Question 1

The goal of a SWOT analysis is to

Accepted Answer

A)  identify market research questions in order to develop new products for new market segments. 
B)  determine how raises, bonuses, and dividends will be paid. 
C)  reorganize the firm's marketing department. 
D)  identify the critical strategy-related factors that can impact the firm. 
E)  fairly allocate governmental resources and financial aid across the industry. 
A)  identify market research questions in order to develop new products for new market segments. 
B)  determine how raises, bonuses, and dividends will be paid. 
C)  reorganize the firm's marketing department. 
D)  identify the critical strategy-related factors that can impact the firm. 
E)  fairly allocate governmental resources and financial aid across the industry.

Question 2

In the 20thcentury, leadership of the railroads let airlines, barges, pipelines, and trucks take business away from them because their strategies were developed only for the railroad business, rather than a broader definition of the ________ business.

Accepted Answer

A)  transportation 
B)  transcontinental shipping 
C)  passenger travel 
D)  product delivery 
E)  bulk cargo 
A)  transportation 
B)  transcontinental shipping 
C)  passenger travel 
D)  product delivery 
E)  bulk cargo

Question 3

A business model

Accepted Answer

A)  is a road map for the marketing activities of an organization for a specified future time period. 
B)  consists of the strategies an organization develops to provide value to the customers it serves. 
C)  is a measure of the quantitative value or trend of a marketing activity or result. 
D)  consists of the detailed day-to-day operational decisions for an organization. 
E)  is the means by which organizational goals are to be measured and documented. 
A)  is a road map for the marketing activities of an organization for a specified future time period. 
B)  consists of the strategies an organization develops to provide value to the customers it serves. 
C)  is a measure of the quantitative value or trend of a marketing activity or result. 
D)  consists of the detailed day-to-day operational decisions for an organization. 
E)  is the means by which organizational goals are to be measured and documented.

Question 4

One of the qualities of a good mission statement is which of these?

Accepted Answer

A)  idealistic 
B)  long-term 
C)  fact-based 
D)  complex 
E)  permanent 
A)  idealistic 
B)  long-term 
C)  fact-based 
D)  complex 
E)  permanent

Question 5

Volvo offers incentives of up to $1000 off a new vehicle to both current owners of a Volvo and active duty military and veterans. This is an example of a firm's

Accepted Answer

A)  market segmentation and targeting strategy. 
B)  price strategy. 
C)  place strategy. 
D)  promotion strategy. 
E)  product strategy. 
A)  market segmentation and targeting strategy. 
B)  price strategy. 
C)  place strategy. 
D)  promotion strategy. 
E)  product strategy.

Question 6

Which statement regarding diversification analysis is most accurate?

Accepted Answer

A)  Companies should only use diversification analysis if they are well-established; new companies that use this process run the risk of trying to do too much too soon. 
B)  For any product, there is both a current and a new market; for any market, there is both a current and a new product. 
C)  Most companies discover that there is at least one product that is targeted to the wrong market. 
D)  Diversification analysis is only effective for consumer products. 
E)  Diversification analysis is used to forecast and calculate industry sales for new products. 
A)  Companies should only use diversification analysis if they are well-established; new companies that use this process run the risk of trying to do too much too soon. 
B)  For any product, there is both a current and a new market; for any market, there is both a current and a new product. 
C)  Most companies discover that there is at least one product that is targeted to the wrong market. 
D)  Diversification analysis is only effective for consumer products. 
E)  Diversification analysis is used to forecast and calculate industry sales for new products.

Question 7

Successful organizations must be forward-looking, which includes the ability to

Accepted Answer

A)  develop strategies based on those that were successful in the past. 
B)  first be backward-looking, examining the past carefully to learn from mistakes. 
C)  anticipate future events and respond quickly and effectively. 
D)  hire the most culturally diverse team possible in order to generate the best new ideas. 
E)  involve all stakeholders of the organization when defining its business mission. 
A)  develop strategies based on those that were successful in the past. 
B)  first be backward-looking, examining the past carefully to learn from mistakes. 
C)  anticipate future events and respond quickly and effectively. 
D)  hire the most culturally diverse team possible in order to generate the best new ideas. 
E)  involve all stakeholders of the organization when defining its business mission.

