Question 1

Key problems that emerge in a firm's strategic marketing process include that

Accepted Answer

A)  there is poor communication between the firm and its stakeholders. 
B)  there is a lack of leadership. 
C)  although management says they are behind the plans, they do not allocate resources to the degree necessary for success. 
D)  planners and their plans may have lost sight of their customers' needs. 
E)  plans can be thwarted by disgruntled employees, other departments, or competitors. 
A)  there is poor communication between the firm and its stakeholders. 
B)  there is a lack of leadership. 
C)  although management says they are behind the plans, they do not allocate resources to the degree necessary for success. 
D)  planners and their plans may have lost sight of their customers' needs. 
E)  plans can be thwarted by disgruntled employees, other departments, or competitors.

Question 2

When using share points to make marketing resource allocation decisions, marketing managers must estimate which of these?

Accepted Answer

A)  total production costs 
B)  number of market segments 
C)  stage of the product in its product life cycle 
D)  the total financial resources available for a sustained marketing effort 
E)  the revenues associated with each point of market share 
A)  total production costs 
B)  number of market segments 
C)  stage of the product in its product life cycle 
D)  the total financial resources available for a sustained marketing effort 
E)  the revenues associated with each point of market share

Question 3

Successful implementation of a marketing plan often is bolstered by which of these?

Accepted Answer

A)  having a responsible program champion that is willing to act 
B)  isolating those that oppose aspects of the plan 
C)  preferring management involvement in daily tasks 
D)  using documentation to point out failures 
E)  avoiding measurements of activities until their conclusion 
A)  having a responsible program champion that is willing to act 
B)  isolating those that oppose aspects of the plan 
C)  preferring management involvement in daily tasks 
D)  using documentation to point out failures 
E)  avoiding measurements of activities until their conclusion

Question 4

Which output report is used in the implementation phase of the strategic marketing process?

Accepted Answer

A)  marketing plans that define goals 
B)  projections of sales and expenses 
C)  action memos that tell who is to do what by when 
D)  corrective action memos 
E)  tracking reports 
A)  marketing plans that define goals 
B)  projections of sales and expenses 
C)  action memos that tell who is to do what by when 
D)  corrective action memos 
E)  tracking reports

Question 5

Senior marketing executives who prefer that "a company undertake major strategic initiatives to enhance its innovation and product-development capabilities" use two kinds of metrics: ________ metrics.

Accepted Answer

A)  internal and external 
B)  corporate and stakeholder 
C)  output and input 
D)  sociocultural and competitive 
E)  economic and technological 
A)  internal and external 
B)  corporate and stakeholder 
C)  output and input 
D)  sociocultural and competitive 
E)  economic and technological

Question 6

The primary target market for Warm Delights is

Accepted Answer

A)  empty-nesters. 
B)  on-the-go women. 
C)  college students with microwaves. 
D)  young marrieds who often have unexpected company. 
E)  families with small children wanting after-school treats. 
A)  empty-nesters. 
B)  on-the-go women. 
C)  college students with microwaves. 
D)  young marrieds who often have unexpected company. 
E)  families with small children wanting after-school treats.

Question 7

The actions taken in the development of the marketing program, Step 3 of the planning phase, include

Accepted Answer

A)  selecting target markets. 
B)  identifying industry trends. 
C)  positioning the product. 
D)  finding points of difference. 
E)  developing the budget by estimating revenues, expenses, and profits. 
A)  selecting target markets. 
B)  identifying industry trends. 
C)  positioning the product. 
D)  finding points of difference. 
E)  developing the budget by estimating revenues, expenses, and profits.

Question 8

A differentiation strategy refers to one of the generic business strategies that

Accepted Answer

A)  involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of markets segments. 
B)  requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments. 
C)  focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments. 
D)  requires products to have significant points of difference to target one or only a few market segments. 
E)  seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies. 
A)  involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of markets segments. 
B)  requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments. 
C)  focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments. 
D)  requires products to have significant points of difference to target one or only a few market segments. 
E)  seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

Question 9

One of the four generic business strategies that requires products to have significant points of difference to target one or only a few market segments is referred to as a ________ strategy.

