Question 1

When a company defines its mission statement based on its short-term objectives,it is said to be suffering from _____.

Accepted Answer

A) ​marketing myopia 
B) marketing inertia 
C) marketing dissonance 
D) ​marketing blockage 
A) ​marketing myopia 
B) marketing inertia 
C) marketing dissonance 
D) ​marketing blockage

Question 2

A competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition.

Accepted Answer

A) True 
 B)False

Question 3

Drafi Arts Corp.makes and sells original handicraft goods.The management of the company has been successfully using a niche strategy for many years.In this case,which of the following is most likely to be true of Drafi Arts Corp.?

Accepted Answer

A) ​It serves only a limited geographic market. 
B) It offers products at a lower price than that of the competition. 
C) It develops products that are similar to those of its competitors. 
D) ​It lowers costs by removing frills and options from its products. 
A) ​It serves only a limited geographic market. 
B) It offers products at a lower price than that of the competition. 
C) It develops products that are similar to those of its competitors. 
D) ​It lowers costs by removing frills and options from its products.

Question 4

Which of the following statements is true of strategic planning?

Accepted Answer

A)  will have its own return on investment​ 
B)  will share the same goals and use the same strategies as Fourlotts Inc 
C)  will plan collaboratively with Fourlotts Inc.'s other SBUs​ 
D) ​ will refrain from performing manufacturing functions 
A)  will have its own return on investment​ 
B)  will share the same goals and use the same strategies as Fourlotts Inc 
C)  will plan collaboratively with Fourlotts Inc.'s other SBUs​ 
D) ​ will refrain from performing manufacturing functions

Question 5

Market segments cannot be differentiated by ethnicity and multicultural aspects.

Accepted Answer

A) True 
 B)False

Question 6

According to Ansoff's strategic opportunity matrix,unlike market development,product development:

Accepted Answer

A) focuses on attracting present customers to existing products.​ 
B) involves creating new products for present markets. 
C) involves entering new markets as competitors.​ 
D) uses existing assets to provide added convenience to existing customers. 
A) focuses on attracting present customers to existing products.​ 
B) involves creating new products for present markets. 
C) involves entering new markets as competitors.​ 
D) uses existing assets to provide added convenience to existing customers.

Question 7

Addoso Inc.manufactures electronic gadgets.The marketing managers at Addoso Inc.have discovered that a new competitor is gaining more customers by selling products at lower prices.In the context of SWOT-internal strengths (S)and weaknesses (W)and external opportunities (O)and threats (T)-analysis,which of the following actions should be taken by the marketing managers at Addoso Inc.?

Accepted Answer

A) ​They must analyze aspects of the marketing environment. 
B) They must focus on organizational resources. 
C) They should ignore macroenvironmental forces. 
D) ​They should focus on production costs and marketing skills. 
A) ​They must analyze aspects of the marketing environment. 
B) They must focus on organizational resources. 
C) They should ignore macroenvironmental forces. 
D) ​They should focus on production costs and marketing skills.

Question 8

Which of the following statements is true of an effective business mission statement?

Accepted Answer

A) ​It is based on an analysis of anticipated environmental conditions. 
B) It is kept confidential from customers and stakeholders. 
C) It should define a business in terms of goods and services rather than in terms of the benefits customers seek. 
D) ​It is stated after the details of a marketing plan are developed. 
A) ​It is based on an analysis of anticipated environmental conditions. 
B) It is kept confidential from customers and stakeholders. 
C) It should define a business in terms of goods and services rather than in terms of the benefits customers seek. 
D) ​It is stated after the details of a marketing plan are developed.

Question 9

The marketing mix typically involves:

Accepted Answer

A) ​distribution strategies. 
B) divestiture strategies. 
C) restrictive covenants. 
D) ​federal regulations. 
A) ​distribution strategies. 
B) divestiture strategies. 
C) restrictive covenants. 
D) ​federal regulations.

Question 10

Which of the following statements is true of strategic planning?

Accepted Answer

A) ​It is an intermittent process. 
B) It should focus on short-run profitability and growth rather than long-run profits. 
C) It is done independently by company shareholders. 
D) ​It should be based on creativity. 
A) ​It is an intermittent process. 
B) It should focus on short-run profitability and growth rather than long-run profits. 
C) It is done independently by company shareholders. 
D) ​It should be based on creativity.

Question 11

Companies can make strategic planning more effective by:

Accepted Answer

A) ​ensuring the participation of top management. 
B) ensuring that decision making is centralized. 
C) making strategic planning an annual exercise. 
D) ​focusing on short-run profitability and growth. 
A) ​ensuring the participation of top management. 
B) ensuring that decision making is centralized. 
C) making strategic planning an annual exercise. 
D) ​focusing on short-run profitability and growth.

Question 12

A task force is a tightly organized unit under the direction of a manager who,usually,has broad authority.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is an element of the marketing mix?

Accepted Answer

A) ​Pricing strategies 
B) Divestment strategies 
C) Investment strategies 
D) ​Trade restraint strategies 
A) ​Pricing strategies 
B) Divestment strategies 
C) Investment strategies 
D) ​Trade restraint strategies

Question 14

Rues and West Bros.,an ammunition manufacturer,defines its mission as being in the ammunition-production business rather than in the arms industry.In the given scenario,Rues and West Bros.is suffering from _____.

Accepted Answer

A) ​marketing inertia 
B) marketing myopia 
C) marketing dissonance 
D) ​marketing blockage 
A) ​marketing inertia 
B) marketing myopia 
C) marketing dissonance 
D) ​marketing blockage

Question 15

In the context of the Boston Consulting Group's (BCG's)portfolio matrix,which of the following is a similarity between stars and question marks?

