepted Answer

Potential demand refers to the estimated number of consumers who are willing and able to pay for a product. The market segment refers to a specific group of consumers who have similar needs and characteristics, return on marketing investment refers to the financial return a company gets from their marketing efforts, market share refers to the percentage of sales a company has in a particular market, and the mass market refers to a market with a large number of consumers who have diverse needs and wants.

Question 20

A(n) ________ is the market segment a firm selects because management believes the firm's offerings are most suited to winning those customers.

Accepted Answer

A target market is specifically chosen by a company based on the belief that their products or services will be well-received by that particular group of customers. This decision is influenced by various factors such as demographics, psychographics, and behavior, among others. By targeting a specific market, a company can increase its chances of success in terms of sales, customer loyalty, and brand recognition.

Quiz 3: Strategic Market Planning