Chap 2 Quiz MARKETING PLAN

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96/100 1 INCORRECT Chapter 2 QUIZ When a pharmaceutical company develops a new medication, it typically applies for a patent in order to prevent competitors from developing copycat products for several years. Pharmaceutical companies apply for patents to establish a sustainable competitive advantage. Over the last few months, Fredo and his colleagues have analyzed the current business situation and identified target markets for his firm’s personal care products. Finally, they developed the products, prices, distribution, and promotion that should appeal to each of those target markets. In doing so, Fredo has also identified what he believes is an advantage his competitors cannot match. Fredo and his colleagues have been developing a marketing strategy. Which of the following actions would be the most likely to support and enhance an operational excellence macro strategy? 3M Corporation implementing new software to improve communication with its suppliers Some banks offer special accounts designed to attract junior high school students. These kids save in such small amounts that the accounts cost banks more to maintain than they are worth; however, bankers know that consumers are creatures of habit and hope that the young people they serve now will become adult customers. These banks recognize the lifetime value of customers. Pietro is in the marketing department of a midsized firm that develops and sells communications systems. He is proud of the human resource area in the company that provides the firm with excellent employees. Pietro himself really enjoys his work, but he knows the work of HR helps create an operational advantage for the firm because of all the following except the company provides products with a high perceived value. Zara is a women’s clothing retailer headquartered in Spain, with stores located in many countries. Zara has developed a “quick response” system that allows store merchandise to be adjusted rapidly to fit changing customer preferences. Every aspect of Zara’s operation is optimized for this system, making it difficult for competitors like The Gap to duplicate. Zara has established a sustainable competitive advantage. When Maria, the keynote speaker at a major business leaders’ conference, arrived in the middle of the night at the Ritz-Carlton, she was exhausted, and her suit was wrinkled from her 10-hour plane trip. The night clerk found someone to dry clean Maria’s suit and have it ready for her morning presentation. She has been a loyal

Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of customer excellence. After defining the business mission, what should a firm do next to develop a marketing plan? perform a situation analysis Audi’s mission statement addresses urbanization, the need to work on traffic flows and safety in urban areas. To that end, Audi is working with Airbus to develop the Pop.Up Next driving and flying transport system that will enable vertical individual mobility. The strategic planners are engaged in defining the business mission. In a SWOT analysis, increasing gasoline prices would represent a potential ________ for manufacturers of electric cars. opportunity Ford Motor Company may be thinking of announcing that it will severely cut back its automobile production. For parts companies supplying Ford its parts, this cut back in production represents a(n) threat. Which of the following statements about marketing metrics is true?  They assist in comparing results among SBUs. 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 integrated marketing communications. Value creation through place decisions for a consumer product involves making sure the product is available in the stores where customers will want to find it, and that it is always in stock so they can buy it when they want to. Giorgio 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.” Giorgio is ignoring the ________ step of the marketing planning process. evaluate performance A former advertising campaign for GEICO Insurance used the slogan “So easy, even a caveman could do it” to emphasize the ease of buying insurance on GEICO’s website. This campaign was part of GEICO’s positioning strategy Target has announced that it would begin selling organic food products. In doing so, Target is most likely trying to attract a different market segment. When positioning products relative to competitors’ offerings, firms typically are most successful when they focus on opportunities t hat build on their strengths relative to those of their competition. A product that is in a high-growth market but has a low market share would be classified as a ________ on the BCG matrix. Question mark

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