Question 1

Marketing myopia means long-term thinking.

Accepted Answer

A) True 
 B)False

Question 2

Compare product strategies and pricing strategies in the context of the marketing mix.

Accepted Answer

Answers will vary.Of the four Ps,the mar

Question 3

If an organization has a strategic business unit that has been classified as a star,harvesting would be an appropriate goal.

Accepted Answer

A) True 
 B)False

Question 4

Discuss the market penetration strategy of Ansoff's strategic opportunity matrix.

Accepted Answer

Answers will vary.A firm using the marke

Question 5

Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following actions is associated with the niche strategy?

Accepted Answer

A) ​Choosing a target market that is not crucial to the success of major competitors 
B) Manufacturing products in bulk and targeting average customers 
C) Selling products without extra frills or options 
D) ​Creating cross-departmental teams across all the strategic business units 
A) ​Choosing a target market that is not crucial to the success of major competitors 
B) Manufacturing products in bulk and targeting average customers 
C) Selling products without extra frills or options 
D) ​Creating cross-departmental teams across all the strategic business units

Question 7

_____ tells us that costs decline at a predictable rate as experience with a product increases.

Accepted Answer

A) ​A market opportunity analysis (MO
A)  
B) An experience curve 
C) Marketing myopia 
D) ​Ansoff's strategic opportunity matrix 
A) ​A market opportunity analysis (MO
A)  
B) An experience curve 
C) Marketing myopia 
D) ​Ansoff's strategic opportunity matrix

Question 8

Strategic planning is just an annual exercise.

Accepted Answer

A) True 
 B)False

Question 9

Unlike a product/service differentiation competitive strategy,a niche strategy:

Accepted Answer

A) ​is suitable for small companies with limited resources. 
B) is opted in a market segment that has low growth potential. 
C) aims at being the low-cost competitor in an industry. 
D) ​removes frills and options from a product or service. 
A) ​is suitable for small companies with limited resources. 
B) is opted in a market segment that has low growth potential. 
C) aims at being the low-cost competitor in an industry. 
D) ​removes frills and options from a product or service.

Question 10

Which of the following should be the main focus of marketers in accordance with distribution strategies?

Accepted Answer

A) ​Market segments to be targeted 
B) Medium to be used for advertising 
C) Products to be manufactured 
D) ​Physical locations of products 
A) ​Market segments to be targeted 
B) Medium to be used for advertising 
C) Products to be manufactured 
D) ​Physical locations of products

Question 11

Varion Air,an airline company,is providing promotional offers to mark its first anniversary.Its customers will be given a complimentary air ticket on the purchase of three business class tickets.In this case,which of the following is true of its promotional strategy?

Accepted Answer

A) ​It will satisfy the flyers and not the management of Varion Air. 
B) It will not be effective as promotion does not apply to services. 
C) It will increase the sales of Varion Air. 
D) ​It will work independently of the other three elements of the marketing mix. 
A) ​It will satisfy the flyers and not the management of Varion Air. 
B) It will not be effective as promotion does not apply to services. 
C) It will increase the sales of Varion Air. 
D) ​It will work independently of the other three elements of the marketing mix.

Question 12

In a target market strategy,identifying the market segment or segments begins with a market opportunity analysis (MOA).

Accepted Answer

A) True 
 B)False

Question 13

Which of the following statements is true of the price component of the marketing mix?

Accepted Answer

A) ​It does not affect a firm's competitive advantage. 
B) It is the least important of the four Ps of the marketing mix. 
C) It is what a buyer must give up in order to obtain a product. 
D) ​It is decided independently of the external environment of the business. 
A) ​It does not affect a firm's competitive advantage. 
B) It is the least important of the four Ps of the marketing mix. 
C) It is what a buyer must give up in order to obtain a product. 
D) ​It is decided independently of the external environment of the business.

Question 14

List the three types of competitive advantages and define them.

Accepted Answer

Answers will vary.There are three types

Question 15

The product in the marketing mix includes:

Accepted Answer

A) ​the point of purchase. 
B) the company image. 
C) personal selling. 
D) ​sales promotion. 
A) ​the point of purchase. 
B) the company image. 
C) personal selling. 
D) ​sales promotion.

Question 16

Choqlate King Inc.is a large company that produces and sells chocolate bars.It plans to adopt a product development strategy.In this case,which of the following is most likely to happen?

