Exam 12: Understanding Marketing Principles and Developing Products

Martin has had a successful career in retail sales,industrial sales,and public relations.He applies for the job of director for marketing at Panther Shoes,a manufacturer of athletic apparel.Martin is not sure if Panther Shoes is selling consumer or industrial products.Can you help Martin clarify the difference between the two types of products?

In terms of the 4 Ps,market research is useful for the product,price,and promotion aspects,but not very useful for the distribution aspect.

If Brighten Your World Inc.sells its light bulbs to the Jacobs Motor Company to be used in all their cars as headlights,Brighten Your World is engaging in what type of marketing activity?

Penelope's Pizza,a local chain of restaurants,has made the decision to expand on a national basis.It plans to open 50 new locations in 20 cities across the country within the next two years.In order to efficiently integrate all the tools and company resources to maximize the impact on new customers,Penelope's Pizza is considering using an integrated marketing strategy to promote a coherent national brand perception.The account manager argues that an integrated marketing strategy is the way to go,but the CEO argues that each local community is different,and the needs,values,and norms of the host cities should drive the marketing campaign. Penelope's Pizza also wants to be at the forefront of current trends and changes in the practice of advertising.The account manager wants to focus on consumer generated advertising via YouTube,Twitter,Instagram and Facebook,whereas the CEO prefers to focus on mainstream media.Which of the following,if true,would support the position of the account manager?

What is the first step in the consumer buying process?

Black & Decker makes toasters,vacuum cleaners,electric drills,and a variety of other appliances and tools.This is Black & Decker's

Snazzy Sodas is known for its variety of all-natural sodas as well as its efforts toward social responsibility.The company has decided to produce a new line of energy drinks,and while it does not have the resources to promote its product widely,it can make a sizeable impact with a carefully chosen market segment.The CEO favours marketing the product primarily to young males,but the VP of operations recommends targeting female professionals. Which of the following questions is least relevant to Snazzy Sodas's evaluation of the desirability of the young male market segment?

What is a product feature?

A few marketing powerhouses like Coca-Cola and Procter & Gamble can develop their marketing strategies without too much concern about the external marketing environment,but most companies must pay a lot of attention to the external marketing environment.

Burberry,whose plaid-lined gabardine raincoats have been a symbol of British tradition since 1856,repositioned itself as a global luxury brand like Gucci and Louis Vuitton.This is an example of behavioural segmentation.

What is the basic idea behind the product life cycle?

Macmoo Real Estate is beginning to use data-driven processes to determine the value that it gets from different marketing activities.Macmoo's website lists available properties and allows customers to request information.Macmoo tends to advertise in local newspapers and specialized real estate periodicals.The marketing director believes that Macmoo's traditional spring advertising campaign,which runs during the month of March,is an effective use of advertising resources.When pressed for evidence,the marketing director points out that revenues in March have consistently been higher than revenues in February. Which of the following,if true about the real estate industry in general,would weaken the marketing director's argument?

What is market segmentation and why is it important?

Which term is used to identify the division of a market into categories of customer types?

Explain the difference between demographic variables and psychographic variables.

Describe the three major classes of industrial products.

A combination of product,pricing,promotion,and place (distribution)strategies used to market products is known as the marketing mix.

List the seven steps in the new product development process.

Light bulbs,pencils,pads of paper,and lubricating oils for machines are examples of ________ purchased by companies that make other goods.

Experimentation tries to compare the responses of similar individuals in different circumstances.