Study sets, textbooks, questions
Upgrade to remove ads
Terms in this set (34)
A want is a need that is shaped by person's:
A goals, objections, and culture
B culture, personality, and knowledge
C desire, personality, and knowledge
D culture, personality, and style
From multiple lecture discussions, .... are business practices or conditions that make it difficult for new companies or products/ services to enter the market:
A Barriers to entry
C Regulatory practices
D Tariff restrictions
Guideline for a strong . ....... ....... include:
It is simple, measurable, and tailored
It is credible
It "owns" this (specific) area
It leaves room for growth
A Product Tagline
B Mission Statement
C Positioning Statement
D Annual Report
With a typical film costing over $100 million to produce and market, one of the ways movie studios try to reduce their risk is by conducting Test Screenings, where 200 to 300 moviegoers are recruited to attend a "pre-screening" before all final edits are completed. Thoughts, reactions, and other input is gathered following this pre-screen. This is an excellent example of:
A A comprehensive SWOT Analysis
B Primary Market Research
C Best-in-class Customer Segmentation
D Secondary Market Research
Garry Ridge, CEO, WD-40 has what he calls "a very simple set of questions we ask ourselves" (regarding marketing WD-40 and other products within their company). These include all with that EXCEPTION of:
A Do you need me?
B Can you buy me?
C Do you know me?
D Can you afford me?
Which of the following statement about GoPro, the company, and Nick Woodman, Founder and CEO is not correct:
A In retail sales (such as GoPro products)Q4(the 4th quarter of the year) is typically the strongest (highest) sales quarter of this year.
B External market dynamics (e.g. poor economy) are the primary reason for the rapid and dramatic downfall of GoPro.
C The formation of GoPro(the company was Nick Woodman's 3rd Start-up (new company) effort.
D In 2014, Nick Woodman's overall compensation (base, bonus, selling company, owned stock) was #1 among all CEO's in America.
All of following are true regarding what's needed for Marketing to occur EXCEPT:
A A way for parties to communicate
B Some to exchange
C A desire and ability on their part to have needs satisfied
D Two or more parties with satisfied needs.
Visionary Organizations do the following (where the most appropriate descriptor)
A Create an inspiring Mission Statement and company Core Values
B Set both long and short-term objectives, monitor metrics, and pay senior management in the top quartile.
C Established a foundation, set a direction, and create strategies to successfully develop and market their offerings
D Create inspirational statements, set objectives, and launch at least 1 new product a year
Secondary Market Research data consists of ....... AND Primary Market Research data consists of........?
A Customer Segmentation analysis AND Tactical Market Execution
B Legal/Regulatory information and Opinions of people
C Information newly collected for the product AND Facts & Figures already available through 3rd partly sources (e.g. internet)
D Facts & Figures already available through 3rd partly sources (e.g. internet) and Information newly collected for the product
The following best describes a company (or product) tagline:
A An internal written statement explaining the attributes of the company (or product)
B An external statement which lists the company's (or product's) features/benefits
C An external statement that is brief (3-6 words) with intent to brand a positive image of the company (or product) in the consumer's mind
D An internal document that is company confidential
Competencies (e.g. analytical skills, social skills/ ability) are pre-existing in a company's "genetic code"
True or False
Discretionary income and Taxes account for about 75% of Household Gross Income
Simply put, Marketing is the attempt to discover the wants and needs of a prospective customers - and then satisfying them
The SWOT is the process of defining a marketing problem and opportunities, systematically collecting and analyzing information, and recommending actions.
Which marketing definition or description below is NOT correct
A A Market Segment is a defined area of category in which a product or service competes
B A positioning Statement is critical in determining the eventual Sales Message of a product or service
C The SWOT Analysis is exclusively based on things that the company can control
D A Market Analysis is done early in the Product Launch development. It's intent is to provide a "lay of the land" of the market segment in which the company (Marketing) is entering
The 4 business leaders that were part of the 1H Weekly Supplemental Reading Dawn Zier, Nutrisystems, Garry Ridge, WD-40, Steve Jobs, Apple, and Warren Buffett. are part of Fortune 500 companies
According to author Scott Galloway, "The Four", the 2 most important "requirements" to be a (mega) successful company are
A Obtaining top talent in the "right" geographic locations
B Unique product differentiations and capital($)
C Global reach and Vertical Integration
D Massive product launch spend and tactical execution
E Product, Price, Promotion, Place and top tier employee compensation
Both "for profit" and "not for profit"(non-profit) company's seek to make a profit. Both types of company's always have a use/need for additional revenue for additional projects, products, and/or services.
