Marketing Strategy and Innovation Concepts: College Assignment

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College assignment on marketing strategy and innovation.

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Marketing Strategy and Innovation Concepts: College Assignment
1) 3M, Hewlett-Packard, Lego, and other companies use the ________ to manage the
innovation process.
A. joint- venture system
B. skunk works
C. venture team
D. new product “team”
E. stage-gate system
2) ________ is the difference between the prospective customer’s evaluation of all the
benefits and all the costs of an offering and the perceived alternatives.
A. Failure avoidance rate
B. Competitors market share rate
C. Customer perceived value
D. Report rating
E. Perceived usefulness
3) A company can take several steps to improve the quality of its marketing intelligence. If
the company purchases competitive products for study, attends open houses and trade
shows, and reads competitors’ published reports and stockholder information, the
company is using ________ to improve the quality of its marketing intelligence.
A. intermediaries
B. sales force surrogates
C. external networks
D. advisory panels
E. customer feedback systems

4) Most established companies focus on ________ when it comes to innovation.
A. continuous innovation
B. incremental innovation
C. everyday innovation
D. demand innovation
E. competitive innovation
5) A(n) ________ is any good, service, or idea that is perceived by someone as new.
A. innovation
B. product
C. new idea
D. creative product
6) Total customer satisfaction is the general feeling of pleasure or disappointment that
results from comparing perceived performance to expectations. To achieve total customer
satisfaction, organizations need to_____________.
A. Spend more money
B. Develop marketing campaigns
C. Manage customer experiences
D. Lower expectations
E. Lower prices
7) A ________ is a set of procedures and sources managers use to obtain everyday
information about developments in the marketing environment.

A. marketing information system
B. marketing research system
C. product management system
D. marketing intelligence system
E. vertical system
8) Marketers usually identify niches by ________.
A. conducting VALS tests
B. dividing a segment into subsegments
C. allowing consumers to gravitate toward product brands
D. examining the demographics section of The Handbook of Marketing
E. producing products that can be used in a variety of ways
9) In ________ marketing, the seller engages in the mass production, mass distribution, and
mass promotion of one product for all buyers.
A. mass
B. group
C. general
D. segmented
E. differentiated
10) Particularly when shopping for ego-sensitive products such as perfumes and expensive
cars, many consumers use price as an indicator of ________.
A. ability
B. capability
C. status

D. size
E. quality
11) A marketing manager needs to know the cost of the research project before approving
it. During which step in the marketing research process would such a consideration most
likely take place?
A. Step 1—drafting the research objectives.
B. Step 2—develop the research plan.
C. Step 1—defining the problem.
D. Step 3—information collection
E. Step 1—creating decision alternatives.
12) Which of the following is generally considered to be the last step in the marketing
research process?
A. Control the environment.
B. Make the decision.
C. Present the findings.
D. Draft the report
E. Analyze the information.
13) ________ is the systematic design, collection, analysis, and reporting of data and
findings relevant to a specific marketing situation facing the company.
A. Marketing research
B. Demographics
C. Marketing intelligence
D. Marketing management
E. MIS (marketing information system)

14) Following the ________ approach to target market selection encompasses a strong
knowledge of the segment’s needs, a strong market presence, and operating economies
through specializing in production, distribution, and promotion.
A. product specialization
B. market specialization
C. single-segment concentration
D. full market coverage
E. selective specialization
15) The marketing communications mix consists of six major modes of communications.
Which of the following is NOT one of these modes?
A. Sales promotions
B. Packaging
C. Personal selling
D. Advertising
E. Direct marketing
16) The chief disadvantage to a firm that decides to follow a product specialization strategy
in selecting target markets is ________.
A. the product may be supplanted by an entirely new technology
B. competitors can easily copy any new product introductions
C. no synergy exists
D. e-commerce becomes difficult for the company
E. logistics can become a nightmare
17) Marketing communications can contribute to brand equity by establishing the brand in
memory and to________ (in)a brand image.

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A. communicate
B. craft
C. create interest
D. create demand
18) “Power prices” use price as a key strategic tool. These “power prices” have discovered
the highly ________ effect of price on the bottom line.
A. leveraged
B. soothing
C. dramatic
D. abrasive
E. direct
19) Some intermediaries use the following: strategic planning, advanced information
systems, sophisticated marketing tools, measure performance on a return-on-investment
basis, segment their markets, improve their target marketing and positioning, and
________.
A. aggressively pursue take over strategies
B. aggressively pursue market expansion and diversification strategies
C. contend with dwindling customer bases
D. aggressively “squeeze” manufacturer margins
E. dominant the manufacturers they do business with
20) Major retailer types include the following EXCEPT ________.
A. catalog showroom
B. superstore

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C. specialty store
D. discount store
E. the Internet
21) ________ communicates a company’s intended value positioning of its product or
brand to the market.
A. Place
B. Physical evidence
C. Packaging
D. Price
E. Promotion
22) Price has operated as the major determinant of buyer choice among poorer nations,
among poorer groups, and with ________ products.
A. over the Internet
B. commodity-type
C. identical
D. similar
23) New-to-the- world products are ________.
A. new products that supplement established product lines (package sizes, flavors, and so
on)
B. existing products that are targeted to new markets or market segments
C. new products that create an entirely new market
D. new products that allow a company to enter an established market for the first time
E. new products that provide improved performance or greater perceived value and
replace existing products

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24) _____ bargaining is negotiation that seeks to divide a “fixed pie.”
A. Reflective
B. Distributive
C. Affective
D. Conjunctive
E. Integrative
25) The two general approaches to bargaining are known as ________.
A. distributive and integrative
B. emotional and rational.
C. formal and informal.
D. legal and restrictive
E. affective and reflective
26) Leadership is best defined as _____.
A. implementing the vision and strategy provided by management
B. the ability to influence a group in goal achievement
C. coordinating and staffing the organization and handling day-to-day problems
D. not a relevant variable in modern organizations
E. keeping order and consistency in the midst of change
27) Which of the following statements best defines a work group?
A. A work group consists of 3 or more people who take on self-supervising
responsibilities.
B. The performance of a work group is generally greater than the sum of its inputs from
individual members.

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