D077 Marketing, Sale, and Customer Contatc Study Guide

Define Marketing

Creating, communicating, delivering, and exchanging offerings that have value

3 multiple choice options

Identify 3 functions of Marketing

Creating exchanges, identifying customers' needs, and generating value

3 multiple choice options

What is the marketing concept?

The use of marketing data to focus on the customers in order to develop marketing strategies satisfy the needs of the customers and accomplish the goals of the organization

3 multiple choice options

What are tactical plans?

The actions a company implements to affect the controllable elements of the strategy.

3 multiple choice options

What are strategic plans?

Ways an organization is going to do to achieve its objectives.

3 multiple choice options

Identify the four elements in the Marketing mix.

Place, product, price, promotion

3 multiple choice options

What is one main characteristic of a product?

Something offered in exchange

3 multiple choice options

What is informed by a clear understanding of an organization's strengths and weaknesses?

A Marketing strategy

3 multiple choice options

What defines the product element of the marketing mix?

Business goods and consumer goods

3 multiple choice options

What is one important characteristic of price?

It determines the company's profit

3 multiple choice options

Identify important characteristics of the price.

Element of the marketing mix involved with the cost of a product

3 multiple choice options

Identify important characteristics of the place.

Transportation, location, supply chain, online presence, inventory, and atmospherics

3 multiple choice options

What does Place refer to in the marketing mix?

Getting the product from the producer to the customer

3 multiple choice options

What defines the place element of the marketing mix?

Processes and channels used in getting a product to the place in which it is ultimately sold

3 multiple choice options

What is a critical characteristic of place?

Getting the product from the producer to the customer

3 multiple choice options

What is one crucial characteristic of promotion?

Methods for informing and influencing customers to buy a product

3 multiple choice options

Identify important characteristics of promotion.

Traditional sales, digital marketing, and public relations

3 multiple choice options

What defines the promotion element of the marketing mix?

Tactics that communicates the company's message efficiently and effectively to the target audience

3 multiple choice options

What are the four stages of the product life cycle?

Introduction, growth, maturity, decline

3 multiple choice options

Stage of the product life cycle characterized by low sales, little or no profit, and little or no competition

Introductory

3 multiple choice options

Stage of the product life cycle where sales and profit begin to increase and competitors begin to enter the market

Growth

3 multiple choice options

What stage of the product life cycle includes high sales, a spike in profits, and a high level of competition?

Maturity

3 multiple choice options

Stage of the product life cycle when sales and profits are declining and the market has become over saturated

Decline

3 multiple choice options

What are the variables companies consider while creating a product strategy?

Phases of the product life cycle, the product mix, positioning, and branding

3 multiple choice options

Define product mix

The entire selection of products offered by a company

3 multiple choice options

Define product lines

Specific groups of products a company sells

3 multiple choice options

Define product depth

The variations of offerings within product lines

3 multiple choice options

A tech company launches its latest smartphone with cutting-edge features at a higher price point than its competitors. Which pricing strategy might the company be using?

Skimming

3 multiple choice options

A fashion brand releases a limited edition collection of designer handbags at premium prices, targeting affluent customers. What pricing strategy is the brand likely employing?

Skimming

A tech company releases its latest smartphone with advanced features at a higher price point than its competitors, expecting early adopters to purchase it before gradually lowering the price. Which pricing strategy might the company be using?

Skimming

3 multiple choice options

An airline offers discounted fares for early bookings but gradually increases prices closer to the departure date. Which pricing strategy does this scenario exemplify?

Skimming

3 multiple choice options

A fashion brand unveils a new line of luxury watches priced significantly higher than similar models in the market, targeting early enthusiasts and collectors. What pricing strategy is the brand likely employing?

Skimming

A startup company launches its innovative product at a lower price than existing alternatives to quickly capture a substantial portion of the market. What pricing strategy is the company likely using for its product?

Penetration

A mobile phone manufacturer introduced a budget-friendly smartphone with features comparable to higher-priced models from competitors. However, the manufacturer set the price higher than expected, relying on brand loyalty to drive sales. What pricing strategy did the manufacturer use for this

Penetration

A newly established ride-sharing service offered rides at a much lower price than traditional taxis in the same area. This aggressive pricing approach allowed the service to rapidly expand its user base. What pricing strategy was the ride-sharing service using?

Penetration

A food delivery app entered a highly competitive market and initially offered free delivery for the first month to attract new customers. However, after the promotional period ended, the app implemented surge pricing during peak hours. What pricing strategy was the app employing during the surge pricing period?

Penetration

A shoe company is introducing a new shoe for the summer season and decides to price the shoe lower than the competition with the goal of increasing market share. Which pricing strategy is being used?

Penetration

An online retailer periodically offers flash sales with deep discounts on popular items to drive traffic to its website. What pricing strategy could the retailer be employing for these flash sales?

Leader

A fast-food chain promotes a limited-time offer where customers can buy one meal and get the second one at half price. What pricing strategy is the chain using for this promotion?

Leader

An electronics retailer occasionally sells certain products at extremely low prices to attract customers, even if those products are not profitable on their own. What pricing strategy might the retailer be using for these products?

