Question 1

By manipulating elements of the marketing mix, marketing managers can fine-tune the customer offering and achieve competitive success.

Accepted Answer

A) True 
 B)False

Question 2

A company's skills include patents, copyrights, and technology that are superior to those of the competition.

Accepted Answer

A) True 
 B)False

Question 3

Drafi Arts Corp. makes and sells original handicraft products. The management of the company has been successfully using a niche strategy for 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

In the context of a marketing mix, which of the following business activities is closely associated with promotion?

Accepted Answer

A) Usage of social media to increase products sales 
B) Deciding to increase prices of products 
C) Changing the appearance of the product packaging 
D) Ways to improve product quality 
A) Usage of social media to increase products sales 
B) Deciding to increase prices of products 
C) Changing the appearance of the product packaging 
D) Ways to improve product quality

Question 5

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 6

A diversification strategy is free of risk when a firm is entering unfamiliar markets.

Accepted Answer

A) True 
 B)False

Question 7

When properly created, a strategic business unit (SBU):

Accepted Answer

A) has a specific target market. 
B) plans collaboratively with other SBUs of the company. 
C) has no competitors. 
D) shares the mission of its parent company. 
A) has a specific target market. 
B) plans collaboratively with other SBUs of the company. 
C) has no competitors. 
D) shares the mission of its parent company.

Question 8

_____ is the strategy of preserving market share so that an organization can take advantage of very positive cash flow.

Accepted Answer

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

Question 9

Market segments cannot be differentiated by ethnicity and multicultural aspects.

Accepted Answer

A) True 
 B)False

Question 10

The strategy options to invest heavily to gain better market share, acquire competitors to get the necessary market share, or drop the SBU altogether are essential in maintaining _____ in high growth industries.

Accepted Answer

A) cash cows 
B) stars 
C) dogs 
D) question marks 
A) cash cows 
B) stars 
C) dogs 
D) question marks

Question 11

In the context of a marketing mix, promotion includes:

Accepted Answer

A) public relations activities. 
B) pricing strategies. 
C) after-purchase service. 
D) storage and transportation of finished products. 
A) public relations activities. 
B) pricing strategies. 
C) after-purchase service. 
D) storage and transportation of finished products.

Question 12

Magnira Inc. plans to implement a market penetration strategy to increase its market share. According to Ansoff's strategic opportunity matrix, which of the following scenarios is most likely to happen?

Accepted Answer

A) Magnira Inc.will try to attract new customers to its products. 
B) Magnira Inc.will try to increase its market share among existing customers. 
C) Magnira Inc. will create new products for its existing customers. 
D) Magnira Inc. will move away from its core capabilities and diversify its business. 
A) Magnira Inc.will try to attract new customers to its products. 
B) Magnira Inc.will try to increase its market share among existing customers. 
C) Magnira Inc. will create new products for its existing customers. 
D) Magnira Inc. will move away from its core capabilities and diversify its business.

Question 13

Discuss the general strategies for selecting target markets.

Accepted Answer

Answers will vary. Target markets can be

Question 14

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 15

Marketers at Libra Electronics Inc. are developing promotional strategies to increase product sales. They want to promote the company's products among the public. In this case, which of the following is an effective promotional strategy that the marketers can follow to improve product/brand awareness among the public?

Accepted Answer

A) They can limit the products' availability to a few retail stores in the city. 
B) They can raise the prices of the products to signify high quality. 
C) They can reduce frills or options from the products. 
D) They can print pamphlets that elaborate the products' features. 
A) They can limit the products' availability to a few retail stores in the city. 
B) They can raise the prices of the products to signify high quality. 
C) They can reduce frills or options from the products. 
D) They can print pamphlets that elaborate the products' features.

Question 16

According to Ansoff's strategic opportunity matrix, which of the following factors is associated with market development?

Accepted Answer

A) Limiting production 
B) Increasing the prices of products 
C) Adding new uses to products 
D) Limiting resources used for promotion 
A) Limiting production 
B) Increasing the prices of products 
C) Adding new uses to products 
D) Limiting resources used for promotion

Question 17

Discuss the process of implementing a marketing plan.

Accepted Answer

Answers will vary. Implementation is the

Question 18

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

Accepted Answer

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

Question 19

According to Ansoff's strategic opportunity matrix, both product development and diversification entail the creation of new products.

Accepted Answer

A) True 
 B)False

Question 20

In the context of the Boston Consulting Group's (BCG's) portfolio matrix, a _____ is a strategic business unit that generates more cash than it needs to maintain its market share.

Accepted Answer

A) problem child 
B) dog 
C) star 
D) cash cow 
A) problem child 
B) dog 
C) star 
D) cash cow

By manipulating elements of the marketing mix, marketing managers can fine-tune the customer offering and achieve competitive success.

A company's skills include patents, copyrights, and technology that are superior to those of the competition.

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

In the context of a marketing mix, which of the following business activities is closely associated with promotion?

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

A diversification strategy is free of risk when a firm is entering unfamiliar markets.

When properly created, a strategic business unit (SBU):

_____ is the strategy of preserving market share so that an organization can take advantage of very positive cash flow.

Market segments cannot be differentiated by ethnicity and multicultural aspects.

The strategy options to invest heavily to gain better market share, acquire competitors to get the necessary market share, or drop the SBU altogether are essential in maintaining _____ in high growth industries.

In the context of a marketing mix, promotion includes:

Magnira Inc. plans to implement a market penetration strategy to increase its market share. According to Ansoff's strategic opportunity matrix, which of the following scenarios is most likely to happen?

Discuss the general strategies for selecting target markets.

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

According to Ansoff's strategic opportunity matrix, which of the following factors is associated with market development?

Discuss the process of implementing a marketing plan.

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

According to Ansoff's strategic opportunity matrix, both product development and diversification entail the creation of new products.

In the context of the Boston Consulting Group's (BCG's) portfolio matrix, a _____ is a strategic business unit that generates more cash than it needs to maintain its market share.

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

By manipulating elements of the marketing mix, marketing managers can fine-tune the customer offering and achieve competitive success.

A company's skills include patents, copyrights, and technology that are superior to those of the competition.

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

In the context of a marketing mix, which of the following business activities is closely associated with promotion?

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

A diversification strategy is free of risk when a firm is entering unfamiliar markets.

When properly created, a strategic business unit (SBU):

_____ is the strategy of preserving market share so that an organization can take advantage of very positive cash flow.

Market segments cannot be differentiated by ethnicity and multicultural aspects.

The strategy options to invest heavily to gain better market share, acquire competitors to get the necessary market share, or drop the SBU altogether are essential in maintaining _____ in high growth industries.

In the context of a marketing mix, promotion includes:

Magnira Inc. plans to implement a market penetration strategy to increase its market share. According to Ansoff's strategic opportunity matrix, which of the following scenarios is most likely to happen?

Discuss the general strategies for selecting target markets.

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

According to Ansoff's strategic opportunity matrix, which of the following factors is associated with market development?

Discuss the process of implementing a marketing plan.

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

According to Ansoff's strategic opportunity matrix, both product development and diversification entail the creation of new products.

In the context of the Boston Consulting Group's (BCG's) portfolio matrix, a _____ is a strategic business unit that generates more cash than it needs to maintain its market share.

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