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Innovation and Marketing Intelligence: Key Concepts and Strategies

Discusses innovation and marketing intelligence.

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    Innovation and Marketing Intelligence: Key Concepts and Strategies 1) 3M, Hewlett - Packard, Lego, and other companies use the ________ to manage the innovation process. A. skunk works B. new product “team” C. stage - gate system D. joint - venture system E. venture team 2) A ________ is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment. A. vertical system B. product management system C. marketing research system D. marketing information system E. marketing intelligence system 3) A(n) ________ is any good, service, or idea that i s perceived by someone as new. A. creative product B. innovation C. product D. new idea 4) A company can take several steps to improve the quality of its marketing intelligence. If the company purchases competitive products for study, attends open houses and trade shows, and reads competitors’ published reports and stockholder information, the company is using ________ to improve the quality of its marketing intelligence. A. customer feedback systems B. external networks C. sales force surrogates D. intermediaries E. advisory panels

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    5) ________ consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. A. A marketing database B. A marketing intelligence system C. A marketing information system D. A marketing research system E. A promotional campaign 6) Most established companies focus on ________ when it comes to innovation. A. competitive innovation B. everyday innovation C. incremental innovation D. continuous innovation E. demand innovation 7) ________ is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. A. Competitors market share rate B. Report rating C. Perceived usefulness D. Failure avoidance rate E. Customer perceived value 8) ________ is the result of a concentrated effort by designers, engineers, and purchasing agents to reduce the product’s overall costs. A. Experience curve B. Target costing C. Learning curve D. Least cost producer 9) In ________ marketing, the seller engages in the mass production, mass distribution, and mass promotion of one product for all buyers. A. differentiated B. general

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    C. group D. mass E. segmented 1 0) Marketers usually identify niches by ________. A. producing products that can be used in a variety of ways B. allowing consumers to gravitate toward product brands C. dividing a segment into subsegments D. conducting VALS tests E. examining the demographics section of The Handbook of Marketing 11) Which of the following is generally considered to be the last step in the marketing research process? A. Draft the report B. Make the decision. C. Analyze the information. D. Control the environment. E. Present the findings. 12) ________ is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company. A. Marketing management B. Demographics C. MIS (marketing information system) D. Marketing research E. Marketing intelligence 13) With respect to the sampling plan, three decisions must be made. The decisions are: the sampling unit — who is to be surveyed? Sample size — how many people should be surveyed? And ________. A. sample supervisor — who will lead the sampling effort? B. sampling procedure — how should the respondents be chosen? C. surveyor skill — who will do the surveying? D. sample security — how to protect the sample data? E. sample cost — how much does sampling cost?

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    14) The marketing communications mix consists of six major modes of communications. Which of the following is NOT one of these modes? A. Advertising B. Packaging C. Direct marketing D. Sales promotions E. Personal selling 15) Marketing communications can contribute to brand equity by establishing the brand in memory and to________ (in)a brand image. A. craft B. create demand C. create interest D. communicate 16) ________ communicates a company’s intended value positioning of its product or brand to the market. A. Physical evidence B. Promotion C. Price D. Place E. Packaging 17) To reach Generation Y, rock band Foo Fighters created a digital street team that sends targeted e - mail messages to members who “get the latest news, exclusive audio/video sneak previews, tons of chances to win great Foo Fighters prizes, and become part of the Foo Fighters Family.” Which of the following techniques for reaching Generation Y are the Foo Fighters using? A. Online buzz B. Computer games C. Unconventional sports D. Cool events E. Student ambassadors 18) New - to - the - world products are ________.

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    A. existing products that are targeted to new markets or market segments B. new products that provide improved performance or greater perceived value and replace existing products C. new products that allow a company to enter an established market for the first time D. new products that supplement established product lines (package sizes, flavors, and so on) E. new products that create an entirely new market 19) Following the ________ approach to target market selection encompasses a strong knowledge of the segment’s needs, a strong market presence, and operating economies through specializing in production, distribution, and promotion. A. full market coverage B. market specialization C. selective specialization D. product specialization E. single - segment concentration 20) Price has operated as the major determinant of buyer choice among poorer nations, among poorer groups, and with ________ products. A. commodity - type B. similar C. identical D. over the Internet 21) Some intermediaries use the following: strategic planning, advanced information systems, sophisticated marketing tools, measure performance on a return - on - investment basis, segment their markets, improve their target marketing and positioning, and ________. A. contend with dwindling customer bases B. aggressively pursue take over strategies C. dominant the manufacturers they do business with D. aggressively “squeeze” manufacturer margins E. aggressively pursue market expansion and diversification strategies

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    22) “Power prices” use price as a key strategic tool. These “power prices” have discovered the highly ________ effect of price on the bottom line. A. dramatic B. leveraged C. direct D. abrasive E. soothing 23) A company can add new products through acquisition or development. The acquisition route can take three forms. The company can buy other companies, it can acquire patents from other companies, or it can buy a ________ or _________ from another company. A. license/franchise B. franchise/co - brand C. franchise/acquire rights D. license/receive permission 24) John Kotter’s view argues that management focuses on coping with complexity, whereas leadership focuses on coping with _____. A. conflict B. defeat C. morale D. success E. change 25) Leadership is best defined as _____. A. the ability to influence a group in goal achievement B. implementing the vision and strategy provided by management C. coordinating and staffing the organization and handling day - to - day problems D. keeping order and consistency in the midst of change E. not a relevant variable in modern organizations 26) Which of the following is NOT included in the definition of conflict? A. perception B. something that is cared about

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    C. negative effects D. disruption of tasks 27) Negotiation can be defined as a process in which two or more parties exchange goods or services and attempt to agree upon _____. A. the exchange rate for those goods and services B. a model of the negotiation process for resolving differences C. effective arbitrators for disputes D. acceptable bargaining strategies for obtaining the goods and services E. the monetary value of the exchanged items 28) _____ bargaining is negotiation that seeks to divide a “fixed pie.” A. Distributive B. Reflective C. Affective D. Integrative E. Conjunctive 29) Which of the following statements about leadership is true? A. leaders are managers. B. managers are leaders. C. leaders are hierarchically superior to followers. D. Formal rights enable managers to lead effectively. E. Nonsanctioned leadership is as important as or more important than formal influence. 30) Danielle wants to become a surgeon, not only because achieving this goal will give her self - respect and autonomy, but also because she wants a job with high status and recognition from others. Which of Maslow’s needs is Danielle trying to fill? A. self - actualization B. esteem C. psychological D. social E. safety

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