A mission statement describes the specific actions a firm will take to achieve its goals.
Segmentation, targeting, and positioning
are terms that can be used interchangeably in developing marketing plans.
are part of the marketing plan but bear little direct relationship to the marketing mix.
are part of a firm’s marketing strategy.
are optional elements of a marketing plan.
should be done simultaneously so synergies can help streamline the effort.
The “implement marketing mix” step of the strategic marketing planning process is part of the control phase.
The components of a SWOT analysis are strengths, weaknesses, opportunities, and tactics.
The four Ps of the marketing mix include product, promotion, planning, and place.
The full price of a product or service includes all of the following except
value of the consumer’s time.
the price of alternative products and services.
The term social media refers exclusively to social networking sites like Facebook.
Which of the following is not one of the five Cs of pricing?
Which of the following is the definition of social media?
web services that allow users to share their physical locations
content distributed through online and mobile technologies to facilitate interpersonal interactions
the practice of users forwarding video and photo links to one another
a group of websites that allow users to establish formal and informal connections
a collection of websites that support the posting of videos and photos
When Apple introduced its iPhone, it was priced at $599. This allowed Apple to earn the maximum amount of revenue from the various segments of the market. Two months after the introduction, the price has come down to $399. What kind of a pricing did Apple adopt?
The traditional “marketing-mix” concept and the notion of the “four Ps” may not adequately describe modern marketing programs. ________ is about mixing and matching marketing activities to maximize their individual and collective effects.
A structured approach to assessing the sources and outcomes of brand equity and the manner in which marketing activities create the financial worth of the brand is called ________.
the brand portfolio
the brand lifecycle
The first step in estimating demand is to ________.
analyze competitors’ cost
select a pricing method
understand what affects price sensitivity
calculate fixed costs
decipher the experience curve
Which of the following is true regarding price elasticity?
The higher the elasticity, the lesser is the volume growth resulting from a 1 percent price reduction.
Within the price indifference band, price changes have little or no effect on demand.
If demand is elastic, sellers will consider increasing the price.
Price elasticity does not depend on magnitude and direction of the contemplated price change.
When demand is inelastic, sellers should lower prices in order to increase total revenue.
Consumers are less price sensitive ________.
to high cost items
when they frequently change their buying habits
when there are more substitutes
when there are more competitors
when they do not readily notice higher prices
Armon Apparels designs, manufactures, and distributes athletic apparel and accessories for men and women. The company has only nine distributors across the United States. These distributors control a nationwide network of 600 retailers. The company does not sell its products through other channels. This is an example of ________ distribution.
When Apple introduced the iPod in October, 2001, it was the first-of-its-kind product that offered sizable storage capacity for songs and a portable device that was not seen before in the market. Which of the following is most likely to have been the marketing communications objective for the iPod at the time of its introduction?
developing brand awareness
building customer traffic
enhancing purchase actions
establishing product category
enhancing firm image
Which of the following statements about market segmentation is true?
It involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market.
It is a process of evaluating each segment’s attractiveness and selecting one or more to enter.
It is a process of creating an image or identity of the product in the minds of the target market.
It is a process of identifying and profiling distinct groups of buyers who differ in their needs and wants.
It is the quality of how marketers go to market with the goal of optimizing their spending to achieve good results
Spike Inc. is a sportswear manufacturer, that recently launched its new line of customizable running shoes. the shoes come with a digital component that allows them to adapt to the runners biomechanics. to promote this new product, spike launches an advertising campaign and entices famous athlete to endorse the product. this is an example of a
Compared with traditional media (magazines, newspapers, television), what is the marketing advantage of social media?
Economies of scale
Economies of scope
Direct consumer engagement
A firm that is willing to maintain its market share, and not attack other firms in the same industry in an aggressive bid for further market share, is known as a market _____________.
As the marketing manager for a floor tile manufacturer, Evans Smith is given a target to achieve 500 new customers by the end of the summer. He decides to search the existing market for probable customers who might use the product but currently do not. which of the following strategies is Evans pursuing to increase the market demand for his product?
blue ocean strategy
market penetration strategy
Customer segmentation is the subdivision of a market into discrete customer groups that share similar characteristics. Which of the following brands segment their product offering by customer type?
All of the above
. ______________ is an element of the marketing communications mix that involves people-to-people oral, written, or electronic communications that relate to the merits of experiences of purchasing or using products or services.
What are the two pricing strategies that can be used when introducing a new product into the market?
market skimming and market penetration
direct marketing and niche marketing
market penetration and direct marketing
market penetration and economies of scale
pointsrailroad track having two movable rails and necessary connections; used to turn a train from one track to another or to store rolling stockMore (Definitions, Synonyms, Translation)
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