Question 1

Define and explain the term "planning" in the context of marketing.

Accepted Answer

Planning is the process of anticipating

Question 2

Explain the difference between a first-mover and a second-mover strategy.Give examples of companies that have followed each strategy.

Accepted Answer

The first-mover strategy is based on the

Question 3

The process of determining an organization's primary objectives and adopting courses of action that will achieve these objectives is known as _____.

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

Question 4

A customer-driven organization begins its marketing strategy with a detailed description of its target market.

Accepted Answer

A) True 
 B)False

Question 5

A marketing mix should be an ever-changing combination of variables to achieve success.

Accepted Answer

A) True 
 B)False

Question 6

A statement such as "to hit the 300 employee mark by the end of the year" is typically a part of a mission statement.

Accepted Answer

A) True 
 B)False

Question 7

In a SWOT analysis,marketers face a problem when environmental threats attack their organization's weaknesses.

Accepted Answer

A) True 
 B)False

Question 8

Each strategic business unit (SBU)in a firm has to prepare its plans in collaboration with other units in the organization.

Accepted Answer

A) True 
 B)False

Question 9

A target market is a group of customers toward whom a firm directs its marketing efforts.

Accepted Answer

A) True 
 B)False

Question 10

Product lines,pricing decisions,selection of appropriate distribution channels,and decisions relating to promotional campaigns are____.

Accepted Answer

A)  fixed and unchanging 
B)  independent of the impact of external factors 
C)  dynamic in today's boundaryless business environment 
D)  determined from a purely retrospective viewpoint 
A)  fixed and unchanging 
B)  independent of the impact of external factors 
C)  dynamic in today's boundaryless business environment 
D)  determined from a purely retrospective viewpoint

Question 11

_____ are key business units within diversified firms.

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

Question 12

The basic objectives or goals of an organization are derived from its:

Accepted Answer

A)  standard operating procedures. 
B)  operational plans. 
C)  supervisory management strategy. 
D)  mission statement. 
A)  standard operating procedures. 
B)  operational plans. 
C)  supervisory management strategy. 
D)  mission statement.

Question 13

Core competencies are capabilities that customers value and competitors:

Accepted Answer

A)  can easily copy. 
B)  tend to overestimate. 
C)  find difficult to duplicate. 
D)  undervalue. 
A)  can easily copy. 
B)  tend to overestimate. 
C)  find difficult to duplicate. 
D)  undervalue.

Question 14

In a(n)_____,firms evaluate their products and divisions to determine the strongest and weakest.

Accepted Answer

A)  organizational appraisal 
B)  market analysis 
C)  utilization analysis 
D)  portfolio analysis 
A)  organizational appraisal 
B)  market analysis 
C)  utilization analysis 
D)  portfolio analysis

Question 15

One of General Electric's business units produces a variety of light bulbs and generates healthy revenue.The revenues of this business unit are used to finance the growth of other business units with higher growth potentials.How would this unit be classified on the BCG market share/market growth matrix?

Accepted Answer

A)  Cash cow 
B)  Star 
C)  Question mark 
D)  Dog 
A)  Cash cow 
B)  Star 
C)  Question mark 
D)  Dog

Question 16

The ability to download Microsoft and IBM software products directly from the Internet is a part of each firms' pricing strategy.

Accepted Answer

A) True 
 B)False

Question 17

At a time when computer users were having trouble storing,sending,and displaying photos,Apple introduced the iMac computer,which was equipped with a digital camera interface and photo-handling software.This product was a result of Apple recognizing its:

Accepted Answer

A)  economies of scale. 
B)  competitive constraints. 
C)  strategic window. 
D)  second-mover benefits. 
A)  economies of scale. 
B)  competitive constraints. 
C)  strategic window. 
D)  second-mover benefits.

Question 18

The disadvantage of core competencies is that they can be easily duplicated by competitors.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following best describes the activity of promotion?

Accepted Answer

A)  Making new products available to meet consumer demand 
B)  Finding a convenient location to sell the products in 
C)  Maintaining a high level of regulation in production 
D)  Communicating between buyers and sellers 
A)  Making new products available to meet consumer demand 
B)  Finding a convenient location to sell the products in 
C)  Maintaining a high level of regulation in production 
D)  Communicating between buyers and sellers

Question 20

Organizations within the same industry usually have the same mission.

Accepted Answer

A) True 
 B)False

Exam 2: Strategic Planning in Contemporary Marketing

Define and explain the term "planning" in the context of marketing.

Explain the difference between a first-mover and a second-mover strategy.Give examples of companies that have followed each strategy.

The process of determining an organization's primary objectives and adopting courses of action that will achieve these objectives is known as _____.

A customer-driven organization begins its marketing strategy with a detailed description of its target market.

A marketing mix should be an ever-changing combination of variables to achieve success.

A statement such as "to hit the 300 employee mark by the end of the year" is typically a part of a mission statement.

In a SWOT analysis,marketers face a problem when environmental threats attack their organization's weaknesses.

Each strategic business unit (SBU)in a firm has to prepare its plans in collaboration with other units in the organization.

A target market is a group of customers toward whom a firm directs its marketing efforts.

Product lines,pricing decisions,selection of appropriate distribution channels,and decisions relating to promotional campaigns are____.

_____ are key business units within diversified firms.

The basic objectives or goals of an organization are derived from its:

Core competencies are capabilities that customers value and competitors:

In a(n)_____,firms evaluate their products and divisions to determine the strongest and weakest.

The ability to download Microsoft and IBM software products directly from the Internet is a part of each firms' pricing strategy.

At a time when computer users were having trouble storing,sending,and displaying photos,Apple introduced the iMac computer,which was equipped with a digital camera interface and photo-handling software.This product was a result of Apple recognizing its:

The disadvantage of core competencies is that they can be easily duplicated by competitors.

Which of the following best describes the activity of promotion?

Organizations within the same industry usually have the same mission.

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