Question 8

Figure 2-11
-Based on the information in Figure 2-11 above, the planning gap between 2009 and 2018, as represented by the wedge labeled DBC

Accepted Answer

A)  is widening. 
B)  is narrowing. 
C)  is staying the same. 
D)  cannot be quantified. 
E)  began to open in 2004. 
A)  is widening. 
B)  is narrowing. 
C)  is staying the same. 
D)  cannot be quantified. 
E)  began to open in 2004.

Question 9

In the Boston Consulting Group (BCG) business portfolio model for analysis of a firm's strategic business units, or SBUs, the horizontal axis reflects

Accepted Answer

A)  market growth rate. 
B)  marketing efficiencies. 
C)  industry attractiveness. 
D)  market segment size. 
E)  relative market share. 
A)  market growth rate. 
B)  marketing efficiencies. 
C)  industry attractiveness. 
D)  market segment size. 
E)  relative market share.

Question 10

Cross-functional teams refer to

Accepted Answer

A)  members of an organization who have been trained in multiple disciplines so they can easily move from one job to another as needed. 
B)  situations where two departments within the same company have opposing views about how a product should be developed and managed. 
C)  departments within an organization that carryout multiple functions due to financial constraints within the company. 
D)  a small number of people from different departments in an organization who are mutually accountable to accomplish a task or a common set of performance goals. 
E)  departments within an organization that manage the same product with distinctly different marketing programs to reach different target markets. 
A)  members of an organization who have been trained in multiple disciplines so they can easily move from one job to another as needed. 
B)  situations where two departments within the same company have opposing views about how a product should be developed and managed. 
C)  departments within an organization that carryout multiple functions due to financial constraints within the company. 
D)  a small number of people from different departments in an organization who are mutually accountable to accomplish a task or a common set of performance goals. 
E)  departments within an organization that manage the same product with distinctly different marketing programs to reach different target markets.

Question 11

In the 1980s, a lapse in production quality and an increase in Japanese imports drove the Harley-Davidson motorcycle company to the brink of bankruptcy. The company's super heavyweight market share had shrunk from over 40 percent in the mid-1970s to 23 percent in 1983. But by 1989, Harley-Davidson controlled some 65 percent of this market segment. From a marketing perspective, what was the most likely first step in Harley-Davidson's resurgence?

Accepted Answer

A)  Developing a new mission statement 
B)  Repositioning its products in the minds of super heavyweight motorcycle buyers 
C)  Performing a SWOT analysis to assess the firm's internal and external environments 
D)  Selling new models of super heavyweight motorcycles in both the United States (current) and foreign (new) markets 
E)  Improving the quality of its products and communicating this to motorcycle buyers 
A)  Developing a new mission statement 
B)  Repositioning its products in the minds of super heavyweight motorcycle buyers 
C)  Performing a SWOT analysis to assess the firm's internal and external environments 
D)  Selling new models of super heavyweight motorcycles in both the United States (current) and foreign (new) markets 
E)  Improving the quality of its products and communicating this to motorcycle buyers

Question 12

The strategic business unit level

Accepted Answer

A)  works most directly with the organization's target customers. 
B)  directs the overall strategy for the organization. 
C)  is most likely to change substantially over time. 
D)  provides more end-user analysis in order to design more customer-directed products. 
E)  defines a more specific strategic direction to exploit value-creating opportunities. 
A)  works most directly with the organization's target customers. 
B)  directs the overall strategy for the organization. 
C)  is most likely to change substantially over time. 
D)  provides more end-user analysis in order to design more customer-directed products. 
E)  defines a more specific strategic direction to exploit value-creating opportunities.

Question 13

Which key element must be specified by a visionary organization?

Accepted Answer

A)  Exceed financial goals 
B)  Set a direction 
C)  Establish detailed marketing tactics 
D)  Assign job responsibilities 
E)  Establish an organizational chart 
A)  Exceed financial goals 
B)  Set a direction 
C)  Establish detailed marketing tactics 
D)  Assign job responsibilities 
E)  Establish an organizational chart

Question 14

A ________ is a federal, state, county, or city unit that provides a specific service to its constituents.

