MKT/421T MARKETING The Latest Version A+ Study Guide
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MKT 421 Entire Course Link https://www.onlinehelp123.com/MKT-421 ********************************************** MKT 421T Wk. 1 - Practice: 4 P's of Marketing
MKT 421T Wk 1 - Apply: Signature Assignment: Quiz The generation of children born between 1946 and 1964 is referred to as Multiple Choice • the grey generation. • millennials. • Generation Y. • baby boomers. • Generation X.
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, LG, and others. As a result, customers often want to replace their existing smartphones with new models or brands every two years when their contracts expire. This increase in demand is due mostly to changes in __________, an environmental force. Multiple Choice
• competition • social culture • technology • regulations • the economy
A growing trend to "Buy American" may encourage U.S. automakers to increase political pressure on Washington to pass legislation for more restrictive quotas on Japanese car imports. In addition, a decline in the value of the U.S. dollar would be instrumental in Toyota's decision to build a manufacturing plant in the United States instead of continuing to export cars from Japan. If Toyota builds the plant, its decision would reflect Multiple Choice • a reactive strategy that would impact the competitive environmental force. a proactive maneuver to manipulate and impact the social environmental force. • a positive result from regulatory and economic environmental forces. • a positive response to a technological environmental force. • a negative impact as a result of adverse competitive, regulatory, and technological environmental forces.
Members of Generation Z are most likely to influence Multiple Choice • furniture design. • health care and insurance. • retirement plans. • e-textbooks. •
automobile design.
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 Lay's Kettle Cooked potato chips, which have 40 percent less fat than regular potato chips. • the opening of more Starbucks coffee boutiques in supermarkets. • the upsizing of menu items at fast-food restaurants. • the introduction of tablet devices such as the iPad.
Which of the following would be identified as a social force in an environmental scan? Multiple Choice • a new consumer protection law • an increase in Asian immigration • an advanced technology is perfected • a decrease in consumer incomes • a new international firm exporting to the United States
Generation Y is sometimes referred to as Multiple Choice • echo-boomers. •
baby boomers. • baby busters. • the revolution generation. • Generation 25.
The generational cohort described as self-reliant, supportive of racial and ethnic diversity, better educated than previous generations, but having less net worth is Multiple Choice • Generation Z. • Generation Y. • millennials. • Generation X. • baby boomers.
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
By 2030, the U.S. population is expected to exceed Multiple Choice • 273 million. • 314 million. • 323 million. • 359 million. • 414 million.
MKT 421T Wk. 2 - Practice: Market Research Process Video Case
MKT 421T Wk 2 Team – Apply: Learning Team Roles In this course, your learning team will work together on a marketing project. In addition to this assignment, you will have an assignment due in Week 3 based around a scenario. This first assignment—Learning Team Roles—is designed to help you apply your project management skills in order to understand the scope of your team project in Week 3. Use the Learning Team Roles spreadsheet to review and assign project roles to all members of your learning team. Look ahead to the Wk 3 Team – Marketing Worksheet assignment to discuss the project and determine which role(s) will best suit you. Submit the team assignment.
MKT 421T Wk 2 - Apply: Signature Assignment: Carmex Case 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. Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. Marketing researchers collect information to help marketing managers reduce risk and improve their marketing decisions. There are five steps in the marketing research approach: (1) defining the problem, (2) developing the
research plan, (3) collecting relevant information, (4) developing findings, (5) and taking marketing actions.
Click the ► button to watch the video. Then, answer the questions that follow.
Play Video
Carmex's first efforts in marketing research had the research objective of figuring out who it was as a company and what the Carmex name means. In the first stage of the marketing research approach, ________, the research objective is set. Multiple Choice • defining the problem • developing findings • taking marketing actions • developing the research plan • collecting relevant information
Carmex uses key Facebook metrics such as "likes" and "engagement" to keep up with the size and activity of Carmex's Facebook audience. In what stage of the marketing research approach would the Carmex manager determine the number of current Facebook likes and level of engagement activity? rev: 03_15_2019_QC_CS-162978 Multiple Choice • Take marketing actions. • Define the problem. • Set research objectives. • Develop the research plan. • Collect relevant information.
