MASY-1 GC 1230 Strategic Marketing Paper

MASY-1 GC 1230 Strategic Marketing Paper

MASY-1 GC 1230 Strategic Marketing Mini Quiz 3, Fall ’21

Student Name and Date: _______________________________________________________________________________________

Instructions : As with your previous assignments, this quiz consists of a combination of multiple choice and short answer questions. Type your name and the date above. Please remember for each multiple-choice question to do two things: (1) highlight (in color) the letter and response that you think best answers the question; and (2) type the letter of the response that you are selecting on the line provided for each question. For each short answer question, type your answers in the space provided.

Be sure to read the questions carefully, and to answer them completely. Good Luck!!

Multiple Choice Questions: 6 points each

1) A market segment is less attractive to a company when ________.

A) there are few aggressive competitors in the segment

B) it is difficult for new entrants to enter the segment

C) substitute products are unavailable in the segment

D) it contains powerful suppliers who can control prices

E) buyers in the market segment have weak bargaining powers

2) Breedworthy, a dog food company, divides the market according to the dog owners’ gender, occupation, income, and family life cycle. In this case, which of the following variables has the company used for market segmentation? __________

A) geographic

B) psychographic

C) demographic

D) benefit

E) occasion

3) Takashimaya, a luxury retailer, charges higher prices for its products than its competitors. Despite the high prices, the retailer is popular among customers for its quality and service in comparison to other retailers in the market. In this case, Takashimaya offers a(n) ________ value proposition.

A) more-for-the-same

B) more-for-more

C) more-for-less

D) all-or-nothing

E) same-for-less

4) The marketing manager of Jones Soda, a leading producer of soft drinks, is considering a differentiated marketing strategy. An important consideration is weighing increased sales against ________ before selecting this strategy.

A) increased costs

B) increased demand

C) decreased production

D) decreased prices

E) increased profits

5) GoDaddy, an international domain registration and web hosting company, is embarking on a niche marketing campaign post-pandemic to attract local restaurant accounts in the top 10 US markets. The success of their niche marketing strategy will most rely on their ________.

A) affordable pricing

B) product positioning

C) superior products

D) availability of services

E) knowledge of customer needs

6) Wanderer is a popular automobile brand, and its positioning statement is: “For adventure-seeking American families who require large vehicles, Wanderer is the automobile of choice.” Which of the following mandatory elements is missing from the positioning statement? __________

A) product category

B) target audience

C) brand name

D) point of difference

E) need

7) Delilah has been redecorating her new condo for a year. She is carefully selecting every item. Delilah finds a Moroccan rug that matches her color scheme and décor perfectly and purchases it immediately without engaging in comparison shopping. This is an example of a(n) ________.

A) shopping product

B) specialty product

C) convenience product

D) industrial product

E) capital product

8) L.L. Bean promotes its clothing by emphasizing the durability and quality of the fabrics it uses. The company has positioned its brand based on ________.

A) product attributes

B) product benefits

C) beliefs and values

D) market share

E) brand loyalty

9) To increase ridership in 2021-22, product planners for Lyft are considering offering additional consumer services and benefits in all markets. To do so, they must build a(n) ________ product around the core benefit and actual product.

A) specialty

B) convenience

C) augmented

D) shopping

E) industrial

10) Hearthland, a leading kitchen appliance manufacturer, markets gas stoves under the brand name “Chef’s Choice” and electric stoves under the brand name “EcoVate” in order to target the two different market segments. What branding strategy is most likely being used by Hearthland? _________

A) brand extensions

B) line extensions

C) multibrands

D) new brands

E) co-brands

11) A dental technician performing an annual cleaning for a patient illustrates how a service can be produced and consumed simultaneously. This is an example of which service characteristic? __________

A) tangibility

B) intangibility

C) inseparability

D) variability

E) perishability

12) Invicta, a high-end maker of designer watches, has started making inexpensive watches to take advantage of enormous growth rates in low-end market segments. Invicta is most likely engaging in ________.

A) franchising

B) line filling

C) two-way stretching

D) downward stretching

E) upward stretching

Short Answer Questions: maximum of 7 points each

13) (Maximum of 7 points) Define industrial products, and describe the various categories, with examples of each. Given the current US infrastructure recovery plan, https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/31/fact-sheet-the-american-jobs-plan/ which category would you expect to have the most growth over the next year, and why?

14) (Maximum of 7 points) Describe how marketers segment markets based on occasions, benefits sought, and user status. Using Storm King Art Center as your brand, https://stormking.org/about/ provide examples of each.

15) (Maximum of 7 points) Define a product line. For Moleskine Smart, https://www.moleskine.com/en-us/shop/moleskine-smart/ , what are the two ways in which they can extend their product line? Provide examples of each, and discuss the pros and cons of each approach.

16) (Maximum of 7 points) Brand differences are worth promoting if they satisfy certain criteria. Using the upcoming Impossible Chicken Nuggets launch as an example, identify and discuss the criteria. https://fortune.com/2021/07/16/impossible-foods-nuggets-plant-based-faux-chicken-wars/

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