Question 1

Which of the following terms refers to a group of products that consumers are likely to use together or perceive as similar in some way?

Accepted Answer

A) Product mix 
B) Product line 
C) Product portfolio 
D) Niche market 
E) Market mix 
A) Product mix 
B) Product line 
C) Product portfolio 
D) Niche market 
E) Market mix

Question 2

In the context of marketing mix, which of the following aspects of customer value is closely associated with products?

Accepted Answer

A) Value creation 
B) Value delivery 
C) Value for money 
D) Value communication 
E) Value exchange 
A) Value creation 
B) Value delivery 
C) Value for money 
D) Value communication 
E) Value exchange

Question 3

Compare and contrast strengths and opportunities that apply to businesses.

Accepted Answer

Strengths are positive attributes that a

Question 4

Operational excellence is achieved by:

Accepted Answer

A) ensuring an excellent supply chain management and strong relationships with suppliers. 
B) maintaining excellent customer service and excellent relationships with suppliers. 
C) strong relationships with suppliers and retailing loyal buyers. 
D) maintain efficient operations with the best location selection. 
E) excellent supply chain management and differentiate the product offerings. 
A) ensuring an excellent supply chain management and strong relationships with suppliers. 
B) maintaining excellent customer service and excellent relationships with suppliers. 
C) strong relationships with suppliers and retailing loyal buyers. 
D) maintain efficient operations with the best location selection. 
E) excellent supply chain management and differentiate the product offerings.

Question 5

A market penetration strategy requires:

Accepted Answer

A) development of a highly innovative product offering. 
B) entry to a new geographic market. 
C) lesser marketing efforts. 
D) reduced spending on advertising. 
E) intensified distribution efforts in existing markets. 
A) development of a highly innovative product offering. 
B) entry to a new geographic market. 
C) lesser marketing efforts. 
D) reduced spending on advertising. 
E) intensified distribution efforts in existing markets.

Question 6

Capricus Leathers Inc. is a company that manufactures leather apparel and accessories. The company sells two products, Indigo and Tango. Both the products serve in a low-growth market. While Indigo has significant market share in the market, Tango has less than 1 percent market share.
-According to the Boston Consulting Group (BCG)matrix, Indigo is called a:

Accepted Answer

A) question mark. 
B) cash cow. 
C) star. 
D) dog. 
E) champion. 
A) question mark. 
B) cash cow. 
C) star. 
D) dog. 
E) champion.

Question 7

In the context of the Boston Consulting Group (BCG)portfolio analysis, which of the following is a similarity between the products represented by a star and a question mark?

Accepted Answer

A) Both serve high growth-rate markets. 
B) Both have a significant market share in their respective markets. 
C) Both generate considerable revenue for their respective firms. 
D) Both have surplus resources remaining after production. 
E) Both are used to boost the sales of other products. 
A) Both serve high growth-rate markets. 
B) Both have a significant market share in their respective markets. 
C) Both generate considerable revenue for their respective firms. 
D) Both have surplus resources remaining after production. 
E) Both are used to boost the sales of other products.

Question 8

Surge Manufacturing sells its products by using a wide variety of channels, including the Internet.This gives the firm:

Accepted Answer

A) product excellence. 
B) customer excellence. 
C) operational excellence. 
D) procedural excellence. 
E) locational excellence. 
A) product excellence. 
B) customer excellence. 
C) operational excellence. 
D) procedural excellence. 
E) locational excellence.

Question 9

Market penetration refers to introducing a new product in a new market.

Accepted Answer

A) True 
 B)False

Question 10

Explain situation analysis.

Accepted Answer

After developing its mission, a firm mus

Question 11

In a SWOT analysis, which of the following is considered a company's strength?

Accepted Answer

A) Presence of wide distribution networks 
B) Attractiveness of the industry 
C) Market exit of a competitor 
D) Favourable political changes 
E) Acquiring another firm and gaining market access 
A) Presence of wide distribution networks 
B) Attractiveness of the industry 
C) Market exit of a competitor 
D) Favourable political changes 
E) Acquiring another firm and gaining market access

Question 12

Apple achieved success by providing customers with products that meet/exceed expectations, good customer service, convenient locations and online presence.Which of the following strategies is used by Apple to achieve sustainable competitive advantage?

