Business Development

Q: Geographic variables describe populations by identifying traits, such as age, income, gender, ethnic background, marital status, race, religion, and social class.

Q: A company that competes by offering unique products that are widely valued by customers is following a differentiation strategy.

Q: What can be utilized to ensure a company's marketing and nonmarketing efforts are compatible? A) Market segmentation B) Integrated marketing strategies C) Target marketing D) Public relations E) Personal selling

Q: Establishing a competitive advantage is important but insufficient. To be successful in the long term, firms must maintain that advantage.

Q: What process is used by marketers to communicate the nature of a product to a target segment? A) Product positioning B) Possession utility C) Promotion D) Product differentiation E) Personal influence

Q: Within an organization, the single independent businesses that formulate their own competitive strategies are known as strategic business units.

Q: Functional-level strategy directly supports the ________. A) corporate strategy B) competitive strategy C) operating strategy D) concentration strategy

Q: What would marketers utilize if they wanted to identify markets where customers had a certain lifestyle, personality, or attitude? A) Place utility B) Geographic segmentation C) Psychographic segmentation D) Possession utility E) Behavioral segmentation

Q: A firm that is '"stuck in the middle'" cannot develop ________. A) a cost or differentiation advantage B) a functional strategy C) a leadership strategy D) a competitive advantage

Q: What type of segmentation is more effective because of the greater number of variables and has consequently become the most common segmentation tool? A) Demographic segmentation B) Psychographic segmentation C) Behavioral segmentation D) Marketing segmentation E) Geo-demographic segmentation

Q: Ferrari sells very expensive, stylish, high-quality cars to very wealthy people. Ferrari follows a ________ strategy. A) functional B) focus C) differentiation D) quality

Q: Which of the following is the combination of traits based on location and population characteristics used to identify consumers and act as a common segmentation tool? A) Psychographic variables B) Behavioral variables C) Marketing variables D) Geo-demographic variables E) Primary variables

Q: What can marketers use to attempt to separate consumers based on identifying traits such as age or income? A) Psychographic variables B) Geographic segmentation C) Product positioning D) Integrated marketing E) Demographic segmentation

Q: Which of the following strategies involves a cost advantage or a differentiation advantage in a narrow segment? A) retrenchment strategy B) focus strategy C) functional strategy D) leadership strategy

Q: How does behavioral segmentation identify target markets? A) Patterns displayed by consumers B) Consumer characteristics such as lifestyles C) Research that obtains data by watching and recording behavior D) Dividing the market based on needs and wants E) Using psychographics characteristics

Q: Apple is an example of a company that was ________. A) pursuing a cost leadership strategy B) stuck in the middle C) distinguishing itself from its competitors D) unable to develop a successful competitive strategy

Q: A company that competes by offering unique products that are widely valued by customers is following a ________. A) leadership strategy B) differentiation strategy C) focus strategy D) functional strategy

Q: Which of the following describe(s) measurable traits about a consumer, such as income, gender, or marital status? A) Psychographics B) Geographics C) Geo-demographics D) Behavior E) Demographics

Q: Every fast food hamburger restaurant chain wants you to believe their product is the best because it is stored or prepared uniquely. Each of these is pursuing a ________. A) low cost leadership strategy B) differentiation strategy C) focus strategy D) quality strategy

Q: What market segment is based on where the target market lives and how location affects their lifestyle? A) Demographic B) Behavioral C) Positional D) Geographic E) Psychographic

Q: People's Airlines offers what it calls "no frills" flights: no reserved seating, no snacks or meals on flights, small planes that fly to smaller airports away from the city centers. People's Airlines is likely following a ________ strategy. A) differentiation B) focus C) quality D) cost leadership

Q: What does the process of product positioning involve? A) Hiring only employees who have the strongest credentials B) Designing a company's products to appeal to target customers C) Focusing on only one component of the marketing mix D) Disregarding customers' reactions to a company's products E) Reorganizing employees according to seniority

Q: A cost leadership strategy requires a firm to ________. A) maintain the lowest cost structure B) maintain the lowest prices to its customers C) aim at a cost advantage in a niche market D) match its competition's prices

Q: For marketers, what type of variables are lifestyles, opinions, interests, and attitudes? A) Geographic variables B) Demographic variables C) Psychographic variables D) Product use variables E) Labor market variables

Q: When one gas station lowers its price a penny, the station on the other corner of the intersection lowers its price, followed by the gas stations on the next block, and so on, until nearly every gas station in town has lowered its prices. This situation illustrates ________. A) intense rivalry among competitors B) a differentiation strategy C) the treat of substitutes D) a cost leadership strategy

Q: Which is usually the first step in the marketing strategy that allows marketers to focus efforts on a particular group of people or organizations? A) Distribution B) Product differentiation C) Target market selection D) Pricing E) Integration

Q: Discuss the relationship between a marketing strategy and a marketing manager.

Q: When the price of beef skyrockets, consumers switch to pork and chicken. This demonstrates ________. A) the threat of new entrants B) the threat of substitutes C) the bargaining power of buyers D) the bargaining power of suppliers

Q: Why is product placement an effective marketing tool?

Q: Which of the following is a competitive force under the five forces model? A) past rivalry with competitors B) bargaining power of distributors C) vertical integration D) threat of new entrants

Q: When used to connect with customers or to connect employees with co-workers in other locations, social media ________. A) provide a means for customers to order products online B) create distractions that can keep employees from being productive C) provide information for competitors that give them a competitive advantage D) can create a competitive advantage

Q: Why is product development a challenge for marketers?

