Question 1

A cost leadership strategy refers to one of Porter's generic business strategies that

Accepted Answer

A) involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of markets segments. 
B) focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments. 
C) requires products to have significant points of difference to target one or only a few market segments. 
D) requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments. 
E) seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies. 
A) involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of markets segments. 
B) focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments. 
C) requires products to have significant points of difference to target one or only a few market segments. 
D) requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments. 
E) seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

Question 2

Identifying the results that deviate from plans to diagnose their causes and take new actions is referred to as

Accepted Answer

A) management by exception. 
B) qualitative analysis. 
C) SWOT analysis. 
D) market-product grid framework assessment. 
E) synergy analysis. 
A) management by exception. 
B) qualitative analysis. 
C) SWOT analysis. 
D) market-product grid framework assessment. 
E) synergy analysis.

Question 3

The key to launching a disruptive innovation like Google, Facebook, or the iPhone and iPad from Apple is to

Accepted Answer

A) hold the line on spending for R&D because "money doesn't grow on trees." 
B) focus on long-range planning because "if you don't know where you're going, any road will get you there." 
C) develop accurate action item lists and program schedules because "the devil is in the details." 
D) ask precise, focused questions to "discover what's never been." 
E) assess the competitive landscape through a comprehensive environmental scan because "the early bird gets the worm." 
A) hold the line on spending for R&D because "money doesn't grow on trees." 
B) focus on long-range planning because "if you don't know where you're going, any road will get you there." 
C) develop accurate action item lists and program schedules because "the devil is in the details." 
D) ask precise, focused questions to "discover what's never been." 
E) assess the competitive landscape through a comprehensive environmental scan because "the early bird gets the worm."

Question 4

For Campbell's, the annual planning cycle typically starts with a detailed marketing research study of current users and ends after __________ weeks with the approval of the plan by the division general manager.

Accepted Answer

A) 26 
B) 32 
C) 42 
D) 48 
E) 50 
A) 26 
B) 32 
C) 42 
D) 48 
E) 50

Question 5

Geographical groupings are organizational groupings

Accepted Answer

A) that group specific customer segments. 
B) in which sales territories are subdivided according to geographic location. 
C) that represent the different departments or business activities within a firm. 
D) in which a unit is responsible for specific product offerings. 
E) that combine both market-based groupings with product groupings. 
A) that group specific customer segments. 
B) in which sales territories are subdivided according to geographic location. 
C) that represent the different departments or business activities within a firm. 
D) in which a unit is responsible for specific product offerings. 
E) that combine both market-based groupings with product groupings.

Question 6

The actions taken during market product focus and goal setting, Step 2 of the planning phase, include: (1) set market and product goals, (2) select target markets, (3) __________, and (4) position the product.

Accepted Answer

A) find points of difference 
B) identify industry trends 
C) research customers 
D) develop the program's marketing mix 
E) develop the budget by estimating revenues, expenses, and profits 
A) find points of difference 
B) identify industry trends 
C) research customers 
D) develop the program's marketing mix 
E) develop the budget by estimating revenues, expenses, and profits

Question 7

Long-range marketing plans cover marketing activities

Accepted Answer

A) from one quarter to the next. 
B) from six months to one year. 
C) for a single year. 
D) two to five years into the future. 
E) 5 to 10 years into the future. 
A) from one quarter to the next. 
B) from six months to one year. 
C) for a single year. 
D) two to five years into the future. 
E) 5 to 10 years into the future.

Question 8

Based on a market-product grid framework, which marketing strategy offers all product lines to all market segments?

Accepted Answer

A) full coverage 
B) market specialization 
C) product specialization 
D) selective specialization 
E) market-product concentration 
A) full coverage 
B) market specialization 
C) product specialization 
D) selective specialization 
E) market-product concentration

Question 9

What are the advantages and disadvantages of the product manager system?

Accepted Answer

There are both benefits and dangers to t

Question 10

Key problems that emerge in a firm's strategic marketing process include: (1) bad news is filtered out as information goes up the line to give top management a very rosy picture; (2) plans are based on very poor assumptions about environmental forces; (3) planners and their plans may have lost sight of their customers' needs; (4) __________; and (5) line operating managers often feel no sense of ownership in implementing the plans.

Accepted Answer

A) there is poor communication between the firm and its stakeholders 
B) too much time and effort may be spent on data collection and writing plans that are too complex to implement 
C) there is a lack of leadership 
D) although management says they are behind the plans, they do not allocate resources to the degree necessary for success 
E) plans can be thwarted by disgruntled employees, other departments, or competitors 
A) there is poor communication between the firm and its stakeholders 
B) too much time and effort may be spent on data collection and writing plans that are too complex to implement 
C) there is a lack of leadership 
D) although management says they are behind the plans, they do not allocate resources to the degree necessary for success 
E) plans can be thwarted by disgruntled employees, other departments, or competitors

Question 11

The actions taken during market product focus and goal setting, Step 2 of the planning phase, include: (1) set market and product goals, (2) __________, (3) find points of difference, and (4) position the product.

