Question 1

The functional level in an organization is where

Accepted Answer

A) groups of specialists actually create value for the organization. 
B) employees perform assigned tasks without actually having input into the decision making process. 
C) all financial outlays are made. 
D) all company hiring and firing occurs. 
E) the strategic planners in SBUs make all decisions regarding which product benefits will be promoted during a promotional campaign. 
A) groups of specialists actually create value for the organization. 
B) employees perform assigned tasks without actually having input into the decision making process. 
C) all financial outlays are made. 
D) all company hiring and firing occurs. 
E) the strategic planners in SBUs make all decisions regarding which product benefits will be promoted during a promotional campaign. A

Question 2

Which of the following statements regarding diversification analysis is most accurate?

Accepted Answer

A) Companies should only use diversification analysis if they are well-established; new companies that use this process run the risk of trying to do too much too soon. 
B) For any product, there is both a current and a new market; for any market, there is both a current and a new product. 
C) Most companies discover that there is at least one product that is targeted to the wrong market. 
D) Diversification analysis is only effective for consumer products. 
E) Diversification analysis is used to forecast and calculate industry sales for new products. 
A) Companies should only use diversification analysis if they are well-established; new companies that use this process run the risk of trying to do too much too soon. 
B) For any product, there is both a current and a new market; for any market, there is both a current and a new product. 
C) Most companies discover that there is at least one product that is targeted to the wrong market. 
D) Diversification analysis is only effective for consumer products. 
E) Diversification analysis is used to forecast and calculate industry sales for new products. B

Question 3

Identify and explain each of the four market-product strategies represented by each quadrant in the diversification analysis matrix.

Accepted Answer

There are four market-product strategies: (1) market penetration is a marketing strategy to increase sales of current products in current markets, either by selling more units or increasing the price of each unit, to current customers; (2) market development is a marketing strategy to sell current products to new markets; (3) product development is a marketing strategy of selling new products to current markets; and (4) diversification is a marketing strategy of developing new products and selling them in new markets.

Question 4

Ben & Jerry's mission to make the world a better place is linked to various organizational and marketing strategies, one of which is

Accepted Answer

A) supporting farmers who agree to use sustainable farming practices, implementing fair working standards, and investing in local communities. 
B) the intent of making modest profits without sacrificing high product quality standards. 
C) ingredients that are all completely organic and are available only in Vermont to ensure freshness and contribute to the local economy. 
D) a commitment to donating a percentage of profits to Teach for America. 
E) ingredients that come exclusively from developed countries promoting Fair Trade practices. 
A) supporting farmers who agree to use sustainable farming practices, implementing fair working standards, and investing in local communities. 
B) the intent of making modest profits without sacrificing high product quality standards. 
C) ingredients that are all completely organic and are available only in Vermont to ensure freshness and contribute to the local economy. 
D) a commitment to donating a percentage of profits to Teach for America. 
E) ingredients that come exclusively from developed countries promoting Fair Trade practices.

Question 5

In the BCG growth-share matrix, SBUs found in the high growth rate-low relative market share quadrant would be called

Accepted Answer

A) cash cows. 
B) stars. 
C) question marks. 
D) dogs. 
E) hedgehogs. 
A) cash cows. 
B) stars. 
C) question marks. 
D) dogs. 
E) hedgehogs.

Question 6

Market penetration refers to the marketing strategy of

Accepted Answer

A) selling current products to new markets. 
B) selling new products to new markets. 
C) selling new products to current markets. 
D) selling the same brands in both current and new markets. 
E) increasing sales of current products in current markets. 
A) selling current products to new markets. 
B) selling new products to new markets. 
C) selling new products to current markets. 
D) selling the same brands in both current and new markets. 
E) increasing sales of current products in current markets.

Question 7

__________ convert an organization's mission and business into long- and short-term performance targets.

Accepted Answer

A) Plans 
B) Tactics 
C) Strategies 
D) Goals 
E) Visions 
A) Plans 
B) Tactics 
C) Strategies 
D) Goals 
E) Visions

Question 8

The logistics industry has sales of $800 billion per year. If a third party logistics provider had sales of $8 billion, what would its market share be? Be sure to define market share and show your work in your answer.

