Need marketing help 21. After identifying various market segments that her compa
ID: 392787 • Letter: N
Question
Need marketing help
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
21.d. Lisa was involved in- target marketing.
22.a. Competitive advantage- being the first to offer customers desired features, even if competitors can match these.
23.d. Innovation—vital in order for a firm to survive and grow—is actually the responsibility of everybody within the company
24.c.Identifying the company’s culture is not a strategic goal.
25.b. Mission statement.
26.d. To sell tools and home repair and improvement items.
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