MARK 3336 EXAM 2 QUESTIONS AND VERIFIED
ANSWERS
What is the first thing a company does when analyzing competitors? - Answers - Identify
the company's competitors.
Which of the following strategies would be utilized by a market challenger? - Answers -
Observe what has made the market leader successful and improve on it.
According to the text, which customer and competitor orientation should company's
today practice? - Answers - Market-centered
What is benchmarking used for? - Answers - To assess competitor's strengths and
weaknesses
A(n) __________ is used to determine the benefits that target customers value and how
customers rate the relative value of various competitors' offers. - Answers - Customer
value analysis
Ritz-Carlton focuses on the top 5 percent of corporate and leisure travelers. This
represents a(n) __________ strategy. - Answers - Focus
According to the text, digital services that overlap with traditional newspaper content are
__________ because they offer, for free, real-time content that subscription-based
newspapers printed once a day can't match. - Answers - Bad competitors
Marketing strategy often passes through three stages. At which stage is a company
started by an individual who visualizes an opportunity? - Answers - Entrepreneurial
marketing
What are the three winning competitive positioning strategies proposed by Michael
Porter? - Answers - Overall cost leadership, differentiation, and focus
Which of the following statements regarding a customer intimacy strategy is correct? -
Answers - A customer intimacy strategy requires quickly responding to customer needs.
Which of the following statements is correct regarding consumer buying decisions? -
Answers - Consumers are often unaware of what influences their purchases.
When consumers engage in __________ buying behavior they go through a learning
process, so it is most important that marketers understand information gathering and
evaluation behavior. - Answers - Complex
, Which of the following statements regarding American subcultural groups is correct? -
Answers - Asian Americans are the most affluent U.S. demographic segment.
Which of the following statements is correct regarding the influence of personal factors
on buyer behavior? - Answers - Consumers tend to buy brands whose personality
matches their own.
What are the three cultural factors that influence consumer buyer behavior? - Answers -
Culture, subculture, and social class
What are the four general characteristics that influence consumer purchases? -
Answers - Cultural characteristics, social characteristics, personal characteristics, and
psychological characteristics
What is the correct order of the five stages of the new product adoption process? -
Answers - Awareness, interest, evaluation, trial, adoption
Which of the following statements regarding habitual buying behavior is correct? -
Answers - In these types of purchases marketers often use price and sales promotion
as incentives for purchase
Which adopter category consists of opinion leaders who adopt new ideas early but
carefully? - Answers - Early adopters
What tends to be the most effective source of information when consumers make a
buying decision? - Answers - Personal sources
What is positioning? - Answers - Arranging for a market offering to occupy a clear,
distinctive, and desirable place relative to competing products in the minds of target
consumers
What are perceptual positioning maps used for? - Answers - To show consumer
perceptions of different brands on important product dimensions
What is the overall purpose of differentiation? - Answers - To create superior customer
value
Which base of segmentation divides buyers into segments based on their knowledge,
attitudes, uses, or responses to a product? - Answers - Behavioral
Which value proposition is the most difficult to sustain in the long run? - Answers - More
for less
A colleague wants to evaluate the attractiveness of a particular market segment. Which
of the following would be good advice for your colleague? - Answers - Carefully
consider the degree of competition and ease of entry into the segment.
ANSWERS
What is the first thing a company does when analyzing competitors? - Answers - Identify
the company's competitors.
Which of the following strategies would be utilized by a market challenger? - Answers -
Observe what has made the market leader successful and improve on it.
According to the text, which customer and competitor orientation should company's
today practice? - Answers - Market-centered
What is benchmarking used for? - Answers - To assess competitor's strengths and
weaknesses
A(n) __________ is used to determine the benefits that target customers value and how
customers rate the relative value of various competitors' offers. - Answers - Customer
value analysis
Ritz-Carlton focuses on the top 5 percent of corporate and leisure travelers. This
represents a(n) __________ strategy. - Answers - Focus
According to the text, digital services that overlap with traditional newspaper content are
__________ because they offer, for free, real-time content that subscription-based
newspapers printed once a day can't match. - Answers - Bad competitors
Marketing strategy often passes through three stages. At which stage is a company
started by an individual who visualizes an opportunity? - Answers - Entrepreneurial
marketing
What are the three winning competitive positioning strategies proposed by Michael
Porter? - Answers - Overall cost leadership, differentiation, and focus
Which of the following statements regarding a customer intimacy strategy is correct? -
Answers - A customer intimacy strategy requires quickly responding to customer needs.
Which of the following statements is correct regarding consumer buying decisions? -
Answers - Consumers are often unaware of what influences their purchases.
When consumers engage in __________ buying behavior they go through a learning
process, so it is most important that marketers understand information gathering and
evaluation behavior. - Answers - Complex
, Which of the following statements regarding American subcultural groups is correct? -
Answers - Asian Americans are the most affluent U.S. demographic segment.
Which of the following statements is correct regarding the influence of personal factors
on buyer behavior? - Answers - Consumers tend to buy brands whose personality
matches their own.
What are the three cultural factors that influence consumer buyer behavior? - Answers -
Culture, subculture, and social class
What are the four general characteristics that influence consumer purchases? -
Answers - Cultural characteristics, social characteristics, personal characteristics, and
psychological characteristics
What is the correct order of the five stages of the new product adoption process? -
Answers - Awareness, interest, evaluation, trial, adoption
Which of the following statements regarding habitual buying behavior is correct? -
Answers - In these types of purchases marketers often use price and sales promotion
as incentives for purchase
Which adopter category consists of opinion leaders who adopt new ideas early but
carefully? - Answers - Early adopters
What tends to be the most effective source of information when consumers make a
buying decision? - Answers - Personal sources
What is positioning? - Answers - Arranging for a market offering to occupy a clear,
distinctive, and desirable place relative to competing products in the minds of target
consumers
What are perceptual positioning maps used for? - Answers - To show consumer
perceptions of different brands on important product dimensions
What is the overall purpose of differentiation? - Answers - To create superior customer
value
Which base of segmentation divides buyers into segments based on their knowledge,
attitudes, uses, or responses to a product? - Answers - Behavioral
Which value proposition is the most difficult to sustain in the long run? - Answers - More
for less
A colleague wants to evaluate the attractiveness of a particular market segment. Which
of the following would be good advice for your colleague? - Answers - Carefully
consider the degree of competition and ease of entry into the segment.