Accepted Answer

Market share is the ratio of sales reven

Question 9

All of the following are names the Boston Consulting Group (BCG) has given to describe the four quadrants in its growth-share matrix except

Accepted Answer

A) dogs. 
B) stars. 
C) question marks. 
D) cash cows. 
E) hedgehogs. 
A) dogs. 
B) stars. 
C) question marks. 
D) cash cows. 
E) hedgehogs.

Question 10

The second phase of the strategic marketing process is the

Accepted Answer

A) tactics phase. 
B) strategic phase. 
C) planning phase. 
D) implementation phase. 
E) evaluation phase. 
A) tactics phase. 
B) strategic phase. 
C) planning phase. 
D) implementation phase. 
E) evaluation phase.

Question 11

At the functional level, the marketing department

Accepted Answer

A) solicits talent from all levels of the organization for strategic corporate planning sessions. 
B) promotes its goals to the organization's stakeholders. 
C) looks outward, in part by listening to customers. 
D) develops the corporate culture. 
E) defines the overall strategic direction of the organization. 
A) solicits talent from all levels of the organization for strategic corporate planning sessions. 
B) promotes its goals to the organization's stakeholders. 
C) looks outward, in part by listening to customers. 
D) develops the corporate culture. 
E) defines the overall strategic direction of the organization.

Question 12

Offering a branded heart pacemaker with only the features needed by Asian patients is an example of that firm's

Accepted Answer

A) evaluation strategy. 
B) price strategy. 
C) place strategy. 
D) promotion strategy. 
E) product/service strategy. 
A) evaluation strategy. 
B) price strategy. 
C) place strategy. 
D) promotion strategy. 
E) product/service strategy.

Question 13

A set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization is referred to as its

Accepted Answer

A) mission statement. 
B) core value proposition. 
C) organizational culture. 
D) corporate philosophy. 
E) core benefit proposition. 
A) mission statement. 
B) core value proposition. 
C) organizational culture. 
D) corporate philosophy. 
E) core benefit proposition.

Question 14

A situation analysis requires a firm to consider the external forces and trends that affect it. Some of these may be favorable to the organization while others may be unfavorable. Which of the following is an example of an external force?

Accepted Answer

A) The firm buys its own fleet of trucks, so it no longer needs to hire a trucking company for distribution. 
B) A hiring freeze is put into place. Although no one is fired, no one can be hired. 
C) A goal is set to close the gap between production costs and profits. 
D) A local government requires that all businesses within the city limits must recycle or be fined. 
E) Shareholders are rewarded with a sizable dividend check. 
A) The firm buys its own fleet of trucks, so it no longer needs to hire a trucking company for distribution. 
B) A hiring freeze is put into place. Although no one is fired, no one can be hired. 
C) A goal is set to close the gap between production costs and profits. 
D) A local government requires that all businesses within the city limits must recycle or be fined. 
E) Shareholders are rewarded with a sizable dividend check.

Question 15

The top consumer complaint about bananas is how soon they start getting brown spots. Dole, a multinational agricultural company, most likely set __________ goal when it recently began adding stickers to bananas to promote the use of overripe bananas in the Yonanas machine (Dole owns 30 percent of the firm) to make a creamy, guilt-free dessert.

Accepted Answer

A) a profit 
B) a market share 
C) an employee welfare 
D) a customer satisfaction 
E) a social responsibility 
A) a profit 
B) a market share 
C) an employee welfare 
D) a customer satisfaction 
E) a social responsibility

Question 16

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in the United States, it would be using a __________ strategy.

