MKT/421T Marketing The Latest Version A+ Study Guide **********************************************
MKT 421T Entire Course Link https://www.onlinehelp123.com/mkt-421 **********************************************
MKT 421T Wk 1 - Practice: 4 P's of Marketing 4 Ps of Marketing This activity is important because marketing managers use the controllable marketing mix factors known as the 4Ps to create value. The marketing mix factors which include product, price, promotion, and place (distribution) are the tools the marketing manager uses to develop a marketing program to reach consumers. The goal of this exercise is to demonstrate your understanding of the controllable marketing mix factors: product, price, promotion and place (distribution).
MKT 421T Wk 1 - Apply: Summative Assessment: Quiz Starbucks entered a partnership with Keurig Green Mountain to sell K-Cup single-serving coffee packs. Because Starbucks ________, it was prepared for this shift in its marketing environment. Multiple Choice • optimized its distribution by adding local outlets in grocery stores • noticed the change in the demographics of coffee and tea drinkers in general • added more in-store displays • shifted funds from product development to advertising • tracked, as part of its ongoing environmental scanning activities, the percentage of households with single cup brewers
The U.S. government has threatened to increase tariffs on European luxury automobiles because of a trade imbalance between the United States and the European Union. For American
automakers like GM and Ford, this action would reflect Multiple Choice • a reactive strategy that would harm the technological environmental force. • a proactive maneuver to manipulate the social environmental force. • a positive result from regulatory environmental forces. • a positive response to a technological environmental force. • a negative impact as a result of adverse competitive, regulatory, and technological environmental forces.
Using smartphones, one can watch the news, shoot videos, browse the Internet, take pictures, and listen to music. Improved features are added with each smartphone introduced by Apple, Samsung, Google, and others. As a result, customers often want to replace their smartphones with new models or brands every couple of years, even if their current phones still work. This increase in demand is due mostly to changes in ________, an environmental force. Multiple Choice • competition • social culture • technology • regulations • the economy
Which of the following would be identified as a social force in an environmental scan? Multiple Choice • a new consumer protection law • a delay in young couples marrying and having children • an introduction of advanced technology • a decrease in consumer incomes • a new international firm exporting to the United States
An important social trend is the continued concern for health and well-being in the United States. This is most likely evidenced by Multiple Choice • the increased sales of Cigar Aficionado magazine. • the introduction of Snickers Maple Almond Butter candy bar. • the opening of more Starbucks coffee boutiques in supermarkets. • the upsizing of menu items at fast-food restaurants. • the introduction of fitness trackers such as the Fitbit.
By 2030, the U.S. population is expected to exceed Multiple Choice
• • • • •
173 million. 224 million. 293 million. 355 million. 414 million.
The generation of children born between 1946 and 1964 is referred to as Multiple Choice • the gray generation. • millennials. • Generation Y. • baby boomers. • Generation X.
Generation X consumers are Multiple Choice • likely to rely on others. • authoritative decision makers. • very prone to extravagance. • generally supportive of racial and ethnic diversity. • poorly educated.
Members of Generation Y are likely to have the greatest amount of influence on which of the following product categories? Multiple Choice • luxury travel • health care and insurance • retirement plans • sports • automobile design
Members of Generation Z are most likely to influence which of these? Multiple Choice • furniture design • health care and insurance • retirement plans • e-textbooks • automobile design
MKT 421T Wk 2 - Practice: Market Research Process Video Case iSeeit! Video Case: Market Research Process Market research is a detailed process by which marketers can improve the decision-making process by using more formal, structured approaches and information. By asking the right questions of the right people, marketers can gain insights into customers' wants and needs and take the necessary actions to grow their business. This holds true for Martha at the Coffee Collective. She is already successful within her local market but she wants to continually improve her offerings by hosting an open mic night for local musicians, storytellers, and activities. She decides to have Gabby and Marco collect survey data as part of their marketing class assignment to see if her customers would want this new feature. While Gabby and Marco both use a formalized process to design, collect, and analyze information from potential customers, they find mixed results form their surveys. After looking at the results, Martha decides not to offer this new feature at the Coffee Collective and instead focuses on providing the products, service, and coffeedrinking experience that her customers have come to expect. Marketing research is the process of defining a marketing problem and opportunities, and systematically collecting and analyzing information in order to recommend actions. This five-step process includes (1) defining the marketing problem, (2) developing the research plan, (3) collecting relevant information, (4) developing findings, and (5) taking marketing action to increase the effectiveness of marketing activities.
