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MKT 300 Test 1 Solved 100% Correct 2024
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MKT 300 Test 1 Solved 100% Correct 2024
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MKT 300 Test 1 Solved 100% Correct 2024$3500 (take the amount they spend on goods and services and half it) - ANSWER-The
Washington family earns $10,000 per month collectively. About $3000 goes towards
taxes and savings. They spend about $7000 on goods and services. Based upon the
information in the text, about how much of their money goes toward marketing
activities?
a sustainable competitive advantage is one that competitors cannot copy in the
immediate future - ANSWER-how does a sustainable competitive advantage differ from
a competitive advantage?
ability to benefit from first movers' mistakes - ANSWER-which of the following is an
advantage of being a late mover in the market?
an exchange - ANSWER-Barry is a business owner who sells high quality drones with
HD cameras for personal use. In an effort to improve his skills in social media, he pays
to attend an online webinar about Pinterest strategy. What is Barry engaging in?
assigning responsibility for completing each activity to one or more employees, teams,
or managers - ANSWER-Barry is in charge of implementing his unit's marketing
strategy, and he is currently engaged in establishing a timetable for implementation
activities. Which of the following is Barry's final step in establishing an implementation
timetable?
be informed - ANSWER-A lawsuit was filed against Naked Juice because of its claims
that its products are "natural." The lawsuit claimed that because it contained synthetic
ingredients it did not fit the definition of "natural" and was therefore misleading. Naked
Juice agreed to drop the "natural" claim. According to critics, Naked Juice was violating
consumers' right to _______.
buying power - ANSWER-Resources, such as money, goods, and services, that can be
traded in an exchange
cash cow - ANSWER-Procter & Gamble's Tide laundry detergent has a dominant share
of the detergent market in the United States. It makes $4.5 billion in sales of this
detergent brand. However, the detergent market has reached market saturation in the
United States. With this information, what type of product is Tide based upon the Boston
Consulting Group's market growth/market share matrix?
Cause related markeitng - ANSWER-The practice of linking products to a particular
social cause on an ongoing or short term basis
cause-related marketing - ANSWER-Every year Jersey Mike's hosts an annual one-day
event where 100 percent of its sales is donated to a charity of the store owner's choice.
In recent years, 200+ charities were supported nationwide from the sales of the store's
,1,500 locations. These events that Jersey Mike's funds every year are best described
as which of the following?
centralized - ANSWER-Marty works at an organization with a clear chain of command.
The major decisions are relegated to top managers. Marty and his co-workers have
strict performance standards. Managers at his organization monitor the work of
employees to make sure they are staying on track. What type of organization is Marty's
company?
choosing a target market - ANSWER-which of the following is probably the most
important decision a company makes during the strategic planning process?
Clayton Act - ANSWER-Prohibits specific practices such as price discrimination,
exclusive-dealer arrangements, and stock acquisitions whose effect may noticeably
lessen competition or tend to create a monopoly
code of conduct - ANSWER-To improve ethics, an artificial intelligence company
developed formalized rules and standards that describe what the company expects of
its employees. The company created this _______ ahead of its IPO because it is
required by the New York Stock Exchange.
Competition - ANSWER-Other firms that market products that are similar to or can be
substituted for a firms products in the same geographic area
competitive advantage - ANSWER-Ajei continues to work on the marketing strategy for
Tres Pimientos. Tres Pimientos was successful in selling 16-ounce jars of salsa in its
restaurant. In fact, demand for the jars of salsa is so high that Ajei believes Tres
Pimientos should try to expand and start selling in stores and online. She believes Tres
Pimientos salsa has the potential for enormous growth, perhaps even more so than the
actual restaurant.
Refer to Scenario 2.3. Ajei's manager is skeptical. Such an investment would require a
manufacturing facility, a larger marketing budget, and salespeople who would be able to
get the salsa onto store shelves. However, Ajei maintains that Tres Pimientos's secret
salsa recipe provides it with a core competency. The market for salsa is also strong.
She believes this provides Tres Pimientos with a chance to match its core competency
to market opportunities, otherwise known as a(n) _______.
competitive advantage - ANSWER-the result of a company matching a core
competency to opportunities it has discovered in the marketplace
consumerism - ANSWER-Randy writes letters and send emails regularly to companies
whose activities he deems irresponsible. Last year he wrote letters to a plastics
company that dumped waste into the local waterways. Recently, he joined a group of
people that aim to expose scam artists in order to protect consumers' rights. What are
these organized efforts called?
, Core competencies - ANSWER-Things a company does extremely well, which
sometimes give it an advantage over its competition
Corporate Strategy - ANSWER-A strategy that determines the means for utilizing
resources in the various functional areas to reach the organization's goals
corporate strategy - ANSWER-The United Way, a nationwide nonprofit, recently hired a
new top executive. He is currently occupied with refining the scope of the organization
and assessing its resource deployment, competitive advantages, and overall
coordination of functional areas. The United Way's executive is focusing on _______.
credit - ANSWER-Enables people to spend future income now or in the near future
cultural values - ANSWER-Soda companies are worried because sales have fallen.
People today are more concerned about their sugar intake and want to be healthier.
This reflects a change in _______.
Customer benefits - ANSWER-Anything a buyer bust give up to obtain the benefits the
product provides
Customer Relationship Management (CRM) - ANSWER-using information about
customers to create marketing strategies that develop and sustain desirable customer
relationships
Customer Relationship Management (CRM) - ANSWER-Vineyard Vines recently
partnered with First Insight to utilize online social engagement tools to gather sentiment
analysis and real-time data from its customers. Using the information gathered,
Vineyard Vines will be able to quickly make product and pricing decisions, which will
allow it to improve sales and margins online and in brick-and-mortar locations. This is
an example of _______.
customer satisfaction - ANSWER-Christopher, the CEO of a linguistics company,
worked with his chief technology officer to develop an information system to discover
customers' real needs. Christopher uses the information to create satisfying products for
his target market, increasing his sales revenue and profit. He strives to perfect his
marketing mix to keep business booming. Christopher embraces the marketing concept.
What is the major focus of the marketing concept?
customer's lack of awareness of the store - ANSWER-Paul owns a small retail store. His
store sells local products from farmers and small food and beverage businesses in his
store. He has a number of strategic partnerships with different players in the industry
and believes his business has the ability to become highly successful. Those customers
who have bought from him have become loyal customers and frequently visit the store.
The problem is most people do not seem to realize the store exists. He decides to write
a marketing plan that will outline the marketing actions he needs to take to spread
awareness of his company and attract consumers to his business.
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