Marketing Management Study Guide
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1.
Customer intimacy refers to companies that ______. are willing to tailor their products
to particular customer needs
2.
Product leadership refers to companies that ______. Pride themselves
on quality and innovation
3.
If a brand has an exclusive image, it would make good over-promote it
sense NOT to ________.
4.
Sometimes _________ segments can be highly prof- Small
itable if the marketer pays attention and satisfies
those customers' needs.
5.
Volvo is most known for which of the following?
6.
When you are writing a positioning statement, if you image
don't have real differences and cannot see a way to
create them, then you can create a difference based
on ________.
7.
Which of the following questions characterizes targeting?
8.
If a market segment looks attractive, and serving that Go for it!
segment fits our corporate abilities, then we should
_______.
9.
What do the letters of USP represent?
Safety
Which segments
do we want to be
our customers?
unique selling
proposition
10. Regarding the phrase "time is money," what type of negative
effect does time seemingly have on money?
11. Shannon is struggling to communicate who Compa- Positioning
ny ABC is compared to the competition. Shannon
wants to communicate that Company ABC's brand
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has the benefits that the target market will value.
Shannon is engaged in what marketing activity?
12. Newlyweds are most likely to spend money on which furniture
of the following?
13. Some customers are ___________, caring about new early adopters
developments in their category and seeking out new
products.
14. Company ABC segments customers by gender, age, demographics
education, and income. Company ABC's segmentation is based on _______ factors.
15. As segments increase in size, it becomes _______ to more difficult
satisfy them with the same product.
16. Some customers are currently using a competitor's difficult
brand or aren't even purchasers in a certain category
at all. It is _____ for marketers to identify these people.
17. For market sizing, we start with the _______, and
break it down into the ______ that are relevant.
total population,
proportions
18. Regarding targeting, we iterate between our
________ vision of corporate strategy, and a
________ data-informed approach on segment size
and profitability.
top-down, bottom-up
19. Marketers identify segments best when iterating be- managerial, custween two approaches. What are the two approach- tomer
es?
20. Marketers target certain segments because it's
_______ to try to be all things to all people.
not advisable
21. A popular tool for segmenting that uses psychoVals
graphic data, and that is based on the belief that
one's attitudes and value system determine one's ori2 / 11
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entation to certain products and/or brands is called
______.
22. A positioning statement should address your target no
segment. Anything else you'll say in the positioning
statement will have _______ meaning to customers
who are not in that segment.
23. Which of these companies uses a strategy of customer intimacy?
home depot
24. Some customers are known for their expertise and mavens
involvement in a category and are willing to share
information and give advice, making them likely to
generate word of mouth. These people are knows as
market ______.
25. __________ means that each customer serves as his one-to-one
or her own segment. This approach sounds appealing
from the customer point of view because the product
would be tailored specially for each person's idiosyncratic desires.
26. Young adults are most likely to be interested in which music technoloof the following?
gies
27. Which of the following is NOT a geographic factor? stage in household life cycle
28. Opportunities and threats are usually driven by
changes in one of the _____.
5Cs
29. There is a rule of thumb that says it costs ______
6
times more to acquire a new customer compared to
maintaining a loyal one.
30. When it comes to market sizing, things tend to be a easier
bit _______ B2B sellers compared to B2C sellers.
31. Which of the following is a psychological factor?
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attitude
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32. Company ABC's brands and products have perceived ?
strengths, and its marketing department needs to
consider what they can do to assure that these will
be sustainable _____.
33. Which of the following is NOT one of the 5 Cs?
comprhension
34. Potential profitability is a function of all of the follow- current market
ing EXCEPT:
price
35. Corporate strengths should be assessed relative to a purchase choices
firm's competitors in order to understand customers
and their _______.
36. Brands depicted as points in the map close together similar
are those perceived as _______.