MKT 421T Wk 2 - Apply: Summative Assessment: Carmex Case Carmex: Leveraging Facebook for Marketing Research
While Carmex has been marketing lip balm since 1937, only recently has Carmex begun to focus on competition and growth. Carmex has used social media tools to support many of its growth initiatives including product line extension, international growth, new product development,
and product line expansion. Facebook provides Carmex with the unique opportunity to research potential lip balm varieties in the United States by engaging with its target audience online.
This activity is important because marketing research helps marketing managers reduce risk and improves marketing decisions. Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. The goal of this activity is to demonstrate your understanding of the marketing research process at Carmex.
MKT 421T Wk 3 - Practice: Alternative Branding Strategies for Philip B Case Alternative Branding Strategies for Philip B
New distribution opportunities often require a new branding strategy. Selling a prestige product in a big-box retailer can offer the prospect of reaching a large number of new customers and the resulting financial gains. However, the best marketing decision isn't always trying to sell as much
as possible to as many people as possible. Big-box retailers demand lower price points for their customers and often can dilute brand equity and upset other channel members.
Companies can employ several different branding strategies, including multiproduct branding, multibranding, private branding, or mixed branding. With multiproduct branding, a company uses one name for all its products in a product class. This approach is sometimes called family branding or corporate branding when the company's trade name is used. Alternately, a company can engage in multibranding, which involves giving each product a distinct name. Multibranding is a useful strategy when each brand is intended for a different market segment. A company uses private branding, often called private labeling or reseller branding, when it manufactures products but sells them under the brand name of a wholesaler or retailer. A fourth branding strategy is mixed branding, where a firm markets products under its own name(s) and that of a reseller because the segment attracted to the reseller is different from its own market.
Read the case below and answer the questions that follow.
Philip B (www.philipb.com) positions itself as a high-quality, ultra-prestigious brand of hair and skin care products. The company currently sells its products very selectively through high-end salons and a group of expensive boutiques, spas, and specialty retailers. Prices range from $27 for an 8-ounce bottle of African Shea Butter shampoo to over $50 for an 8ounce bottle of its White Truffle ultra-rich hydrating shampoo with "23.2% pure plant extracts…with the purest extracts of nettle and thyme to provide aromatherapeutic bliss." The company also has lines of hair conditioners, bath and body cleansers, and hand and body moisturizers.
Philip B established himself as one of Hollywood's preeminent hair care experts, working with well-known actors and movie industry moguls. His niche was to provide hair care solutions to consumers with "fried, over-processed hair that won't respond to regular conditioning treatments." While many other shampoos had been using "botanical" ingredients for many years, Philip B saw a need and actually began making his own natural remedy product concoctions in his home using what he called proven botanicals in
concentrations high enough to produce visible results. The products he developed were extremely unique, and word-ofmouth spread quickly among Hollywood's elite and beyond. Editors of beauty magazines began writing about his products as the ultimate insider information. Forbes magazine declared Philip B shampoo as one of "the Top 100 things that are worth every penny." In 1991, Philip B developed a hair care product line and began selling nationwide and eventually internationally. By relying on word-of-mouth and articles in beauty magazines like Vogue, Glamour, and Elle, a cult brand was developed.
Suppose Target Stores took notice of the extremely unique Philip B shampoos and approached Philip B with the opportunity to sell the company's product in its big-box retail stores. Target is looking for a higher price-point, highly differentiated and unique product to add to its selection of shampoos.
