MKT 475 Week 5 Quiz – Strayer (All Possible Questions With Answers)
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Market Targeting and Strategic Positioning
1. Segment targeting is used more extensively than product differentiation in marketing.
2. Product specialization involves offering buyers a product differentiated from competitors’ products.
3. Product-markets that experience rapid growth are referred to as emerging market.
4. Growing product-markets are shifting from growth to maturity, as indicated by the product life cycles of the products.
5. The total sales and profits of a product will decline after it reaches the maturity stage.
6. New entrants in an emerging market can use disruptive technologies to attract buyers away from incumbent firms.
7. Large, well-established companies are more likely to enter a new product-market than are new enterprises.
8. An experiential positioning concept applies to products that solve consumption-related problems for externally generated consumption needs.
9. Positioning shows how the company or brand is differentiated from its competitors.
10. Doubtful positioning occurs when frequent changes and contradictory messages confuse customers regarding the positioning of the brand.
Multiple Choice Questions
11. Naturo-All Foods Inc. provides products that appeal to middle-class buyers who have strong value preferences for natural foods and are willing to pay premium prices for the products that are often not available from other grocery retailers. This segment of customers is Naturo-All Foods Inc.’s _____. A. focus group B. affiliate network C. mass market D. market target
12. The _____ decision identifies the people or organizations in a product-market toward which a firm directs its positioning strategy. A. market targeting B. employer branding C. domain selecting D. strategic sifting
13. Product-markets that are newly formed are categorized as _____ and are created by factors such as a new technology or the identification of unmet needs by suppliers. A. growing B. emerging C. mature D. declining
14. A(n)_____ is a life product life cycle stage where the product-market is actually fading away instead of experiencing a temporary fall or cyclical changes.
A. emerging product-market
B. maturing product-market
C. declining product-market
D. growing product-market
15.Which of the following is true about the life cycle of a typical product?
A. Profits are highest in the emerging phase of the product-market.
B. Total profits increase after the product reaches the maturity stage.
C. Sales are highest during the growth period.
D. Profits fall off before sales as the product reaches maturity.
16. The number of competitors in a(n) _____ market initially consists of the first market entrant and one or two other firms. A. emerging B. maturing C. declining D. growing
17. Which of the following market targeting approaches best fits extensive targeting in a clearly defined market segment? A. Product variety
B. Target selected niches
C. Target multiple segments
D. Product specialization
18. Which of the following market targeting approaches best fits selective targeting in a segment not clearly defined? A. Product variety B. Target selected niches C. Target multiple segments D. Product specialization
19. The global market strategy of _____ considers the extent to which standardized products and other strategy elements can be designed to compete on a global basis, and buyers are targeted without regard to national boundaries and regional preferences. A. segmentation B. buffering C. local responsiveness D. integration
20. Which of the following is a characteristic of emerging markets?
A. Sales are highest in this stage of the product life cycle.
B. Factors that drive market growth are clearly defined at this stage.
C. Market segments are most defined at this stage.
D. Profits are not obtained at this stage of the product life cycle.
21. The positioning _____ indicates management’s desired positioning of the product (brand) in the eyes and minds of the targeted buyers.
22. The positioning _____ is the positioning initiative which combines marketing program (mix) policies used to portray the positioning desired by management to the targeted buyers. It includes the product (good or service), supporting services, distribution channels, price, and promotion actions taken by the organization.
23. A(n) _____ positioning concept applies to products that solve consumption-related problems for externally generated consumption needs. A. functional B. lateral C. symbolic D. experiential
24. _____ positioning applies to products that relate to the buyer’s internally generated need for self-enhancement, role position, group membership, or ego-identification. A. Iconic B. Symbolic C. Functional D. Experiential
25. The _____ positioning concept is used to position products that provide sensory pleasure, variety, and/or cognitive stimulation. A. material B. functional C. experiential D. symbolic
26. Which of the following positioning concepts is most commonly utilized by luxury brands?
A. Functional positioning
B. Experiential positioning
C. Expedient positioning
D. Symbolic positioning
27. Bruckners and Co. is a fine writing instruments company that manufactures different products like pencils, pens, oil pastels, and other writing accessories. A recent study conducted by Bruckners on their product positioning revealed that most customers were only aware of Bruckners’ Artisan line of pencils, which were particularly marketed for sketch artists. Which of the following positioning errors is affecting the Artisan brand? A. Overpositioning B. Underpositioning C. Confused positioning D. Doubtful positioning
28. Lambasta is a burger joint that claims to specialize in lamb burgers. Over the past year, Lambasta has experimented in different products wherein they stopped making some of their flagship lamb burgers and replaced them with chicken burgers. The Lambasta website, which claims Lambasta to be “the only legitimate lamb burger joint in town,” increasingly provides special offers on their chicken burgers. Their core customer base and profits have steadily declined ever since. Which of the following types of positioning errors is affecting Lambasta?
