28. Which of the following marketing initiatives takes advantage of all the elem
ID: 1115919 • Letter: 2
Question
28.Which of the following marketing initiatives takes advantage of all the elements of the marketing mix?
a.Nike sends a press release to Runner’s World magazine announcing a first ever reduction in the price of its Air Max running shoe.
b.Lipton announces on its web site the introduction of a new flavor of tea. It is to be sold for $2.99 per box through Starbucks coffee shops.
c.Minute Maid sells orange juice in a new 20 ounce size through vending machines owned by Pepsi.
d.The North Face stops doing business with a current retailer because they have been selling sleeping bags below suggested retail price.
e.IBM buys space on a billboard one mile from Oracle headquarters promoting its new database solutions.
29.A target market is:
a.a piece of the larger market that is homogenous in some way based on meaningful shared characteristics.
b.the segment toward whom a firm chooses to focus its marketing efforts.
c.a segment of the market identified using the VALS system.
d.the 20% of purchasers who account for 80% of a firm’s sales.
e.None of the above.
30.Which of the following most accurately describes what is meant by a “Sustainable Competitive Advantage?”
a.The ability to meet the needs of a particular group of customers.
b.The long-term ability of a firm to outperform the competition, providing customers with a unique benefit or better value that is difficult for the competition to imitate.
c.Improving production and distribution efficiencies to increase the availability and affordability of a firm’s products.
d.Selling a large enough volume of products to cover fixed costs.
e.The ability to compare actual to planned performance in order to make changes in strategy to maximize profits.
31.Listerine brand mouthwash was originally marketed as a breath freshener. Later, the company developed a new product, Listerine Pocket Paks, in order to appeal to a new market. This new strategy is an example of_________.
a.market penetration.
b.product development.
c.market development.
d.diversification.
e.competitive advantage.
32.Which of the following is an example of product competition?
a.A movie theater and a video rental store
b.A sports drink, a soda, and a bottle of water
c.An amusement park, a Caribbean cruise, and a beach resort
d.Pizza, hamburgers, and deli sandwiches
e.All of the above are considered product competition.
33.Advertisements that demonstrate the superiority of a product based on its lower price per ounce and its superior performance in Consumer Reports are attempting to influence:
a.the behavioral component of consumer attitudes.
b.the affective component of consumer attitudes.
c.the cognitive component of consumer attitudes.
d.the learning component of consumer attitudes.
e.the reinforcement of consumer attitudes.
34.The majority of cotton sold in this country is used to make clothing. When consumers demand less clothing, the cotton market slows down. This is an example of:
a.derived demand.
b.inelastic demand.
c.joint demand.
d.the acceleration principle.
e.elastic demand.
35.The process of dividing a larger market into smaller groups based on one or more meaningful, shared characteristics is called:
market segmentation.
segmentation variables.
market fragmentation.
d.positioning.
e.target marketing.
36.What does the term ‘product positioning’ refer to?
The place a product offering occupies in consumers’ minds on important attributes and relative to competition
A careful analysis of primary data
An old and outdated concept that has been replaced by segmentation
Geographic segmentation, often within major metropolitan areas
Shelf locations in major chain, grocery, and department stores
Explanation / Answer
28.
B.
Lipton has identified the product of new flavor of tea with price and place of sales as well he promotion using the website announcement. It means that the Lipton is using the four Ps of marketing mix.
29.
B.
Target market is the segment or target audience to whom, the marketing efforts are focused by the firms.
30.
B
It is the long term ability with unique resources that cannot be imitated by the competitors. Hence, it builds sustainable competitive advantage.
31.
D
Launching new product to the new market is called diversification strategy as per the Ansoff’s strategic opportunity matrix.
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