Philip B Company would have a lot to consider with this opportunity. Target Stores would expose Philip B products to millions of consumers who have never even heard of the
brand. Sales and profits for the company could increase manyfold. One concern would be how to ramp up production to meet the expected demand. Another concern would be the likely demand by Target to lower the price points to be affordable to a wider range of consumers. If Philip B is going to enter big-box retailers, company executives might also discuss the option of eventually selling its products in Walmart, Kmart, Kohl's, JCPenney, Walgreens, and CVS Pharmacy. The biggest concern would be the impact of selling its product in Target Stores on the company's current customer perceptions of the product and the possible negative reaction from its current distribution network of high-end salons, boutiques, spas, and specialty retailers.
MKT 421T Wk 4 - Practice: Final Price and Profit Evaluations Case Analysis Final Price and Profit Equations
This exercise will help you identify and understand what goes into determining both the final price for a purchased product as well as the equation for the profit on a product.
Among all marketing and operations factors in a business firm, price has a unique role. It is the place where all other business decisions come together. The price must be "right"—in the sense that customers must be willing to pay it; it must generate enough sales dollars to pay for the cost of developing, producing, and marketing the product; and it must earn a profit for the company. Small changes in price can have big effects on both the number of units sold and company profit.
Read the case below and answer the questions that follow.
You are shopping for a new printer to take back to college with you. You decide on the PIXMA iP100 due to its superior photo print quality and are now looking for the best price. Different stores have different deals, plus the manufacturer was offering a $30 mail-in post-purchase rebate. You determined from the Canon website that the MSRP for the printer was $299, but one online store had it listed for $279. That price included free shipping, which you figured was at least a $20 savings. In addition, the seller included a USB cord necessary to connect the printer to your laptop, which
was priced at $25 on Canon's website. While the online store paid for shipping, there was a $5 fee to insure the printer during shipping. The online store did take trade-ins of old printers, but you didn't have any used printers to trade anyway. Finally, the online store offered a special holiday coupon on this printer that was good for an additional $10 off the price of the printer.
MKT 421T Wk 4 - Apply: Summative Assessment: Washburn Guitars: Pricing Decisions and Diversity Washburn Guitars
The modern Washburn Guitars Company started in 1977 when a small Chicago firm bought the century-old Washburn brand name and a small inventory of guitars, parts, and promotional supplies. At that time, annual company sales of about 2,500 guitars generated revenues of $300,000. Washburn's first catalog, appearing in 1978, told a frightening truth.
"Our designs are translated by Japan's most experienced craftsmen, assuring the consistent quality and craftsmanship
for which they are known. At that time, the American guitarmaking craft was at an all-time low. Guitars made by Japanese firms, such as Ibanez and Yamaha, were in use by an increasing number of professionals."
"We offer a guitar at every price point for every skill level," explains Kevin Lello, vice president of marketing at Washburn Guitars. Washburn is one of the most prestigious guitar manufacturers in the world, offering instruments that range from one-of-a-kind, custom-made acoustic and electric guitars and basses to less-expensive, mass-produced guitars.
Lello has responsibility for marketing Washburn's products and ensuring that the price of each product matches the company's objectives related to sales, profit, and market share. "We do pay attention to break-even points," adds Lello. "We need to know exactly how much a guitar costs us, and how much the overhead is for each guitar."
With that statement in mind, watch the video describing how Washburn prices its guitars and how it uses the pricing
variable as a strategic tool for positioning its various guitars in the market place.
MKT 421T Wk 5 - Practice: Fallon Worldwide: Creating a Competitive Advantage with Creativity Fallon Worldwide: Creating a Competitive Advantage with Creativity Fallon Worldwide is an award-winning global advertising agency whose clients include Ralston Purina, Timex, and Rolling Stone magazine. Pat Fallon and his partners challenged the status quo and turned a corporate culture of respect, transparency, optimism, honesty, fun, resilience, and generosity into a competitive advantage. From creative to strategy to operations, a focus on creativity has been infused into every aspect of the agency. This activity is important because the promotion decision process is useful when developing an advertising campaign. Like most advertising agencies, Fallon Worldwide goes through three steps in the development of its campaigns: planning, implementation, and evaluation. The goal of this activity is to demonstrate your understanding of how advertising campaigns are developed at Fallon Worldwide using the promotion decision process.
