CH 02.P

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School

Douglas College *

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1120

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Marketing

Date

Feb 20, 2024

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docx

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Uploaded by ProfessorSnakePerson495

1 Which is an example of an approach to keeping customers happy? Strong presence on social media Staying open longer hours Lower prices Loyalty program 2 Which element of a irm's marketing mix is most closely linked to a consumer’s perception (often versus reality) of quality? Product Price Promotion Place 3 Generally speaking. which of the following is NOT a characteristic of a good marketing objective? It is neither too broad nor too narrow. It details something possible for the firm to achieve. It is clearly tied to specific groups of customers. It focuses primarily on profit. 4 Avalid marketing objective meets which of the following criteria? It must be time-bound. All of these It must be measurable. It must be specific. 5 Marketing strategy is the managerial process of creating plans of action that facilitate what? Reacting to a SWOT analysis Facilitating exchanges that have value to customers and the company Responding effectively to competitive threats Effectively differentiating your product from competitors

Steven has recently been hired as a marketing assistant, and his supervisor tells him to go online and research trends in the marketplace that will affect a new product being launched. Steven is likely working on 7 a unique selling proposition. a mission statement. an implementation plan. a situation analysis. The component of a marketing plan that monitors performance to detect problems is the 8 control structure. SWOT analysis. marketing dashboard. marketing audit. What is the primary reason firms must account for potential market forces in the future? They can overlook potential competitors. They might lose their focus on customers. Because otherwise, they risk becoming obsolete. Market forces constantly evolve. Why is the area of marketing critical to an organization's success? 10 It accounts for the largest percentage of a company’s expenses. It deals directly with customers. It is the “face” of the company to outsiders. It is responsible for advertising and promotion. The failure of large hotel chains like Marriott and Hilton to recognize the disruption that would result from the entrée of Airbnb into their market is a good example of losing control of the marketing process. failure to differentiate. marketing myopia. poor marketing strategy. 11

Gillette decides to utilize what's commonly referred to as razor/razor blade pricing. They sell the razor at or below cost but have a very high mark-up on their blades which are the only ones that will work in the razor. This exemplifies which step in a marketing strategy? 12 Developing a differentiating marketing mix using pricing as the primary tool Setting specific goals and determining a plan of action Implementing the plan using specific marketing tools and tactics Evaluation and adjustment of plan activities Customers prefer one brand over another based on its value, which, in turn, is based on different combinations of benefits and perceptions. perceptions and costs. benefits and costs. needs and wants. 13 Marketing activities should be included in the marketing plan under which condition? 14 Only if they are specific, realistic. measurable, and time-bound. Only if the plan focuses on tactics. Under all conditions; they're an integral part of the overall plan. Only if the activities relate to specific marketing objectives. Ethan majored in graphic arts in college. As the only graphic designer in a small marketing department, Ethan would most likely be working on which aspect of the company’s marketing strategy? 15 the brand. the marketing plan. the situation analysis. the marketing mix. Generally speaking. “lower price is seldom a sustainable competitive advantage!” Which company is an exception to this? Walmart Amazon Costco Hudson Bay Company 16

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Corporate-level strategy results in a mission statement that guides marketing strategy in which way? By clearly identifying a target market By tying higher level company goals to product-level marketing strategy By avoiding marketing myopia and having a future vision By responding to customers’ needs and wants 17 A product can encompass a physical product, a service, or an idea. Which of the following slogans is an example of marketing an idea? Gillette, The Best a Man Can Get You Can't Buy Love, but You Can Rescue a Dog Bounty is the quicker picker upper GEICO, Fifteen Minutes Could Save You 15% on Car Insurance 18 Not all firms develop and use marketing plans. When done properly, they are a major investment in effort and resources. Which of the following is the BEST reason to create a marketing plan? A plan is beneficial to share with financial analysts and potential funders. A planis an essential document for a marketing audit. A plan gives evidence to the rest of the firm that the marketing area is organized and on task. A planis an organized effort to ensure the health and well-being of the firm. 19 Burger King introduced a new Fish Filet Sandwich, an addition to their menu. They developed a marketing plan designed to introduce the new product and generate awareness and trial. A key objective was the number of sandwiches to be sold during the introductory period. Shortly after BK's introduction, McDonald'’s began offering a buy-one-get-one promotion for their Filet-o-Fish Sandwich, coupled with heavy advertising spending. Burger King fell well short of its objective. At which stage of organizing and planning for marketing strategy would BK address this? establishing a competitive advantage plan evaluation and control plan implementation developing their marketing mix 20 As a marketing manager, you're tasked with developing and implementing a media plan that has a budget of $10 million to increase awareness of a new product such that 20% of your target market is familiar with the product. In terms of an overall marketing strategy, which component is your responsibility? Evaluation Implementation Goal specification Opportunities

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