Question 1

What are the two types of innovation metrics used in analyzing the performance of new-product development?

Accepted Answer

A survey of 800 executives led several r

Question 2

Which of the following statements about the four basic business and management practices that researchers identified is most accurate?

Accepted Answer

A) Strategy and structure are more important for success than culture and execution. 
B) Culture and execution are more important for success than strategy and structure. 
C) In order for a company to be successful, it must use all four strategies. 
D) In terms of the basic business and management practices, the practice itself is less important than flawless execution of the one(s) the company does use. 
E) No strategy can work unless every stakeholder buys into it 100 percent. 
A) Strategy and structure are more important for success than culture and execution. 
B) Culture and execution are more important for success than strategy and structure. 
C) In order for a company to be successful, it must use all four strategies. 
D) In terms of the basic business and management practices, the practice itself is less important than flawless execution of the one(s) the company does use. 
E) No strategy can work unless every stakeholder buys into it 100 percent.

Question 3

A program champion is

Accepted Answer

A) a person who is willing and able to "cut the red tape" to move a program forward. 
B) the person within an organization who is assigned the responsibility of taking a program from conception to deletion. 
C) a person in an organization who is the "product figurehead" for a new-product development cross-functional team. 
D) a sports figure or celebrity, who serves as a company spokesperson for a new product. 
E) a single product within the product line that carries the other products in the line "on its back." 
A) a person who is willing and able to "cut the red tape" to move a program forward. 
B) the person within an organization who is assigned the responsibility of taking a program from conception to deletion. 
C) a person in an organization who is the "product figurehead" for a new-product development cross-functional team. 
D) a sports figure or celebrity, who serves as a company spokesperson for a new product. 
E) a single product within the product line that carries the other products in the line "on its back."

Question 4

Which of the following statements best reflects the guideline for working toward consensus-building when developing marketing plans?

Accepted Answer

A) The firm's marketing plans enable results to be compared with planned targets, using precise marketing metrics. 
B) The firm insists on ownership of the marketing plan by team members and stakeholders. 
C) The firms ensures that the right person to implement plans is heavily involved in making the plans. 
D) To motivate people, the firm sets achievable goals. 
E) The firm ensures that people at all levels in the firm understand what, when, and how they are to accomplish their tasks. 
A) The firm's marketing plans enable results to be compared with planned targets, using precise marketing metrics. 
B) The firm insists on ownership of the marketing plan by team members and stakeholders. 
C) The firms ensures that the right person to implement plans is heavily involved in making the plans. 
D) To motivate people, the firm sets achievable goals. 
E) The firm ensures that people at all levels in the firm understand what, when, and how they are to accomplish their tasks.

Question 5

The application of modern measurement technologies to understand, quantify, and optimize marketing spending is referred to as

Accepted Answer

A) situation analysis. 
B) strategic marketing analysis. 
C) marketing ROA (return on assets). 
D) marketing ROI (return on investment). 
E) marketing response evaluation. 
A) situation analysis. 
B) strategic marketing analysis. 
C) marketing ROA (return on assets). 
D) marketing ROI (return on investment). 
E) marketing response evaluation.

Question 6

One of Porter's generic business strategies that requires a product to have significant points of difference to charge a higher price while targeting a broad array of market segments is referred to as a

Accepted Answer

A) differentiation focus strategy. 
B) cost focus strategy. 
C) cost leadership strategy. 
D) differentiation strategy. 
E) supply focus strategy. 
A) differentiation focus strategy. 
B) cost focus strategy. 
C) cost leadership strategy. 
D) differentiation strategy. 
E) supply focus strategy.

Question 7

The marketing manager looks for two kinds of deviations, each triggering a different kind of action: (1) actual results exceed goals and (2) __________.

Accepted Answer

A) deviations that result from major shifts in customer needs 
B) there are no deviations but there should be 
C) deviations that result from executive mandates 
D) actual results fall short of goals 
E) deviations that are blamed on insufficient marketing support (personnel or funding) 
A) deviations that result from major shifts in customer needs 
B) there are no deviations but there should be 
C) deviations that result from executive mandates 
D) actual results fall short of goals 
E) deviations that are blamed on insufficient marketing support (personnel or funding)

Question 8

New Balance has no celebrity endorsers and does minimal advertising, yet the athletic shoe brand has about 10 percent of the sales in the athletic footwear market. The marketing team at New Balance estimates that to increase sales to 11 percent of the market will require an increase of $25 million in marketing effort and will result in an increase of its footwear sales of an additional $15 million. This 1 percent incremental increase from 10 to 11 percent is referred to as

Accepted Answer

A) a rating. 
B) marginal market share. 
C) a sales response margin. 
D) a share point. 
E) a direct response rate. 
A) a rating. 
B) marginal market share. 
C) a sales response margin. 
D) a share point. 
E) a direct response rate.