Accepted Answer

A) identify industry trends 
B) select target markets 
C) research customers 
D) develop the program's marketing mix 
E) develop the budget by estimating revenues, expenses, and profits 
A) identify industry trends 
B) select target markets 
C) research customers 
D) develop the program's marketing mix 
E) develop the budget by estimating revenues, expenses, and profits

Question 12

A trend likely to influence the strategic marketing process in the future that incorporates concerns for ethics, integrity, employee health and safety, and environmental safeguards with more common corporate values such as growth, profitability, customer service, and quality is referred to as

Accepted Answer

A) stakeholder value. 
B) value-based planning. 
C) marketing ROI. 
D) value-driven strategies. 
E) value-added marketing. 
A) stakeholder value. 
B) value-based planning. 
C) marketing ROI. 
D) value-driven strategies. 
E) value-added marketing.

Question 13

The actions taken in a situation (SWOT) analysis or Step 1 of the planning phase include: (1) identify industry trends, (2) __________, (3) assess own company, and (4) research customers.

Accepted Answer

A) set market and product goals 
B) select target markets 
C) find points of difference 
D) analyze competitors 
E) position the product 
A) set market and product goals 
B) select target markets 
C) find points of difference 
D) analyze competitors 
E) position the product

Question 14

The information needed for the marketing program, Step 3 of the planning phase, includes: (1) marketing mix actions and (2) __________.

Accepted Answer

A) positioning studies 
B) market-product grids with targets 
C) detailed plans to execute the marketing program 
D) projected future sales, expenses, and profits 
E) trends for industry and competitors 
A) positioning studies 
B) market-product grids with targets 
C) detailed plans to execute the marketing program 
D) projected future sales, expenses, and profits 
E) trends for industry and competitors

Question 15

The actions taken during the implementation phase of the strategic marketing process include: (1) obtain resources, (2) design the marketing organization, (3) __________, and (4) execute the marketing program.

Accepted Answer

A) position the product 
B) select target markets 
C) develop schedules 
D) find points of difference 
E) develop the budget by estimating revenues, expenses, and profits 
A) position the product 
B) select target markets 
C) develop schedules 
D) find points of difference 
E) develop the budget by estimating revenues, expenses, and profits

Question 16

The information needed in a situation (SWOT) analysis or Step 1 of the planning phase includes: (1) trends for industry and competitors and (2) __________.

Accepted Answer

A) project future sales, expenses, and profits 
B) market potential studies 
C) positioning studies 
D) market-product grids with target segments and product groupings 
E) marketing mix actions 
A) project future sales, expenses, and profits 
B) market potential studies 
C) positioning studies 
D) market-product grids with target segments and product groupings 
E) marketing mix actions

Question 17

Define marketing ROI (return on investment).

Accepted Answer

In finance, the return on investment (RO

Question 18

Porter's four generic business strategies are differentiation, __________, differentiation focus, and cost leadership.

Accepted Answer

A) cost focus 
B) diversification 
C) service leadership 
D) quality leadership 
E) competition focus 
A) cost focus 
B) diversification 
C) service leadership 
D) quality leadership 
E) competition focus

Question 19

A person who is willing and able to "cut the red tape" to move a program forward is referred to as a

Accepted Answer

A) channel captain. 
B) marketing mediator. 
C) program director. 
D) program champion. 
E) program facilitator. 
A) channel captain. 
B) marketing mediator. 
C) program director. 
D) program champion. 
E) program facilitator.

Question 20

How is management by exception used in the evaluation phase of the strategic marketing process?

Accepted Answer

Goals are specified in the planning phas

Exam 22: Pulling It All Together: the Strategic Marketing Process

A cost leadership strategy refers to one of Porter's generic business strategies that

Identifying the results that deviate from plans to diagnose their causes and take new actions is referred to as

The key to launching a disruptive innovation like Google, Facebook, or the iPhone and iPad from Apple is to

For Campbell's, the annual planning cycle typically starts with a detailed marketing research study of current users and ends after __________ weeks with the approval of the plan by the division general manager.

Geographical groupings are organizational groupings

The actions taken during market product focus and goal setting, Step 2 of the planning phase, include: (1) set market and product goals, (2) select target markets, (3) __________, and (4) position the product.

Long-range marketing plans cover marketing activities

Based on a market-product grid framework, which marketing strategy offers all product lines to all market segments?

What are the advantages and disadvantages of the product manager system?

The actions taken during market product focus and goal setting, Step 2 of the planning phase, include: (1) set market and product goals, (2) __________, (3) find points of difference, and (4) position the product.

A trend likely to influence the strategic marketing process in the future that incorporates concerns for ethics, integrity, employee health and safety, and environmental safeguards with more common corporate values such as growth, profitability, customer service, and quality is referred to as

The actions taken in a situation (SWOT) analysis or Step 1 of the planning phase include: (1) identify industry trends, (2) __________, (3) assess own company, and (4) research customers.

The information needed for the marketing program, Step 3 of the planning phase, includes: (1) marketing mix actions and (2) __________.

The actions taken during the implementation phase of the strategic marketing process include: (1) obtain resources, (2) design the marketing organization, (3) __________, and (4) execute the marketing program.

The information needed in a situation (SWOT) analysis or Step 1 of the planning phase includes: (1) trends for industry and competitors and (2) __________.

Define marketing ROI (return on investment).

Porter's four generic business strategies are differentiation, __________, differentiation focus, and cost leadership.

A person who is willing and able to "cut the red tape" to move a program forward is referred to as a

How is management by exception used in the evaluation phase of the strategic marketing process?

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility for Sustainable Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Market Segmentation Targeting and Positioning

Developing New Products and Services

Managing Successful Products Services and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising Sales Promotion and Public Relations

Using Social Media and Mobile Marketing to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multichannel Marketing

Financial Aspects of Marketing

Building an Effective Marketing Plan

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