If Carmex sent an email survey to each e-mail address registered through its Facebook page to determine what the demographic profile of its average Facebook fan looked like, this would be an example of ________ data gathering. Multiple Choice • biased • tertiary • secondary • unreliable • primary
In addition to Facebook research, Carmex uses retailer checkout scanner data to determine which formulations of Carmex are most popular. This type of primary data gathered through the frontend checkout data is classified as ________ data. Multiple Choice • personal interview • survey • observational • focus group • click-through
Assume Carmex used both the poll and the contest on Facebook in an attempt to increase "engagement" and "likes" on the Carmex page. If "likes" did not increase but "engagement" increased by 10 percent, one would conclude that the contest was ________ successful at driving results than the poll. Multiple Choice • fractionally • more
• less • far more • equally
MKT 421T Wk. 3 - Practice: Alternative Branding Strategies for Philip B Case
MKT 421T Wk. 3 - Apply: Product Development Simulation
MKT 421T Wk 3 Team – Apply: Marketing Worksheet Your team is looking for a way to earn some revenue as either a for-profit or not-for-profit organization. This organization can market locally, nationally, or internationally. Your team will decide what product to sell. To make the endeavor work, you will have to define a marketable form for your product and decide on a target market. Your marketing team's mission is to prove through research, strategy development, and reasoning why this product is viable and will meet the company's goals. For this assignment, you will be reporting the target market, the product's definition to the target market, the viable pricing strategy, and the brand's position in the competitive environment. Complete the Marketing Worksheet. Submit the team assignment.
Marketing Lemonade Worksheet
Scenario Your team is looking for a way to make some revenue as either a for-profit or not-for-profit
organization. This organization can market locally, nationally, or internationally, and can be a privately-owned company or a franchised organization. The product that you have decided to sell is lemonade. To make the endeavor work, you will have to define a marketable form of the drink and decide on a target market. Your marketing team's mission is to prove through research, strategy development, and reasoning why this form of this product is viable and will meet the company's goals. In the first half of this project, your team will complete this worksheet to report on the following: Target market Product’s definition to the target market Viable pricing strategy Brand's position in the competitive environment
Complete the Following 1. Select a company name and determine the real business world industry of operation. Company Name
Industry of Operation
2. Describe the new and unique form of lemonade that will be launched by your company in no more than 90 words.
3. Complete the chart describing your organization in no more than 90 words.
Industry of Operation
Mission and Values
How Is Your Organization Different from Other Organizations?
4. Identify the composition of the target market and segmentation criteria in no more than 90 words each.
Composition of Target Market
Segmentation Criteria Used in Identification
5. Describe how you will define the lemonade to your target market (including information on packaging, labeling, etc.) in no more than 90 words. Determine how this adds value and differentiates the brand and product from the competition while encouraging the target market to buy. Definition to Target Market
Differentiation
6. Compare your company with industry competitors in no more than 90 words for each competitor. Top Business Industry Competitors
Your Company’s Positioning
7. Define the pricing strategy that you will use for the introduction of the product in no more than 90 words.
8. Discuss the maturity life cycle stages of your product in no more than 90 words for each stage. Stage of Maturity Life Cycle
Discussion
9. Describe how you will use suppliers, agents, or distributors to create your distribution channel in no more than 90 words.
MKT 421T Wk 4 - Practice: Final Price and Profit Evaluations Case Analysis
MKT 421T Wk 4 - Apply: Signature Assignment: Washburn Guitars: Pricing Decisions 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 guitar-making 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.
Click the ► button to watch the video. Then, answer the questions that follow. Play Video If Washburn Guitars were to lower the price of the Maya Pro DD75 to $2,499 from $2,699, sales of the guitar would increase 30 percent. This illustrates Multiple Choice • a product with inelastic demand. • an increase in the unit variable cost. • a shift in the demand curve. • a product with elastic demand.
