Question 1

Points of difference refer to

Accepted Answer

A) the fundamental, passionate, and enduring principles of an organization that guide its conduct over time. 
B) the cluster of benefits that an organization promises customers to satisfy their needs. 
C) a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. 
D) those characteristics of a product that make it superior to competitive substitutes. 
E) the use of percentage points of market share to allocate marketing resources effectively for different product lines within the same firm. 
A) the fundamental, passionate, and enduring principles of an organization that guide its conduct over time. 
B) the cluster of benefits that an organization promises customers to satisfy their needs. 
C) a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. 
D) those characteristics of a product that make it superior to competitive substitutes. 
E) the use of percentage points of market share to allocate marketing resources effectively for different product lines within the same firm.

Question 2

Compared to marketing strategies, marketing tactics generally involve actions that

Accepted Answer

A) are detailed day-to-day operational decisions. 
B) are long-term rather than short-term. 
C) involve upper levels of management rather than front-line managers. 
D) are general rather than specific in nature. 
E) have been successfully implemented in the past. 
A) are detailed day-to-day operational decisions. 
B) are long-term rather than short-term. 
C) involve upper levels of management rather than front-line managers. 
D) are general rather than specific in nature. 
E) have been successfully implemented in the past.

Question 3

A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in power outages. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits (consisting of food bars, a water filtration system, first aid supplies, etc.). Before going ahead with this decision, several factors had to be considered: (1) The firm has a great reputation with its flashlights and does not want to ruin it. (2) Its physical plant could be refitted relatively easily to make small generators, but it would be rather costly. (3) It would have to rely on another firm to manufacture and package the survival kits. (4) Although there are nine named hurricanes forecasted for the upcoming year, no one really can predict what will happen. The projected number of hurricanes would fall in which quadrant(s) of the SWOT analysis grid?

Accepted Answer

A) internal-favorable 
B) internal-unfavorable 
C) external-favorable 
D) external-unfavorable 
E) both external-favorable and external-unfavorable 
A) internal-favorable 
B) internal-unfavorable 
C) external-favorable 
D) external-unfavorable 
E) both external-favorable and external-unfavorable

Question 4

A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in a loss of power. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits. Before going ahead with this decision, several factors had to be considered: (1) The firm has a great reputation with its flashlights and doesn't want to ruin it. (2) Its physical plant could be refitted relatively easily to make small generators, but it would be rather costly. (3) It would have to rely on another firm to manufacture and package the survival kits. (4) Although there are nine named hurricanes scheduled for the upcoming year, no one really can predict what will happen. The need to rely on another company to supply the survival kits would fall in which quadrant(s) of the SWOT analysis grid?

Accepted Answer

A) internal-favorable 
B) internal-unfavorable 
C) external-favorable 
D) external-unfavorable 
E) both external-favorable and external-unfavorable 
A) internal-favorable 
B) internal-unfavorable 
C) external-favorable 
D) external-unfavorable 
E) both external-favorable and external-unfavorable

Question 5

Ben & Jerry's is an ice cream producer owned by Unilever. If the firm identified that its managers lacked the expertise to create additional growth for the firm's products, a marketing manager would likely incorporate this knowledge into its SWOT analysis as

Accepted Answer

A) a weakness if the company has a strong working relationships with Unilever. 
B) an opportunity if the company shares this information directly with its competitors. 
C) a weakness if the company does not seek to gain that additional expertise. 
D) a threat if Ben & Jerry's does not have resources to develop additional expertise. 
E) part of a marketing plan; this information would not be part of a SWOT analysis. 
A) a weakness if the company has a strong working relationships with Unilever. 
B) an opportunity if the company shares this information directly with its competitors. 
C) a weakness if the company does not seek to gain that additional expertise. 
D) a threat if Ben & Jerry's does not have resources to develop additional expertise. 
E) part of a marketing plan; this information would not be part of a SWOT analysis.

Question 6

Step 2 in the planning phase of the strategic marketing process consists of

Accepted Answer

A) the situation (SWOT) analysis. 
B) market-product focus and goal setting. 
C) the marketing program. 
D) business portfolio analysis. 
E) diversification analysis. 
A) the situation (SWOT) analysis. 
B) market-product focus and goal setting. 
C) the marketing program. 
D) business portfolio analysis. 
E) diversification analysis.

Question 7

Which of the following statements regarding Ben & Jerry's is most accurate?

Accepted Answer

A) Ben & Jerry's is owned by Unilever, the market leader in the global ice cream industry. 
B) Ben & Jerry's is a privately owned ice cream producer. 
C) Ben & Jerry's prides itself on offering more ice cream flavors than its competitors. 
D) Ben and Jerry are not real people; the names were a clever reference to Tom and Jerry cartoon characters in order to capitalize on childhood nostalgia. 
E) Ben & Jerry's has only been in business for 20 years and is already the industry leader in premium ice cream. 
A) Ben & Jerry's is owned by Unilever, the market leader in the global ice cream industry. 
B) Ben & Jerry's is a privately owned ice cream producer. 
C) Ben & Jerry's prides itself on offering more ice cream flavors than its competitors. 
D) Ben and Jerry are not real people; the names were a clever reference to Tom and Jerry cartoon characters in order to capitalize on childhood nostalgia. 
E) Ben & Jerry's has only been in business for 20 years and is already the industry leader in premium ice cream.