Accepted Answer

A)  cost focus 
B)  differentiation 
C)  cost leadership 
D)  profit enhancement 
E)  differentiation focus 
A)  cost focus 
B)  differentiation 
C)  cost leadership 
D)  profit enhancement 
E)  differentiation focus

Question 10

Which of these pieces of information is used in a SWOT analysis, the first step of the planning phase of the strategic marketing process?

Accepted Answer

A)  marketing return on investment 
B)  market share for the product 
C)  trends for industry and competitors 
D)  revenues associated with each point of market share 
E)  possible cannibalization effects on other products in the line 
A)  marketing return on investment 
B)  market share for the product 
C)  trends for industry and competitors 
D)  revenues associated with each point of market share 
E)  possible cannibalization effects on other products in the line

Question 11

Regardless of the product or industry involved, the strategy that a firm adopts to achieve a competitive advantage is referred to as

Accepted Answer

A)  a generic business strategy. 
B)  an annual business plan. 
C)  a long-range marketing plan. 
D)  a marketing action program. 
E)  a synergy analysis framework. 
A)  a generic business strategy. 
B)  an annual business plan. 
C)  a long-range marketing plan. 
D)  a marketing action program. 
E)  a synergy analysis framework.

Question 12

The marketing manager looks for two kinds of deviations in the evaluation phase of the strategic marketing process, each triggering a different kind of action: (1) ________ and (2) actual results fall short of goals.

Accepted Answer

A)  deviations that result from major shifts in customer needs 
B)  actual results exceed goals 
C)  there are no deviations but there should be 
D)  deviations that result from executive mandates 
E)  deviations that are blamed on insufficient marketing support (personnel or funding) 
A)  deviations that result from major shifts in customer needs 
B)  actual results exceed goals 
C)  there are no deviations but there should be 
D)  deviations that result from executive mandates 
E)  deviations that are blamed on insufficient marketing support (personnel or funding)

Question 13

In the early 1900s, Henry Ford revolutionized the automobile industry by developing production lines and mass-producing the Ford Model T automobile. By heavily reducing production costs, Ford made the Model T affordable for the average American family. What generic business strategy did Ford use to gain a competitive advantage in the automobile market?

Accepted Answer

A)  a cost-leadership strategy 
B)  a differentiation strategy 
C)  a cost focus strategy 
D)  a differentiation focus strategy 
E)  a limited production strategy 
A)  a cost-leadership strategy 
B)  a differentiation strategy 
C)  a cost focus strategy 
D)  a differentiation focus strategy 
E)  a limited production strategy

Question 14

Marketing ROI (return on investment) is an extension of

Accepted Answer

A)  marginal analysis. 
B)  marketing audits. 
C)  ROI in finance. 
D)  Six Sigma. 
E)  the strategic marketing process. 
A)  marginal analysis. 
B)  marketing audits. 
C)  ROI in finance. 
D)  Six Sigma. 
E)  the strategic marketing process.

Question 15

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, which box represents a differentiation strategy?

Accepted Answer

A)  Box A 
B)  Box B 
C)  Box C 
D)  Box D 
E)  This is not one of the generic business strategies. 
A)  Box A 
B)  Box B 
C)  Box C 
D)  Box D 
E)  This is not one of the generic business strategies.

Question 16

Which of the following information is used in the evaluation phase of the strategic marketing process?

