Question 1

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

Accepted Answer

Marketers who bid to have their ads shown when consumers search related keywords are using promotion as a way to create value. By targeting consumers who are actively searching for products or services related to their own, these marketers can increase the likelihood of their products being seen and potentially purchased. This is an example of how promotion can be used to create value for a firm.

Question 2

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 is important to determine if the marketing strategies implemented were effective and to identify any areas for improvements or changes in future planning. Adjusting prices, advertising, and target markets may be considered later in the process. Cutting costs may be a consideration, but it is not the primary objective of this phase.

Question 3

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 the unique benefit or advantage that a product or service offers to customers, and it is the key message that is communicated through promotional efforts. The mission statement, operational excellence strategy, relative market value, and target market definition are important elements of the marketing mix, but they are not specifically communicated through promotion.

Question 4

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 5

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 identifying and evaluating potential market segments to determine which ones are the most attractive for the company to pursue. This process typically involves analyzing factors such as segment size, income, accessibility, and other relevant criteria. Therefore, choice A is the best answer. The other options (B, C, D, and E) do not accurately reflect Lisa's actions in this scenario.

Question 6

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

Accepted Answer

The definition given in the question is describing integrated marketing communications, where different communication disciplines are used together to create a cohesive and consistent message to the customer. The other answer choices are not commonly used terms in marketing.

Question 7

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 ignoring the step of evaluating performance, which involves analyzing the results of the marketing strategies and making necessary adjustments based on the analysis. By simply maintaining the status quo, he may miss out on opportunities for improvement and growth in the future.

Question 8

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 helps firms to identify areas for improvement and make appropriate adjustments to their marketing plan. This enables them to better achieve their goals and improve overall performance.

Question 9

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 related products that are marketed and sold by a company. These products are similar in nature and are used together by consumers. For example, a cosmetics company may have a product line of skincare products that are all designed to be used together for optimal results.

Question 10

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

Reviewing the implementation programs would allow the manager to see if the promotion was handled consistently in the different stores, which could help explain the differences in response rates. Reviewing financial statements, the brand awareness study, the mission statement, or national trends in vitamins and herbal supplements may not necessarily provide insight into the specific issue of varying response rates among stores.

Question 11

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

E-books provide value creation in the "place" aspect of the marketing mix as they can be downloaded via the Internet immediately when and where they are needed.

Question 12

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 will likely involve determining how to allocate resources among his four stores, as this is a key aspect of the marketing mix. While the other options may impact his business, they do not necessarily relate directly to his marketing strategy.

Question 13

LeBron James,Stephen Curry,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

Athlete endorsements can help the firm's positioning strategy by clearly communicating the unique value proposition of the product in comparison to competitors.

Question 14

Among Internet users,some do research online,some shop,some look for entertainment,and many do all three.Each of these groups would be called a

Accepted Answer

Market segments are groups of consumers with similar needs or characteristics. In this case, the internet users are divided into different market segments based on their online activities such as research, shopping, or entertainment.

Question 15

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 investment in career services enhances the university's product value by improving the services offered to students, thereby increasing the overall value of the education and experience provided.

Question 16

Imagine that you are in a convenience store choosing your favorite "comfort" food instead of being in a classroom taking this test.You might notice the packaging,colors,labels,even the fonts used on labels.All of these efforts are part of the marketer's

Accepted Answer

The use of packaging, colors, labels, and fonts are all tactics used in positioning strategies. The marketer is attempting to create a distinct image of their product in the minds of consumers and differentiate it from competitors. Value-based promotions, market segmentation, customer excellence, and the target market are all important components of marketing, but do not necessarily relate to the use of packaging and labeling in the way that positioning strategy does.

Question 17

Heather has been assessing several of her firm's products using the Boston Consulting Group (BCG)approach to portfolio analysis.She has been trying to assess the strength in a particular market and is looking at the sales of the product and the overall market as well as the sales of competitors.Heather is trying to determine

Accepted Answer

Heather is trying to determine the product's relative market share, which involves comparing the product's sales to those of competitors in the market.

Question 18

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

After conducting STP analysis and developing strategies for each of the four Ps, the next step would be to make resource allocation decisions, which involve deciding how to allocate budget and other resources to implement the strategies. This would involve determining which strategies are most important and allocating resources accordingly. Competitive response, market growth, product line, and mission statement decisions may also be important, but they are not the immediate next step after developing marketing strategies.

Question 19

__________ 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, such as product design and features, pricing, distribution channels and promotional activities, in a way that creates a distinctive image or identity of the product in the minds of the target customers, relative to the offerings of competitors. This helps in communicating the value proposition of the product to the target customers and differentiating it from other alternatives in the market.

Question 20

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

Accepted Answer

Value-based marketing revolves around understanding and delivering the value that customers perceive from a product or service. The price charged by firms should capture this perceived value, instead of simply covering costs or matching competitors' prices. The focus is on meeting or exceeding customer expectations, rather than solely on operational excellence. Therefore, option C is the correct choice.

Quiz 2: Developing Marketing Strategies and a Marketing Plan