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Marketing
Q:
Carefully compare and contrast the marketing strategy patterns and buying considerations for a $3 million air conditioning system to be used in a large factory versus photocopying paper for use in an office.
Q:
St. Paul Equipment Company experienced a 15 percent sales gain that, on the surface, appears favorable. However, if total industry sales are up 30 percent, an analysis of ____ could suggest that the firm has not fared well relative to competitors.
a. expense-to-sales ratios
b. profit
c. market share
d. distribution costs
e. sales by channel type
Q:
Recent evidence suggests that firms that stumble in the SCM area are punished by the stock market.
Q:
Induced strategic behavior relates primarily to major types of innovations.
Q:
Using a product example and market setting of your choice, describe the underlying logic of forecasting with regression or causal analysis. What are the limitations of the approach?
Q:
Using a product of your choice, illustrate the concept of the supply chain and indicate which elements or exchange relationships fall into the business versus the consumer-goods marketing domain.
Q:
____ is an assessment of how the firm is doing relative to competition.
a. Sales analysis
b. Expense-to-sales analysis
c. Profit analysis
d. Market share analysis
e. Segmental analysis
Q:
The underlying premise of SCM is that waste reduction and enhanced supply chain performance come only when there is both intrafirm and interfirm functional integration, sharing and cooperation.
Q:
A firm that lead customers where they want to go before the customers actually know it themselves is employing:
a. the lead user method.
b. the new product development process.
c. time pacing.
d. a discontinuous innovation.
Q:
Compare and contrast the different quantitative sales forecasting techniques that are used by business marketing managers. Be sure to note the strengths and limitations of each technique.
Q:
Like supplies, business services are considered expense items. Business services can be classified as:
Q:
If a business marketer is concerned with how the firm is performing relative to competition, which of the following tools would be most useful?
a. expense-to-sales ratio analysis
b. market potential analysis
c. market share analysis
d. sales analysis
e. segmental analysis
Q:
Supply chain management, as a source of competitive advantage, should be seen as a source of revenue as well as a means of reducing costs.
Q:
For a new-market strategy innovation strategy to work, which of the following requirements need to be met?
a. The company must be able to create a business model to make profits at a discount price.
b. Present customers need to go to an inconvenient location to use the product or service.
c. Both a and b.
d. Neither a or b.
Q:
Effective segmentation often begins with the analysis of macrolevel bases of segmentation, and then continues with the identification of microsegments within each potential macrosegment using microlevel bases of segmentation. However, segmentation can effectively end after considering only macrolevel variables. Please provide an illustration of a situation where only macrolevel bases are used to identify market segments and what variables or issues business marketers should use to determine whether macrosegmentation alone is enough for effective organizational market segmentation.
Q:
This type of equipment is generally less expensive and is short-lived compared with installations, and is not considered part of the fixed plant:
Q:
If a business marketer is particularly concerned with over- or under- spending on a particular marketing strategy element, such as advertising, which of the following tools would be most useful?
a. expense-to-sales ratio analysis
b. market share analysis
c. sales analysis
d. marketing audit
e. profit analysis
Q:
The faster modes of transportation result in higher levels of customer service, but also higher investments in inventory.
Q:
Important dimensions of the new product development process include:
a. technical knowledge.
b. predevelopment proficiency.
c. market knowledge.
d. All of the above.
e. Only a and b.
Q:
You have just taken over as the new national sales manager for Smucker's. You have just been presented with a plan from your boss, the Vice-President of Sales, to add new institutional market segments for Smucker's products - cafeterias in schools and hospitals. After reading the report, you strongly believe that the new segments have been well-defined and are extremely viable. What steps can you take to ensure that this new segmentation strategy is successfully implemented?
Q:
Those that have the power in the business buying process are referred to as:
Q:
The purpose of annual plan control is to:
a. examine the general direction the company is pursuing.
b. examine how well resources have been utilized in each element of the marketing strategy.
c. examine where the company is making or losing money.
d. examine whether the planned performance standards are being achieved.
e. examine the general directions of industry demand.
Q:
Some firms are reluctant to use third-party logistics firms because they wish to maintain direct contact with customers and retain control over the logistics process.
Q:
According to research, major drivers of a firm's new product performance include:
a. Resource commitment.
b. Profitability relative to competition.
c. Success rate of new products.
d. All of the above.
e. Only a and c.
Q:
Provide an illustration of a situation where value-in-use segmentation would seem to be especially appropriate.
Q:
Because demand in business markets is derived from consumer markets, business must carefully monitor demand patterns and changing consumer buying preferences. Because of these changes, the demand for many industrial products can be described as:
Q:
The ____ is a comprehensive, periodic and systematic evaluation of the firm's marketing operation which analyzes the market environment and the firm's internal marketing activities.
a. environmental audit
b. marketing audit
c. profit audit
d. annual plan
e. competitive audit
Q:
As a customer adopts JIT purchasing, the typical order size shrinks and more frequent deliveries are required.