Question 9

The reformulation of the original less sweet, more bitter Coca-Cola (now Coca-Cola Classic) into a new sweeter one (eventually called New Coke) was one of the biggest decisions in the firm's history. Coca-Cola was responding to Pepsi's gain in market share with its sweeter formulation and its Pepsi Challenge taste tests and commercials. New Coke replaced "old Coke" on supermarket shelves. Loyal Coke customers were incensed that "old Coke" was discontinued. They loved the taste and brand identity of "old Coke" and rebelled against New Coke. TV and print ads designed to persuade Coke and Pepsi drinkers to switch to New Coke were ineffective. After a short time, Coca-Cola reintroduced old Coke as Coca-Cola Classic and withdrew New Coke from the market. The launch of New Coke is an example of

Accepted Answer

A) good planning and good implementation. 
B) good planning and poor implementation. 
C) poor planning and good implementation. 
D) poor planning and poor implementation. 
E) poor evaluation. 
A) good planning and good implementation. 
B) good planning and poor implementation. 
C) poor planning and good implementation. 
D) poor planning and poor implementation. 
E) poor evaluation.

Question 10

Reflecting on the research study of over 200 management tools and techniques, which of the following companies is an example of a firm that excels in terms of operational execution?

Accepted Answer

A) Costco 
B) Smucker's 
C) Coca-Cola 
D) Kodak 
E) Toyota 
A) Costco 
B) Smucker's 
C) Coca-Cola 
D) Kodak 
E) Toyota

Question 11

List four problems that occur in the planning phase of a firm's strategic marketing process.

Accepted Answer

(1) Plans may be based on very poor assu

Question 12

A time-based agenda is

Accepted Answer

A) a list of topics to be covered during a meeting that shows the running time allocated to and the person(s) responsible for leading the discussion for each topic. 
B) a chart that demonstrates how a set of tasks for a project can be sequentially and concurrently completed by specified times. 
C) an aid to implementing a marketing plan consisting of four columns: (1) the task, (2) the person responsible for completing that task, (3) the date to finish the task, and (4) what is to be delivered. 
D) a tool that shows the relationships through time of the various program tasks, which involves: (1) identifying the main tasks; (2) determining the time required to complete each task; (3) arranging the activities to meet the deadline; and (4) assigning people the responsibilities to complete each task. 
E) a statistical tool, used in project management, that is designed to analyze and represent the tasks involved in completing a given project. 
A) a list of topics to be covered during a meeting that shows the running time allocated to and the person(s) responsible for leading the discussion for each topic. 
B) a chart that demonstrates how a set of tasks for a project can be sequentially and concurrently completed by specified times. 
C) an aid to implementing a marketing plan consisting of four columns: (1) the task, (2) the person responsible for completing that task, (3) the date to finish the task, and (4) what is to be delivered. 
D) a tool that shows the relationships through time of the various program tasks, which involves: (1) identifying the main tasks; (2) determining the time required to complete each task; (3) arranging the activities to meet the deadline; and (4) assigning people the responsibilities to complete each task. 
E) a statistical tool, used in project management, that is designed to analyze and represent the tasks involved in completing a given project.

Question 13

Volkswagen achieved spectacular success in the late 1990s by targeting the "nostalgia" segment, 35- to 54-year-old baby boomers, with its technology-laden New Beetle. Which of Porter's generic business strategies did Volkswagen most likely use to launch the New Beetle?

Accepted Answer

A) differentiation focus 
B) cost leadership 
C) differentiation 
D) cost focus 
E) marketing focus 
A) differentiation focus 
B) cost leadership 
C) differentiation 
D) cost focus 
E) marketing focus

Question 14

In a five-year study, researchers conducted in-depth analysis of 160 companies and more than 200 management tools and techniques. What was their principal finding?

Accepted Answer

A) Supply chain management was the most critical element in stellar business performance. 
B) Customer relationship management was more effective than product development. 
C) The Internet was more effective in terms of long-term sales success than the use of retail outlets or direct marketing tactics such as catalogs. 
D) Three major management tools-supply chain management, customer relationship management, and the use of an intranet-were equally beneficial in terms of business performance. 
E) Individual management tools and techniques had no direct relationship to superior business performance in the companies that were studied. 
A) Supply chain management was the most critical element in stellar business performance. 
B) Customer relationship management was more effective than product development. 
C) The Internet was more effective in terms of long-term sales success than the use of retail outlets or direct marketing tactics such as catalogs. 
D) Three major management tools-supply chain management, customer relationship management, and the use of an intranet-were equally beneficial in terms of business performance. 
E) Individual management tools and techniques had no direct relationship to superior business performance in the companies that were studied.

Question 15

Which of the following output report would be associated with the planning phase of the strategic marketing process?

