Group Project Marketing Plan QUESTIONS
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Transcript of Group Project Marketing Plan QUESTIONS
Question 1
Where would you place the balanced score activity in the marketing planning process?
planning
implementation
control
strategizing
all of these answers are correct
none of these answers are correct
Question 2
What stage of the product life cycle do you begin the simulation?
Introduction
Growth
Maturity
Decline
None are correct
Question 3
The first quarter you design an ad is
First
Second
Third
Fourth
Fifth
Question 4
If you can generate large sales volumes, production costs per unit will usually drop dramatically. Lower costs for the goods sold will allow you to lower your prices and/or increase your profits. Which pricing method would work with this strategic approach?
High low pricing
Market skimming
Penetration pricing
Rebating
None are correct
Question 5
Notice in the marketing simulation with regard to cost of production, as the number produced (sold) increases the cost per unit decreases at an increasing rate. What is not a factor?
economies of scale
experience/learning curve
volume discounts
selective distribution
Sales
Question 6
Selecting the number of sales personnel for training falls under what marketing strategy decision?
Price
Product
Place
Promotion
None are correct
Question 7
Determining whether you use a rebate falls under what marketing strategy decision?
Price
Product
Place
Promotion
Price and promotion
Question 8
Selecting the type of keyboard falls under what marketing strategy decision?
Price
Product
Place
Promotion
None are correct
Question 9
Everyone wants more for less. A lower price for the same goods is a powerful magnet for customers. What is the concern?
It is counter to market penetration strategy
Company value
Support niche marketing
Is not valuable to all consumers
All are correct
All are incorrect
Question 10
Selecting the cities falls under what marketing strategy decision?
Price
Product
Place
Promotion
None are correct
1 points
Question 11
1.
Selecting the number of sales personnel for training and therefore available for services falls under what marketing strategy decision?
Answer
Price
Product
Place
None are correct
1 points
Question 12
1.
After performing an STP analysis, marketers implement ____________ for each target market.
Answer
pricing strategies
promotion strategies
place strategies
product strategies
all of these
1 points
Question 13
1.
In the process of making each of the six quarterly decisions, we would develop and/or review what?
Specific plans for each of the four Ps.
Marketing objectives.
Opportunities for the firm.
Perceived weaknesses of the firm.
All of these.
1 points
Question 14
1.
Where would you place performing a SWOT in the marketing planning process?
Answer
planning
implementation
control
strategizing
all of these answers are correct
none of these answers are correct
1 points
Question 15
1.
When your desired consumer compares features such as costs and benefits of your laptop, it represents which marketing concept?
Answer
positioning
segmentation
targeting
value proposition
none of these answers are correct
1 points
Question 16
1.
One of the challenges of the marketing simulation is even after you have created a successful marketing strategy for one quarter, the next quarter it could be a failure. Which marketing concepts are possibly affected?
Answer
Point of parity
Sustainable competitive advantage
Point of difference
Marketing strategy
all of these answers are correct
none of these answers are correct
1 points
Question 17
1.
In a SWOT analysis, a poor brand judgment represents what?
Answer
Strength
Weakness
Threat
Opportunity
None are correct
All are correct
1 points
Question 18
1.
In a SWOT analysis, an increase in consumer demand for computers represents?
Answer
Strength
Weakness
Threat
Opportunity
None are correct
All are correct
1 points
Question 19
1.
When reviewing the performance of a quarter which factors are likely to be considered?
Answer
Sales
Gross margin
Number of consumers
Coupon redemption
All are correct
None are correct
1 points
Question 20
1.
When choosing the advertising design, the most effective and efficient design depends on?
Answer
The customers
The value created
The message
Cost of ad development and placement
All are correct
None are correct
1 points
Question 21
1.
If you are trying to sell to Mercedes, which would be the best feature to not include?
