Question 1

The pricing strategy is the area of marketing that receives the least amount of public scrutiny.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is a dimension of Porter's Five Forces model?

Accepted Answer

A)  Bargaining power of buyers 
B)  Existence of second-movers 
C)  Existing firms in the business environment 
D)  Rivalry among strategic business units 
A)  Bargaining power of buyers 
B)  Existence of second-movers 
C)  Existing firms in the business environment 
D)  Rivalry among strategic business units

Question 3

The first step of the marketing planning process involves:

Accepted Answer

A)  writing the mission statement. 
B)  establishing organizational objectives. 
C)  formulating a marketing plan. 
D)  hiring a senior planner. 
A)  writing the mission statement. 
B)  establishing organizational objectives. 
C)  formulating a marketing plan. 
D)  hiring a senior planner.

Question 4

Which of the following conditions would lead a company's marketers to find a new market,change prices,or compete in other ways to maintain an advantage?

Accepted Answer

A)  When the bargaining power of suppliers is low 
B)  When the bargaining power of buyers is low 
C)  When the threat of substitute products is high 
D)  When the threat of new entrants it low 
A)  When the bargaining power of suppliers is low 
B)  When the bargaining power of buyers is low 
C)  When the threat of substitute products is high 
D)  When the threat of new entrants it low

Question 5

YOU Inc.,a radio cassette manufacturer,sold its business due to poor market shares.According to the BCG Matrix,the firm sold its business because the business had become a _____ as seen in its poor prospects and performance.

Accepted Answer

A)  star 
B)  question mark 
C)  cash cow 
D)  dog 
A)  star 
B)  question mark 
C)  cash cow 
D)  dog

Question 6

The performance framework developed by the Boston Consulting Group (BCG)plots:

Accepted Answer

A)  market share against market growth potential. 
B)  market attractiveness against number of product lines. 
C)  current market conditions against past trends. 
D)  performance in test markets before a full-scale rollout. 
A)  market share against market growth potential. 
B)  market attractiveness against number of product lines. 
C)  current market conditions against past trends. 
D)  performance in test markets before a full-scale rollout.

Question 7

Strategies once implemented should not be changed even if the actual performance does not meet the desired results.

Accepted Answer

A) True 
 B)False

Question 8

Employees at middle-management levels engage themselves in business unit budgets and divisional policies and procedures.

Accepted Answer

A) True 
 B)False

Question 9

As the senior vice-president of marketing,Naomi will be closely involved in her firm's strategic planning.

Accepted Answer

A) True 
 B)False

Question 10

Many companies use an approach called _____ to coordinate all promotional activities so that the consumer receives a unified and consistent message.

Accepted Answer

A)  intra-organizational communications 
B)  internal marketing strategies 
C)  integrated marketing communications 
D)  corporate communications 
A)  intra-organizational communications 
B)  internal marketing strategies 
C)  integrated marketing communications 
D)  corporate communications

Question 11

The BCG market share/market growth matrix classifies products with a low relative share of a high-growth market as _____.

Accepted Answer

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

Question 12

As chief executive of Stalwart Shipfitting Company,a diversified producer of marine supplies and equipment,John needs a method for spotting promising product lines that warrant commitment of additional resources,as well as those that should be removed from the firm's product portfolio.A good choice for this firm at this stage would be to use:

Accepted Answer

A)  computer models. 
B)  strategic business units. 
C)  a marketing audit. 
D)  an industry analysis. 
A)  computer models. 
B)  strategic business units. 
C)  a marketing audit. 
D)  an industry analysis.

Question 13

Which of the following best represents a mission statement?

Accepted Answer

A)  U.S. Army: Be all that you can be 
B)  Bass Pro Shop: To be the leading merchant of outdoor recreational products, inspiring people to love, enjoy, and conserve the great outdoors 
C)  Kellogg's: Breakfast cereals at a price everyone can afford 
D)  Walmart: Stores big enough to make shopping interesting for every family member 
A)  U.S. Army: Be all that you can be 
B)  Bass Pro Shop: To be the leading merchant of outdoor recreational products, inspiring people to love, enjoy, and conserve the great outdoors 
C)  Kellogg's: Breakfast cereals at a price everyone can afford 
D)  Walmart: Stores big enough to make shopping interesting for every family member

Question 14

Effective relationship marketing often involves:

Accepted Answer

A)  inside information about competitors that is not in the public domain. 
B)  databases to track customer preferences. 
C)  large advertising budgets aimed solely at end-users. 
D)  internal sources of performance-related data. 
A)  inside information about competitors that is not in the public domain. 
B)  databases to track customer preferences. 
C)  large advertising budgets aimed solely at end-users. 
D)  internal sources of performance-related data.

Question 15

Describe the market share/market growth matrix.