Accepted Answer

A) product development 
B) market development 
C) market penetration 
D) diversification 
E) market saturation 
A) product development 
B) market development 
C) market penetration 
D) diversification 
E) market saturation

Question 17

The two major aspects of the evaluation phase of the strategic marketing process are

Accepted Answer

A) segmenting the market and selecting target markets. 
B) establishing a business mission and designing measurable goals and objectives. 
C) designing the marketing mix and setting the budget. 
D) comparing the results of the marketing program with the goals in the written plans to identify deviations and then to act on them. 
E) executing the marketing plan and designing the marketing organization. 
A) segmenting the market and selecting target markets. 
B) establishing a business mission and designing measurable goals and objectives. 
C) designing the marketing mix and setting the budget. 
D) comparing the results of the marketing program with the goals in the written plans to identify deviations and then to act on them. 
E) executing the marketing plan and designing the marketing organization.

Question 18

The corporate level refers to the level in an organization where top management

Accepted Answer

A) develops marketing strategies and tactics for the marketing department to implement. 
B) directs overall strategy for the entire organization. 
C) executes all marketing program actions to ensure consistency of performance. 
D) develops overall sales projections not only for the short term but also for a period of at least two to five years. 
E) supervises the hiring, firing, and training of all marketing department personnel. 
A) develops marketing strategies and tactics for the marketing department to implement. 
B) directs overall strategy for the entire organization. 
C) executes all marketing program actions to ensure consistency of performance. 
D) develops overall sales projections not only for the short term but also for a period of at least two to five years. 
E) supervises the hiring, firing, and training of all marketing department personnel.

Question 19

The term used to identify an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals is referred to as a

Accepted Answer

A) marketing strategy. 
B) policy. 
C) strategy. 
D) plan. 
E) tactic. 
A) marketing strategy. 
B) policy. 
C) strategy. 
D) plan. 
E) tactic.

Question 20

In marketing, an offering refers to

Accepted Answer

A) the formal designation of a publicly traded stock for a specific product, service, or idea. 
B) a form of currency used by buyer and seller to minimize the tax burden for both parties. 
C) a good, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants. 
D) the manufacturer's suggested retail price of a product or service to the general public or the wholesale price to distributors and retailers. 
E) the service suppliers and distributors provide to help manufacturers bring a product to market. 
A) the formal designation of a publicly traded stock for a specific product, service, or idea. 
B) a form of currency used by buyer and seller to minimize the tax burden for both parties. 
C) a good, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants. 
D) the manufacturer's suggested retail price of a product or service to the general public or the wholesale price to distributors and retailers. 
E) the service suppliers and distributors provide to help manufacturers bring a product to market.

Exam 2: Developing Successful Organizational and Marketing Strategies

The functional level in an organization is where

Which of the following statements regarding diversification analysis is most accurate?

Identify and explain each of the four market-product strategies represented by each quadrant in the diversification analysis matrix.

Ben & Jerry's mission to make the world a better place is linked to various organizational and marketing strategies, one of which is

In the BCG growth-share matrix, SBUs found in the high growth rate-low relative market share quadrant would be called

Market penetration refers to the marketing strategy of

__________ convert an organization's mission and business into long- and short-term performance targets.

The logistics industry has sales of $800 billion per year. If a third party logistics provider had sales of $8 billion, what would its market share be? Be sure to define market share and show your work in your answer.

All of the following are names the Boston Consulting Group (BCG) has given to describe the four quadrants in its growth-share matrix except

The second phase of the strategic marketing process is the

At the functional level, the marketing department

Offering a branded heart pacemaker with only the features needed by Asian patients is an example of that firm's

A set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization is referred to as its

A situation analysis requires a firm to consider the external forces and trends that affect it. Some of these may be favorable to the organization while others may be unfavorable. Which of the following is an example of an external force?

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in the United States, it would be using a __________ strategy.

The two major aspects of the evaluation phase of the strategic marketing process are

The corporate level refers to the level in an organization where top management

The term used to identify an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals is referred to as a

In marketing, an offering refers to

Creating Customer Relationships and Value Through Marketing

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

Pulling It All Together: the Strategic Marketing Process

Financial Aspects of Marketing

Building an Effective Marketing Plan

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