Leader

A grocery chain offers discounts on a wide range of products, including some premium items, to drive customer traffic. What pricing strategy could the chain be implementing for these discounts?

Leader

A retail store advertises a limited-time sale with select items priced below cost to attract customers. What pricing strategy might the store be using for this sale?

Leader

A software company offers a package deal where customers can purchase multiple software tools at a discounted price. What pricing strategy might the company be using?

Bundling

An airline introduces a fare structure that includes options for bundled services such as priority boarding, extra legroom, and in-flight meals at a combined price. What pricing strategy is the airline employing with these fare options?

Bundling

A telecommunications company offers a package deal for internet, cable TV, and phone services at a lower combined price than if customers were to purchase each service separately. What pricing strategy could the company be implementing with this offer?

Bundling

A retail store sells a set of skincare products together as a bundle, offering a discount compared to buying each product individually. What pricing strategy is the store using for this skincare bundle?

Bundling

An online streaming service introduces a subscription plan that includes access to movies, TV shows, and exclusive content for a single price, encouraging customers to subscribe to the bundled offering. What pricing strategy is the streaming service employing with this subscription plan?

Bundling

A luxury car manufacturer introduces a new model priced significantly higher than its competitors' similar models, emphasizing exclusivity and superior quality. What pricing strategy might the manufacturer be using?

Prestige

A designer handbag brand sets its prices well above production costs, positioning its products as exclusive and high-quality. What pricing strategy is the brand likely employing for its handbags?

Prestige

A fine dining restaurant prices its dishes significantly higher than average restaurants in the area, aiming to create an image of luxury and sophistication. What pricing strategy could the restaurant be using?

Prestige

A high-end cosmetics brand markets its products as premium skincare solutions and prices them accordingly higher than mass-market brands. What pricing strategy might the cosmetics brand be implementing for its products?

Prestige

An exclusive golf club charges exorbitant membership fees, positioning itself as a luxury destination for affluent golf enthusiasts. What pricing strategy is the golf club likely using for its memberships?

Prestige

A technology company launches its latest smartphone priced just slightly below the leading competitor's flagship model, aiming to capture market share. What pricing strategy might the company be using?

Competitive

A fast-food chain adjusts its prices based on the prices of similar menu items at rival chains in the same area, ensuring competitiveness. What pricing strategy is the fast-food chain employing?

Competitive

A clothing retailer strategically prices its products to match or slightly undercut the prices of similar garments offered by competitors in the market. What pricing strategy could the retailer be implementing?

Competitive

A grocery store consistently monitors and adjusts its prices for staple items based on the prices offered by competing supermarkets nearby. What pricing strategy might the grocery store be using for these products?

Competitive

An online retailer dynamically changes its prices for electronics to match or beat the prices offered by major competitors, ensuring competitiveness in the market. What pricing strategy is the online retailer employing?

Competitive

What is price skimming?

Pricing a new product high to increase profits

What is penetration pricing?

Pricing a new product low to attract market share

What is leader pricing?

setting some very low prices to get customers into retail stores

What is bundling?

Selling two or more products together at a lower price than if they were bought individually

What is prestige pricing?

Raising the price of a product to increase the perception of its value

What is competitive pricing?

Where prices are based on what competitors are charging

What element of the marketing mix is traditional advertising?

Promotion

A marketing department develops a marketing plan that focuses on departmental goals and the actions the department must take to achieve them.

Which component provides this detailed information?

Marketing objectives

3 multiple choice options

A business team is revising the document meant to guide the marketing department, managers, and teams as they work to identify the department's objectives and how to reach them.

Which document is being revised?

Marketing plan

3 multiple choice options

During a meeting, a marketing department describes the sales goals for the year, the target markets selected, and the actions the department will undertake to reach these goals.

Which portion of the marketing planning process was discussed during this meeting?

Marketing strategy

3 multiple choice options

A marketing manager reviews monthly sales reports, sales forecasts for the upcoming quarter, budgets for advertising campaigns, and product reviews from customers and compares this data against the marketing objectives described in the marketing plan.

Which step in the marketing planning process is being reviewed by this manager?

Monitoring and control

3 multiple choice options

A marketing department is reviewing a recent SWOT analysis and notes entries for economic and social trends.

What kind of forces are being reviewed during this process?

External

3 multiple choice options

A technology company is designing a new smartphone with unique features and a sleek design. What element of the marketing mix is the company primarily focused on during the product development phase?

Product

A sales manager is reviewing the current products in the company's portfolio and sees that one product that has been sold for a decade is now the slowest-selling product in a mature industry.

Which Boston Consulting Group (BCG) model category could be used for this product?

Dog

3 multiple choice options

A sales manager reviews the current products in the company's portfolio and sees that one product the company began selling for about a year is now showing high market share in a fast-growing industry.

Which Boston Consulting Group (BCG) model category could be used for this product?

Star

3 multiple choice options

A manufacturer produces a Bluetooth thermometer for grilling. The product is high-end and priced accordingly. A year after introduction to the market, one of the company's salespeople sees another company's ad for a very similar Bluetooth thermometer at a much lower price.

