Customers Can Perceive Differences Based On

A product needs to get to the customer when and where they need it. This is considered to represent the ______ function of the 4 Ps.

place

Marketing management process

1. planning marketing activities
2. directing the implementation of the plans
3. controlling these plans

What managerial process involves cultivating and keeping a relationship that matches an organization's resources with its market opportunities?

Strategic management planning

Specifying a target market and the corresponding marketing mix are the two elements that comprise the

development of a marketing strategy.

Target marketing classifies a marketing mix as

appealing to a selected group of people.

__________ marketers, such as Target, aim at large, clearly defined markets.

mass

Which of the following are true with respect to target marketing?

Target marketing fulfills the selected group's needs better than mass marketing.
Target marketing can mean big profits and big markets.

_____ management planning involves the creation of a plan to guide the actions of an entire company.

strategic

The "Four P's" make up a marketing mix

Product
Place
Promotion
Price

What are the two parts of a marketing strategy?

target market and marketing mix

Product is concerned with which of the following in the marketing mix?

Branding
Installation
Service

Which type of marketing focuses the marketing mix on appealing to a particular group?

Target marketing

The term "mass marketer" is used to

describe large firms that aim at specific groups.

What is the best way to describe a targeted market segment?

Homogeneous

Which of the following are part of the "marketing mix"?

Promotion
Product

Price is concerned with which of the following?

Allowances
Discounts

Which of the following statements about a product are true?

Product can involve a blend of physical good and service.
Product can involve a physical good.

_______ marketers, such as Target, aim at large, clearly defined markets

mass

Which of the following are true with respect to target marketing?

Target marketing can mean big profits and big markets.
Target marketing fulfills the selected group's needs better than mass marketing.

Which of the Four P's is focused on all the decisions needed to get the right product to the target market via retail stores or online stores?

Place

Which of the following are examples of "product" strategy decisions?

Packaging
Branding
Installation
Instructions

What are three components of the promotion element?

Mass selling
Personal selling
Sales promotion

When a seller engages in personal selling, the seller uses ______ to tell a potential customer about a product or service.

verbal communication

When Marcus meets with Lily and talks to her about the advantages of the service offered by his company, he is engaging in

personal selling

A product needs to get to the customer when and where they need it. This is considered to represent the ________ function of the 4 Ps.

place

Which of the following statements about mass selling is true?

Publicity is one form of mass selling.
Advertising is one form of mass selling.
Mass selling can involve media that includes magazines and the Internet.

Which of the following statements about the Four Ps is true?

Each of the Four Ps contributes to a whole marketing strategy.

It is important for companies to remember that selecting a target market and developing a marketing mix are _______ activities and must be done _______

interrelated; together

If a customer perceives a product to have more features and a higher quality, then the customer perceives the product to have more

value

Which one of the following is the most important factor in determining an appropriate marketing mix?

The needs of the target market

A(n) _______ _______ is a written document that identifies a marketing strategy and spells out the various elements that are necessary for fulfilling that strategy.

marketing plan

Garrett knows what the company plans to do for its marketing efforts and now needs to find a way to put those plans into operation. What phase of the marketing plan is Garrett working on?

Implementation

The marketing _______ should be evaluated against the company's objectives.

strategies

An organization's ______ combines multiple marketing plans into a single, large plan.

marketing program

Which of the following statements about marketing strategy are true?

The needs of the target market should drive decisions on the marketing mix.
Strategies include identifying both a target market and a marketing mix.

The number of purchases a person could make from a firm during the course of their relationship is called the

Customer lifetime value (CLV)

A marketing plan is

a document that describes a marketing strategy and various steps and elements involved in carrying out the strategy.

Marketing plans are put into action during

implementation

Customer equity is

the amount of money a company can expect to earn from customers during a given time.

The marketing department at Henri's company is taking the next two weeks to measure and analyze their current marketing performance. The company will use the results of this analysis to adjust any areas and improve their current effectiveness. What is Henri's company engaging in?

Marketing analytics

True or false: Some firms find that it costs them less to retain a customer than trying to acquire a new one.

True

Which two of the following describe a marketing program?

It includes more than one marketing strategy.
It implements several marketing strategies at once.

Companies predict how many purchases a single customer might make from the company over the length of the relationship with that consumer, a measurement called the ______.

Customer Lifetime Value

When determining customer lifetime value, the ____ rate refers to the percentage of customers who stay with the company in comparison to the total number of customers.

retention

Companies rely on ___________ opportunities to develop marketing strategies that are difficult to replicate and have the potential to make the company a lot of money for a long time.

breakthrough

A company's customer ___________ is what the company can expect to earn from its current and potential customers during a particular period.

equity

What are a company's three potential paths for growth based on the customer equity approach?

acquiring new customers
retaining current customers
enhancing customer value

True or false: An effective marketing strategy matches opportunities to the firm's resources and objectives.