Accepted Answer

A) Service excellence 
B) Marketing excellence 
C) Product excellence 
D) Multiple source of advantage 
E) Operational excellence 
A) Service excellence 
B) Marketing excellence 
C) Product excellence 
D) Multiple source of advantage 
E) Operational excellence

Question 13

Which of the following refers to the process of classifying a market into distinct groups of customers where each individual group has similar needs, wants, or characteristics?

Accepted Answer

A) Downsizing 
B) Positioning 
C) Locational excellence 
D) Segmentation 
E) Diversification 
A) Downsizing 
B) Positioning 
C) Locational excellence 
D) Segmentation 
E) Diversification

Question 14

The growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve is called:

Accepted Answer

A) diversification. 
B) market development. 
C) market penetration. 
D) intensification. 
E) product development. 
A) diversification. 
B) market development. 
C) market penetration. 
D) intensification. 
E) product development.

Question 15

Arpin Stores Inc. is a wholesale food manufacturing company. The company markets packaged food products across the United States. The company appoints an external agency to perform a SWOT analysis of the company.
-Which of the following observations, if made by the external agency, will indicate the company's weakness?

Accepted Answer

A) The company incurs high transportation costs as its manufacturing facility is at a remote place. 
B) The wholesale food industry has seen an influx of new players in recent times. 
C) An economic downturn has increased people's liking for organic products. 
D) A food poisoning disaster that occurred recently has lowered people's preference for packaged foods. 
E) The government has imposed a new tax on packaged food industry. 
A) The company incurs high transportation costs as its manufacturing facility is at a remote place. 
B) The wholesale food industry has seen an influx of new players in recent times. 
C) An economic downturn has increased people's liking for organic products. 
D) A food poisoning disaster that occurred recently has lowered people's preference for packaged foods. 
E) The government has imposed a new tax on packaged food industry.

Question 16

Briefly explain the four Ps of marketing.

Accepted Answer

The four Ps are as follows:
-Product: Pr

Question 17

Which of the following is an activity in the control phase of a marketing plan?

Accepted Answer

A) Developing and implementing a marketing mix 
B) Identifying a business's mission and objectives 
C) Evaluating the performance of a marketing strategy 
D) Identifying the opportunities present in a market 
E) Understanding a firm's competitive strengths and weaknesses 
A) Developing and implementing a marketing mix 
B) Identifying a business's mission and objectives 
C) Evaluating the performance of a marketing strategy 
D) Identifying the opportunities present in a market 
E) Understanding a firm's competitive strengths and weaknesses

Question 18

Which of the following strategies involves focusing on having an Internet presence?

Accepted Answer

A) Diversification excellence 
B) Product excellence 
C) Locational excellence 
D) Operational excellence 
E) Customer excellence 
A) Diversification excellence 
B) Product excellence 
C) Locational excellence 
D) Operational excellence 
E) Customer excellence

Question 19

Davison Associates Inc.manufactures office furniture.The management of the company believes that developing a strong brand name is the primary strategy to compete in the market.Hence, it invests a significant share of its resources to position its brands through promotions and service.Which of the following does the company use to achieve sustainable competitive advantage?

Accepted Answer

A) Diversification excellence 
B) Product excellence 
C) Customer excellence 
D) Locational excellence 
E) Operational excellence 
A) Diversification excellence 
B) Product excellence 
C) Customer excellence 
D) Locational excellence 
E) Operational excellence

Question 20

A small non-profit organization ran a campaign on Facebook and Instagram to increase customers' donations.The ad briefly show case the cause and invite customers to donate through the non-profit's website.Which metrics would be the best to assess the effectiveness of this campaign?