Answer
Low price
Easy to use
Can link with other computers
After-sale service and support
Fast and powerful
Portability
Fun to use
Easy on eyes
Able to store a lot of data
Can work on multiple complex tasks
1 points
Question 22
1.
If you are trying to sell to Mercedes, which would be the best feature to include?
Answer
Low price
Easy to use
Can link with other computers
After-sale service and support
Fast and powerful
Portability
Fun to use
Easy on eyes
Able to store a lot of data
Can work on multiple complex tasks
1 points
Question 23
1.
Using the marketing simulation research and the marketing simulation's instructions on how to evaluate said research, select the two segments which would be the best option if you were attempting to design to a low to moderately price computer that could potentially be attractive/valuable to two of the segments?
Answer
Mercedes and traveler
Workhorse and traveler
Mercedes and Workhorse
all of these answers are correct
none of these answers are correct
1 points
Question 24
1.
In the previous question you selected the best two segments to attempt to market with one computer. Which product feature represents the greatest threat?
Answer
Service
Portability
Engineering software
Manufacturing software
Office
All are threats
None are threats
1 points
Question 25
1.
If you were attempting to design a product to satisfy both the workhorse and the traveler segments, how could I best save money on removing applications?
Answer
Office
Presentation
Database
Bookkeeping
Engineering
Manufacturing
Games
1 points
Question 26
1.
If you were attempting to design a product to satisfy both the workhorse and the traveler segments, which is the best application to include?
Answer
Office
Presentation
Database
Bookkeepting
Engineering
Manufacturing
Games
1 points
Question 27
1.
Which is the third step in the strategic marketing planning process?
Answer
Define the business mission
Identify and evaluate opportunities
Implement marketing mix and allocate resources
Situation analysis
None are correct
1 points
Question 28
1.
What is considered the benchmark for a good brand judgment?
Answer
50
70
80
90
100
1 points
Question 29
1.
What is considered the minimum acceptable benchmark for brand judgment?
Answer
50
70
80
90
100
None are correct
1 points
Question 30
1.
Which step is not really performed by the groups in the marketing simulation?
Answer
Define the business mission
Identify and evaluate opportunities
Implement marketing mix and allocate resources
Situation analysis
None are correct
1 points
Question 31
1.
What is considered the minimum benchmark for price judgment?
Answer
50
70
80
90
100
None are correct
1 points
Question 32
1.
Which price judgment would you prefer?
Answer
75
80
95
100
105
1 points
Question 33
1.
What is considered the minimum benchmark for a good ad judgment?
Answer
50
70
80
90
100
None are correct
1 points
Question 34
1.
With regard to brand judgment, what number of points results in a potential the crossover of the consumer to the higher rated brand?
Answer
1 point
3 points
5 points
8 points
10 points
1 points
Question 35
1.
What is considered the minimum benchmark for a good market share?
Answer
50
70
75
80
90
100
None are correct
1 points
Question 36
1.
What is considered the benchmark for a good marketing efficiency score?
Answer
50
70
75
80
90
100
None are correct
1 points
Question 37
1.
Use the information below to answer the question, which has a "good" efficiency score?
Answer
Team 01
Team 02
Team 03
Team 04
Team 05
None are correct
1 points
Question 38
1.
Use the information below to answer the question. Which is the best overall team?Advanced Balanced Scorecard:
TEAM1 TEAM 2 TEAM 3 TEAM 4 TEAM 5
Total Performance 17.216 74.98 31.269 66.02 50.47
FinancialPerformance .397 29.44 1.308 40.322 14.741 Market Performance 8 119 26 83 64
Market 43.25 76.5 66.5 74.75 72Effectiveness
Answer
Team01
Team02
Team03
Team04
Team05
1 points
Question 39
1.
