Need help answering marketing questions 16. When pursuing a market development s
ID: 389156 • Letter: N
Question
Need help answering marketing questions
16. When pursuing a market development strategy, expanding into international markets is generally:
- executed through international trade relief subsidies.
- impossible due to negative attitudes about American products.
- more risky than expansion in domestic markets.
- simplified by creating new products for export markets.
17. Sarah has decided to pursue a market penetration strategy for her French cookware product line. She will likely increase advertising, sales promotion, and sales personnel. She may also consider:
- expanding into new territories.
- intensifying distribution efforts.
- investing in a travel agency.
- shifting resources into marketing a line of footwear.
18. An excellent reason to keep a “dog” using the BCG portfolio analysis is that:
- internal product champions would be upset if the “dogs” were eliminated.
- it complements or boosts the sales of another product.
- the inventory maintenance costs are lower than the disposal costs.
- the market might turn around, and the firm would be well-positioned for future growth.
19. Understanding the causes of performance, regardless of whether that performance exceeded, met, or fell below the firm’s goals:
- allows firms to better assess customer performance.
- allows managers to promote their effectiveness.
- enables firms to make appropriate adjustments.
- offers insights into cost-based pricing value.
20. The idea of value-based marketing requires firms to charge a price that:
- captures the value customers perceive they are receiving.
- covers costs and generates a modest profit.
- includes the value of the effort the firm put into the product or service.
- offers customer excellence above operational excellence.
21. After identifying various market segments that her company could pursue, Lisa evaluated each segment’s attractiveness based on size, income, and accessibility. Lisa was involved in:
- diversification.
- market penetration estimation.
- situation analysis.
- target marketing.
22. Which of the following represents a way to build a competitive advantage using product excellence?
- being the first to offer customers desired features, even if competitors can match these.
- having the most features on each model.
- positioning the product using a clear, distinctive brand image.
- using engineering talent to design product features well ahead of when consumers might want them.
23. With which statement about strategy and competition would our authors agree:
- a firm generally surveys a large group of its executives in order to accurately assess the level of satisfaction of its customers.
- by concentrating on domestic markets, U.S. firms do not have to worry about the complexities of global competition.
- effective organizations have little to no internal dissension—disagreeable employees are executed.
- innovation—vital in order for a firm to survive and grow—is actually the responsibility of everybody within the company
24. Which is NOT a step in the strategic planning process?
- defining the company mission
- designing the business portfolio
- identifying the company’s culture
- setting company objectives and goals
25. Which provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?
- business portfolio
- mission statement
- objectives and goals
- operational strategies
26. Which is NOT a market-oriented business definition?
- “to be the guardian of our customers’ financial dreams”
- “to deliver low prices every day”
- “to provide a global trading platform where practically anyone can trade practically anything”
- “to sell tools and home repair and improvement items”
27. The marketing concept is best thought of as which of the following?
- a guiding philosophy for the company’s marketing strategy
- a specific approach to building relationships with customers, vendors, and suppliers
- the overall purpose of the company
- the position the company’s product holds in customers’ minds
28. Which is NOT a step in the marketing control process?
- defining the mission
- evaluating the causes of gaps between expected and actual performance
- measuring performance
- setting goals
29. Ryan knows one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal Ryan knows his firm must look at everything they do:
- from a customer’s point of view.
- from a generational cohort maximization perspective.
- in order to value each person in the organization.
- to avoid foreign currency fluctuation.
30. The Mayo Clinic in Minnesota is known for top-quality medical care. This is an example of a firm focusing its efforts on satisfying customer needs that:
- are easiest to satisfy.
- competitive intelligence has identified.
- match their match their fundamental skills and competencies.
- provide minimum core value.
Explanation / Answer
Please find below answers to 4 questions #16, #17, #19 and #20:
Answer to question 16 :
Expanding into international market is an complicated affair as it entails to undertake more risk in terms of country risk, foreign currency risk. Regulatory risk etc. Therefore expansion into international markets is more risky than expansion into domestic market.
Answer : More risky than expansion in domestic market
Answer to question 17 :
Market penetration is one of the four alternative growth strategies in the Ansoff Matrix. A market penetration strategy involves focusing on selling your existing products or services into your existing markets to gain a higher market share. This is the first strategy most organizations will consider because it carries the lowest amount of risk.
Thus, intensifying distribution efforts will also help to expand cookware product into existing market.
The correct answer therefore would be “Intensifying distribution network”
Answer to question 19:
Understanding causes of performance is a type of cause and effect study . This especially helps to understand possible cases of failure and helps the firm to make appropriate adjustment to its action plan to improve the process.
Therefore , answer would be “ enable firms to make appropriate adjustment”
Answer : enable firms to make appropriate adjustment
Answer to question 20 :
When selling products or services, values-based marketing is an appeal to a customer's values and ethics. It shifts marketing from a product-centric approach to a customer-centric one. A company's advertising and promotions to its customers express its values as part of its core brand message. Values-based marketing might also entail incorporating customers' values into the way products or services are marketed. Therefore , correct answer would be “Captures the value customers perceive they are receiving”
Answer : Captures the value customers perceive they are receiving
Answer : More risky than expansion in domestic market
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