Question 1

In value-based marketing,the promotion element of the four Ps communicates the ________ to customers through a variety of media.

Accepted Answer

In value-based marketing, the promotion element of the four Ps communicates the value proposition to customers through a variety of media. The value proposition is a statement of the benefits or value that a company offers to its customers, and it is a key element of value-based marketing. The promotion element includes advertising, sales promotions, public relations, personal selling, direct marketing, and online marketing, all of which can be used to communicate the value proposition to customers.

Question 2

When positioning products relative to competitors' offerings,firms typically are most successful when they focus on opportunities

Accepted Answer

Focusing on opportunities that build on the firm's strengths relative to its competitors allows the firm to differentiate itself and create a competitive advantage. By leveraging its strengths, the firm can offer unique value to customers and stand out in the market. This approach is more effective than trying to compete on price or copying the offerings of competitors, as it is harder to sustain a long-term competitive advantage through these tactics.

Question 3

In most companies,portfolio management is typically done at the SBU or ___________ level of the firm.

Accepted Answer

The answer of In most companies,portfolio management is typically done...

Question 4

As it pertains to the marketing plan,understanding the causes of performance,regardless of whether that performance exceeded,met,or fell below the firm's goals

Accepted Answer

Understanding the causes of performance, regardless of whether it exceeded, met, or fell below the firm's goals allows firms to make appropriate adjustments. This helps them to refine their marketing strategies and tactics to achieve better performance in the future.

Question 5

A(n)___________ is a group of products that consumers may use together or perceive as similar in some way.

Accepted Answer

A product line is a group of products that are closely related and are marketed together or perceived as similar in some way. Examples of product lines include Apple’s iPhone product line, Nike’s running shoe product line, and Coca-Cola’s soft drink product line.

Question 6

Many small businesses whose competitors are national franchises advertise "we are locally owned" or "we have been here since 1951." This is part of these firms'

Accepted Answer

This is part of the firm's positioning strategy, as they are emphasizing their unique selling proposition of being locally owned or having a long-standing history in the community as a way to differentiate themselves from their national franchise competitors.

Question 7

When marketers use a variety of communication disciplines-advertising,personal selling,sales promotion,public relations,direct marketing,and online marketing-in combination to communicate a value proposition to the customer,it is referred to as

Accepted Answer

Integrated marketing communications is the term used to describe the use of various communication disciplines in combination to communicate a value proposition to the customer. This approach ensures that all marketing communications are consistent and work together to create a unified message.

Question 8

Lamar owns four dry cleaning stores in the suburbs of Orlando,Florida.He recently updated his STP analysis,and has just finished adjusting his marketing mix based on the STP results.His next strategic marketing decision will most likely involve determining

Accepted Answer

Lamar's next strategic marketing decision is likely to involve determining how to allocate resources among his four stores. This is because the STP analysis would have provided him with insights about the different segments of customers and their preferences, which in turn would help him decide how to distribute his resources among the stores to best serve the different segments. Deciding which employees to promote or fire or shifting from a customer excellence to an operational excellence strategy are tactical decisions and not strategic marketing decisions. The impact of Disney World crowds and new government regulations might be important to consider, but they are not directly related to Lamar's marketing mix or STP analysis.

Question 9

Google and other search engines allow marketers to bid to have their ads shown when consumers search on keywords related to the firm's products.These marketers are attempting to create value through

Accepted Answer

The marketers are attempting to create value through promotion, specifically by bidding to have their ads shown when consumers search for keywords related to their products. This is a promotion strategy to capture the attention of potential customers and increase brand awareness.

Question 10

The first objective in the evaluate performance phase of the marketing planning process is to

Accepted Answer

The first objective in the evaluate performance phase of the marketing planning process is to review implementation programs and results using metrics. This allows companies to determine how well their marketing strategies and tactics are working and identify areas where they may need to make changes or improvements. Determining pricing, adjusting advertising allocations, finding ways to cut costs, and changing the target market are all potential actions that may be taken based on the results of the performance evaluation, but they are not the primary objective of this phase.

Question 11

__________ involves the process of defining the marketing mix variables so that target customers have a clear,distinctive understanding of what a product does or represents in comparison with competing products.