A SWOT (Strength, Weakness, Opportunity, and Threat) is the primary source for the development of a Market Analysis. The effectively provides a "lay of the land" for this initial Product Launch Plan (or Annual Business Plan) topic.
It is against the law to identify Customer Segmentation on the basis of Age, Race, or Religion.
The Market Basket (Market Share "pie chart" of our product/service and key competitors is determined by
A Senior Management (CEO, COO, CFO)
B Marketing with input from Sales
C Consortium of companies who complete in a specific market
D Sales Management
E Customers within a specific market
In the Product Adoption Profile, although all are important in overall life cycle of a product or service which ONE is the most important for the achievement of long term ($$) success?
B Early Adopter
C Early Majority
D Late Majority
Which statement best summarizes the use of celebrities as a endorsers of a product
A The rule of thumb is to not use a celebrities as an endorsers if they are already promoting 3 ( or more) products.
B They are rarely worth the money paid to them as endorsers
C The best strategy is to align with the most successful, highest profile celebrity regardless of the products
D Although they can bring welcome attention to your product, they are not without risk.
Product Life Cycle. Which of the 4 stages does a company want to extend for as long (and high) as possible in regard to the overall financial success of the product.
A Introduction (or Launch)
The 2 primary (Strategic) ways to increase sales of your product or service are to
A increase TV ad spend and raise the price
B increase size of the Sales Force and lower the price
C Steal (Market) Share and Grow the Market
D create motivating incentive plans ($$) for Marketing & Sales Management and Reduce COG (Cost of Goods)
Market Share is typically reported in "percentage" (% of a specific self-determined Market Basket that our product/service and select competitors own at a specific point in time) The percentage can be represented in dollars or other units of measurement.
In the Pareto Principle (80/20 Rule), 80% of the business is produced by 20% of customers within the Market Basket of a defined business segment (e.g. beer, tires, cars, laptops, etc)
One of Scott Galloway's "Personal Success Factors" in his textbook. "The Four", includes the statement. "Stay loyal to people, not companies"
Achieving profitability within the 1st year for a new product or service is essential for the long-term success of that product/service
Which of the following statement does NOT portray or describe Steve Jobs, co-founder of Apple
A A complicated and exhaustive man
B Demonstrated a high degree of emotional intelligence, a trait often held by successful leaders
C Steve Jobs and Bill Gates viewed each other as direct competitors during the years they ran their respective companies. However, as the years went on they grew to respect what each other had done in regard to the success of their companies and the contributions they each made
A) list 4 unique and key components of the Marketing Mix?
B) Which of these listed components is most important to the overall success of the product/service?
A) Product, Price, Promotion, Place
B) In many searchers, most sources on the internet state Price is the most important of it all.
You started the year with $30,000 in cash. You invested it and after year #1 you had an overall return of 5%. You did not withdraw any of your initial principle(P) ($30,000) or your interest (I) gained for the year. In year #2 you had an overall return 3% . After the 2nd full year
1. What was your final Principle + interest (P+I total), in dollars for the 2 full years?
2 What was your final interest (I) in dollars, after 2 full years?
1st years interest is 1500
2nd year 31500*0.03= 945
2. 1500+945= 2445
Write a proper Positioning Statement for ANY 1 of these products; IN-N-OUT, GoPro Hero Action Sports Camera, TESLA Model 3 electronic vehicle, or Starbucks Coffee, Write your Positioning Statement
IN-N-OUT is a fast paced restaurant that is for people that are aged 7 to 70 who enjoy fresh, quality food
IN-N-OUT is an expanding unique fast food restaurant that owns many locations that serve daily fresh fast food at affordable prices.
IN-N-OUT offers daily cut fresh potato fries affordable high-quality burgers, and shares. It provides facts and exceptional customer service. It provides service to cars through a drive-thru.
In addition to this key metric(Market Share of you and your key competitors) what additional 4 key metrics would be necessary in order to make this slide/information of value?
Market Basket Definition ( Name, category)
Competitor's specific market share (percentage) and their ranking prior to Q4 How much of the market was captured in Q4.
Other sets by this creator
MGT 103 Final
International Relation #2
Recommended textbook solutions
Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Mathematics with Business Applications
Accounting: What the Numbers Mean
Daniel F Viele, David H Marshall, Wayne W McManus
Other Quizlet sets
The Person and the Good Test #3
CHILD DEV. FINAL EXAM REVIEW (quizzes and kahoots)
PTA 115 Final