Question 1

The price component of a 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 2

In the context of a marketing mix, which of the following is an element of promotion?

Accepted Answer

A) Pricing strategies 
B) Personal selling 
C) Product packaging 
D) Manufacturing strategies 
A) Pricing strategies 
B) Personal selling 
C) Product packaging 
D) Manufacturing strategies

Question 3

Synergy Corp., a large seller of energy-efficient light bulbs, uses extensive promotional strategies to stimulate sales. The marketers at Synergy Corp. have noticed that a competitor is doing well and is steadily gaining a large market share. They want to counter the competitor immediately by increasing the sales of Synergy Corp.'s bulbs. In this case, which of the following steps is the quickest step that the marketers at Synergy can take to stimulate the sales of its products?

Accepted Answer

A) Changing the pricing strategy. 
B) Creating complex production techniques. 
C) Entering into new supplier contracts. 
D) Adopting a divesting strategy. 
A) Changing the pricing strategy. 
B) Creating complex production techniques. 
C) Entering into new supplier contracts. 
D) Adopting a divesting strategy.

Question 4

Eldams Inc., a technological firm, started producing a new gaming console for its domestic market. This shows that Eldams Inc. has adopted a diversification strategy.

Accepted Answer

A) True 
 B)False

Question 5

In the context of the portfolio matrix, which of the following statements is true of dogs?

Accepted Answer

A) Protection of existing market shares is essential for dogs. 
B) Dogs have a dominant market shares in low growth markets. 
C) Typical marketing strategies for dogs are to harvest or divest. 
D) Dogs are escalated in the market by strong financial funding. 
A) Protection of existing market shares is essential for dogs. 
B) Dogs have a dominant market shares in low growth markets. 
C) Typical marketing strategies for dogs are to harvest or divest. 
D) Dogs are escalated in the market by strong financial funding.

Question 6

Which of the following statements is true of the innovation matrix?

Accepted Answer

A) As a company moves away from its core capabilities, it traverses a range of innovation. 
B) If an SBU of a firm is in a market with low overall attractiveness it must be harvested. 
C) Products are matched with markets in order to develop alternative marketing strategies. 
D) Clear-cut sectors define modern businesses' growth better than the fluid growth model. 
A) As a company moves away from its core capabilities, it traverses a range of innovation. 
B) If an SBU of a firm is in a market with low overall attractiveness it must be harvested. 
C) Products are matched with markets in order to develop alternative marketing strategies. 
D) Clear-cut sectors define modern businesses' growth better than the fluid growth model.

Question 7

Which of the following is an element of a 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 8

_____ is a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization.

Accepted Answer

A) Marketing mix 
B) Diversification 
C) Core innovation 
D) Marketing audit 
A) Marketing mix 
B) Diversification 
C) Core innovation 
D) Marketing audit

Question 9

Which of the following strategies can enable companies to gain a cost competitive advantage?

Accepted Answer

A) Removing frills from products 
B) Focusing on serving marginal customers 
C) Eliminating reverse engineering efforts 
D) Developing additional exclusive functional departments 
A) Removing frills from products 
B) Focusing on serving marginal customers 
C) Eliminating reverse engineering efforts 
D) Developing additional exclusive functional departments

Question 10

Which of the following actions is associated with a 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 11

Revel Inc., a cell phone manufacturer, decides to launch its new range of smartphones on the company's official Web site so that its logistics issues can be solved. With this modification, its customers can now buy the smartphones even if they are not sold in any of the stores in their locality. In this case, Revel Inc. focuses on the _____ element of the marketing mix.

Accepted Answer

A) evaluation 
B) promotion 
C) price 
D) distribution 
A) evaluation 
B) promotion 
C) price 
D) distribution

Question 12

The marketers at Gemini Inc. have prepared a marketing plan for the company's air conditioners. The managers at Gemini have outlined several activities for their subordinates based on this marketing plan. The employees are required to finish these activities within a month. The managers have also allocated a budget for each activity. In the context of marketing planning, which of the following concepts is illustrated in the scenario?

Accepted Answer

A) Divestment 
B) Implementation 
C) Diversification 
D) Vertical integration 
A) Divestment 
B) Implementation 
C) Diversification 
D) Vertical integration

Question 13

In the context of implementation, which of the following statements is true of a task force?

