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BlueBear is a shoe manufacturer based in the U.S. Which of the following indicates that the company is following a market development strategy?
A. Blue Bear adds a line of leather purses to its offerings in the U.S. markets.
B. Blue Bear introduces a line of children’s clothing to its current target market.
C. Blue Bear employs a British comedian for a U.S. advertising campaign.
D. Blue Bear introduces its shoes in the Indian and South-East markets.
E. Blue Bear develops a line of athletic shoes for its current target market.
Answer
D. Blue Bear introduces its shoes in the Indian and South-East markets is a correct answer.
The “Stop the Texts. Stop the Wrecks.” campaign co-sponsored by the Ad Council and the National Highway Traffic Safety Administration is an example of a offering for a(n)…
Idea
Vertigo is an electronics company. According to the BCG matrix, which of the following products of Vertigo would most likely classify as a question mark?
Blue- a cell phone company that is designed for music lovers and has a very low market share in a market that is growing steadily.
PC manufacturer, Lenovo, focuses on low labor costs and mass distribution to ensure the continuous availability of its products at reasonable prices. Lenovo most likely follows the ________.
Production concept
BlueBear is a shoe manufacturer based in the United States. Which of the following indicates that the company is following a market development strategy?
BlueBear introduces its shoes in the Indian and South-East Asian markets.
Which of the following is an advantage of primary data?
They are more relevant than secondary data.
Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements will best suit the company?
To give customers the complexion they dream about by providing products suited to their needs.
Coolers Inc. has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product, Coolers should most likely use ________.
Descriptive research
Dollar General profitably appeals to families with more modest means. The retailer’s approach is most likely referred to as ________.
Target market
Annie Carson, the owner of Annie’s Dairy Bar, is considering opening a second location. She evaluates several potential sites by assessing traffic patterns, neighborhood conditions, and the locations of competitors. Annie is engaging in ________.
Observational research
According to the BCG matrix, which type of product typically has excess resources which can be used to support other products that need additional resources?
Stars
Vernon Inc. would like to set the best price for a new product. The firm conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of ________ research.
Causal
JetBlue’s promise to put “You Above All” by “bringing humanity back to travel” is their ________.
Value proposition
Kathy Jenkins is planning to conduct research on consumers’ personal care routines. Since the questions are likely to be personal and sensitive, Kathy wants to select a contact method that will encourage respondents to answer honestly. Which of the following contact methods is most likely to serve Kathy’s purpose?
Mail questionnaires
Omni Healthcare’s analgesic drug Cetaprin has a 40% share in the analgesics market in the country of Terrania. Its closest competitor, Febex, has a 25% share in the market, while four other analgesic brands split the remainder. Which statement indicates that Cetaprin is a cash cow according to the BCG matrix?
The demand for analgesic drugs in the Terranian market is expected to remain stable.
CVS Pharmacy changed its name to CVS Health, reshaping and broadening its lines of products and services to align more appropriately with its revamped “better health” mission. For example, it stopped selling tobacco products altogether. How would this be classified in a SWOT analysis?
Strength
Erica Jenson has a limited budget to conduct a market research. Which of the following research approaches would provide Erica with the most cost-effective way to reach a large number of respondents in a short period?
Internet-based surveys
Cosmetic retailer Lush knows that doing what’s right benefits both customers and the company. Their premium beauty products are made by hand from the freshest possible natural ingredients. This is an example of the ________ concept.
Societal marketing
EcoBean, a chain of cafes, has introduced a Special Shopper Card that allows customers to pay in advance for coffee and snacks. This effort by EcoBean management is most likely an example of ________.
Market penetration
Traxx is a newly emerging shoe manufacturing company. After extensive market research, Traxx divides its market into professional athletes, “hobbyists” or amateur players, and people who wear shoes as part of their casual attire. Each category has its own needs, traits, and marketing goals. In this scenario, Traxx has engaged in market ________.
Segmentation
Under Armour’s recent expansion into the digital personal health and fitness tracking market through acquisitions of their fitness app companies is a _____ strategy.
Diversification
Ford Motor Company issuing a recall that requires customers to schedule appointments with car dealerships to repair faulty igniters would have the greatest impact on the ______ component of its marketing mix.
Place
A marketing intermediary would most likely help a firm by ____
Moving the firm’s goods from production points to distribution centers.
Which of the following is most likely a characteristic of the Millennial generation?
They are more likely to engage with brands using mobile or social media.
Fargo Inc. is a carbonated beverage manufacturer that has many manufacturing plants around the world. It is planning to shift from using thermal power to wind power for its manufacturing plants in the Netherlands to decrease dependency on nonrenewable sources of energy. This scenario depicts Fargo’s concern for its ________ environment.
Natural
The marketing manager of Apple Inc. has noticed a sharp decrease in sales over the last two months. The manager decides to conduct marketing research to identify potential causes for the drop in sales.
Define the problem and objectives
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