Accepted Answer

Positioning involves defining the marketing mix variables in a way that sets a product apart from its competitors and creates a distinctive image in the minds of the target customers. This process helps customers understand what a product does or represents in comparison to other products in the market. Targeting identifies the specific group of customers that the company wants to focus on, market segmentation involves dividing the market into subgroups based on characteristics and needs, a sustainable competitive advantage is a long-term advantage a company has over its competitors, and a customer excellence strategy focuses on delivering exceptional value and satisfaction to customers.

Question 12

Suppose your university made a sizable investment in its career services-additional counselors,increased efforts to bring in recruiters,and other services aimed at helping students find jobs.This investment would enhance the university's _____________ in an attempt to create value for students and recent graduates.

Accepted Answer

The answer of Suppose your university made a sizable investment...

Question 13

After conducting STP analysis for her custom auto parts store and developing strategies for each of the four Ps,Monique now has to make _____________ decisions.

Accepted Answer

Resource allocation decisions are necessary to determine where to allocate the resources in the most effective way to achieve the set marketing strategies. STP analysis and four Ps strategy development reveal potential options, but resource allocation is needed for any implementation.

Question 14

When discussing the marketing planning process,STP stands for

Accepted Answer

STP stands for segmentation, targeting, and positioning, which are the three key components of the marketing planning process. Segmentation involves dividing the market into smaller groups based on common characteristics. Targeting involves selecting which segments to focus on based on their attractiveness and fit with the company's capabilities. Positioning involves developing a unique image and message that appeals to the target segment and sets the product apart from competitors.

Question 15

A regional manager at GNC,a chain of retail stores selling nutritional supplements,is reviewing sales data after a recent in-store promotion.The data show success in some stores and limited response in others.To understand the differences between stores,the manager will probably next review the company's

Accepted Answer

To understand the differences in the success of the promotion in different stores, the manager would likely review the implementation of the promotion in each store to see if it was handled consistently. Reviewing financial statements, brand awareness, the company's mission statement, or national trends in vitamins and supplements may provide useful information, but they would not directly address the issue of different responses to the promotion in different stores.

Question 16

LeBron James,Alex Rodriguez,and other athletes are paid huge sums of money by companies for celebrity endorsements.If endorsements by these athletes create a clear understanding among consumers of the companies' products in comparison to competing products,they can help with the firm's __________ strategy.

Accepted Answer

The athletes' endorsements can help the firm's positioning strategy by creating a clear understanding among consumers of the products in comparison to competing products.

Question 17

E-books,in addition to being an alternative product form,provide __________ value creation since they can be downloaded via the Internet immediately when and where they are needed.

Accepted Answer

"Place" refers to the distribution channel or the location where the product is made available to the customer. E-books provide value creation in terms of place since they can be downloaded immediately through the internet, making them easily accessible to customers anytime and anywhere without the need to physically go to a bookstore.

Question 18

Craig sees that his company's quarterly sales and profits are significantly above projections and says,"That's great.Let's keep doing what we've been doing." Craig is ignoring the __________ step of the marketing planning process.

Accepted Answer

Craig is not evaluating the company's performance in comparison to the goals and objectives set forth in the marketing plan. Evaluating performance is a crucial step in the marketing planning process as it allows a company to adjust strategies and tactics as needed to achieve better results in the future.

Question 19

After identifying various market segments that her company could pursue,Lisa evaluated each segment's attractiveness based on size,income,and accessibility.Lisa was involved in

Accepted Answer

Lisa is involved in target marketing, which involves evaluating different market segments to determine which ones are most attractive and worth pursuing. She is looking at size, income, and accessibility, all of which are factors relevant to determining whether a market segment is a good fit for the company's products or services.

Question 20

The idea of value-based marketing requires firms to charge a price that

Accepted Answer

Value-based marketing requires firms to charge a price that captures the value customers perceive that they are receiving. This means that the price should be based on the benefits that the customer is receiving from the product or service, rather than just the costs involved in producing it or the prices of competitors. The aim is to provide customers with value that exceeds their expectations, which can help to build loyalty and increase sales over time.

Quiz 2: Developing Marketing Strategies and a Marketing Plan