Marketing 3340 with correct complete answers 2023/2024

Marketing 3340 4 basic business management practices - correct answer 1) strategy 2) execution 3) culture 4) structure sales response function - correct answer relates the expense of the marketing effort to the marketing results obtained. share points - correct answer percentage points of market share, as the common basis of comparison to allocate marketing resources effectively for different product lines within the same firm to make resource allocation decisions - correct answer marketing managers must estimate 1) the market share for the project 2) the revenues associated with each point of market share 3) the contribution to overhead and profit of each share point 4) possible cannibalization measuring the results of marketing actions - correct answer "where the organization is going" and "whether it is really getting there" output metrics - correct answer measure results used to measure revenue growth input metrics - correct answer measure the effort and expenditures that go into developing new products. used to measure number of ideas or concepts in the new product line long-range marketing plans - correct answer cover marketing-related investments and programs two to five years into the future.These plans consider what products and services to keep, add, and delete in the future using a portfolio analysis where do long range plans come from - correct answer Long-range plans originate at the CMO level in companies. They are directed at other senior-level executives, such as the CEO and chief financial officer, and the board of directors. annual marketing plans - correct answer usually developed by a marketing or product manager. These plans detail marketing goals and strategies for a product, product line, or entire firm for a single year. Annual plans place a heavy emphasis on segmentation, targeting, and positioning; two planning frameworks - correct answer 1) generic business strategies 2) blue ocean strategies generic business strategy - correct answer one that can be adopted by any firm, regardless of the product or industry involved, to achieve a competitive advantage. 1)It can become the low-cost producer within the markets in which it competes 2)it can differentiate itself from competitors by developing points of difference in its product offerings or marketing programs. cost leadership strategy - correct answer focuses on reducing expenses and, in turn, lowers product prices while targeting a broad array of market segments. differentiation strategy - correct answer requires products to have significant points of difference in product offerings, brand image, higher quality, advanced technology, or superior service to charge a higher price while targeting a broad array of market segments. cost focus strategy - correct answer involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of market segments. differentiation focus strategy - correct answer requires products to have significant points of difference in order to target one or only a few market segments