Washburn Guitars makes signature series guitars to enhance the credibility of the Washburn brand. Creating signature series guitars would have a positive effect on all of the following except Multiple Choice • brand awareness. • demand. • unit variable cost. • brand loyalty.
If the mass-produced guitar sells 100,000 units annually at $175 per guitar, what is the total revenue? Multiple Choice •
$17,500,000 • $175,000 • $1,750,000 • $6,175,000
Washburn has four distinct price points for its guitar lines—entry, intermediate, professional, and collectors—based on the fact that each line has very different production costs, market demand, and sales level. Thus, Washburn has implemented a ________ pricing objective. Multiple Choice • survival • market share • social responsibility • unit volume
Washburn’s fixed costs for producing mass-produced guitars are $500,000. Its variable costs are $150 per guitar. If it prices these guitars at $250, what is the break-even quantity for this line? Multiple Choice • 1,500 guitars • 1,000 guitars • 5,000 guitars • 2,500 guitars
With the typical downward-sloping demand curve like the one shown for Washburn, as price per unit falls, demand Multiple Choice • increases.
• decreases. • is minimized. • remains unchanged.
If employees of Washburn guitars want to travel to Asia to meet with guitar craftspeople, what is the best choice of who to send if diversity is considered a primary factor in the visit? Multiple Choice • A team of the most senior executives in the company • A team comprised of a diverse group of gender and race • A team comprised of a diverse group of gender, race, sexual orientation, economic backgrounds, educational attaintment and generational differences. • It should be a random selection
MKT 421T Wk 5 - Practice: Google an Integrated Marketing Company Video Case
MKT 421T Wk 5 - Apply: Integrated Marketing Communication Simulation
MKT 421T Wk 5 Team – Apply: Marketing Lemonade Presentation Using the same organization and product (lemonade drink) from the Wk 4 assignment, you will be presenting the following analysis to the bank to gain financial support for your endeavor. The bank will be using these analyses to make their final decision on how, and if, to launch your company's new and unique lemonade. Through your research, you have found that the bank in which you will be presenting this proposal to is favorable to socially conscious companies that support local charitable endeavors.
Create a 20- to 24-slide presentation, including detailed speaker notes, addressing the following: Select four of the following marketing methods and explain how they should be used by your company to align best with your target segment and product definition: Advertising Public relations Traditional digital marketing New digital marketing techniques (Be sure to describe the new method in addition to how it will be used.) Direct marketing Event marketing Outdoor advertising Select two of the following forms of sales promotion to promote your product and explain the reasoning for each of the choices: Coupons Deals Premiums Contests Sweepstakes Contests Samples Loyalty programs Point-of-purchase displays Rebates Discuss ways that you can demonstrate to the bank that this company is a socially conscious organization and will be involved with local social endeavors. Discuss ways that your company could expand into the global market. Examine promotional methods that could be used to market your lemonade globally. Examine any ethical or moral issues you may encounter in developing and utilizing the various forms of sales promotion. Include appropriate visuals and images in your presentation. Cite any references according to APA guidelines. Submit the team assignment.
MKT 421T Wk 5 - Apply: Course Post Assessment The Lemon Tree is a high-fashion boutique selling top-of-the-line women's clothing and accessories. The keys to its success include knowing customers' changing tastes and providing something different than other retailers. In addition, because of the high value of the merchandise,
The Lemon Tree's management is investing in the use of computerized inventory controls and sales order processing. The least important environmental force to The Lemon Tree at this time is likely to be Multiple Choice • economic. • competitive. • technological. • social. • regulatory.