MKT 421T Wk 5 - Apply: Course Post Assessment If a marketing manager queries his marketing databases to determine the effect of three different levels of price for a new product, he is using Multiple Choice • action analysis. • an environmental scan. • a problem search. • situational analysis. • sensitivity analysis. . •
Prudential, a financial planning firm, offers retirement plans and wealth management advice. These products are most likely targeted toward which generational cohort? Multiple Choice • Generation Z • baby busters • Generation Y
• •
the greatest generation baby boomers.
•
Sherrie sold about $800 worth of produce last weekend at a farmer’s market, but it was sunny and warm both days. This Saturday and Sunday are both supposed to be rainy, so she thinks fewer people will attend. She estimates she’ll only sell about three-fourths of her total for last time, or $600. This is an example of Multiple Choice • a direct forecast. • a lost-horse forecast. • a buyers’ intentions forecast. • an indirect forecast. • an incremental forecast.
In the late 1950s and 1960s, television Westerns were extremely popular and included Gunsmoke, Bonanza, Wagon Train, and The Big Valley. When ratings declined as viewers’ tastes changed, production companies used _______ strategy and stopped producing all television Westerns when the networks stopped showing them. Multiple Choice • a diversification • an aggregation • a segmentation • a deletion • a harvesting
Using smartphones, one can watch the news, shoot videos, browse the Internet, take pictures, and listen to music. Improved features are added with each smartphone introduced by Apple, Samsung, Google, and others. As a result, customers often want to replace their smartphones with new models or brands every couple of years, even if their current phones still work. This increase in demand is due mostly to changes in ________, an environmental force. Multiple Choice • competition • social culture • technology • regulations • the economy
Robert was running low on cash when he went to buy his marketing textbook on the first day of class. Luckily, the bookstore accepted his VISA card, so the bookstore created __________ utility for Robert. Multiple Choice • form • time • price • possession • place
The owner of a small restaurant that sells takeout fried chicken and biscuits each month pays $2,500 in rent, $500 in utilities, $750 interest on his loan, insurance premium of $200, and $250 on advertising on local buses. A bucket of chicken is priced at $9.50. Unit variable costs for the bucket of chicken are $5.50. How many buckets of chicken does the restaurant need to sell to break even each month? Multiple Choice • 442 buckets • 764 buckets • 1,050 buckets • 3,150 buckets • 4,200 buckets
A collection of databases that store, organize, and manage data from internal and external sources is called a data Multiple Choice • vault. • depot. • collective. • warehouse. • carousel.
Which of these is an example of a product line? Multiple Choice • Listerine Total Care Anticavity mouthwash • Zephyrhills natural spring water in eight-ounce bottles • The Yellow Pages for Gainesville, Florida • Alex and Ani bracelets • Samsung Galaxy S10 smartphone
When Apple introduced the Apple II personal computer in 1977, industry analysts predicted that very few would be sold. However, when the product was made available, consumers who were young, highly educated, adventuresome, and well-informed began buying them. While those buyers were relatively few in number, marketers such as IBM and Compaq were encouraged because other, less adventuresome consumers, like businesspeople, would likely adopt personal computers later. Based on the diffusion of innovation concept, those first buyers of personal computers were Multiple Choice • early adopters. • early majority. • innovators. • product leaders. • diffusion leaders.