C. Symbolic positioning
D. Confused positioning
29. Which of the following describes doubtful positioning? A. When frequent changes and contradictory messages confuse customers regarding the positioning of the brand B. When the claims made for the product or brand are not regarded as credible by the customer C. When customers have too narrow an understanding of the company, product, or brand D. When customers have only vague ideas about the company and its products and do not perceive anything distinctive about them
30. _____ occurs when customers have only vague ideas about the company and its products and do not perceive anything distinctive about them. A. Doubtful positioning B. Overpositioning C. Underpositioning D. Confused positioning
31. Briefly explain the four life cycle stages of the product-market environment.
32. Identify and discuss the three possible targeting strategies in growth markets.
33. Explain the consumer behavior of buyers in mature markets affecting brand management.
34. Elaborate on the scope of using positioning strategies.
35. Explain how test marketing can help assess positioning effectiveness.
1. Environmental diversity increases the capacity of an organization to respond quickly to customer needs and new product development.
2. Environmental diversity makes it difficult to link buyers and the goods and services that meet buyers’ needs and wants in the marketplace.
3. Competence in specialized technology can give smaller firms extensive bargaining power with larger firms.
4. Marketing intermediaries such as wholesalers and retailers are horizontal channels of distribution.
5. Horizontal relationships have often been established between competing firms to access global markets not served by the cooperating firms.
6. Opportunity costs should be considered when assessing and comparing costs in an alliance.
7. Value chain relationships provide access to consumer and organizational end-users.
8. Strategic account management primarily deals with customers who do not directly invest time or resources in their relationship with the firm.
9. Alliances are agreements between two or more firms to establish a separate entity.
10. A disengagement plan should consider detailed description of the rights of each partner to alliance assets and products on disengagement.
Multiple Choice Questions
11. _____ consists of “building a complex product or process from smaller subsystems that can be designed independently yet function together as a whole.”
12. _____ reduces the capacity of an organization to respond quickly to customer needs and new product development.
B. Organizational learning
C. Environmental diversity
D. Vertical integration
13. An organization that primarily competes through its relationships with other organizations to deliver value to end-users is referred to as a _____.
A. memory organization
B. knowledge organization
C. horizontal organization
D. hollow organization
14. Which of the following relationships is an example of an intermediate customer relationship of a firm?
A. Relationship to the distributors of the firm’s products B. Relationship to the consumers of the firm’s products C. Relationship to the suppliers of the firm D. Relationship to the employees of the firm
15. Which of the following is considered as an end-use customer of a firm?
16. Which of the following is an example of lateral relationships?
A. Relationship with suppliers
B. Relationship with customers
C. Relationship with competitors
D. Relationship with functional departments
17. Supplier relationships are similar to customer relationships in that they are both considered as _____ to the firm.
A. horizontal relationships
B. vertical relationships
C. internal relationships
D. lateral relationships
18. Moving products through various stages in the value-added process often involves linking suppliers, manufacturers, distributors, and consumer and business end-users of goods and services into _____ channels. A. lateral B. vertical C. horizontal D. parallel
19. Which of the following is true of strategic alliances?
A. It is a type of acquisition by one firm of another.
B. It does not involve joint purchasing of stocks of another company.
C. It is not a merger between two independent firms.
D. It does not involve the sharing of existing distribution channels between the firms.
20. A _____ between two organizations is an agreement to cooperate to achieve one or more common important objectives without forming a separate entity.
A. joint venture
D. strategic alliance
21. Collaborative relationships between companies that are competitors or in related industries are referred to as _____. A. outsources B. alliances C. joint ventures D. internal partnerships
22. _____ are agreements between two or more firms to establish a separate entity.
C. Strategic alliances
D. Joint ventures
23. Which of the following relationships would be considered an internal partnership?
A. Relationships between functional units and employees of a firm
B. Relationships between a firm and a competitor
C. Relationships between a firm and its supplier
D. Relationships between a firm and its customers
24. Strategic leadership of a partnership can be achieved by:
A. developing an interdependent leadership structure.
B. assigning the responsibility to one of the partners.
C. efficient outsourcing.
D. initiating independent value chain functions.
25. Companies may miss opportunities to reduce costs and generate additional income by:
A. assessing the venture’s strategic fit for continuing the alliance.
B. generating extensive restructuring options.
C. assigning accountability for making changes.
D. failing to launch a process.
26. Which of the following should be considered for a successful alliance disengagement plan?
A. Identifying and agreeing on the events that will trigger exit from the alliance
B. Design of the engagement process
C. Restructuring and cost-reduction
D. Developing new markets and building market position
27. Corporate alliances must demonstrate that their joint activities do not lead to price fixing or other forms of _____. A. boycotts B. market limitation C. benefits D. comfort letters
28. Industry alliances for any purpose must avoid _____, treat codes of conduct as voluntary while issues of breach of the code by suppliers must be addressed by individual companies. A. market manipulation B. benefits C. boycotts D. comfort letters
29. An alliance should demonstrate the low risk of anticompetitive harm and pro-competitive _____ and efficiencies to be gained. A. market manipulation B. boycotts C. benefits D. comfort letters
30. Alliances can seek official _____ from bodies like the US Justice Department stating the authority does not intent to challenge the activities of the alliance. A. patents B. copyrights C. laurels D. comfort letters
31. Mention the factors that create a need to establish cooperative strategic relationships between organizations.
32. Describe the different forms of organizational relationships.
33. What are the advantages and disadvantages of outsourcing firm activities?
34. What is the rationale for Strategic Account Management (SAM) and what are the risks of SAM?
35. What features should a successful disengagement plan for a strategic alliance contain?