True

Which of the following helps companies create marketing strategies that are difficult to replicate and have long-term profit potential?

Breakthrough opportunities

A company has ______ when the target market prefers the company's marketing mix over a competitor's mix.

a competitive advantage

Marketing managers

should seek attractive opportunities.

A successful marketing strategy pairs

opportunities with a company's resources and goals.

Which of the following statements about the marketing strategy planning process are true?

A marketing strategy begins with an evaluation of customers, competitors, and company.
The marketing strategy process starts broadly and then narrows down.

Companies rely on __________ opportunities to develop marketing strategies that are difficult to replicate and have the potential to make the company a lot of money for a long time.

breakthrough

Which of the following are true about the specific qualitative and quantitative screening criteria marketing managers develop?

The firm's objectives and available resources help determine the appropriate criteria to use.
These criteria are useful in figuring out the markets in which a firm wants to compete.

When targeted customers ______, the company is said to have a competitive advantage.

prefer a company's marketing mix over that of a competitor

A S.W.O.T. analysis helps a company figure out which four of the following?

strenghts, weakness, opportunities, and threats

Which of the following are true of market segmentation?

A major reason for market segmentation is to help a manager truly understand customers.
Managers use segmentation to help them figure out which groups of customers to serve.

Not everyone turns an opportunity into a successful strategy. You need to have a logical process to avoid ________ or ________ marketing situations.

hit, miss

Why does the marketing strategy process start broad before narrowing?

It gives firms a chance to identify opportunities they might miss if the process starts too narrow.

Developing a _______ can help a manager identify and define the markets in which the firm wants to compete.

set of specific qualitative and quantitative criteria

When a marketing mix has an element that sets it apart from those of the competition, it is said to have

differentation

What is the purpose of a S.W.O.T. analysis?

Picks out a firm's weak and strong points, as well as any potential opportunities or threats the firm might face

To identify and understand different subgroups in the target market, marketing managers rely on

market segmentation

Customers can perceive differences based on

marketing mix

The marketing manager reminded the team that they had to come up with something that would set them apart from their competitor. In other words, their marketing mix needed

Differentiation

What are the four broad areas of opportunity a company can pursue in the marketing strategy planning process?

Diversification
Product development
Market development
Market penetration

A company that is working to increase customer purchases of its current products in its current market is trying to achieve market

penetration

Choose the statements about differentiation that are true.

Differentiation can only occur if one or more of the four Ps is done better than the competition.
Offering a lower price than the competition—while being similar on the other three Ps—would be a source of differentiation.
True differentiation occurs when customers see the firm's offering as being better with regard to all four Ps.

Which of the following is a company engaged in when it attempts to increase sales of its current products by offering them in new markets?

market development

When a company offers a new product or an improved version of a current product in its present markets, it is engaged in

product development.

The broad possibilities available in the market strategy planning process include market development, market penetration, product development and

diversification.

Working in a new line of business, such as a new product or market, is known as

diversification.
differentiation.

Many companies find attractive opportunities close to markets they already know. They are focused on market

penetration

When a company is working to achieve market penetration, it is attempting to increase sales of its ______ products in its ______ markets.

current; present

A company is attempting to achieve market _________ when it works to increase sales by selling its current products in new markets.

development

Which of the following are the result of advances in e-commerce, transportation, and communications?

Small firms can operate internationally at little expense.
Firms can more easily reach international customers.

A firm engaged in ______ is offering its current markets a new product or an improved version of a current product.

product development

Jones Company sells its motors in the United States. Now, it has the opportunity to sell in CHina. This means the cost per motor will

decrease

When a company begins working in a brand new market or with new products, it is engaged in

diversification.

Since most firms find attractive opportunities for their products fairly close to existing markets, what opportunity do marketing strategies typically pursue first?

market penetration

Samson Inc. faced tough competition in the U.S. motorcraft market. What steps might the company take to improve the bottom line?

Cut costs
Expand overseas

What is true for firms considering international opportunities?

Advances in transportation make it cheaper to ship around the world.

Customers in other countries are interested in products that a firm offers. This can improve a company's

economies of scale.

For which of the following reasons would a company want a fresh start in another country?

Tough competition
Slow sales growth
Thin profit margins

Which of the following makes international marketing attractive?

Unfavorable trends at home
Favorable trends in other countries

Risks involved in international opportunities include lack of knowledge of a country's culture, learning foreign regulations and ______unrest.

social

Population growth in the United States has slowed down and income is leveling off, making this a(n) _________ market for high end jewelry companies. (favorable/unfavorable)

unfavorable

Which of the following are potential concerns about international opportunities?

Some countries have instability because of political or social issues.
Cultural differences can create problems.
Laws can be different in other countries.