Question 1

An example of a Company-driven marketing technique is a dedicated Sales Force.

Accepted Answer

A dedicated sales force, who are directly employed or contracted by a company, is a classic example of a company-driven marketing technique. They are trained and incentivized to sell the company's products and services to potential customers, and may use various strategies to generate leads, build relationships, and close deals. Other examples of company-driven marketing techniques include advertising, branding, public relations, and market research.

Question 2

Due to several recent late spring freezes,orange growers in Florida have lost millions of dollars.As a result,some growers have decided to bulldoze their orange groves and put in freshwater lakes for raising shrimp,a product that has a strong popularity and is more weather-resistant.Former orange growers who are now raising shrimp are pursuing a product development strategy.

Accepted Answer

The former orange growers are pursuing a diversification strategy, not a product development strategy, as they are entering a new market with a new product (shrimp) rather than developing new products for their existing market.

Question 3

The length of time spent within each stage of the decision-making process is dependent upon whether it is a first-time purchase or a repeat purchase.

Accepted Answer

This statement is true. For first-time purchases, consumers tend to spend more time in the information search and evaluation stages, while for repeat purchases, they may skip these stages and go straight to the purchase decision.

Question 4

Due to several recent late spring freezes,orange growers in Florida have lost millions of dollars.As a result,some growers have decided to bulldoze their orange groves and put in freshwater lakes for raising shrimp,a product that has a strong popularity and is more weather-resistant.Former orange growers who are now raising shrimp are pursuing a market development strategy.

Accepted Answer

The former orange growers are pursuing a diversification strategy, not a market development strategy, as they are introducing a new product (shrimp) to a new market.

Question 5

Due to several recent late spring freezes,orange growers in Florida have lost millions of dollars.As a result,some growers have decided to bulldoze their orange groves and put in freshwater lakes for raising shrimp,a product that has a strong popularity and is more weather-resistant.Former orange growers who are now raising shrimp are pursuing a market penetration strategy.

Accepted Answer

A market penetration strategy involves increasing sales of existing products in existing markets. The former orange growers are pursuing a diversification strategy by entering a new market with a new product (shrimp).

Question 6

An example of a Company-driven marketing technique is Point of Purchase Displays.

Accepted Answer

Point of Purchase Displays are a marketing technique that is initiated and controlled by companies to attract customers at the point of sale.

Question 7

The length of time spent within each stage of the decision-making process is dependent upon why potential customers would purchase a particular product and/or service.

Accepted Answer

The answer of The length of time spent within each...

Question 8

The length of time spent within each stage of the decision-making process is dependent upon the level of financial commitment associated with the transaction.

Accepted Answer

The level of financial commitment can impact the degree of complexity and involvement in the decision-making process, which can ultimately affect the time spent in each stage. The higher the financial commitment, the more time may be needed to gather information, evaluate options, and finalize the decision.

Question 9

An example of a Consumer-driven marketing technique is Point of Purchase Displays.

Accepted Answer

The answer of An example of a Consumer-driven marketing technique...

Question 10

An example of a Company-driven marketing technique is Social Media Websites.

Accepted Answer

Social media websites are platforms that companies can use for marketing, but the technique itself is not company-driven; it is a tool or channel that can be used for both company-driven and consumer-driven marketing strategies.

Question 11

Diversification focus managers on assessing opportunities which lie outside of the organization's current products and/or services,and represent the creation or development of new markets served by new products and/or services.

Accepted Answer

Diversification involves expanding into new markets and creating new products/services, which are outside of the organization's current offerings. This requires managers to assess and evaluate opportunities in these new areas.

Question 12

Product development focus managers on assessing opportunities which lie outside of the organization's current products and/or services,and represent the creation or development of new markets served by new products and/or services.

Accepted Answer

The answer of Product development focus managers on assessing opportunities...

Question 13

Market penetration focus managers on assessing opportunities which lie outside of the organization's current products and/or services,and represent the creation or development of new markets served by new products and/or services.

Accepted Answer

Market penetration actually focuses on increasing sales within the organization's current products and/or services to existing markets, rather than creating new markets with new products and/or services.

Question 14

An example of a Consumer-driven marketing technique is Internet Searches.

Accepted Answer

Consumer-driven marketing involves techniques that focus on the needs and preferences of the consumers. Internet searches are a consumer-driven marketing technique because consumers search for products and services online, and companies use search engine optimization (SEO) and other online marketing strategies to make their products visible to potential customers. This way, companies can tailor their marketing efforts to meet the needs and desires of their target audience.

Question 15

The length of time spent within each stage of the decision-making process is dependent upon the various alternatives offered in the marketplace.

Accepted Answer

The length of time spent within each stage of the decision-making process can be influenced by a variety of factors, including personal factors and the complexity of the decision. However, the alternatives offered in the marketplace are one of the key factors that can impact the decision-making process. For example, if there are many comparable products to choose from, consumers may spend more time evaluating and comparing them before making a decision. Therefore, the statement is true.

Question 16

The length of time spent within each stage of the decision-making process is dependent upon the potential customers' familiarity with the product and/or service.

Accepted Answer

The level of familiarity with the product and/or service influences the length of time spent in each stage of the decision-making process. For example, if a customer is already familiar with the brand, the awareness stage may be skipped, and the evaluation and purchase stages may be shortened. On the other hand, if the product or service is completely new to the customer, they may spend more time in the awareness and consideration stages. Therefore, the customer's familiarity with the product and/or service plays a crucial role in determining the duration of each stage of the decision-making process.

Question 17

An example of a Company-driven marketing technique is Sales Promotion.

Accepted Answer

Sales promotion is a marketing technique that is primarily driven by companies. It involves offering incentives or rewards to customers to encourage them to make a purchase or increase their loyalty to a brand. Examples of sales promotion include discounts, coupons, contests, and free samples.

Question 18

An example of a Consumer-driven marketing technique is Social Media Websites.

Accepted Answer

Social media websites allow consumers to engage with brands and voice their opinions, thus allowing companies to tailor their marketing strategies to consumer preferences and needs. This shift towards consumer engagement and feedback is a key aspect of consumer-driven marketing.

Question 19

Market development focus managers on assessing opportunities which lie outside of the organization's current products and/or services,and represent the creation or development of new markets served by new products and/or services.

Accepted Answer

Market development involves expanding into new markets with existing products, not creating new products or services.

Question 20

An example of a Company-driven marketing technique is Publicity.

Accepted Answer

Publicity is a marketing technique that is typically initiated and driven by the company itself. It involves generating media coverage and attention for the company or its products/services through press releases, media events, and other tactics.

Quiz 10: The Marketing Challenge