GB 350 FINAL OLE MISS
A salesperson for a tractor manufacturer is meeting, with a potential customer, a tractor
retailer in a new market. The salesperson spends most of the conversation talking about
the tractor's features-size, color, and price-instead of focusing on the tractor's benefits-
long life compared to other tractor competitors and positive reviews that previous
customers have provided. What concept describes the salesperson's ineffective
approach?
a. Tunnel Vision
b. Marketing Myopia
c. Low viewline
d. Facing value - CORRECT ANSWER-Marketing Myopia
Many Amazon sellers offer two different ways for customers to purchase products: a
one-time purchase or a monthly subscription at a discounted rate. What customer stage
would the subscription option be seeking to optimize?
a. Retention
b. Expansion
c. Adoption
d. Advocacy - CORRECT ANSWER-Retention
Magic Makers sells children's magicians kits. Each magic kit comes with paper
instructions and how-to guides for magic tricks to help customers make the most of their
experience with the company's products. Customers can also watch Magic Maker's
youtube videos to see magic trick demonstrations. Magic Makers is trying to optimize
what customer process?
a. Adoption
b. Advocacy
c. Expansion
d. Retention - CORRECT ANSWER-b. Advocacy
Companies with market orientations/philosophies tend to rely on aggressive promotions
to achieve high sales
True
False - CORRECT ANSWER-False
Better Place Brands is a collection of eCommerce coffee and apparel brands. Each
brand is associated with a particular dog breed. (e.g. Boxy Browns coffee is associated
with boxers). Better Place Brands donates 20% of all product sales to charitable
organizations for the namesake dog breed. What type of orientation/philosophy does
better place brands have?
a. Societal
,b. Sales
c. Production
d. Market - CORRECT ANSWER-Societal
Vivint is a company that sells solar panels for home energy sourcing and management.
Over the past few years, customers complained that the company's salespeople were
engaging in aggressive promotion to sell the products instead of truly helping
customers. For example, Vivint sold a 25 year old solar panel contract to a 91 year old
woman who died a month after the contract was signed. What type of orientation-
philosophy do these com[lainst describe?
a. Sales
b. Societal
c. Market
d. Production - CORRECT ANSWER-Sales
Which of the following is an overall goal of marketing, according to the lectures? Please
select all that apply
a. Make everyone a customer
b. Create Value
c. Meet organization objectives
d. Generate high revenues - CORRECT ANSWER-b. Create Value
c. Meet organization objectives
When conducting a SWOT/situation analyst market should consider _____ which are
______ factors that can influence marketing strategy.
a. Weaknesses, internal
b. Threats, internal
c. Opportunities, internal
d. Strengths; external - CORRECT ANSWER-Weaknesses, internal
Strategic planning is typically only required when the company wants to design a new
product.
True
False - CORRECT ANSWER-False
Pet Shed is a pet grooming business that offers a loyalty program to its customers.
Program members earn points toward a free grooming service for each completed
transaction. After 6 grooming transactions are completed. The members has enough
points for a free grooming service as long as the service is redeemed withing the next 3
months. The loyalty program is to encourage existing customers to buy more of the
company's existing grooming services. Based on this scenario. Pet Shed is engaging in
which strategy from Ansoff's opportunity matrix?
a. Diversification
b. Market penetration
c. Market development
d. Product development. - CORRECT ANSWER-Market penetration
, Which of the following is NOT part of the implementation stage of the marketing plan?
Establishing timelines
Gaining acceptance from those involved
SWOT/Situation analysis
All of these are components of the implementation stage of the marketing plan. -
CORRECT ANSWER-SWOT/Situation analysis
A widget producer sells boxes of widgets. All boxes have one dozen widgets each, and
customers $3.99 per box, regardless of how many boxes they purchase. For example, a
business customer who purchases 20 boxes will pay the same amount per box as an
individual customer who purchases 1 box. What type of targeting strategy is the widget
producer using?
a. Differentiated/Multi-segment
b. Customized
c. Undifferentiated
d. Dynamic - CORRECT ANSWER-c. Undifferentiated
Anheuser-Busch, maker of Budweiser and other beer brands, developed a zero-carb
beer named Next, which is aimed at younger, health- conscious beer drinkers. These
customers already drink Anheuser-Bush brands but expressed an interest in a
"healthier" option. Which type of innovation does this scenario describe?
a. Core innovation
b. Transformation innovation
c. Adjacent innovation
d. Mirror innovation - CORRECT ANSWER-Core innovation
Which of the following is a characteristic of strategic business units (SBUS)?
a. Strategic planning for one SBU needs to be influenced by the strategic, plans for
another SBU.
b. Companies with more than 600 employees are required to have SBUs, according to
federal legislation in the U.S.
c. All of these characteristics of SBUs
d. SBUs have control over their own resources. - CORRECT ANSWER-SBUs have
control over their own resources.