Given the information below which strategy, what is the balanced scorecard score?Gross Profit =$ 100,000.00 Total Expenses = $ 200,000.00 Other Income =$ 10,000.00 Other Expenses = $ 10,000.00 Market Share (1st seg)=15.00 Market Share (2nd seg)=25.00
Highest Brand Judgement (1st seg) =50Highest Brand Judgement (2nd seg) =75Highest Ad Judgement (1st seg) =50Highest Ad Judgement (2nd seg) =55
Answer
15
-15
27.5
-27.5
51
-51
1 points
Question 40
1.
Increase advertising expenseGiven the information below which strategy does not seem to be a good one?Gross Profit =$ 100,000.00 Total Expenses = $ 200,000.00 Other Income =$ 10,000.00 Other Expenses = $ 10,000.00 Market Share (1st seg)=15.00 Market Share (2nd seg)=25.00 Highest Brand Judgement (1st seg) =50Highest Brand Judgement (2nd seg) =75Highest Ad Judgement (1st seg) =50Highest Ad Judgement (2nd seg) =55
Answer
Switch second segment to first
Cut expenses
Keep first segment
Redesign ads
Increase advertising expense
1 points
Question 41
1.
The customer union warning refers to what issue?
Answer
Bad price
Deceptive advertising
Brand does not meet target markets standards
Inadequate sales support
Insufficient advertising
1 points
Question 42
1.
In quarter six your group decided to upgrade to the ultrafast processor and include the office upgrade, what ___________ strategy are you pursuing?
Answer
Market development
Market penetration
Operational excellence
Customer excellence
Product development
1 points
Question 43
1.
In a hypothetical quarter 7, you have the ability to install a customer retention program. Such programs are based on what concept?
Answer
Customer excellence is the easiest macro strategy to follow.
Customer relationships should be viewed from a lifetime value perspective.
Importance of maximizing profits the first few months of a customer relationship
Segmentation, targeting and positioning analysis should not be rushed.
Firms must spend large amounts of money to retain customers.
1 points
Question 44
1.
When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies, it can be difficult to:
Answer
generate cost-based performance ratios.
evaluate performance and make adjustments.
increase product excellence without reducing customer excellence.
develop segmentation strategies.
choose a business mission.
1 points
Question 45
1.
When increasing the number of sales offices firm is focusing on __________ value creation.
Answer
product
price
promotion
place
financial
1 points
Question 46
1.
You had other firms that competed with you, if two of the firms in quarter 5 dominate with large volumes, promote heavily, and significantly larger sales staffs in two of the cities, what is true about these firms?
Answer
identical marketing mixes.
Excellent price judgments
a sustainable competitive advantage.
achieved product excellence.
violated laws governing competition.
1 points
Question 47
1.
When your group engaged in the following activities such as; have analyzed the current business situation, and then identified target markets for his firm's personal care products. Finally, your group develops the products, prices, distribution and promotion that should appeal to each of those target markets. In doing so, In the process you believe you have created a value difference the other competitors don't possess, your team has been developing:
Answer
a business mission statement
a strategic vision
team-building exercises
a marketing strategy
competitive assessments
1 points
Question 48
1.
Once after you established one higher priced desktop computer that is well received by Mercedes, in later quarters you add a laptop to the same location that seems to be selling to travellers, a segment you have not had luck selling to previously, it would be pursuing a ______ growth strategy.
Answer
product development
market development
market penetration
diversification
product proliferation
Question 49
In the hypothetical quarter 7 there was an option where your team could have a website. One of the options you could purchase was a "Share it!" button on the website. This button encourages a customer to post a link to a product page (perhaps showing a new style of jeans) on Facebook or Twitter. Your team's goal would be that the customer's friends (who are probably very much like current customers) will click the link, visit the page, and make purchases. This is an example of a ______ growth strategy.
product proliferation
market development
market penetration
Diversification
product development
Question 50
An advertising option in the marketing simulation was that you could include a picture of an engineer and also include ad copy communicating that your computer came with engineering software. This ad campaign is part of your:
Answer
mission statement.
market segmentation plan.
product strategy.
customer excellence strategy.
positioning strategy.