Question 8

Because an organization has limited influence on market growth rate, its main alternative for moving an SBU on the portfolio analysis matrix is to try to change its relative market share. The most likely way for a company to turn a question mark into a star rather than a dog is to

Accepted Answer

A) divert funds to other SBUs. 
B) reduce advertising for it. 
C) inject cash into it. 
D) reduce the feature set for it. 
E) decrease the market growth rate. 
A) divert funds to other SBUs. 
B) reduce advertising for it. 
C) inject cash into it. 
D) reduce the feature set for it. 
E) decrease the market growth rate.

Question 9

One of the most recognized approaches to business portfolio analysis is the Boston Consulting Group's growth-share matrix. Describe this tool and the four quadrants of the matrix.

Accepted Answer

The BCG business portfolio analysis requ

Question 10

A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in power outages. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits (consisting of food bars, a water filtration system, first aid supplies, etc.). Before going ahead with this decision, several factors had to be considered: (1) The firm has a great reputation with its flashlights and does not want to ruin it. (2) Its physical plant could be refitted relatively easily to make small generators, but it would be rather costly. (3) It would have to rely on another firm to manufacture and package the survival kits. (4) Although there are nine named hurricanes scheduled for the upcoming year, no one really can predict what will happen. The company's need to refit its factory would fall in which quadrant(s) of the SWOT analysis grid?

Accepted Answer

A) internal-favorable 
B) internal-unfavorable 
C) external-favorable 
D) external-unfavorable 
E) both internal-unfavorable and external-unfavorable 
A) internal-favorable 
B) internal-unfavorable 
C) external-favorable 
D) external-unfavorable 
E) both internal-unfavorable and external-unfavorable

Question 11

Ben & Jerry's uses two marketing metrics to assess how it is doing in the super premium ice cream market, dollar __________ and dollar market share.

Accepted Answer

A) profit 
B) ROI 
C) sales 
D) customer satisfaction 
E) survival 
A) profit 
B) ROI 
C) sales 
D) customer satisfaction 
E) survival

Question 12

Market segmentation refers to

Accepted Answer

A) identifying small groups of customers with dissimilar needs. 
B) aggregating prospective buyers into groups and selecting only those whose needs cannot be met by competitors' products. 
C) aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action. 
D) aggregating different products into more reasonable product groupings to better serve consumers' needs. 
E) those characteristics of a product that make it superior to competitive substitutes. 
A) identifying small groups of customers with dissimilar needs. 
B) aggregating prospective buyers into groups and selecting only those whose needs cannot be met by competitors' products. 
C) aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action. 
D) aggregating different products into more reasonable product groupings to better serve consumers' needs. 
E) those characteristics of a product that make it superior to competitive substitutes.

Question 13

Regarding goals and objectives, which of the following statements would be most accurate?

Accepted Answer

A) Objectives convert an organization's mission and business into long- and short-term performance targets. 
B) Goals and objectives are actually the detailed day-to-day activities necessary to implement a marketing program. 
C) A company's goals and objectives are often worthy in intent, but unrealistic in practice because they are never accomplished during the specified time period. 
D) Goal-setting only applies to business firms; nonprofit organizations typically do not set goals because they don't earn a profit. 
E) The terms goal and objective should not be used interchangeably. Goals are philosophical while objectives are performance-based. 
A) Objectives convert an organization's mission and business into long- and short-term performance targets. 
B) Goals and objectives are actually the detailed day-to-day activities necessary to implement a marketing program. 
C) A company's goals and objectives are often worthy in intent, but unrealistic in practice because they are never accomplished during the specified time period. 
D) Goal-setting only applies to business firms; nonprofit organizations typically do not set goals because they don't earn a profit. 
E) The terms goal and objective should not be used interchangeably. Goals are philosophical while objectives are performance-based.

Question 14

The __________ represent(s) the "how" element of a visionary organization.

Accepted Answer

A) organizational tactics 
B) organizational mission 
C) organizational foundation 
D) organizational direction 
E) organizational strategies 
A) organizational tactics 
B) organizational mission 
C) organizational foundation 
D) organizational direction 
E) organizational strategies

Question 15

The key to all scheduling techniques is to

Accepted Answer

A) avoid scheduling tasks that can be done concurrently. 
B) avoid tasks that must be done sequentially. 
C) make sure to allow a 20 percent delay factor to account for contingencies. 
D) assign responsibility for end results to the entire group rather than a single individual. 
E) distinguish tasks that must be done sequentially from those that can be done concurrently. 
A) avoid scheduling tasks that can be done concurrently. 
B) avoid tasks that must be done sequentially. 
C) make sure to allow a 20 percent delay factor to account for contingencies. 
D) assign responsibility for end results to the entire group rather than a single individual. 
E) distinguish tasks that must be done sequentially from those that can be done concurrently.