According to the BCG Matrix, brand/SBUs with low market share dominance and high
growth are known as __________
a. Stars
b. Dogs
c. Cash cows
d. Problem children/question marks - CORRECT ANSWER-Problem children/question
marks
Companies earn product.service differentiation competitive advantages when they are
efficient enough to change low prices for their products as compared with competitors
A salesperson for a tractor manufacturer is meeting, with a potential customer, a tractor
retailer in a new market. The salesperson spends most of the conversation talking about
the tractor's features-size, color, and price-instead of focusing on the tractor's benefits-
long life compared to other tractor competitors and positive reviews that previous
customers have provided. What concept describes the salesperson's ineffective
approach?
a. Tunnel Vision
b. Marketing Myopia
c. Low viewline
d. Facing value - CORRECT ANSWER-Marketing Myopia
Many Amazon sellers offer two different ways for customers to purchase products: a
one-time purchase or a monthly subscription at a discounted rate. What customer stage
would the subscription option be seeking to optimize?
a. Retention
b. Expansion
c. Adoption
d. Advocacy - CORRECT ANSWER-Retention
Magic Makers sells children's magicians kits. Each magic kit comes with paper
instructions and how-to guides for magic tricks to help customers make the most of their
experience with the company's products. Customers can also watch Magic Maker's
youtube videos to see magic trick demonstrations. Magic Makers is trying to optimize
what customer process?
a. Adoption
b. Advocacy
c. Expansion
d. Retention - CORRECT ANSWER-b. Advocacy
Companies with market orientations/philosophies tend to rely on aggressive promotions
to achieve high sales
True
False - CORRECT ANSWER-False
Better Place Brands is a collection of eCommerce coffee and apparel brands. Each
brand is associated with a particular dog breed. (e.g. Boxy Browns coffee is associated
with boxers). Better Place Brands donates 20% of all product sales to charitable
organizations for the namesake dog breed. What type of orientation/philosophy does
better place brands have?
a. Societal
,b. Sales
c. Production
d. Market - CORRECT ANSWER-Societal
Vivint is a company that sells solar panels for home energy sourcing and management.
Over the past few years, customers complained that the company's salespeople were
engaging in aggressive promotion to sell the products instead of truly helping
customers. For example, Vivint sold a 25 year old solar panel contract to a 91 year old
woman who died a month after the contract was signed. What type of orientation-
philosophy do these com[lainst describe?
a. Sales
b. Societal
c. Market
d. Production - CORRECT ANSWER-Sales
Which of the following is an overall goal of marketing, according to the lectures? Please
select all that apply
a. Make everyone a customer
b. Create Value
c. Meet organization objectives
d. Generate high revenues - CORRECT ANSWER-b. Create Value
c. Meet organization objectives
When conducting a SWOT/situation analyst market should consider _____ which are
______ factors that can influence marketing strategy.
a. Weaknesses, internal
b. Threats, internal
c. Opportunities, internal
d. Strengths; external - CORRECT ANSWER-Weaknesses, internal
Strategic planning is typically only required when the company wants to design a new
product.
True
False - CORRECT ANSWER-False
Pet Shed is a pet grooming business that offers a loyalty program to its customers.
Program members earn points toward a free grooming service for each completed
transaction. After 6 grooming transactions are completed. The members has enough
points for a free grooming service as long as the service is redeemed withing the next 3
months. The loyalty program is to encourage existing customers to buy more of the
company's existing grooming services. Based on this scenario. Pet Shed is engaging in
which strategy from Ansoff's opportunity matrix?
a. Diversification
b. Market penetration
c. Market development
d. Product development. - CORRECT ANSWER-Market penetration
, Which of the following is NOT part of the implementation stage of the marketing plan?
Establishing timelines
Gaining acceptance from those involved
SWOT/Situation analysis
All of these are components of the implementation stage of the marketing plan. -
CORRECT ANSWER-SWOT/Situation analysis
A widget producer sells boxes of widgets. All boxes have one dozen widgets each, and
customers $3.99 per box, regardless of how many boxes they purchase. For example, a
business customer who purchases 20 boxes will pay the same amount per box as an
individual customer who purchases 1 box. What type of targeting strategy is the widget
producer using?
a. Differentiated/Multi-segment
b. Customized
c. Undifferentiated
d. Dynamic - CORRECT ANSWER-c. Undifferentiated
Anheuser-Busch, maker of Budweiser and other beer brands, developed a zero-carb
beer named Next, which is aimed at younger, health- conscious beer drinkers. These
customers already drink Anheuser-Bush brands but expressed an interest in a
"healthier" option. Which type of innovation does this scenario describe?
a. Core innovation
b. Transformation innovation
c. Adjacent innovation
d. Mirror innovation - CORRECT ANSWER-Core innovation
Which of the following is a characteristic of strategic business units (SBUS)?
a. Strategic planning for one SBU needs to be influenced by the strategic, plans for
another SBU.
b. Companies with more than 600 employees are required to have SBUs, according to
federal legislation in the U.S.
c. All of these characteristics of SBUs
d. SBUs have control over their own resources. - CORRECT ANSWER-SBUs have
control over their own resources.
According to the BCG Matrix, brand/SBUs with low market share dominance and high
growth are known as __________
a. Stars
b. Dogs
c. Cash cows
d. Problem children/question marks - CORRECT ANSWER-Problem children/question
marks
Companies earn product.service differentiation competitive advantages when they are
efficient enough to change low prices for their products as compared with competitors
