Quiz Facts 1. Business - Marketing

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Loretta would like to know which, if any, of her firm's IMC efforts are working. She could use all of the following except ________ to provide feedback from her efforts.

2

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Value is what you get for what you give.

3

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When a manufacturer sells truck and car parts to Toyota, this is an example of B2C marketing.

4

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In value cocreation, the customer participates in the creation of a good or service, which provides additional value to the customer.

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Nike, the prominent athletic shoe manufacturer, relies heavily on athlete sponsorships to build demand for its products. Spectators at major sporting events-both those attending in person and those watching at home-frequently see the Nike "swoosh" logo worn by elite athletes. Given the vast worldwide audience for Olympics broadcasts, an Olympic year gives Nike increased exposure. On a Nike situation analysis in an Olympic year, would you consider this exposure to be a strength or an opportunity? Explain your reasoning; be specific.

6

Understanding the marketplace and especially a consumer's needs and wants, is fundamental to marketing success.

7

Southwest Airlines is known for being the low-cost provider in the U.S. airline industry. What type of macro strategy has Southwest pursued?

8

Every summer, university administrators attempt to estimate how many students will show up in the fall. When August arrives, they hire part-time instructors and reassign faculty to teach the courses students want. In the spring, administrators often go on a retreat to consider how to do things differently next year. What phase of the strategic planning process do they engage in during each of the three seasons (summer, fall, and spring)?

9

Jamie, a sales manager for an industrial materials company, reviews each sales representative's performance quarterly. She knows business has been good, but is surprised to see some reps are selling much more than their goals while others are not meeting their goals. What should Jamie do?

10

One of the benefits of taking marketing courses is the opportunity to apply marketing concepts to marketing yourself. When selling yourself, you are a product including all the skills, aptitudes, and attitudes you bring to the market. What is a sustainable competitive advantage? What can you do to give yourself a sustainable competitive advantage in the marketplace?

11

When catalog companies send sale catalogs to their current customers, which type of growth strategy are they pursuing?

12

When musicians and their concert promoters began offering CDs of a live concert immediately after the concert ended, what type of growth strategy were they pursuing?

13

Your new sales manager, who previously worked for Boston Consulting Group, directs each sales rep to "toss out the dogs," "exploit the stars," and "milk the cows." Translate this into everyday English: What is the sales manager asking the sales reps to do?

14

Garden Gate is a one-location nursery business, selling plants and flowers for home gardeners. The new owners want to grow through either a product development or diversification strategy. What will the owners likely do if they pursue either strategy?

15

After finishing his marketing degree, Ryan inherited the family Shrimp Shack restaurant. The restaurant is a small, local institution that beach visitors have been coming to for decades. Ryan wants to make his business grow and is considering either a market penetration or market development strategy. Describe what Ryan will likely do if he pursues either strategy.

16

Regarding wholesalers, which of the following types has the lowest costs as a percent of sales?

17

Because it was able to deliver merchandise overnight, in the required quantities and at a lower delivery cost than its competitors, Joe's Sports Shack was given exclusive rights to sell clothing with school logos for the school district. Joe's demonstrates ________ excellence.

18

Boston Consulting Group's portfolio analysis classifies a company's products or product lines into a two-by-two matrix. What are the bases of classification and what are the products or product lines in each of the four quadrants called? What marketing strategies are usually considered for each of the four classifications?

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The portfolio test for ads assumes that

20

You and your friend Alison work in different parts of a large firm. In a recent analysis, your area was labeled a "cash cow" and hers was labeled a "question mark." What things would you do differently in your area than Alison would do in hers?

21

Although most people do not have a personal marketing plan, when would one be appropriate?

22

Your marketing professor, Dr. Wilson, has been asked to participate in the university's strategic marketing planning process. During the planning phase of the process, what questions will Dr. Wilson likely ask? Be specific to the university's strategic marketing planning process.

23

The text describes Southwest Airlines, which operates in a competitive market but successfully differentiates itself from the competition. This gives Southwest a sustainable competitive advantage. What is a sustainable competitive advantage? Describe an example of a product or business you have encountered that has developed a sustainable competitive advantage. Why is that product's or firm's advantage sustainable?

24

The process of dividing the market into groups of customers with different needs, wants, or characteristics is called

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Quiz Facts 1. Business - Marketing

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