Q:
Examples of low-cost probes or experiments in product development include which of the following?
a. Development of experimental products for new markets.
b. Conducting regular planning sessions on the future.
c. Increase understanding of future customer needs by entering into strategic alliances with leading-edge customers.
d. All of the above.
e. Only a and b.
Q:
Your first task as a product manager at Dow Chemical is to evaluate the market segmentation strategy followed by your predecessor. For the past four years, this manager had been dividing the market on the basis of NAICS codes and developing a separate marketing strategy for each of 5 different NAICS industries. Describe the specific steps that you would follow in evaluating the existing segmentation plan. What factors might prompt you to seriously consider making a change in the existing segmentation approach?
Q:
The value elements that contain essentially the same performance characteristics as the next best alternative and the value elements that render the supplier's offering either superior or inferior to the next best alternative are known respectively as:
Q:
The level of marketing control that examines how well resources have been utilized in each element of the marketing strategy is:
a. strategic control.
b. annual plan control.
c. efficiency and effectiveness control.
d. profitability control.
e. incremental control.
Q:
Although air provides the lowest average delivery time, generally it has the highest variability in delivery time relative to average.
Q:
For a low-end disruptive innovation strategy to work, which of the following requirements must be met?
a. There needs to be customers at the low end of the market who are eager to purchase a "good enough" product for a lower price.
b. The company must be able to create a business model to make profits at a discount price.
c. Both a and b.
d. Neither a or b.
Q:
Johnson Technology, a highly successful producer of specialized equipment for the paper industry is contemplating entry into a new industry segment. Beth Walker, the firm's marketing vice-president, has always felt that Johnson Technology could serve the equipment needs of food processors like General Foods. The same basic technology underlies the equipment in both sectors and Beth feels that Johnson Technology has a meaningful edge over all competitors.
Describe the company, competitive, and market factors that the firm should consider before committing resources to this new industry segment.
Q:
The level of marketing control that examines whether the strategy is being implemented as planned and whether it produces the intended results is termed:
a. strategic control.
b. annual plan control.
c. strategic component control.
d. profitability control.
e. incremental control.
Q:
Warehousing is usually the largest single logistical expense.
Q:
A _____ represents a product or service that is not as good as currently available alternatives, but that is typically simpler and less expensive.
a. sustaining innovation
b. disruptive innovation
c. a breakthrough innovation
d. None of the above.
Q:
An emerging high-technology firm develops and sells a line of electronic software products and services that enable businesses to engage in business-to-business communications and transactions with suppliers and customers. The firm's products and services are used by retailers such as Wal-Mart, manufacturers like Pillsbury, apparel firms like New Balance Athletic Shoes, and insurance firms and others. The firm needs your assistance in segmenting this vast potential market that includes most types of businesses.
First, suggest possible bases of segmentation that the high-tech firm might use in isolating potential clusters or segments of customers. Next, provide a set of guidelines that the firm might follow in evaluating whether or not a particular base of segmentation provides an appropriate market and strategic fit for the firm.
Q:
The balanced scorecard measures the performance of a business unit from:
a. a customer perspective.
b. a financial perspective.
c. a learning and growth perspective.
d. all of the above.
e. (a) and (b) only.
Q:
Not all products nor all customers require the same level of logistical service.
Q:
A _____ targets demanding, high-end customers with better performance than what was previously available.
a. sustaining innovation
b. disruptive innovation
c. a new market innovation
d. None of the above.
Q:
____________________ is a unique approach to forecasting demand in that it involves combined efforts of many functions within the firm as well as with supply chain partners.
Q:
Why is training so important to selling organizations? What are some of the keys to effective salesperson training programs?
Q:
The longer the delivery time in the logistical system, the more inventory customers must maintain to service their needs.
Q:
Special insights into innovation management can come from examining the rate at which products are improving and customers can use the improvements. These insights are captured in:
a. the disruption innovation model.
b. the supply chain management model.
c. the derivative projects model.
d. the value network.
e. the technology life cycle adoption model.
Q:
The ____________________ method combines and averages top executives' estimates of future sales and is popular because it is easy to apply and understand.
Q:
Business market customers can be broadly classified into these three categories:
Q:
What roles do account managers play in the selling organization? What are some of the characteristics and factors that separate high performing account managers from other account managers?
Q:
If the business marketer can offer a buyer more consistent delivery performance from the logistical system, the buyer would have the opportunity to cut the level of safety stock maintained.
