Marketing Strategy and Innovation Concepts: College Assignment

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Marketing Strategy and Innovation Concepts: College Assignment1) 3M, Hewlett-Packard, Lego, and other companies use the ________ to manage theinnovation process.A. joint-venture systemB. skunk worksC. venture teamD. new product “team”E. stage-gate system2) ________ is the difference between the prospective customer’s evaluation of all thebenefits and all the costs of an offering and the perceived alternatives.A. Failure avoidance rateB. Competitors market share rateC. Customer perceived valueD. Report ratingE. Perceived usefulness3) A company can take several steps to improve the quality of its marketing intelligence. Ifthe company purchases competitive products for study, attends open houses and tradeshows, and reads competitors’ published reports and stockholder information, thecompany is using ________ to improve the quality of its marketing intelligence.A. intermediariesB. sales force surrogatesC. external networksD. advisory panelsE. customer feedback systems

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4) Most established companies focus on ________ when it comes to innovation.A. continuous innovationB. incremental innovationC. everyday innovationD. demand innovationE. competitive innovation5) A(n) ________ is any good, service, or idea that is perceived by someone as new.A. innovationB. productC. new ideaD. creative product6) Total customer satisfaction is the general feeling of pleasure or disappointment thatresults from comparing perceived performance to expectations. To achieve total customersatisfaction, organizations need to_____________.A. Spend more moneyB. Develop marketing campaignsC. Manage customer experiencesD. Lower expectationsE. Lower prices7) A ________ is a set of procedures and sources managers use to obtain everydayinformation about developments in the marketing environment.

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A. marketing information systemB. marketing research systemC. product management systemD. marketing intelligence systemE. vertical system8) Marketers usually identify niches by ________.A. conducting VALS testsB. dividing a segment into subsegmentsC. allowing consumers to gravitate toward product brandsD. examining the demographics section of The Handbook of MarketingE. producing products that can be used in a variety of ways9) In ________ marketing, the seller engages in the mass production, mass distribution, andmass promotion of one product for all buyers.A. massB. groupC. generalD. segmentedE. differentiated10) Particularly when shopping for ego-sensitive products such as perfumes and expensivecars, many consumers use price as an indicator of ________.A. abilityB. capabilityC. status

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D. sizeE. quality11) A marketing manager needs to know the cost of the research project before approvingit. During which step in the marketing research process would such a consideration mostlikely take place?A. Step 1—drafting the research objectives.B. Step 2—develop the research plan.C. Step 1—defining the problem.D. Step 3—information collectionE. Step 1—creating decision alternatives.12) Which of the following is generally considered to be the last step in the marketingresearch process?A. Control the environment.B. Make the decision.C. Present the findings.D. Draft the reportE. Analyze the information.13) ________ is the systematic design, collection, analysis, and reporting of data andfindings relevant to a specific marketing situation facing the company.A. Marketing researchB. DemographicsC. Marketing intelligenceD. Marketing managementE. MIS (marketing information system)

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14) Following the ________ approach to target market selection encompasses a strongknowledge of the segment’s needs, a strong market presence, and operating economiesthrough specializing in production, distribution, and promotion.A. product specializationB. market specializationC. single-segment concentrationD. full market coverageE. selective specialization15) The marketing communications mix consists of six major modes of communications.Which of the following is NOT one of these modes?A. Sales promotionsB. PackagingC. Personal sellingD. AdvertisingE. Direct marketing16) The chief disadvantage to a firm that decides to follow a product specialization strategyin selecting target markets is ________.A. the product may be supplanted by an entirely new technologyB. competitors can easily copy any new product introductionsC. no synergy existsD. e-commerce becomes difficult for the companyE. logistics can become a nightmare17) Marketing communications can contribute to brand equity by establishing the brand inmemory and to________ (in)a brand image.

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A. communicateB. craftC. create interestD. create demand18) “Power prices” use price as a key strategic tool. These “power prices” have discoveredthe highly ________ effect of price on the bottom line.A. leveragedB. soothingC. dramaticD. abrasiveE. direct19) Some intermediaries use the following: strategic planning, advanced informationsystems, sophisticated marketing tools, measure performance on a return-on-investmentbasis, segment their markets, improve their target marketing and positioning, and________.A. aggressively pursue take over strategiesB. aggressively pursue market expansion and diversification strategiesC. contend with dwindling customer basesD. aggressively “squeeze” manufacturer marginsE. dominant the manufacturers they do business with20) Major retailer types include the following EXCEPT ________.A. catalog showroomB. superstore

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C. specialty storeD. discount storeE. the Internet21) ________ communicates a company’s intended value positioning of its product orbrand to the market.A. PlaceB. Physical evidenceC. PackagingD. PriceE. Promotion22) Price has operated as the major determinant of buyer choice among poorer nations,among poorer groups, and with ________ products.A. over the InternetB. commodity-typeC. identicalD. similar23) New-to-the-world products are ________.A. new products that supplement established product lines (package sizes, flavors, and soon)B. existing products that are targeted to new markets or market segmentsC. new products that create an entirely new marketD. new products that allow a company to enter an established market for the first timeE. new products that provide improved performance or greater perceived value andreplace existing products

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24) _____ bargaining is negotiation that seeks to divide a “fixed pie.”A. ReflectiveB. DistributiveC. AffectiveD. ConjunctiveE. Integrative25) The two general approaches to bargaining are known as ________.A. distributive and integrativeB. emotional and rational.C. formal and informal.D. legal and restrictiveE. affective and reflective26) Leadership is best defined as _____.A. implementing the vision and strategy provided by managementB. the ability to influence a group in goal achievementC. coordinating and staffing the organization and handling day-to-day problemsD. not a relevant variable in modern organizationsE. keeping order and consistency in the midst of change27) Which of the following statements best defines a work group?A. A work group consists of 3 or more people who take on self-supervisingresponsibilities.B. The performance of a work group is generally greater than the sum of its inputs fromindividual members.

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