Lands' End will custom-fit a Marinac jacket and make it with additional features such as thumb loops, underarm ventilation slits, and a key clip when you order from LandsEnd.com. This is an example of Multiple Choice • family branding. • mass customization. • "Tiffany/Walmart" marketing. • market melding. • specialty customization. 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 The Vermont Teddy Bear Co. sells handmade teddy bears designed to be given as gifts for almost every occasion imaginable. The Love Bandit Bear is designed for people to give on Valentine's Day. The unique identification number that the Vermont Teddy Bear Co. uses to distinguish this teddy bear from the others in order to track it in the warehouse is called a(n) Multiple Choice • inventory ID code. • QR code. • NAICS stock code. • order quantity code. • stock keeping unit. Kraft Foods distributes Starbucks coffee in U.S. supermarkets and internationally. These firms are most likely using __________ strategy. Multiple Choice • multichannel distribution • a direct marketing channel • a cooperative distribution channel • a strategic channel alliance • a dual distribution agreement An ad for Citrucel fiber supplement claimed that in a blind taste test, consumers preferred the taste of Citrucel to Metamucil 2 to 1. This ad is an example of __________ advertising. Multiple Choice • reinforcement • comparative • persuasive •
informative • reminder 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 Oil prices have an impact on transportation costs for many types of products. Should oil prices change, the price consumers pay for products is often adjusted accordingly. Changing oil prices would be an example of a(n) __________ force. Multiple Choice • social • economic • technological • competitive • regulatory Which of the following groups would be the least likely target market for a company producing canned food in single-serving sizes? Multiple Choice • single adults • school kitchens •
campers • senior citizens • vending machine owners 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 Many consumers are committed to brands with a strong link to social action. An example of this would be Multiple Choice • McDonald's "I'm Lovin' It" campaign. • Colgate’s "Every Drop Counts" campaign. • Diesel's "Be Stupid" campaign. • Liz Claiborne's "Claiborne for Men" campaign. • Samsung's "The Jitterbug" campaign. Cessna is considered the volume leader in the executive jet market. It has been described as "almost totally vertically integrated." This quote means that Cessna Multiple Choice • does not fall under the jurisdiction of any federal regulatory agency. • owns several of the entities that would make up the traditional marketing channel. •
has eliminated economies of scale. • has achieved a high level of social responsibility. • uses outsourcing for all component parts and materials. An ad for Mercedes-Benz cars showed a heart-shaped box of chocolates with one of the chocolates topped with the well-recognized Mercedes logo. There was no mention of the company name nor any sign of a product in the ad. This ad was an example of __________ advertising. Multiple Choice • competitive institutional • competitive product • advocacy • pioneering product • reminder institutional Among business products, copiers would be best considered which type of support product? Multiple Choice • installations • accessory equipment • supplies • industrial services • raw materials When Coca-Cola promoted Coke as a morning beverage for those consumers who don't drink coffee, it used a __________ strategy. Multiple Choice • product modification • brand modification • market-product extension •
diversification • market modification Forever Quilting makes quilting kits priced at $120. The costs of the materials that go into each kit total $45. It costs $5 in labor to assemble a kit. The company has monthly expenses of $1,000 for rent and insurance, $200 for heat and electricity, $500 for advertising, and $4,500 for the monthly salary of its owner. Forever Quilting's unit variable cost for its kits is Multiple Choice • $5. • $45. • $50. • $120. • $170. The element of the marketing mix demonstrated when an art gallery suggests a $2 donation at the door is Multiple Choice • philanthropy. • place. • product. • promotion. • price. Philips Sonicare recently introduced the DiamondClean rechargeable toothbrush. A key innovation is its Quadpacer interval timer that goes off after 30 seconds to prompt the user to move on to the next quadrant of the mouth, resulting in better cleaning and improved gum health. This is an example of which type of innovation? Multiple Choice • disruptive innovation • continuous innovation •
discontinuous innovation • dynamically continuous innovation • evolutionary innovation Procter & Gamble (P&G) decided to skip a generation of consumers when it began to market Old Spice deodorant. The target market consists of men aged 18 to 34 years old (Generation Y) who don't remember the Old Spice brand sold to their grandfathers (pre baby boomer) many years ago. P&G is using which type of segmentation variable? Multiple Choice • behavioral • demographic • lifestyle • geographic • psychographic Olay, a personal care product firm, offers anti-aging and restoration products like its Total Effects cleansing cloths that are best targeted toward Multiple Choice • echo-boomers. • Generation Z. • Generation Y. • baby boomers. • baby busters. Newman's Own is a company that gives all of its profits to charities. The company produces popcorn, salsa, pasta sauces, and salad dressings under the Newman's Own brand name. These product lines comprise the company's Multiple Choice • product mix. • stock keeping units.