Accepted Answer

A) ​It will focus on attracting new and retaining existing customers. 
B) It will create competition by lowering the prices of its chocolates. 
C) It will introduce a low-fat chocolate that has zero cholesterol. 
D) ​It will use existing assets to provide added convenience to existing customers. 
A) ​It will focus on attracting new and retaining existing customers. 
B) It will create competition by lowering the prices of its chocolates. 
C) It will introduce a low-fat chocolate that has zero cholesterol. 
D) ​It will use existing assets to provide added convenience to existing customers.

Question 17

Explain how a business mission has to be defined.

Accepted Answer

Answers will vary.The foundation of any

Question 18

The basic goal of _____ is to increase the short-term cash return without too much concern for the long-run impact.

Accepted Answer

A) ​building 
B) holding 
C) harvesting 
D) ​divesting 
A) ​building 
B) holding 
C) harvesting 
D) ​divesting

Question 19

Which of the following statements is true of a marketing audit?

Accepted Answer

A) ​It should be carried out on a regular schedule. 
B) It is normally conducted by an outside party and restricts an inside party of a firm. 
C) It covers just the trouble spots of an organization. 
D) ​It is a device to implement a marketing plan. 
A) ​It should be carried out on a regular schedule. 
B) It is normally conducted by an outside party and restricts an inside party of a firm. 
C) It covers just the trouble spots of an organization. 
D) ​It is a device to implement a marketing plan.

Question 20

A product/service differentiation competitive advantage can be achieved by:

Accepted Answer

A) ​using inexpensive raw materials. 
B) having a strong dealer network. 
C) having low overhead costs. 
D) ​creating generic products. 
A) ​using inexpensive raw materials. 
B) having a strong dealer network. 
C) having low overhead costs. 
D) ​creating generic products.

Marketing myopia means long-term thinking.

Compare product strategies and pricing strategies in the context of the marketing mix.

If an organization has a strategic business unit that has been classified as a star,harvesting would be an appropriate goal.

Discuss the market penetration strategy of Ansoff's strategic opportunity matrix.

Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

Which of the following actions is associated with the niche strategy?

_____ tells us that costs decline at a predictable rate as experience with a product increases.

Strategic planning is just an annual exercise.

Unlike a product/service differentiation competitive strategy,a niche strategy:

Which of the following should be the main focus of marketers in accordance with distribution strategies?

Varion Air,an airline company,is providing promotional offers to mark its first anniversary.Its customers will be given a complimentary air ticket on the purchase of three business class tickets.In this case,which of the following is true of its promotional strategy?

In a target market strategy,identifying the market segment or segments begins with a market opportunity analysis (MOA).

Which of the following statements is true of the price component of the marketing mix?

List the three types of competitive advantages and define them.

The product in the marketing mix includes:

Choqlate King Inc.is a large company that produces and sells chocolate bars.It plans to adopt a product development strategy.In this case,which of the following is most likely to happen?

Explain how a business mission has to be defined.

The basic goal of _____ is to increase the short-term cash return without too much concern for the long-run impact.

Which of the following statements is true of a marketing audit?

A product/service differentiation competitive advantage can be achieved by:

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

Marketing myopia means long-term thinking.

Compare product strategies and pricing strategies in the context of the marketing mix.

If an organization has a strategic business unit that has been classified as a star,harvesting would be an appropriate goal.

Discuss the market penetration strategy of Ansoff's strategic opportunity matrix.

Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

Which of the following actions is associated with the niche strategy?

_____ tells us that costs decline at a predictable rate as experience with a product increases.

Strategic planning is just an annual exercise.

Unlike a product/service differentiation competitive strategy,a niche strategy:

Which of the following should be the main focus of marketers in accordance with distribution strategies?

Varion Air,an airline company,is providing promotional offers to mark its first anniversary.Its customers will be given a complimentary air ticket on the purchase of three business class tickets.In this case,which of the following is true of its promotional strategy?

In a target market strategy,identifying the market segment or segments begins with a market opportunity analysis (MOA).

Which of the following statements is true of the price component of the marketing mix?

List the three types of competitive advantages and define them.

The product in the marketing mix includes:

Choqlate King Inc.is a large company that produces and sells chocolate bars.It plans to adopt a product development strategy.In this case,which of the following is most likely to happen?

Explain how a business mission has to be defined.

The basic goal of _____ is to increase the short-term cash return without too much concern for the long-run impact.

Which of the following statements is true of a marketing audit?

A product/service differentiation competitive advantage can be achieved by:

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