Q: Kiva Systems, manufacturer of robots used in flexible automation systems, demonstrates the power of ________ by "teaching" its robots to dispose of used cardboard and to assist in gift wrapping for e-commerce warehouse fulfillment. A) design thinking B) inventory management C) strategic flexibility D) e-business strategies

Q: Describe the elements of the marketing mix. What is their collective role?

Q: Bixler Corporation boasts that it has the fewest warranty claims in its industry. We can infer from this that ________. A) Bixler's quality is a competitive advantage B) Bixler has an ineffective TQM program C) Bixler has employed design thinking in the development of its products D) Bixler is using social media to promote its products

Q: A feature or image that makes a product different from existing products is called product differentiation.

Q: The product mix includes consideration of product, pricing, place, and promotion.

Q: In an organization, the single independent businesses which formulate their own competitive strategies are known as ________. A) strategic growth units B) strategic business units C) strategic profit units D) service units

Q: The goals of the marketing plan are the foundations for the marketing objectives.

Q: A ________ describes how a business will compete in its primary market. A) mission statement B) corporate strategy C) competitive advantage D) competitive strategy

Q: Product differentiation is selecting the best price at which to sell a product.

Q: List and discuss the three levels of strategy that a large organization must develop.

Q: What are the tangible products bought strictly for personal use? A) Consumer goods B) Services C) Relationship goods D) Data E) Industrial goods

Q: Discuss the corporate portfolio matrix and the Boston Consulting Group (BCG) matrix.

Q: Discuss the methods by which an organization grows. Give relevant examples.

Q: When selling industrial goods and services, using representatives who are trained to understand the needs of each customer is a key component of A) advertising. B) personal selling. C) sales promotions. D) publicity. E) interactive marketing.

Q: What is the term for the communication efforts that are designed to build goodwill and build favorable attitudes in consumers? A) Sales promotion B) Advertising C) Promotion D) Public relations E) Personal selling

Q: List and discuss the different types of corporate strategies.

Q: Stars, one of the four business groups in the BCG matrix, are characterized by low growth and high market share.

Q: How do companies offer one-time direct inducements to buyers when tempting buyers to buy goods or services? A) Personal selling B) Sales promotions C) Public relations campaigns D) Integrated marketing E) Advertising

Q: The BCG matrix evaluates an organization's various businesses to identify which ones offer high potential and which ones drain organizational resources.

Q: How do organizations determine how to move products to customers? A) Promotion B) Marketing mix C) Place (or distribution) D) Marketing managers E) Personal selling feedback

Q: A turnaround strategy is a type of renewal strategy used when an organization is in serious trouble.

Q: Which of the following can be the overall effect when a good or service is priced higher than competitors? A) There will be an implication of higher quality standards. B) There will be greater demand for the product. C) Sales will start slow, but increase over time. D) There will be a larger market size, but smaller profit. E) There will be a smaller market and smaller profit.

Q: Which of the following represents a feature or image that makes one product different from its competitors? A) Marketing strategy B) Product differentiation C) Place distribution D) Personal selling E) Product positioning

Q: A retrenchment strategy is a short-run renewal strategy that helps an organization stabilize operations, revitalize organizational resources and capabilities, and prepare to compete once again.

Q: A stability strategy is an organizational strategy in which an organization maintains the status quo.

Q: Why does a marketing strategy utilize the marketing mix, which includes product, price, place, and promotion? A) To control the organization's resources to support marketing activities B) To transfer goods or services to customers C) To develop a clear strategy for planning and implementing marketing activities D) To plan the organization's marketing toward supporting the organization's overall mission E) To satisfy customers in target markets

Q: What specific issues do marketing strategies help marketers determine? A) The goals the marketing plan intends to accomplish B) The marketing objectives of what the marketer will accomplish C) The mix of goods or services to fill a customer's needs or wants D) The marketing activities a business will use to achieve marketing goals E) The features that will differentiate a product from competitors

Q: A trucking company that grows by purchasing a chain of gasoline stations is engaged in horizontal integration.

Q: When a firm integrates backward, it becomes its own distributor.

Q: What is used to guide the detailed activities of the marketing plan ensuring the goals of the plan are accomplished? A) Marketing strategy B) Product differentiation C) Marketing objectives D) Distribution policy E) Marketing mix

Q: If Burger King were to buy out Mom and Pop's Burgers, Burger King would be growing by vertical integration.

Q: What part of the marketing mix includes communicating information about products and is the most visible component of the marketing mix? A) Product B) Promotion C) Price D) Place E) Psychographics

Q: Diversification is an example of a corporate retrenchment strategy.

Q: What is the term for a detailed strategy for focusing marketing efforts on consumers' needs and wants? A) Marketing mix B) Marketing manager C) Product differentiation D) Product development E) Marketing plan

Q: Corporate strategies determine what business a company is in or wants to be in, and what it wants to do with those businesses.

Q: Describe the three types of competition faced by marketers.

Q: Explain the elements that comprise the marketing environment.

Q: Heavy investment in ________ will help take advantage of the market's growth and help maintain high market share. A) cash cows B) stars C) question marks D) dogs

Q: Time utility is created by a sales agreement that stipulates where products will be delivered to customers.

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