Accepted Answer

The market share/market growth matrix pl

Question 16

The product manager for a line of mousetraps informs the board of directors at the company's annual meeting that the product has been classified as a 'dog' according to the BCG market share/market growth matrix.This means the product:

Accepted Answer

A)  requires a "go/no go" decision within the next several years. 
B)  has low market share of a high-growth rate market. 
C)  should be withdrawn from the market or sold off as quickly as possible. 
D)  needs heavy investment to make it a star. 
A)  requires a "go/no go" decision within the next several years. 
B)  has low market share of a high-growth rate market. 
C)  should be withdrawn from the market or sold off as quickly as possible. 
D)  needs heavy investment to make it a star.

Question 17

A product strategy includes decisions about customer service,package design,brand names,trademarks,patents,and warranties.

Accepted Answer

A) True 
 B)False

Question 18

In SWOT analysis,situations where organizations are unable to capitalize on opportunities because of internal limitations are referred to as:

Accepted Answer

A)  strategic windows. 
B)  threats. 
C)  constraints. 
D)  leverages. 
A)  strategic windows. 
B)  threats. 
C)  constraints. 
D)  leverages.

Question 19

DK Motors' difficulty in competing with other car makers due to its lack of responsiveness to changing consumer preferences constitutes a:

Accepted Answer

A)  strategic window. 
B)  leveraged situation. 
C)  threat from the environment. 
D)  constraint on its activity. 
A)  strategic window. 
B)  leveraged situation. 
C)  threat from the environment. 
D)  constraint on its activity.

Question 20

The _____ is the blending of the four strategy elements to fit the needs and preferences of a specific target market.

Accepted Answer

A) planning 
B) marketing planning 
C) strategic planning 
D) tactical planning 
E) cash cows
F)first mover strategy
G)SWOT analysis
H)strategic window
I)marketing mix
J)product strategy
K)strategic business units
L)Porter's Five Forces
M)marketing strategy
N)dogs
O)stars
P)annual growth rate 
A) planning 
B) marketing planning 
C) strategic planning 
D) tactical planning 
E) cash cows
F)first mover strategy
G)SWOT analysis
H)strategic window
I)marketing mix
J)product strategy
K)strategic business units
L)Porter's Five Forces
M)marketing strategy
N)dogs
O)stars
P)annual growth rate

Exam 2: Strategic Planning in Contemporary Marketing

The pricing strategy is the area of marketing that receives the least amount of public scrutiny.

Which of the following is a dimension of Porter's Five Forces model?

The first step of the marketing planning process involves:

Which of the following conditions would lead a company's marketers to find a new market,change prices,or compete in other ways to maintain an advantage?

YOU Inc.,a radio cassette manufacturer,sold its business due to poor market shares.According to the BCG Matrix,the firm sold its business because the business had become a _____ as seen in its poor prospects and performance.

The performance framework developed by the Boston Consulting Group (BCG)plots:

Strategies once implemented should not be changed even if the actual performance does not meet the desired results.

Employees at middle-management levels engage themselves in business unit budgets and divisional policies and procedures.

As the senior vice-president of marketing,Naomi will be closely involved in her firm's strategic planning.

Many companies use an approach called _____ to coordinate all promotional activities so that the consumer receives a unified and consistent message.

The BCG market share/market growth matrix classifies products with a low relative share of a high-growth market as _____.

Which of the following best represents a mission statement?

Effective relationship marketing often involves:

Describe the market share/market growth matrix.

The product manager for a line of mousetraps informs the board of directors at the company's annual meeting that the product has been classified as a 'dog' according to the BCG market share/market growth matrix.This means the product:

A product strategy includes decisions about customer service,package design,brand names,trademarks,patents,and warranties.

In SWOT analysis,situations where organizations are unable to capitalize on opportunities because of internal limitations are referred to as:

DK Motors' difficulty in competing with other car makers due to its lack of responsiveness to changing consumer preferences constitutes a:

The _____ is the blending of the four strategy elements to fit the needs and preferences of a specific target market.

Marketing: The Art and Science of Satisfying Customers

The Marketing Environment, Ethics, and Social Responsibility

Social Media: Living in the Connected World

E-Business: Managing the Customer Experience

Consumer Behavior

Business-to-Business (B2B)Marketing

Global Marketing

Market Segmentation, Targeting, and Positioning

Marketing Research and Sales Forecasting

Relationship Marketing and Customer Relationship Management (CRM)

Product and Service Strategies

Developing and Managing Brand and Product Categories

Marketing Channels and Supply Chain Management

Retailers, Wholesalers, and Direct Marketers

Integrated Marketing Communications, Advertising, and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Pricing Strategies

Your Career in Marketing

Developing an Effective Marketing Plan

Financial Analysis in Marketing

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