Which of Porter's Five Forces is occurring in relation to this product?

Competitive rivalries

3 multiple choice options

A luxury fashion brand is planning to introduce a new line of handbags with prices significantly higher than its existing collections. What element of the marketing mix is the brand focusing on with this pricing strategy?

Price

A firm is planning to launch a new product. They also have adopted a vision for how they will achieve their objectives.

What type of planning is being used by this firm?

Strategic

3 multiple choice options

A firm is launching a new product and has developed a plan outlining specific activities and allocating resources needed to implement that plan over a given period.

What type of planning is being used by this firm?

Tactical

3 multiple choice options

A company's leadership decides to increase product sales by signing an agreement with a celebrity to execute an influencer social media campaign.

What type of planning is being used by this company?

Tactical

3 multiple choice options

A beverage company is considering expanding its distribution channels to include online retailers in addition to traditional brick-and-mortar stores. What element of the marketing mix is the company focusing on with this distribution strategy?

Place

A firm has determined that they want to use social media influencers and search engine-paid ads to meet a sales objective.

What type of planning is being used by this firm?

Tactical

3 multiple choice options

A retail company aims to increase sales in the upcoming holiday season by implementing a promotional strategy. They decide to offer special discounts on selected items during Black Friday and Cyber Monday. What aspect of the company's approach is this?

Strategy

An e-commerce platform wants to enhance user experience and increase customer retention. They introduce a loyalty rewards program where customers earn points for every purchase. What does this initiative represent?

Tactic

A fitness brand is partnering with influencers on social media to promote its new line of workout apparel. What element of the marketing mix is the brand primarily focusing on with this influencer collaboration?

Promotion

A telecommunications company wants to increase customer loyalty by offering personalized discounts and incentives based on usage patterns. They introduce a loyalty rewards program where long-term customers receive exclusive benefits. What does this program represent?

Tactic

A clothing retailer aims to reduce inventory costs and improve profitability. They implement a plan to optimize their supply chain by renegotiating contracts with suppliers and adopting lean inventory management practices. What aspect of their plan does this represent?

Strategy

A financial institution aims to attract new customers by offering competitive interest rates on savings accounts. They launch a targeted advertising campaign highlighting these rates across various digital platforms. What does this campaign represent in their overall approach?

Tactic

What is a type of selling that uses person-to-person interaction to sell products and services

Personal Selling

A sales representative for a durable medical equipment company wants to approach a large doctor's office to pursue an ongoing relationship with the office.

Which phase of the negotiation process should the sales representative consider first?

Investigative

3 multiple choice options

A sales representative for an ultrasound machine offers to include a free one-year maintenance contract with the purchase price if the client will agree to the purchase today.

Which phase of the negotiation process are the representative and the client in?

Bargaining

3 multiple choice options

A team of business partners is in negotiations for a merger. They are focusing on reaching a compromise where both parties gain something but also retaining key elements important to their respective companies. Which negotiation strategy are they using?

Mixed negotiations

3 multiple choice options

In a complex business deal, negotiators start with a broad overview of their goals and objectives before diving into specifics. They aim to understand the overall structure and implications of the agreement. What type of negotiation strategy is being employed here?

Deductive

3 multiple choice options

A company launches a billboard campaign in a major city, targeting commuters with visually captivating ads. What type of advertising strategy is the company using?

Traditional Advertising

3 multiple choice options

A brand sponsors a high-profile event to promote its new product, gaining media coverage and visibility. What type of marketing strategy is the brand leveraging?

Public relations

3 multiple choice options

A real estate agent is meeting with potential buyers to discuss terms of a property sale. They are in the phase where they are gathering information about the buyers' financial capabilities and preferences. Which phase of negotiation is this?

Investigation

2 multiple choice options

Two companies are discussing a potential partnership, and they are currently outlining their respective expectations and what they hope to achieve from the collaboration. Which phase of negotiation are they in?

Determining desired outcomes

3 multiple choice options

The purchasing manager for a large auto parts company enters into every negotiation from the position of the possibility of personally winning something and the salesperson having to lose something.

Which negotiation approach is this manager demonstrating?

Distributive

3 multiple choice options

A tech company creates a series of TV commercials highlighting customer testimonials and product features. What type of advertising approach does this campaign represent?

Content marketing

3 multiple choice options

A sales representative for a laboratory equipment company is in the final stage of closing a large sale. The representative realizes the customer is not fully aware of the specifications of the product, and the product may require modifications to fit the customer's needs.

Which action should the sales representative take based on this knowledge?

Delay the sale and ensure that the customer is aware of specifications.

3 multiple choice options

A tech company engages in Twitter chats and live Q&A sessions to interact with its followers and address their inquiries in real-time. What type of social media strategy is the company employing?

Social media marketing

An online store offers limited-time flash sales and discounts to encourage impulse purchases. What type of marketing strategy is the store using?

E-Commerce

Which action leads to a failed negotiation or to a less than desirable outcome?

Holding unrealistic expectations of the negotiation outcomes

3 multiple choice options