• product category. • product class. • marketing category. Which of the following is an example of a multiple products, multiple market segments strategy? Multiple Choice • College Football magazine selects different covers for essentially the same written content in order to appeal to different geographic markets in the United States. • A new movie used several different movie trailers. One set of previews showed the action scenes in order to attract one audience and the other set showed romantic scenes to attract another audience. • Ford manufactures SUVs for those who wish to carry lots of people and pickup trucks for those who wish to carry lots of cargo. • Arm and Hammer Baking Soda can be used for baking and to remove odors from refrigerators and cat litter boxes. • Johnson's Baby Oil is advertised as a skin softener for babies and as a makeup remover for women. Many large consulting firms are beginning to sponsor "women-only" networking events. The purpose of these events is to offer an opportunity for women in management to network with other businesswomen, either as clients, mentors, or protégés. This is an example of which environmental force? Multiple Choice • social • economic • technological • competitive • regulatory 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 Lay's Kettle Cooked potato chips, which have 40 percent less fat than regular potato chips. • the opening of more Starbucks coffee boutiques in supermarkets. • the upsizing of menu items at fast-food restaurants. • the introduction of tablet devices such as the iPad. Rather than compete with large greeting card companies for shelf space in supermarkets, several smaller card companies place their cards in pack-and-ship stores where the customer can mail a card on the spur of the moment, and in racks in car washes where customers who are waiting for their cars can browse and purchase cards. This is an example of which type of marketing channel strategy? Multiple Choice • a strategic channel alliance • multichannel distribution • parallel distribution • dual distribution • direct distribution Shortly after World War II, John Jackson developed an idea for a machine lubricant that was superior to anything currently on the market. He persuaded friends to help him begin producing it for sale. While demand kept up with production at first, he soon found that he had to hire a sales force to sell excess product to manufacturing companies in the area. He decided this was primarily because of several strong competitors that had recently come into the industry. This is an example of marketing behavior that would occur during the __________ era of U.S. business history. Multiple Choice • marketing concept • production • goods •
sales • social entrepreneurship 21st Century Fox is the name for Fox’s broadcast/cable TV networks and TV/movie studios. Since most of the shows produced at its TV production unit and many of the movies made at its studio are only televised on its cable TV networks, 21st Century Fox is an example of a(n) Multiple Choice • corporate vertical marketing system. • integrated marketing system. • contractual vertical marketing system. • corporate horizontal marketing system. • contractual horizontal marketing system. Suppose you are the owner of a picture frame store and you wish to calculate how many frames you must sell to cover your fixed and variable costs at a given price. Let's assume that the demand for your frames is strong, so the average price customers are willing to pay for each picture frame is $120. Also, suppose your fixed costs (FC) total $32,000 (real estate taxes, interest on a bank loan, etc.) and unit variable cost (UVC) for a picture frame is $40 (labor, glass, frame, and matting). If your picture frame store sold 2,000 picture frames, what would your profit (or loss) be? Multiple Choice • a loss of $32,000 • $0 • $32,000 profit • $112,000 profit • $128,000 profit Which buyer requirement would be most important in choosing a channel for a financial service for a novice investor who is interested in setting up a retirement account? Multiple Choice • information •
context • variety • pre- and postsale services • adaptation Bridgestone uses __________ institutional ads in its "One Team. One Planet" campaign to inform people about its rubber tree farms, tire recycling, and environmentally friendly factories. Multiple Choice • competitive • pioneering • advocacy • reminder • political