Question 16

A __________ is a federal, state, county, or city unit that provides a specific service to its constituents.

Accepted Answer

A) business firm 
B) subchapter S corporation 
C) government agency 
D) cooperative 
E) nonprofit organization 
A) business firm 
B) subchapter S corporation 
C) government agency 
D) cooperative 
E) nonprofit organization

Question 17

Which of the following statements would most likely be heard at the functional level of an organization?

Accepted Answer

A) "We need to divest our Canadian operations that are performing poorly." 
B) "How large a budget can we allot to the marketing department?" 
C) "We plan to implement a Facebook advertising initiative within 90 days." 
D) "We should hire the most culturally diverse cross-functional team possible in order to generate the best new-product ideas." 
E) "What dividends should we pay stockholders next quarter?" 
A) "We need to divest our Canadian operations that are performing poorly." 
B) "How large a budget can we allot to the marketing department?" 
C) "We plan to implement a Facebook advertising initiative within 90 days." 
D) "We should hire the most culturally diverse cross-functional team possible in order to generate the best new-product ideas." 
E) "What dividends should we pay stockholders next quarter?"

Question 18

Apple launched the iPhone in 2007, and unit sales reached an astonishing 47.7 percent market share in the smartphone industry by 2015. The global smartphone market is expected to grow at an annual rate of 9.8 percent through 2018 due to the growth in China and other markets. Currently, Apple's iPhone SBU appears to be a

Accepted Answer

A) question mark. 
B) star. 
C) hedgehog. 
D) cash cow. 
E) dog. 
A) question mark. 
B) star. 
C) hedgehog. 
D) cash cow. 
E) dog.

Question 19

Alex has just completed measuring the results of her firm's product performance. Her next step will be to

Accepted Answer

A) do a profitability analysis. 
B) take necessary corrective actions. 
C) bring these to the marketing auditor. 
D) proceed regardless of deviations from original plans. 
E) compare the results against the goals specified in the marketing plan. 
A) do a profitability analysis. 
B) take necessary corrective actions. 
C) bring these to the marketing auditor. 
D) proceed regardless of deviations from original plans. 
E) compare the results against the goals specified in the marketing plan.

Question 20

Which two marketing strategies would be used if a firm were not willing to find new markets?

Accepted Answer

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

Points of difference refer to

Compared to marketing strategies, marketing tactics generally involve actions that

Ben & Jerry's is an ice cream producer owned by Unilever. If the firm identified that its managers lacked the expertise to create additional growth for the firm's products, a marketing manager would likely incorporate this knowledge into its SWOT analysis as

Step 2 in the planning phase of the strategic marketing process consists of

Which of the following statements regarding Ben & Jerry's is most accurate?

Because an organization has limited influence on market growth rate, its main alternative for moving an SBU on the portfolio analysis matrix is to try to change its relative market share. The most likely way for a company to turn a question mark into a star rather than a dog is to

One of the most recognized approaches to business portfolio analysis is the Boston Consulting Group's growth-share matrix. Describe this tool and the four quadrants of the matrix.

Ben & Jerry's uses two marketing metrics to assess how it is doing in the super premium ice cream market, dollar __________ and dollar market share.

Market segmentation refers to

Regarding goals and objectives, which of the following statements would be most accurate?

The __________ represent(s) the "how" element of a visionary organization.

The key to all scheduling techniques is to

A __________ is a federal, state, county, or city unit that provides a specific service to its constituents.

Which of the following statements would most likely be heard at the functional level of an organization?

Alex has just completed measuring the results of her firm's product performance. Her next step will be to

Which two marketing strategies would be used if a firm were not willing to find new markets?

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

Filters

Exam 2: Developing Successful Organizational and Marketing Strategies

Points of difference refer to

Compared to marketing strategies, marketing tactics generally involve actions that

Ben & Jerry's is an ice cream producer owned by Unilever. If the firm identified that its managers lacked the expertise to create additional growth for the firm's products, a marketing manager would likely incorporate this knowledge into its SWOT analysis as

Step 2 in the planning phase of the strategic marketing process consists of

Which of the following statements regarding Ben & Jerry's is most accurate?

Because an organization has limited influence on market growth rate, its main alternative for moving an SBU on the portfolio analysis matrix is to try to change its relative market share. The most likely way for a company to turn a question mark into a star rather than a dog is to

One of the most recognized approaches to business portfolio analysis is the Boston Consulting Group's growth-share matrix. Describe this tool and the four quadrants of the matrix.

Ben & Jerry's uses two marketing metrics to assess how it is doing in the super premium ice cream market, dollar __________ and dollar market share.

Market segmentation refers to

Regarding goals and objectives, which of the following statements would be most accurate?

The __________ represent(s) the "how" element of a visionary organization.

The key to all scheduling techniques is to

A __________ is a federal, state, county, or city unit that provides a specific service to its constituents.

Which of the following statements would most likely be heard at the functional level of an organization?

Alex has just completed measuring the results of her firm's product performance. Her next step will be to

Which two marketing strategies would be used if a firm were not willing to find new markets?

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

Filters