Accepted Answer

A)  action memos to correct problems and exploit opportunities 
B)  memos assigning responsibilities for actions and deadlines 
C)  revenues associated with each point of market share 
D)  trends for industry and competitors 
E)  possible cannibalization effects on other products in the line 
A)  action memos to correct problems and exploit opportunities 
B)  memos assigning responsibilities for actions and deadlines 
C)  revenues associated with each point of market share 
D)  trends for industry and competitors 
E)  possible cannibalization effects on other products in the line

Question 17

In a five-year study, researchers conducted in-depth analysis of 160 companies and more than 200 management tools and techniques, such as customer relationship management and use of an intranet. What were their findings? That is, according to the researchers, how would a company exploit its competitive advantage to achieve superior business performance?

Accepted Answer

The result of the research study was tha

Question 18

You have been told that a company increased its marketing effort from $3 million to $5 million, resulting in increased sales revenue from $10 million to $20 million. Calculate the company's ratio of incremental sales revenue to incremental marketing effort.

Accepted Answer

A)  4:1 
B)  1:5 
C)  5:1 
D)  1:4 
E)  10:1 
A)  4:1 
B)  1:5 
C)  5:1 
D)  1:4 
E)  10:1

Question 19

The information needed in a situation (SWOT) analysis or Step 1 of the planning phase includes

Accepted Answer

A)  projections of future sales, expenses, and profits. 
B)  segmentation methods. 
C)  positioning studies. 
D)  market-product grids with target segments and product groupings. 
E)  marketing mix actions. 
A)  projections of future sales, expenses, and profits. 
B)  segmentation methods. 
C)  positioning studies. 
D)  market-product grids with target segments and product groupings. 
E)  marketing mix actions.

Question 20

Many people are concerned about eating healthy, but many of these same people still grab lunch at fast-food restaurants because the restaurants are convenient and they like cheeseburgers. Burger King has created a veggie burger that "tastes like the real thing without all the fat." Burger King is most likely using a ________ to attract this large market that encompasses many different segments.

Accepted Answer

A)  cost-leadership strategy 
B)  cost focus strategy 
C)  differentiation strategy 
D)  differentiation focus strategy 
E)  service focus strategy 
A)  cost-leadership strategy 
B)  cost focus strategy 
C)  differentiation strategy 
D)  differentiation focus strategy 
E)  service focus strategy

Exam 22: Pulling It All Together: the Strategic Marketing Proces

Key problems that emerge in a firm's strategic marketing process include that

When using share points to make marketing resource allocation decisions, marketing managers must estimate which of these?

Successful implementation of a marketing plan often is bolstered by which of these?

Which output report is used in the implementation phase of the strategic marketing process?

Senior marketing executives who prefer that "a company undertake major strategic initiatives to enhance its innovation and product-development capabilities" use two kinds of metrics: ________ metrics.

The primary target market for Warm Delights is

The actions taken in the development of the marketing program, Step 3 of the planning phase, include

A differentiation strategy refers to one of the generic business strategies that

One of the four generic business strategies that requires products to have significant points of difference to target one or only a few market segments is referred to as a ________ strategy.

Which of these pieces of information is used in a SWOT analysis, the first step of the planning phase of the strategic marketing process?

Regardless of the product or industry involved, the strategy that a firm adopts to achieve a competitive advantage is referred to as

The marketing manager looks for two kinds of deviations in the evaluation phase of the strategic marketing process, each triggering a different kind of action: (1) ________ and (2) actual results fall short of goals.

Marketing ROI (return on investment) is an extension of

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, which box represents a differentiation strategy?

Which of the following information is used in the evaluation phase of the strategic marketing process?

You have been told that a company increased its marketing effort from $3 million to $5 million, resulting in increased sales revenue from $10 million to $20 million. Calculate the company's ratio of incremental sales revenue to incremental marketing effort.

The information needed in a situation (SWOT) analysis or Step 1 of the planning phase includes

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility for Sustainable Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Market Segmentation, Targeting, and Positioning

Developing New Products and Services

Managing Successful Products, Services, and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media and Mobile Marketing to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multi-Channel Marketing

Building an Effective Marketing Plan

Financial Aspects of Marketing

Filters