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Exam 10: The Marketing Challenge

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Question 51

True/False

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Market penetration is a strategy of increasing market share for present products in existing markets.

A) True
B) False

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Question 52

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_____ is a strategy of increasing market share for present products in existing markets.

A) Market penetration
B) Product development
C) Market development
D) Diversification
E) Product penetration

F) A) and B)
G) A) and C)

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Question 53

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The length of time spent within each stage of the decision-making process is dependent upon all of the following,EXCEPT:

_____ is largely perceived as the communications link between an organization and its marketplace.

An example of a Company-driven marketing technique is Point of Purchase Displays.

The fact that Curves is designed to appeal to women of a certain age,education and income level,means that they are using geographic segmentation.

If you choose to do a telephone survey attempting to find out what people are looking for in terms of a product or service you sell,you are segmenting your market by demography.

Assessing market dynamics is part of the process of marketing.

Technical data consists of information that has already been researched by others and published in journals or books,or has been made available online.

Successful marketing researchers:

The length of time spent within each stage of the decision-making process is dependent upon why potential customers would purchase a particular product and/or service.

Due to several recent late spring freezes,orange growers in Florida have lost millions of dollars.As a result,some growers have decided to bulldoze their orange groves and put in freshwater lakes for raising shrimp,a product that has a strong popularity and is more weather-resistant.Former orange growers who are now raising shrimp are pursuing a market penetration strategy.

A key objective that marketing managers need to attain to effectively position brands,products and/or services is "understand the customers to be targeted".

Examples of Company-driven marketing technique follow,EXCEPT:

Brands,products,and/or services which are well positioned quickly come to the consumer's mind when making repeat purchases.

Market penetration is a strategy that attracts new customers to existing products.

This perceived difference in uniqueness is what truly differentiates a company's products and/or services from those of its competitors.

Market development focus managers on assessing opportunities which lie outside of the organization's current products and/or services,and represent the creation or development of new markets served by new products and/or services.

What are the two fundamental principles associated with customer behaviour?

What is the purpose of marketing in its simplest context?