MKT 6301-Chapter 2
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| show | Answer: objective
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| 2) The ________ communicates the reasons to buy a product/ service to a specific customer group. | show 🗑
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| show | Answer: product positioning.
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| show | Answer: marketing mix
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| 5) When marketing managers consider the alternative differentiation possibilities and determine what differential advantages are to be emphasized and communicated to the target customer, they are engaging in: | show 🗑
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| 6) Which of the following usually describes a company's major business thrusts, customer orientation, or business philosophy, in general terms? | show 🗑
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| show | Answer: it is not stated in quantitative terms.
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| 8) Which of the following is a characteristic of a good objective statement? | show 🗑
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| show | Answer: individuals who are buying your product or service or a direct competitor's.
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| 10) There is often tension between objectives of increasing market share and increasing profits because: | show 🗑
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| 11) Customers who have purchased your product or service are familiar with its benefits. Assuming that your customers enjoyed the consumption experience, there is often potential left in the market from the current customers who could be persuaded to buy more. You, as a marketing manager, should therefore prioritize: | show 🗑
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| show | Answer: It is usually implemented in markets where growth rate is slowing.
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| show | Answer: maturity stage of the product life cycle.
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| show | Answer: market development
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| 15) Entering foreign markets is an example of a: | show 🗑
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| 16) Once the decision has been made to enter a country, the most important decision is: | show 🗑
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| 17) Identify the statement that addresses the mode of entry. | show 🗑
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| 18) Identify the factor that can be controlled by a company while entering a foreign market. | show 🗑
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| show | Answer: market size and growth
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| show | Answer: quota
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| show | Answer: value proposition
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| show | Answer: their relative price.
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| show | Answer: It generates customer value.
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| 24) Which of the following represents a basis on which customers will choose a firm's product or | show 🗑
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| 25) When we say that a firm is using a differentiation advantage to developing competitive advantage, we mean that the approach is: | show 🗑
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| show | Answer: competitor's costs
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| show | Answer: take advantage of economies of scale and experience curve.
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| show | Answer: Experience curve
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| show | Answer: focus on controlling costs.
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| 30) Economies of scale is a concept used in this approach to developing competitive advantage. | show 🗑
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| show | Answer: economies of scale
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| show | Answer: price-based advantage
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| 33) Which of the following approaches to developing competitive advantage is most likely to involve a payment of price premium by the customers? | show 🗑
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| 34) Caterpillar markets are the most reliable farm equipment in the industry. This is an example of a: | show 🗑
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| show | Answer: It is based on obtaining an observable point of difference that customers will value.
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| show | Answer: electronic and print advertising
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| 37) One of the best methods of determining how consumers feel about the perceived differences between competitive products or services is through: | show 🗑
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| show | Answer: It measures perceptions of competing products on a variety of attributes.
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| show | Answer: brand position.
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| 40) The value of a brand name in communicating quality or other aspects of the product is called: | show 🗑
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| 41) When a marketing manager is dissatisfied with the current positioning of his/her product or service and seeks a new perceived advantage, it is called: | show 🗑
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| show | Answer: value proposition
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| 43) Which of the following is considered as the implementation stage of the marketing strategy? | show 🗑
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| show | Answer: company
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| show | Answer: growth
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| 46) Which of the following sketches the sales history of a product category over time? | show 🗑
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| show | Answer: S
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| show | Answer: The rate of growth begins to decrease in this stage.
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| 49) Which of the following statements is true regarding the maturity stage of the product life cycle? | show 🗑
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| 50) Identify the correct statement about the introduction stage of the product life cycle. | show 🗑
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| 51) Identify the stage in the product life cycle (PLC) where the growth rate and the size of the market are low. | show 🗑
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| 52) When the market growth becomes flat, we can say that this stage of the product life cycle has been reached. Identify the stage. | show 🗑
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| show | Answer: introduction stage
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| 54) Identify the stage of the product life cycle where distributors have more power in the relationship with manufactures or service suppliers. | show 🗑
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| 55) The purpose of a penetration pricing strategy during the introduction stage of the product life cycle is to: | show 🗑
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| show | Answer: skimming
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| 57) Most likely, marketing managers would like to be first in the market because: | show 🗑
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| 58) Market segmentation becomes a key issue in this stage of the product life cycle. Identify the stage. | show 🗑
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| show | Answer: leapfrog the competition.
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| show | Answer: maturity stage
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| 61) When marketing mangers see that the sales curve has flattened out and few new buyers are in the market, they know that they are in this stage of the product life cycle. Identify the stage. | show 🗑
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| 62) Identify the stage of the product life cycle where a large amount of money is spent on consumer promotion. | show 🗑
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| 63) Setting an objective of gradual share decline with minimal investment to maximize short-run profits is known as: | show 🗑
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| 64) The general strategies in mature markets are similar to those in which other markets? | show 🗑
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| 65) Which of the following statements is true about the decline stage of the product life cycle? | show 🗑
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| 66) Lansdale Semiconductor is considered as the "last iceman" manufacturing the 8080 computer chip. With this information, we can say that 8080 computer chip is in the ________ stage of the product life cycle. | show 🗑
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| 67) Which of the following explains stretching out the life cycle? | show 🗑
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| show | Answer: PLC is a conceptual framework.
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| 69) After reaching the mature stage, 3M's Scotch tape was extended through new dispensers and the use of colored and waterproof varieties (varied usage). This is an example of: | show 🗑
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| 70) A firm's objective is the criteria by which the success or failure of a strategy is measured. | show 🗑
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| 71) A firm's customer targets represent a specific group of customers which the marketing manager wants to persuade to buy the product or service. | show 🗑
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| show | Answer: FALSE
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| 73) Competitor targets must be identified so that marketing managers know which brands or companies offer the most likely competition for the identified customer. | show 🗑
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| show | Answer: FALSE
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| show | Answer: TRUE
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| 76) Volume often has a significant positive relationship with unit costs due to economies of scale. | show 🗑
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| show | Answer: TRUE
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| show | Answer: FALSE
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| 79) A good objective statement should have a quantified standard of performance. | show 🗑
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| show | Answer: TRUE
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| 81) Implementation of market penetration strategy is more risky and expensive than implementing a market development strategy. | show 🗑
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| 82) A market development strategy can be implemented without product modifications. | show 🗑
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| 83) Purchasing power takes into account population size. | show 🗑
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| 84) The basic component of the core strategy is the value proposition. | show 🗑
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| 85) A competitive advantage should be difficult to imitate. | show 🗑
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| show | Answer: FALSE
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| show | Answer: TRUE
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| 88) Industrial and highly technical products and services are differentiated solely on the basis of perception. | show 🗑
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| 89) The importance of various marketing-mix elements varies over the product life cycle. | show 🗑
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| 90) In the introductory phase, the growth rate and the size of the market are high. | show 🗑
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| 91) A large number of competitors are present in a market during the introductory stage of a product life cycle. | show 🗑
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| 92) The price skimming strategy involves entering the market with a low initial price. | show 🗑
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| 93) Typically, penetration strategies which involve entering the market with low price are employed by technology-based products. | show 🗑
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| show | Answer: FALSE
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| 95) Explain the major components of a complete marketing strategy. | show 🗑
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| show | Answer:
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| show | Answer:
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| 98) Discuss the three general approaches to developing competitive advantage: | show 🗑
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| 99) List the various stages of the product life cycle and describe the characteristics of each stage. | show 🗑
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