Mktg 4500 Exam 1 Questions With Complete Solutions
In lecture we discussed the potential benefits of using market
segmentation. Based on this discussion, what is the primary and
ultimate reason firms should engage in the time, cost, and effort
of segmenting the market?
Improved ROI
The reading "the seven questions of marketing strategy"
discusses a question that marketers must ask "What business are
we in?" The lesson to learn from the reading is that companies
need to focus on needs fulfilled, and not the product itself when
they communicate with potential customers. For example, when
selling a shovel, you should concentrate on the benefit received
(the hole in the ground) and not the product itself (the shovel).
Which of the following messages fulfills this concept?
An apple a day keeps the doctor away
In the lecture on transatlantic flight we discussed the fact that
Clarence Chamberlain couldn't attain the same level of fame as
Charles Lindbergh or Amelia Earhart. What factor was
determined to be the reason America was successful at
becoming a beloved hero and Clarence ended up a relatively
obscure figure in history?
What Amelia offered was unique - she differentiated
BLANK is a strategy where a firm seeks to be unique in its
industry or market segment along dimensions that the customers
,value. The key is to be unique with a specific point of the
product that allows the marketer to change a premium price
Differentiation
Aspects of Product
- Product variety
- Quality
- Design
- Features
- Brand name
- Packaging
- Sizes
- Services
- Warranties
- Returns
Aspects of Price
- List price
- Discounts
- Allowances
- Payment period
- Credit terms
Aspects of Promotion
- Sales promotion
- Advertising
- Sales force
- Public relations
- Direct marketing
, Aspects of Place
- Channels
- Coverage
- Assortments
- Locations
- Inventory
- Transport
How many marketing messages is the average person exposed to
a day?
Estimates are 5,000-10,000
Pets.com
- Operated Feb. 99'- Nov. 00'
-Lots of marketing, including the Macy's parade
- Money was lost, $300 million of investment capital gone
- MAIN POINT - marketing products requires a lot more than
promotion
Strategy vs. Tactics
Strategy - an overarching plan or set of goals
Tactics - specific actions or steps you undertake to accomplish
your strategy
The innovation matrix
- Allows a company to see exactly what types of assets need to
be developed and what types of markets are possible to grow
into based on the company's core capabilities
- Core innovation
In lecture we discussed the potential benefits of using market
segmentation. Based on this discussion, what is the primary and
ultimate reason firms should engage in the time, cost, and effort
of segmenting the market?
Improved ROI
The reading "the seven questions of marketing strategy"
discusses a question that marketers must ask "What business are
we in?" The lesson to learn from the reading is that companies
need to focus on needs fulfilled, and not the product itself when
they communicate with potential customers. For example, when
selling a shovel, you should concentrate on the benefit received
(the hole in the ground) and not the product itself (the shovel).
Which of the following messages fulfills this concept?
An apple a day keeps the doctor away
In the lecture on transatlantic flight we discussed the fact that
Clarence Chamberlain couldn't attain the same level of fame as
Charles Lindbergh or Amelia Earhart. What factor was
determined to be the reason America was successful at
becoming a beloved hero and Clarence ended up a relatively
obscure figure in history?
What Amelia offered was unique - she differentiated
BLANK is a strategy where a firm seeks to be unique in its
industry or market segment along dimensions that the customers
,value. The key is to be unique with a specific point of the
product that allows the marketer to change a premium price
Differentiation
Aspects of Product
- Product variety
- Quality
- Design
- Features
- Brand name
- Packaging
- Sizes
- Services
- Warranties
- Returns
Aspects of Price
- List price
- Discounts
- Allowances
- Payment period
- Credit terms
Aspects of Promotion
- Sales promotion
- Advertising
- Sales force
- Public relations
- Direct marketing
, Aspects of Place
- Channels
- Coverage
- Assortments
- Locations
- Inventory
- Transport
How many marketing messages is the average person exposed to
a day?
Estimates are 5,000-10,000
Pets.com
- Operated Feb. 99'- Nov. 00'
-Lots of marketing, including the Macy's parade
- Money was lost, $300 million of investment capital gone
- MAIN POINT - marketing products requires a lot more than
promotion
Strategy vs. Tactics
Strategy - an overarching plan or set of goals
Tactics - specific actions or steps you undertake to accomplish
your strategy
The innovation matrix
- Allows a company to see exactly what types of assets need to
be developed and what types of markets are possible to grow
into based on the company's core capabilities
- Core innovation