Accepted Answer

A) Ad exposure 
B) Click through rate 
C) Website traffic before and after the campaign. 
D) Number of donors before and after the campaign. 
E) Ad engagement 
A) Ad exposure 
B) Click through rate 
C) Website traffic before and after the campaign. 
D) Number of donors before and after the campaign. 
E) Ad engagement

Which of the following terms refers to a group of products that consumers are likely to use together or perceive as similar in some way?

In the context of marketing mix, which of the following aspects of customer value is closely associated with products?

Compare and contrast strengths and opportunities that apply to businesses.

Operational excellence is achieved by:

A market penetration strategy requires:

In the context of the Boston Consulting Group (BCG)portfolio analysis, which of the following is a similarity between the products represented by a star and a question mark?

Surge Manufacturing sells its products by using a wide variety of channels, including the Internet.This gives the firm:

Market penetration refers to introducing a new product in a new market.

Explain situation analysis.

In a SWOT analysis, which of the following is considered a company's strength?

Apple achieved success by providing customers with products that meet/exceed expectations, good customer service, convenient locations and online presence.Which of the following strategies is used by Apple to achieve sustainable competitive advantage?

Which of the following refers to the process of classifying a market into distinct groups of customers where each individual group has similar needs, wants, or characteristics?

The growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve is called:

Briefly explain the four Ps of marketing.

Which of the following is an activity in the control phase of a marketing plan?

Which of the following strategies involves focusing on having an Internet presence?

A small non-profit organization ran a campaign on Facebook and Instagram to increase customers' donations.The ad briefly show case the cause and invite customers to donate through the non-profit's website.Which metrics would be the best to assess the effectiveness of this campaign?

Overview of Marketing

Analyzing the Marketing Environment

Consumer Behaviour

Business-To-Business Marketing

Segmentation, Targeting, and Positioning

Marketing Research

Developing New Products

Product, Branding, and Packaging Decisions

Services: The Intangible Product

Pricing Concepts and Strategies: Establishing Value

Distribution Channels

Retailing and Omni-Channel Marketing

Integrated Marketing Communications

Advertising, Sales Promotions, and Personal Selling

Social and Mobile Marketing

Global Marketing

Ethics and Socially Responsible Marketing

Filters

Exam 2: Developing Marketing Strategies and a Marketing Plan

Which of the following terms refers to a group of products that consumers are likely to use together or perceive as similar in some way?

In the context of marketing mix, which of the following aspects of customer value is closely associated with products?

Compare and contrast strengths and opportunities that apply to businesses.

Operational excellence is achieved by:

A market penetration strategy requires:

In the context of the Boston Consulting Group (BCG)portfolio analysis, which of the following is a similarity between the products represented by a star and a question mark?

Surge Manufacturing sells its products by using a wide variety of channels, including the Internet.This gives the firm:

Market penetration refers to introducing a new product in a new market.

Explain situation analysis.

In a SWOT analysis, which of the following is considered a company's strength?

Apple achieved success by providing customers with products that meet/exceed expectations, good customer service, convenient locations and online presence.Which of the following strategies is used by Apple to achieve sustainable competitive advantage?

Which of the following refers to the process of classifying a market into distinct groups of customers where each individual group has similar needs, wants, or characteristics?

The growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve is called:

Briefly explain the four Ps of marketing.

Which of the following is an activity in the control phase of a marketing plan?

Which of the following strategies involves focusing on having an Internet presence?

A small non-profit organization ran a campaign on Facebook and Instagram to increase customers' donations.The ad briefly show case the cause and invite customers to donate through the non-profit's website.Which metrics would be the best to assess the effectiveness of this campaign?

Overview of Marketing

Analyzing the Marketing Environment

Consumer Behaviour

Business-To-Business Marketing

Segmentation, Targeting, and Positioning

Marketing Research

Developing New Products

Product, Branding, and Packaging Decisions

Services: The Intangible Product

Pricing Concepts and Strategies: Establishing Value

Distribution Channels

Retailing and Omni-Channel Marketing

Integrated Marketing Communications

Advertising, Sales Promotions, and Personal Selling

Social and Mobile Marketing

Global Marketing

Ethics and Socially Responsible Marketing

Filters