37. Determining which segments to target depends on an quantitative and
interplay between ______ issues.
strategic
38. If a company promotes broadly and heavily, they are move a lot of merprobably looking to ______.
chandise
39. Entrepreneurs may need to approximate Prizm and
Vals data, because they are ______.
expensive
40. The market for video games looks great, but your
lower left
company only knows how to make thumb drives.
This scenario is associated with which quadrant in a
SWOT analysis?
41. Which of the following is Volkswagen's long-running drivers wanted
advertising tagline?
42. Weaknesses are _____.
internal and unfavorable
43. Positioning involves which of the marketing mix vari- price, promotion,
ables?
product, place
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44. Jen is developing the positioning statement for a
not target marketnew line of sunglasses. In a meeting, the marketing ing or target segteam tells Jen that she has succinctly and clearly
menting
expressed the competitive advantage of the new sunglasses brand. The team approves of the way Jen
wants to express the brand's competitive advantage,
and tells her to continue her work on fully developing
the positioning statement. Which element of crafting
the positioning statement has Jen's team just approved?
45. When writing a positioning statement, it is a good
idea to abstract from the level of the brand's attributes to the _______ benefits to the customer.
intangible
46. Which of the following combinations doesn't make
very much sense?
heavy promotion
and low (exclusive) availability
47. To write a positioning statement, you should answer What are your
all of the following questions EXCEPT:
weaknesses?
48. The USP concept captures two things. One is how
does your market offering dominate these other
providers. What is the other?
What is the product category?
49. Positioning is mostly about ________.
Identity
50. Dom is reviewing a perceptual map that compares a
number of jeans brands based on customer survey
data. Five of the eight brands are depicted as points
close together on the map. A logical conclusion Dom
can draw from this perceptual map is ________.
the five brands are
viewed as most interchangeable by
consumers
51. In his books on Competitive Strategy, ________ dis- Michael Porter
cusses generic strategies driven by keeping costs
down and prices competitive, leading by differentiation (e.g., excellence in quality or innovation), or when
appropriate, niche positioning.
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52. Who originally described the three basic corporate
strategies to creating value and achieving market
stature?
Tracy and Weirsema
53. Which of the following is NOT one of three basic
Quality replacecorporate strategies for creating value and achieving ment
market stature?
54. In analyzing perceptual maps, one question always
on the marketer's mind is:
"is my brand optimally positioned?"
55. Which of these companies uses a product leadership Johnson & Johnstrategy?
son
56. Operational excellence refers to companies that
________.
Are good at production, delivery,
price and convenience
57. Which of the following is NOT true based on this
perceptual map?
The second customer
58. Which of these companies uses a strategy of opera- Costco
tional excellence?
59. Which of the following positioning combinations
makes the most sense?
Low price, low
quality, widely
available, heavy
promotions
60. "Where happiness means the world," is the position- Club Med
ing statement for which of the following?
61. "Broadcast Yourself" is what website's positioning
statement?
YouTube
62. Once a company has decided upon its positioning, succinctly, a numeither for the corporation as a whole, or for one of its ber of audiences
brands, it must be able to communicate _______ the
parameters of that position to ______.
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63. Considering a continuum from "mass marketing"
to "one-to-one marketing," market segmentation is
________.
In the middle
64. A service called Prizm posits that MBAs who live
Geographic and
in New York have a lot more in common with their
demographic
counterparts in London, Saö Paulo, and Tokyo, than
they do with their neighbors in New York who are
relatively less educated or wealthy. This is an example
of what types of information being combined?
65. Which of the following is NOT a psychological factor? Country
66. The managerial perspective is important with respect Market segment
to assessing whether serving a specific ________ is
consistent with overall corporate goals.
67. The positioning statement can serve as an internal consistencies
memorandum keeping all managers aligned as a basic guiding principle in all their collective decisions,
so as to enhance the likelihood of ______ in the results of those decisions.
68. When customers are assessing an attribute about a Quality
firm, such as ________ , an important thing to remember is that the defining dimensions vary among
industries.
69. The contrast between mass marketing and
one-to-one marketing illustrates that segments become more _______ as they increase in size.
