Explain the difference between a market penetration strategy and a market development strategy
What will be an ideal response?
a. A market penetration strategy targets current customers of the product or service. These are defined as customers who are buying your product or those of a direct competitor (often both).
b. A market development strategy targets customers who either have been targeted by you or your competitors but simply have not been persuaded to buy or they could be customers in segments that have not been pursued by you or the competitors in your category.
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Advertisements for which of the following product categories would be most effective when used with a flighting pattern?
A) breakfast cereal B) detergents C) beer D) electric bulbs E) refrigerator
Answer the following statements true (T) or false (F)
1. Pleasant Resort, a successful 100-year-old hotel and resort, entered into a co-marketing arrangement with A-Plus Hotels, a five-star hotel chain. Both companies benefit from the new relationship. Pleasant is now able to market its facility and services through A-Plus's marketing team, and A-Plus Hotels now offers access to an upscale resort that it can recommend to its customers who are looking for a resort experience. A-Plus Hotels and Pleasant Resort can be considered strategic allies. 2. The general environment, or macroenvironment, includes six forces: economic, technological, sociocultural, demographic, political-legal, and international. 3. When the Kiddie Village Daycare Center looks at the recent increase in the number of working mothers in its neighborhood to determine how many employees to hire, its managers are studying demographic forces. 4. Paul, the vice president of marketing in an international sales organization, is considering opening an office in a new country. He is looking at the current economic, political, legal, and technological global forces in that country that can affect the success of his company's expansion into the new area. These forces that Paul is studying are international forces. 5. Just before introduction of a new revolutionary laptop, the Top205 by Top Computers, Greg, the CEO of Top, was informed that a problem with a part inside the Top205 may cause reliability issues. Greg knows that correcting the problem will delay the introduction of the product, and be expensive due to possible order cancelations and added advertising costs. But he also knows that allowing the new flawed computer into the market will affect Top Computers' reputation. Greg's decision whether to delay the introduction of the Top205 or proceed as planned is an example of an ethical dilemma.
What is the best cost accumulation procedure to use when many batches, each differing as to product specifications, are produced?
a. job-order b. process c. actual d. standard
For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that
A. no single strategy is likely to be sufficient to build a sustainable competitive advantage. B. innovation is pointless because competitors will develop copycat offerings. C. a situation analysis does not accurately predict a firm's strengths. D. product excellence is the only true source of a sustainable competitive advantage. E. customer excellence cannot be achieved.