Q:
The use of a product-family focus in planning should include which of the following?
a. Close interfunctional working relationships.
b. A short-term view of technology strategy.
c. A year-by-year commitment of resources.
d. All of the above.
e. Only b and c.
Q:
____________________ data is used to distribute inventory in the supply chain, manage stock levels at each link and schedule resources for all the members of a supply chain.
Q:
Relationships between business marketers tend to be close and enduring.
Q:
Describe the sales resource opportunity grid and illustrate how a firm might use it in deploying the sales force. What specific information does a sales manager require in order to properly apply and use the sales resource opportunity grid?
Q:
An increase in the supplier's delivery time performance permits a buyer to hold less inventory.
Q:
Which of the following is NOT a type of development project?
a. Derivative.
b. Platform.
c. Breakthrough.
d. Research and development.
e. Market capital.
Q:
Once demand is estimated for each segment, the manager can allocate expenditures on the basis of ____________________ volume.
Q:
Personal selling is less important for supplies than it is for other categories of goods, such as installations.
Q:
Describe the factors that appear to influence the salesperson's satisfaction with the job and the work environment.
Q:
If the costs of each logistical activity are minimized, total logistical costs for the enterprise will be minimized.
Q:
Which of the following characteristics is true of induced strategic behavior?
a. Communication is consistent with organizational flow.
b. An informal network assesses technical and market merit.
c. An individual manager defines a market need that diverges from the organization's concept of strategy.
d. All of the above.
e. Only a and b.
Q:
Sharing of downstream data along with replenishment plans and sales forecasts describe customers who align with____________________-tier services.
Q:
Supply chain management requires Information sharing, shared technologies, and shared benefits.
Q:
Cassidy Computer Systems has witnessed a gradual decline in the performance of its sales force since a key sales manager left the company for another position. While well-educated and extremely knowledgeable about the computers that they sell, the sales force is not inspired by the management style of their new superior. Using the concepts of sales force motivation, job satisfaction, and role perceptions, describe why salesperson performance may have declined at Cassidy. Recommend a strategy that Cassidy could adopt to improve the effectiveness and productivity of their sales force.
Q:
For supply chain management, functional products typically have predictable demand patterns while innovative products do not.
Q:
New products ideas flow from:
a. top management who know the company's strengths and weaknesses.
b. salespersons who are close to customer needs.
c. channel members.
d. all of the above.
e. (a) and (b) only.
Q:
____________________-focused customers are committed to being first to market with new technologies and seek new-product-development expertise that will attract new customers.
Q:
Customers in the business market can be broadly classified into three categories: (1) commercial enterprises; (2) government; and (3) institutions.
Q:
IBM is reorganizing its marketing and sales operations into 14 worldwide industry groups such as banking, retail, and insurance. In moving away from an organization based on geography, IBM hopes to eliminate turf wars and make itself more responsive to customers. Explain the cost/benefit trade-offs of a market-centered sales organization. What is the nature of the turf wars that plague firms that are organized around products or geographical territories?
Q:
For innovative products, the goal is to design a supply chain that minimizes logistics and inventory costs, and assures low- cost manufacturing.
Q:
Competitors are strongly motivated to react to new product introductions in their market when:
a. the market is experiencing a low rate of growth.
b. the new product represents a major threat to their market.
c. the new product targets a niche markets.
d. all of the above.
e. (a) and (b) only.
Q:
Bargain hunters are____________________-volume buyers who are very sensitive to any changes in price or service with respect to products that are very important to their operations.
Q:
None of the products purchased by customers in the business market are the same as those purchased by ultimate consumers.
Q:
While key accounts possess buying power, they are also very demanding customers that are often more costly to serve. If the business marketing firm can have close and important relationships with a rather small set of customers and if these relationships each require a large investment, key accounts must be chosen wisely. Describe the process, along with the specific criteria that the business marketing strategist should use, in selecting the right key accounts.
Q:
Firms that adopt supply chain management generally find that costs increase but are more than offset by higher profit margins and revenue growth.
Q:
The move toward a product family perspective requires:
a. a long-term view of technology strategy.
b. an isolated R&D function that free to create.
c. a multiple-year commitment of resources.
d. (a) and (b) only.
e. (a) and (c) only.
Q:
Customers who are not particularly price or service sensitive and who made purchases in a routine fashion of products that are not central to their operation are best known as____________________buyers.
Q:
Due to downturns in the economy, the demand for many consumer products tends to fluctuate more than the demand for industrial products.
Q:
Key account management strategies are emphasized by top-tier business marketing firms like 3M, IBM, and Dow Chemical. Compare and contrast a key account with a regular account. Next, describe how the sales strategy for a key account differs from the traditional selling focus used for regular accounts.
Q:
Properly implemented, supply chain management will lead to longer order-to-delivery cycle time.