Heterogeneous
70. If one element of an iterative segmentation is a smart Good customer
marketer, what is the other?
data
71. Which calculation is the most accurate way to estimate the size of a market?
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[population x
%aware x %trial x
%repeat ] x per
annum purchase
Marketing Management Study Guide
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72. Company ABC is developing a marketing strategy
Threat
for a new cell phone product and just discovered
that ABC's biggest competitor is launching a very
similar product at almost exactly the same time. In
a SWOT analysis, the competitor's product would be
a(n) _____.
73. Which of the following is NOT one of three basic
Quality placement
corporate strategies for creating value and achieving
market stature?
74. Businesses plan for and interact differently with their more profitable
larger clients than with their smaller ones. They assign more client service personnel and extend more
relationship management efforts because these customers tend to be ________.
75. Company ABC is interested in better understanding segment the marhow different groups of customers feel about its prod- ket
uct. In order to do this, Company ABC will need to
_____.
76. _______ is a type of segmentation in which the com- Niche marketing
pany strategically focuses on targeting a smaller market with particular needs that the company can serve
well.
77. X Company ABC is attempting to project the growth Promote the prorate for a new product market. In order to project the ject
growth rate, the firm will first need to _______.
78. Threats are ______.
external and unfavorable
79. Opportunities are ______.
external and favorable
80. What are two perspectives in assessing each segprofitability and
ment's attractiveness in terms of its potential for tar- strategic fit
geting?
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81. Strengths are ______.
internal and favorable
82. Dell uses which of the following strategies?
operational excellence
83. Regarding the phrase "time is money," what type of negative effect
effect does time seemingly have on money?
84. Company ABC operates a nail salon that specializes segments
in artificial nails. It has two primary ______, women
who get their nails done infrequently (i.e., once or
twice per year), and women who continuously wear
fake nails.
85. A(n) __________ segment is always a tempting one upscale
for marketers to target because marketers assume
that those customers can afford to purchase their
goods or services.
86. Potential strategic fit is a function of all of the follow- product prices
ing EXCEPT:
87. _______ means that all customers are treated the
mass marketing
same. This approach might sound attractive because
it simplifies the marketing task, but it is usually unrealistic because customers differ.
88. A CEO is considering how he wants his company to
be positioned. He has thought of it as "the coolest
brand" and also the one with the best value. Which of
the following is true about his predicament?
He can probably
achieve either of
these goals, but
not both.
89. The idea of targeting is merely one of __________.
selection
90. What does the 80:20 rule say?
Eighty percent of
sales will come
from twenty percent of customers.
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91. The more precisely defined the target market is, the easier
_____ the numbers are to estimate.
92. One behavioral segment of great importance to the current user
marketer is the _______ of the focal brand because it
is relatively easy to communicate to this group.
93. _________ in perceptual maps offer(s) intriguing pos- holes
sibilities for new market opportunities.
94. The fact that snow blowers tend to sell better in the climate
north than in the south illustrates the importance of
considering ______ in marketing planning.
95. Company XYZ is considering launching a new MP3 growth
player product. It has sized the market and it looks
attractive; however, the company would also be wise
to predict the _______ of the market to better assess
its attractiveness.
96. Marketers try to serve the segments whose needs
match their _______, and in doing so hope to make
very happy and loyal customers who will be very
profitable.
ability to deliver
97. Instead of trying to appeal to the entire marketplace, which customers
smart marketers and smart companies will try to find might like their
out ______.
product, and how
to get the product
into their hands
98. Nordstrom uses which of the following strategies?
Customer intimacy
99. It's not unusual to see a segmentation study comdemographic
prised of some usage variable (e.g., heavy vs. light
users) or some attitudinal variable (e.g., positively
inclined toward our brand vs. loyal to a competitor).
What type of variable is it usually cross-tabbed with?
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100. Empty nesters tend to start dreaming of spending
their greater discretionary income on ____.
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Travel and hobbies