What are the major characteristics of institutional markets?
Answer: The institutional market is made up of schools, hospitals, prisons, and other institutions that provide goods and services to people in their care. These markets are characterized by low budgets and captive patrons. For many institutions, the buying objective will not strictly be profit maximization or cost minimization; instead, the institution is likely to search for vendors that meet or exceed a certain minimum standard while also offering low prices.
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Marketing Chapter 6
- Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a(n)
- Company and brand positioning should be summed up in a ________.
- Zeal is a popular automobile brand, and its positioning statement reads as follows: "For upscale American families who require large vehicles, Zeal is the automobile of choice." Which of the following mandatory elements is missing from the positioning statement?
- Which of the following includes the target segment of a product, the category to which the product belongs, and the product's point of difference from other members in the category?
- Household Storez, a local retail store, claims to offer better products at lower prices than other retail stores. In this case, the firm's positioning reflects a ________ value proposition.
- Which of the following strategies is most likely to be followed by firms that position themselves as caterers of the best products at economical prices?
- Stores offering low-quality alternatives to luxury products at low prices most likely follow a ________ positioning strategy.
- Which positioning strategy offers value for consumers by providing the same brands as competitors at a lower price?
- Using a(n) ________ positioning strategy, companies can attack the more-for-more strategy of another firm by offering a brand of comparable quality at a lower price.
- Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Rad offers a(n) ________ value proposition.
- A brand difference is said to be preemptive if ________.
- Estel, a kitchen-cabinet manufacturer, positions its cabinets as furniture with superior craftsmanship and durability. This is an example of ________ differentiation.
- Customers recognize the products of Breads & Butters, a coffee shop, by identifying the "twisted bread" logo that helped the firm revolutionize its products. In this case, the firm has differentiated itself through its ________.
- Argonaut Food Stores, a retail giant, hires better-skilled employees than its competitors by employing strategic recruitment practices. It also conducts highly specialized training programs for its employees. In this case, Argonaut has focused on gaining a strong competitive advantage through ________ differentiation.
- Which of the following types of differentiation is used to gain competitive advantage through the way a firm designs its distribution coverage, expertise, and performance?
- Companies are likely to gain ________ through speedy, convenient, or careful delivery of products.
- Through ________, brands can be differentiated on features, performance, or style and design.
- Marketers tailoring brands and promotions to the needs and wants of specific customer groups practice ________.
- Which of the following is true about local marketing?
- Unlike other car rental agencies that are based in airports to serve travelers, Wheelz-On-Rent has a network of neighborhood offices. The firm strives to serve people who need car rentals for reasons other than vacation, such as when their own cars are being repaired. Wheelz-On-Rent caters to a small share of the large car rental market. From this description, it can be concluded that Wheelz-On-Rent most likely practices ________.
- BritWay Ventures, a leading producer of soft drinks, is considering a differentiated marketing strategy. It is most likely important that the company weighs increased sales against ________ before selecting this strategy.
- By offering product and marketing variations to segments and developing a stronger position within several segments, companies hope to create more total sales through segmented marketing than ________ marketing across all segments.
- Port Orleans Shipping markets different services to the tourism, defense, and trade segments. The firm designs separate offers for each segment based on their needs. This approach is called ________ marketing.
- Sandra recently took up the role of a senior sales manager at Luxe, a clothing brand. She wants to ensure that the sales force working under her supervision meets the sales targets. In this case, which of the following must Sandra do?
- Which of the following indicates the ability to place oneself in someone else's shoes—which enables salespeople to understand the client?