Accepted Answer

A) Authority is equally vested in each employee. 
B) It is established to accomplish a single goal or mission. 
C) It works independent of a specific deadline. 
D) Task force is set up for simple rather than strategic plans. 
A) Authority is equally vested in each employee. 
B) It is established to accomplish a single goal or mission. 
C) It works independent of a specific deadline. 
D) Task force is set up for simple rather than strategic plans.

Question 14

Which of the following statements is true of a niche strategy?

Accepted Answer

A) Only large companies can implement a niche strategy. 
B) Companies that adopt a niche strategy have only a small number of customers. 
C) Only the companies that do not have competitors can adopt a niche strategy. 
D) Companies that adopt a niche strategy can only gain a price advantage over competitors. 
A) Only large companies can implement a niche strategy. 
B) Companies that adopt a niche strategy have only a small number of customers. 
C) Only the companies that do not have competitors can adopt a niche strategy. 
D) Companies that adopt a niche strategy can only gain a price advantage over competitors.

Question 15

According to Ansoff's strategic opportunity matrix, a firm using the market penetration alternative would try to:

Accepted Answer

A) increase market share among existing customers. 
B) attract new customers to existing products. 
C) create new products for present markets. 
D) introduce new products into new markets. 
A) increase market share among existing customers. 
B) attract new customers to existing products. 
C) create new products for present markets. 
D) introduce new products into new markets.

Question 16

_____ is the process of anticipating future events and determining strategies to achieve organizational objectives in the future.

Accepted Answer

A) Divesting 
B) Planning 
C) Holding 
D) Harvesting 
A) Divesting 
B) Planning 
C) Holding 
D) Harvesting

Question 17

Imitating a rival's competitive advantage requires a company to first identify the rival's competitive advantage.

Accepted Answer

A) True 
 B)False

Question 18

Critics of Ansoff's matrix mention that the matrix does not:

Accepted Answer

A) provide firms with different marketing strategies. 
B) reflect the reality of how businesses grow. 
C) match products with various types of markets. 
D) outline clear-cut sectors outlined for businesses. 
A) provide firms with different marketing strategies. 
B) reflect the reality of how businesses grow. 
C) match products with various types of markets. 
D) outline clear-cut sectors outlined for businesses.

Question 19

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) focuses on using 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) focuses on using existing assets to provide added convenience to existing customers.

Question 20

Which of the following is a distinct feature of a product/service differentiation competitive advantage?

Accepted Answer

A) Using government subsidies 
B) Controlling overhead costs 
C) Establishing a brand name 
D) Obtaining inexpensive raw materials 
A) Using government subsidies 
B) Controlling overhead costs 
C) Establishing a brand name 
D) Obtaining inexpensive raw materials

The price component of a marketing mix is:

In the context of a marketing mix, which of the following is an element of promotion?

Eldams Inc., a technological firm, started producing a new gaming console for its domestic market. This shows that Eldams Inc. has adopted a diversification strategy.

In the context of the portfolio matrix, which of the following statements is true of dogs?

Which of the following statements is true of the innovation matrix?

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

_____ is a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization.

Which of the following strategies can enable companies to gain a cost competitive advantage?

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

In the context of implementation, which of the following statements is true of a task force?

Which of the following statements is true of a niche strategy?

According to Ansoff's strategic opportunity matrix, a firm using the market penetration alternative would try to:

_____ is the process of anticipating future events and determining strategies to achieve organizational objectives in the future.

Imitating a rival's competitive advantage requires a company to first identify the rival's competitive advantage.

Critics of Ansoff's matrix mention that the matrix does not:

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

Which of the following is a distinct feature of a product/service differentiation competitive advantage?

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

The price component of a marketing mix is:

In the context of a marketing mix, which of the following is an element of promotion?

Eldams Inc., a technological firm, started producing a new gaming console for its domestic market. This shows that Eldams Inc. has adopted a diversification strategy.

In the context of the portfolio matrix, which of the following statements is true of dogs?

Which of the following statements is true of the innovation matrix?

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

_____ is a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization.

Which of the following strategies can enable companies to gain a cost competitive advantage?

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

In the context of implementation, which of the following statements is true of a task force?

Which of the following statements is true of a niche strategy?

According to Ansoff's strategic opportunity matrix, a firm using the market penetration alternative would try to:

_____ is the process of anticipating future events and determining strategies to achieve organizational objectives in the future.

Imitating a rival's competitive advantage requires a company to first identify the rival's competitive advantage.

Critics of Ansoff's matrix mention that the matrix does not:

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

Which of the following is a distinct feature of a product/service differentiation competitive advantage?

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