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GSB 524 - Marketing Midterm questions and answers
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GSB 524 - Marketing Midterm questions and answers
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GSB 524 : Marketing Midtermattributes of strong operations - correct answer--scalable, flexible, R&D capable, talented
-capacity, efficient, economical, vertically integrated
brand awareness - correct answer-the condition upon which customer-brand relationships
are built. Leads to brand familiarity
brand equity - correct answer--the strength & character of a brand
-includes assets & liabilities
-customer relationships, $ value, personality, associations & attributes, familiarity, &
awareness
brand familiarity - correct answer-knowing about a brand's attributes, personality, pricing,
channels, quality, & value proposition
brand personality - correct answer-(associations) imbues the brand with surrogate or actual
human traits. Helps customer-brand relationships form. More likely to buy a product that is
like you, and reflects your values.
-quirky, "bumpersticker", granola, socially conscious, for subaru
brand value - correct answer-(customer perception) reflects how much more products
associated with the brand are worth
-determines decisions throughout the marketing value chain, including nature of retailer,
support service, value of innovation (R&D) and price structure
business objective/goal - correct answer-what the business is trying to achieve through the
marketing plan. A goal is not a value, principle, or theory. It is the desired end result.
-Subaru example: Increase U.S. market share from 4.35% to 4.55% by the end of fiscal year
March 2021. or
Increase profitability by 3% by the end of fiscal year March 2021.
commercial development - correct answer-▪Informing target customers about an offering
▪Make the offering available to these customers
▪Initially launch to selected markets prior to large-scale rollouts
commercial development step 1 - correct answer-Selective Market Entry/ "test market"
▪Aims to test the offering in a natural environment
▪Primary target = low hanging fruit
▪Driven by
▫Target attractiveness▫Resource efficiency▫Scale sufficiency
commercial development step 2 - correct answer-Market Expansion
▪Includes all customers that the company aims to create value for
▪3 things a company must do to expand ▫Scale up operations▫Promote the offering to all
target customers▫Ensure the offering is available to everyone in the target market
, committed consumer relationships - correct answer--high on both satisfaction and trust
-this is what you strive towards
-committed customers have highest devotion
-most likely to rebuy your product, recommend it, spend more on it, and overcome more
barriers to get it
-think Lexus & BMW
competitive advantage & strong operations - correct answer-(production, logistics, supplier
relationships, HR management) provide long-term advantage. Quality operations allow you
to quickly address competitors advantages and move with the market...in a way that weaker
operating companies can't.
competitive advantage and customer value - correct answer-The brand that combines
advantages for the most customer value has the greatest advantage.
-retailing, operations, product, & customer relationships all contribute to creating customer
value
competitive advantage and products - correct answer-•The long-term interaction between the
brand and the products it inspires and supports can't be imitated in the short-term.
•The ability to innovate quickly in advance of competitors (and in response to the market) is
key to product SCA.
•Operational effectiveness is necessary for product SCA.
cost/benefit of 1st party development - correct answer-costs: paying another company to do
research/design a product for you, may not know your brand and company objectives as well
as you
benefits: may not have the resources to produce the item, may not be as efficient so third
party is beneficial
customer segmentation - correct answer-grouping customers based on similar needs or
attributes
customer value - correct answer-value of product vs. price competitiveness
-fundamental flaw: the best way to increase value is through lower prices
Designing services involves three types of decisions: - correct answer-defining the functional
aspects of the service, delineating service guarantees and warranties, and defining the
physical context of service delivery.
Diversification - correct answer-aims to grow sales by introducing new offerings to new
customers
functional brand associations - correct answer-define the nature & quality of characteristics
brand imparts to products. Should match customer's needs
-reliability and safety for Subaru
functional consumer relationships - correct answer--high on satisfaction, lower on trust
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