Accepted Answer

A) ​Both operate in a high-growth industry. 
B) Both operate in a low-growth industry. 
C) Both have a high market share in their respective markets. 
D) ​Both have a low market share in their respective markets. 
A) ​Both operate in a high-growth industry. 
B) Both operate in a low-growth industry. 
C) Both have a high market share in their respective markets. 
D) ​Both have a low market share in their respective markets.

Question 16

Marketing objectives must be consistent with and indicate the priorities of the organization.

Accepted Answer

A) True 
 B)False

Question 17

In the portfolio matrix,a _____ has low growth potential and a small market share.

Accepted Answer

A) ​question mark 
B) problem child 
C) star 
D) ​dog 
A) ​question mark 
B) problem child 
C) star 
D) ​dog

Question 18

A strategic business unit (SBU)is a single business or a collection of related businesses.

Accepted Answer

A) True 
 B)False

Question 19

The price component of the marketing mix is:

Accepted Answer

A) ​a competitive weapon for companies. 
B) a basis to obtain a product differentiation advantage. 
C) the starting point of the marketing mix. 
D) ​the least flexible element of the marketing mix. 
A) ​a competitive weapon for companies. 
B) a basis to obtain a product differentiation advantage. 
C) the starting point of the marketing mix. 
D) ​the least flexible element of the marketing mix.

Question 20

An effective marketing objective:

Accepted Answer

A) ​is qualitative rather than quantitative. 
B) is compared to a benchmark. 
C) is written independently of the mission statement. 
D) ​is written after a marketing plan is drafted. 
A) ​is qualitative rather than quantitative. 
B) is compared to a benchmark. 
C) is written independently of the mission statement. 
D) ​is written after a marketing plan is drafted.

When a company defines its mission statement based on its short-term objectives,it is said to be suffering from _____.

A competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition.

Drafi Arts Corp.makes and sells original handicraft goods.The management of the company has been successfully using a niche strategy for many years.In this case,which of the following is most likely to be true of Drafi Arts Corp.?

Which of the following statements is true of strategic planning?

Market segments cannot be differentiated by ethnicity and multicultural aspects.

According to Ansoff's strategic opportunity matrix,unlike market development,product development:

Which of the following statements is true of an effective business mission statement?

The marketing mix typically involves:

Which of the following statements is true of strategic planning?

Companies can make strategic planning more effective by:

A task force is a tightly organized unit under the direction of a manager who,usually,has broad authority.

Which of the following is an element of the marketing mix?

Rues and West Bros.,an ammunition manufacturer,defines its mission as being in the ammunition-production business rather than in the arms industry.In the given scenario,Rues and West Bros.is suffering from _____.

In the context of the Boston Consulting Group's (BCG's)portfolio matrix,which of the following is a similarity between stars and question marks?

Marketing objectives must be consistent with and indicate the priorities of the organization.

In the portfolio matrix,a _____ has low growth potential and a small market share.

A strategic business unit (SBU)is a single business or a collection of related businesses.

The price component of the marketing mix is:

An effective marketing objective:

An Overview of Marketing

Ethics and Social Responsibility

The Marketing Environment

Developing a Global Vision

Consumer Decision Making

Business Marketing

Segmenting and Targeting Markets

Marketing Research

Product Concepts

Developing and Managing Products

Services and Nonprofit Organization Marketing

Supply Chain Management and Marketing Channels

Retailing

Marketing Communications

Advertising, Public Relations and Sales Promotion

Personal Selling and Sales Management

Social Media and Marketing

Pricing Concepts

Filters

Exam 2: Strategic Planning for Competitive Advantage

When a company defines its mission statement based on its short-term objectives,it is said to be suffering from _____.

A competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition.

Drafi Arts Corp.makes and sells original handicraft goods.The management of the company has been successfully using a niche strategy for many years.In this case,which of the following is most likely to be true of Drafi Arts Corp.?

Which of the following statements is true of strategic planning?

Market segments cannot be differentiated by ethnicity and multicultural aspects.

According to Ansoff's strategic opportunity matrix,unlike market development,product development:

Which of the following statements is true of an effective business mission statement?

The marketing mix typically involves:

Which of the following statements is true of strategic planning?

Companies can make strategic planning more effective by:

A task force is a tightly organized unit under the direction of a manager who,usually,has broad authority.

Which of the following is an element of the marketing mix?

Rues and West Bros.,an ammunition manufacturer,defines its mission as being in the ammunition-production business rather than in the arms industry.In the given scenario,Rues and West Bros.is suffering from _____.

In the context of the Boston Consulting Group's (BCG's)portfolio matrix,which of the following is a similarity between stars and question marks?

Marketing objectives must be consistent with and indicate the priorities of the organization.

In the portfolio matrix,a _____ has low growth potential and a small market share.

A strategic business unit (SBU)is a single business or a collection of related businesses.

The price component of the marketing mix is:

An effective marketing objective:

An Overview of Marketing

Ethics and Social Responsibility

The Marketing Environment

Developing a Global Vision

Consumer Decision Making

Business Marketing

Segmenting and Targeting Markets

Marketing Research

Product Concepts

Developing and Managing Products

Services and Nonprofit Organization Marketing

Supply Chain Management and Marketing Channels

Retailing

Marketing Communications

Advertising, Public Relations and Sales Promotion

Personal Selling and Sales Management

Social Media and Marketing

Pricing Concepts

Filters