Accepted Answer

A)  business firm 
B)  subchapter S corporation 
C)  government agency 
D)  cooperative 
E)  nonprofit organization 
A)  business firm 
B)  subchapter S corporation 
C)  government agency 
D)  cooperative 
E)  nonprofit organization

Question 15

Strategy refers to

Accepted Answer

A)  an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals. 
B)  an organization's corporate tactical or action plan. 
C)  statement of an accomplishment of a task to be achieved by a certain time. 
D)  a statement of the organization's function in society, often identifying its customers, markets, product, and technologies. 
E)  a road map for the entire organization for a specified future period of time, such as one or five years. 
A)  an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals. 
B)  an organization's corporate tactical or action plan. 
C)  statement of an accomplishment of a task to be achieved by a certain time. 
D)  a statement of the organization's function in society, often identifying its customers, markets, product, and technologies. 
E)  a road map for the entire organization for a specified future period of time, such as one or five years.

Question 16

Name and briefly describe the seven types of organizational goals or objectives.

Accepted Answer

The seven types of organizational goals

Question 17

An effective summary tool for an organization's situation analysis is

Accepted Answer

A)  a SWOT analysis. 
B)  strategic management planning. 
C)  environmental scanning. 
D)  a market-product grid analysis. 
E)  marginal analysis. 
A)  a SWOT analysis. 
B)  strategic management planning. 
C)  environmental scanning. 
D)  a market-product grid analysis. 
E)  marginal analysis.

Question 18

When a single measure, such as website traffic sources, is shown as part of a larger marketing dashboard, it is referred to as

Accepted Answer

A)  trend analysis. 
B)  a marketing measurement. 
C)  a marketing gauge. 
D)  a marketing metric. 
E)  value analysis. 
A)  trend analysis. 
B)  a marketing measurement. 
C)  a marketing gauge. 
D)  a marketing metric. 
E)  value analysis.

Question 19

Figure 2-1
-In Figure 2-1 above, C represents the ________ of an organization.

Accepted Answer

A)  strategic business unit level 
B)  board of directors 
C)  corporate level 
D)  functional level 
E)  CMO 
A)  strategic business unit level 
B)  board of directors 
C)  corporate level 
D)  functional level 
E)  CMO

Question 20

When evaluations show that actual performance differs from expectations, firms typically attempt to

Accepted Answer

A)  decide if the time horizon should be increased or decreased. 
B)  perform a SWOT analysis with their major competitor as the principal focus. 
C)  use statistical linear trend analysis to interpret the results. 
D)  exploit a positive deviation or correct a negative deviation. 
E)  adopt a market-product grid to analyze the sales results. 
A)  decide if the time horizon should be increased or decreased. 
B)  perform a SWOT analysis with their major competitor as the principal focus. 
C)  use statistical linear trend analysis to interpret the results. 
D)  exploit a positive deviation or correct a negative deviation. 
E)  adopt a market-product grid to analyze the sales results.

Exam 2: Developing Successful Organizational and Marketing Strategies

The goal of a SWOT analysis is to

In the 20thcentury, leadership of the railroads let airlines, barges, pipelines, and trucks take business away from them because their strategies were developed only for the railroad business, rather than a broader definition of the ________ business.

A business model

One of the qualities of a good mission statement is which of these?

Volvo offers incentives of up to $1000 off a new vehicle to both current owners of a Volvo and active duty military and veterans. This is an example of a firm's

Which statement regarding diversification analysis is most accurate?

Successful organizations must be forward-looking, which includes the ability to

Figure 2-11 -Based on the information in Figure 2-11 above, the planning gap between 2009 and 2018, as represented by the wedge labeled DBC

In the Boston Consulting Group (BCG) business portfolio model for analysis of a firm's strategic business units, or SBUs, the horizontal axis reflects

Cross-functional teams refer to

The strategic business unit level

Which key element must be specified by a visionary organization?

A ________ is a federal, state, county, or city unit that provides a specific service to its constituents.

Strategy refers to

Name and briefly describe the seven types of organizational goals or objectives.

An effective summary tool for an organization's situation analysis is

When a single measure, such as website traffic sources, is shown as part of a larger marketing dashboard, it is referred to as

Figure 2-1 -In Figure 2-1 above, C represents the ________ of an organization.

When evaluations show that actual performance differs from expectations, firms typically attempt to

Creating Customer Relationships and Value Through Marketing

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

Pulling It All Together: the Strategic Marketing Proces

Building an Effective Marketing Plan

Financial Aspects of Marketing

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