MKT 300 Test questions with
answers well graded A+
Marketing Myopia - ANS✅✅Myopia = near sighted
When companies are too PRODUCT ORIENTATED instead of CONSUMER ORIENTED
What business are we really in?
Quarter inch drill = quarter inch hole`
Three Long-Held Concepts Every Marketer Should Rethink - ANS✅✅1. Brand
- b4 ppl relied on brands to ensure quality, now there are others ways to do this (internet)
= less barries for entry into the market and MORE brand volatity
2. LOYALTY
- ppl used to be very brand loayal, now ppl have more access to info
= LESS brand loyalty
3. POSITTIONING
- consumers evaluate multiple attributes = you can no longer define your brand by one feature
Fundamental Entity (FE) - ANS✅✅The perspective from which you will create marketing strategy
- relevant when there is a PARENT BRAND with sub brands
core competence - ANS✅✅Firm skills that competitors cannot easily match or imitate.
- leads to sustainable compettive advantage
,- can be technical but often intangible components(implicit learning, organizational coordination,
corporate culture)
- an iNPUT not an output
- generates strategic assets, which in turn generate benefits for consumers
umbrella brand - ANS✅✅a family of products that all deliver the same higher-order benefit
ex: crest
distinct branding - ANS✅✅firms offer several products with distinct meanings, brand names, and
logos, targeted to different audiences
ex: consumer packaged goods
hybrid branding - ANS✅✅A branding approach that combines two brands - the corporate brand
plus separate brands - to designate differences in product or service lines.
ex: BMW (keeps mini cooper seperate from other cars to distinct it)
three types of brand extensions - ANS✅✅1. product line extensions
2. category extentions
3 branded varients
- popular bc it can alleviate boredom
product line extentions - ANS✅✅ex: doritos: cool ranch, late night, spicy
same catagory - different products (ex: flavors)
Product Extentions - ANS✅✅items offered in addition to the product to make it more attractive to
the target market
, EX: law and order
= law and order special vitimes unit
law and order criminal intent
law and order trial by jury
category extensions - ANS✅✅When a firm uses its brand to expand into new product categories
- much risker
ex: Swiss (watch, knife, perfume)
every catagory extension is a brand extension
billboard effect - ANS✅✅Bran extensions, same color/scheme make an assortment look like a
billboard
makes you think of the central brand
Why do we see so many brand extensions? - ANS✅✅pricing breadth, lower cost, capitalize on
placebo effects, risk minimization
- consumers can alleviate boredom, but stay in family
brand dillution - ANS✅✅occurs when a brand extension adversely affects consumer perceptions
about the attributes the core brand is believed to hold
Levitt's argument - ANS✅✅selling focuses on sellers needs
marketing focuses on consumers needs
*selling not equal to marketing
answers well graded A+
Marketing Myopia - ANS✅✅Myopia = near sighted
When companies are too PRODUCT ORIENTATED instead of CONSUMER ORIENTED
What business are we really in?
Quarter inch drill = quarter inch hole`
Three Long-Held Concepts Every Marketer Should Rethink - ANS✅✅1. Brand
- b4 ppl relied on brands to ensure quality, now there are others ways to do this (internet)
= less barries for entry into the market and MORE brand volatity
2. LOYALTY
- ppl used to be very brand loayal, now ppl have more access to info
= LESS brand loyalty
3. POSITTIONING
- consumers evaluate multiple attributes = you can no longer define your brand by one feature
Fundamental Entity (FE) - ANS✅✅The perspective from which you will create marketing strategy
- relevant when there is a PARENT BRAND with sub brands
core competence - ANS✅✅Firm skills that competitors cannot easily match or imitate.
- leads to sustainable compettive advantage
,- can be technical but often intangible components(implicit learning, organizational coordination,
corporate culture)
- an iNPUT not an output
- generates strategic assets, which in turn generate benefits for consumers
umbrella brand - ANS✅✅a family of products that all deliver the same higher-order benefit
ex: crest
distinct branding - ANS✅✅firms offer several products with distinct meanings, brand names, and
logos, targeted to different audiences
ex: consumer packaged goods
hybrid branding - ANS✅✅A branding approach that combines two brands - the corporate brand
plus separate brands - to designate differences in product or service lines.
ex: BMW (keeps mini cooper seperate from other cars to distinct it)
three types of brand extensions - ANS✅✅1. product line extensions
2. category extentions
3 branded varients
- popular bc it can alleviate boredom
product line extentions - ANS✅✅ex: doritos: cool ranch, late night, spicy
same catagory - different products (ex: flavors)
Product Extentions - ANS✅✅items offered in addition to the product to make it more attractive to
the target market
, EX: law and order
= law and order special vitimes unit
law and order criminal intent
law and order trial by jury
category extensions - ANS✅✅When a firm uses its brand to expand into new product categories
- much risker
ex: Swiss (watch, knife, perfume)
every catagory extension is a brand extension
billboard effect - ANS✅✅Bran extensions, same color/scheme make an assortment look like a
billboard
makes you think of the central brand
Why do we see so many brand extensions? - ANS✅✅pricing breadth, lower cost, capitalize on
placebo effects, risk minimization
- consumers can alleviate boredom, but stay in family
brand dillution - ANS✅✅occurs when a brand extension adversely affects consumer perceptions
about the attributes the core brand is believed to hold
Levitt's argument - ANS✅✅selling focuses on sellers needs
marketing focuses on consumers needs
*selling not equal to marketing