The American Cancer Society reports that 57,000 Americans die from colon cancer each year, a number that would drop significantly if people over 50 were checked regularly. But being tested for colon cancer is not a pleasant experience and most people fear the possibility of bad news. The ACS sponsored several ads using “Polyp Man” dressed in a big red suit to encourage people to get tested. This is most likely an example of a ________ appeal. Multiple Choice • humorous • cognitive • rhetorical • fear • sex
Custom Foot operates six retail locations. At first glance, none looks different from a typical boot store. But here the only boots on hand are display models. There is no inventory for sale and customers go home empty-handed, awaiting their orders. Customers browse the store, choosing style, color, and leather type, with about 100 displays to provide style guidelines. Custom Foot guarantees your boots will be ready within three weeks. This is an example of Multiple Choice • mass customization. • specialty customization. • virtual merchandising. • one product and multiple market segments. • multiple products and multiple market segments.
It is common now for laptops and tablets to utilize multitouch functions, such as “pinch to zoom,” either on the screen interface or with the tracking mouse. When the multitouch interface was first introduced, it was an example of which type of innovation?
Multiple Choice • continuous innovation • discontinuous innovation • disruptive innovation • dynamically continuous innovation • evolutionary innovation
Which of these products or services must typically be provided by traditional and not by digital marketing channels? Multiple Choice • car rental reservations • software • orthopedic surgery • music • education
Which type of distribution density does Piaget use when the maker of fine jewelry and watches distributes its products through a single retailer in select cities in the United States? Multiple Choice • intensive distribution • extensive distribution • selective distribution • exclusive distribution • private label distribution
At a Hallmark store you can find several lines of greeting cards, including Fresh Ink, Nature’s Sketchbook, Shoebox, Maxine, Mahogany, and Tree of Life cards—all made by Hallmark for sale in its stores and intended to appeal to different target markets. The Mahogany line is designed to appeal to African Americans. This is an example of ________ segmentation. Multiple Choice • regional • lifestyle • demographic • geographic • psychographic
A test market for a new Kellogg’s cereal is an example of Multiple Choice • hypothesis generation. • an experiment.
• • •
secondary data. virtual modeling. probability sampling.
Heavy-duty Rayovac flashlights are sold to consumers throughout the United States. Philips manufactures the bulbs used in Rayovac flashlights. The quantity of bulbs Philips makes is related to how many flashlights Rayovac sells. This is an example of Multiple Choice • a tying arrangement. • reciprocity. • strategic alliance demand. • relationship marketing. • derived demand.
If a bank is known for delivering customer value through its focus on taking great care of customers, it is most likely focusing on providing its customers with the best Multiple Choice • assortment. • products. • price. • customer service. • availability.
Mrs. Renfro’s, Inc., sells 25 different relishes in 45 states. Mrs. Renfro’s chipotle corn salsa is so popular that the company cannot make enough to keep its resellers stocked. Its price of $4.50 for a jar seems just right to consumers who savor its hot and spicy taste. The popularity of hot and spicy food is an example of a ________ that Mrs. Renfro’s has taken advantage of to make its product a success. Multiple Choice • barter factor • demand factor • supply factor • consumer index • macroeconomic environmental factor
According to the text, Starbucks provides its customers with the best Multiple Choice • branding. • products. • price.
• •
customer service. availability.
An ad for Campbell’s soup reads, “We haven’t changed that great taste your family’s always loved.” This is an example of ________ advertising. Multiple Choice • advocacy • comparative • pioneering • informative • reinforcement. •
When a company uses advertising on Instagram, is this tactic is part of the ________ element of the marketing mix. Multiple Choice • product • price • promotion • place • process
TransWave International is a small company that has developed a system that uses the Internet and patented electronic sensors as an early-warning device for pipeline leaks. With recent growth in the natural gas industry, the timing is right for this company’s success, but it must use ________ advertising so oil companies will know of its product’s existence. Multiple Choice • reminder • competitive • pioneering • institutional • objective
You greatly admire a set of Waterford crystal serving bowls you see at a dinner party and decide to buy two despite their cost of $250 each. They are only available in your area in a Waterford shop 40 miles from campus. Into which classification of consumer products would the Waterford crystal serving bowls fall? Multiple Choice • convenience products • shopping products
• • •
unsought products specialty products discretionary products