Accepted Answer

A) performance reviews for key personnel 
B) marketing plans that define goals with the pertinent marketing metrics and the marketing mix strategies to achieve them 
C) action memos that tell who is to do what by when 
D) corrective action memos, triggered by comparing results with plans, often from the firm's marketing dashboards and metrics 
E) sales reports using the firm's marketing metrics and dashboards 
A) performance reviews for key personnel 
B) marketing plans that define goals with the pertinent marketing metrics and the marketing mix strategies to achieve them 
C) action memos that tell who is to do what by when 
D) corrective action memos, triggered by comparing results with plans, often from the firm's marketing dashboards and metrics 
E) sales reports using the firm's marketing metrics and dashboards

Question 16

Disruptive innovations cause havoc for an organization's

Accepted Answer

A) short-term marketing plans. 
B) marketing research plans. 
C) SWOT analysis. 
D) long-range marketing plans. 
E) environmental scanning. 
A) short-term marketing plans. 
B) marketing research plans. 
C) SWOT analysis. 
D) long-range marketing plans. 
E) environmental scanning.

Question 17

The essence of marketing evaluation is: (1) comparing results with planned goals to identify deviations and (2) __________.

Accepted Answer

A) taking corrective actions 
B) devising a new budget 
C) revising the goals that fell short of expectations 
D) investigating the causes of deviations 
E) updating the marketing plan 
A) taking corrective actions 
B) devising a new budget 
C) revising the goals that fell short of expectations 
D) investigating the causes of deviations 
E) updating the marketing plan

Question 18

The firm's annual marketing effort, such as advertising, personal selling, sales promotion, direct marketing, and public relations expenses is __________ in a sales response function graph.

Accepted Answer

A) plotted on the vertical (Y) axis 
B) plotted on the horizontal (S) axis 
C) plotted on the vertical (Z) axis 
D) the center point 
E) plotted on the horizontal (X) axis 
A) plotted on the vertical (Y) axis 
B) plotted on the horizontal (S) axis 
C) plotted on the vertical (Z) axis 
D) the center point 
E) plotted on the horizontal (X) axis

Question 19

Line positions refers to

Accepted Answer

A) managers who have the authority and responsibility to issue orders to people who report to them. 
B) people who have the authority and responsibility to advise people in staff positions but cannot issue direct orders to them. 
C) the senior executives responsible for a firm's marketing strategies and activities. 
D) members of the board of directors who are responsible for implementing the firm's marketing strategies and tactics. 
E) middle management with the responsibility of assuring that tasks are completed on time but who do not actually have the authority to issue orders. 
A) managers who have the authority and responsibility to issue orders to people who report to them. 
B) people who have the authority and responsibility to advise people in staff positions but cannot issue direct orders to them. 
C) the senior executives responsible for a firm's marketing strategies and activities. 
D) members of the board of directors who are responsible for implementing the firm's marketing strategies and tactics. 
E) middle management with the responsibility of assuring that tasks are completed on time but who do not actually have the authority to issue orders.

Question 20

Hyundai Motor America (HMA) became the first automaker to offer consumers an Internet parts ordering system. The system was targeted only to current Hyundai owners and gave Hyundai the ability to collect a vast amount of customer data about people who buy its cars. Which of Porter's generic business strategies did Hyundai most likely use when it launched its Internet parts website?

Accepted Answer

A) cost leadership 
B) differentiation focus 
C) differentiation 
D) cost focus 
E) marketing focus 
A) cost leadership 
B) differentiation focus 
C) differentiation 
D) cost focus 
E) marketing focus

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

What are the two types of innovation metrics used in analyzing the performance of new-product development?

Which of the following statements about the four basic business and management practices that researchers identified is most accurate?

A program champion is

Which of the following statements best reflects the guideline for working toward consensus-building when developing marketing plans?

The application of modern measurement technologies to understand, quantify, and optimize marketing spending is referred to as

One of Porter's generic business strategies that requires a product to have significant points of difference to charge a higher price while targeting a broad array of market segments is referred to as a

The marketing manager looks for two kinds of deviations, each triggering a different kind of action: (1) actual results exceed goals and (2) __________.

Reflecting on the research study of over 200 management tools and techniques, which of the following companies is an example of a firm that excels in terms of operational execution?

List four problems that occur in the planning phase of a firm's strategic marketing process.

A time-based agenda is

Volkswagen achieved spectacular success in the late 1990s by targeting the "nostalgia" segment, 35- to 54-year-old baby boomers, with its technology-laden New Beetle. Which of Porter's generic business strategies did Volkswagen most likely use to launch the New Beetle?

In a five-year study, researchers conducted in-depth analysis of 160 companies and more than 200 management tools and techniques. What was their principal finding?

Which of the following output report would be associated with the planning phase of the strategic marketing process?

Disruptive innovations cause havoc for an organization's

The essence of marketing evaluation is: (1) comparing results with planned goals to identify deviations and (2) __________.

The firm's annual marketing effort, such as advertising, personal selling, sales promotion, direct marketing, and public relations expenses is __________ in a sales response function graph.

Line positions refers to

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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