Question 1

The process of evaluating the attractiveness of various segments and then deciding which to pursue as a market is called:

Accepted Answer

A)  diversification. 
B)  operational excellence. 
C)  targeting. 
D)  downsizing. 
E)  locational excellence. 
A)  diversification. 
B)  operational excellence. 
C)  targeting. 
D)  downsizing. 
E)  locational excellence.

Question 2

A market penetration strategy requires:

Accepted Answer

A)  development of a highly innovative product offering. 
B)  entry to a new geographic market. 
C)  lesser marketing efforts. 
D)  reduced spending on advertising. 
E)  intensified distribution efforts in existing markets. 
A)  development of a highly innovative product offering. 
B)  entry to a new geographic market. 
C)  lesser marketing efforts. 
D)  reduced spending on advertising. 
E)  intensified distribution efforts in existing markets.

Question 3

In which of the following phases of a marketing plan is a SWOT analysis performed?

Accepted Answer

A)  Planning 
B)  Execution 
C)  Initiation 
D)  Control 
E)  Implementation 
A)  Planning 
B)  Execution 
C)  Initiation 
D)  Control 
E)  Implementation

Question 4

Targeting is the process of selecting a segment to pursue as a market.

Accepted Answer

A) True 
 B)False

Question 5

Rockslide Inc.,a manufacturer of sports equipment,classifies its customers into different age groups.Each of these groups is unique in terms of its preference for the company's products.Given this information,this classification is an example of:

Accepted Answer

A)  downsizing. 
B)  positioning. 
C)  segmentation. 
D)  diversification. 
E)  locational excellence. 
A)  downsizing. 
B)  positioning. 
C)  segmentation. 
D)  diversification. 
E)  locational excellence.

Question 6

In a SWOT analysis,which of the following is considered a threat to businesses?

Accepted Answer

A)  Lack of credibility in the market 
B)  Limited consumer base 
C)  Lack of adequate financial resources 
D)  Poor location of service outlets 
E)  New entrants into the industry or market 
A)  Lack of credibility in the market 
B)  Limited consumer base 
C)  Lack of adequate financial resources 
D)  Poor location of service outlets 
E)  New entrants into the industry or market

Question 7

Davison Associates Inc.manufactures office furniture.The management of the company believes that developing a strong brand name is the primary strategy to compete in the market.Hence,it invests a significant share of its resources to position its brands through promotions and service.Which of the following does the company use to achieve sustainable competitive advantage?

Accepted Answer

A)  Diversification excellence 
B)  Product excellence 
C)  Customer excellence 
D)  Locational excellence 
E)  Operational excellence 
A)  Diversification excellence 
B)  Product excellence 
C)  Customer excellence 
D)  Locational excellence 
E)  Operational excellence

Question 8

A company has access to many proprietary technologies.This is an example of the company's strength.

Accepted Answer

A) True 
 B)False

Question 9

Operational excellence is achieved by:

Accepted Answer

A)  ensuring an excellent supply chain management. 
B)  maintaining excellent customer service. 
C)  having products with high perceived value. 
D)  focusing on retaining loyal customers. 
E)  having a good physical location and Internet presence. 
A)  ensuring an excellent supply chain management. 
B)  maintaining excellent customer service. 
C)  having products with high perceived value. 
D)  focusing on retaining loyal customers. 
E)  having a good physical location and Internet presence.

Question 10

What is the next step that a business organization has to perform after completing situation analysis?

Accepted Answer

A)  Identifying the organization's objectives 
B)  Evaluating the effectiveness of the marketing plan 
C)  Evaluating market performance 
D)  Conducting segmentation,targeting,and positioning 
E)  Setting marketing objectives for the organization 
A)  Identifying the organization's objectives 
B)  Evaluating the effectiveness of the marketing plan 
C)  Evaluating market performance 
D)  Conducting segmentation,targeting,and positioning 
E)  Setting marketing objectives for the organization

Question 11

Which of the following terms is used in the Boston Consulting Group (BCG)product portfolio analysis to refer to a product that has low market share in a market characterized by high growth?

Accepted Answer

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

Question 12

A company attempts to increase its market share by engaging in aggressive promotional activities.The company increases its spending on advertising and sales promotions.Which of the following strategies has been used by the company in the given scenario?

Accepted Answer

A)  Product diversification 
B)  Market penetration 
C)  Market development 
D)  Product development 
E)  Market diversification 
A)  Product diversification 
B)  Market penetration 
C)  Market development 
D)  Product development 
E)  Market diversification

Question 13

Actual strategic planning is a sequential process.

Accepted Answer

A) True 
 B)False

Question 14

The growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve is called:

Accepted Answer

A)  diversification. 
B)  market development. 
C)  market penetration. 
D)  intensification. 
E)  product development. 
A)  diversification. 
B)  market development. 
C)  market penetration. 
D)  intensification. 
E)  product development.

Question 15

Which of the following Ps of marketing is associated with the delivery of value to customers?

Accepted Answer

A)  Process 
B)  Place 
C)  Price 
D)  Promotion 
E)  Product 
A)  Process 
B)  Place 
C)  Price 
D)  Promotion 
E)  Product

Question 16

Tech Niche Corp.,a provider of IT services,has recorded a decrease in sales and profit over the past few months.The managers of the firm review the situation and conduct a SWOT analysis of the firm.This provides new insights into the ways to improve sales.In the context of developing a marketing plan,the organization is in the phase of:

Accepted Answer

A)  implementation. 
B)  control. 
C)  planning. 
D)  design. 
E)  initiation. 
A)  implementation. 
B)  control. 
C)  planning. 
D)  design. 
E)  initiation.

Question 17

Which of the following is true of situation analysis?

Accepted Answer

A)  It is performed using a SWOT analysis 
B)  It is independent of political and demographic factors. 
C)  It overlooks the opportunities and threats to an organization. 
D)  It categorizes strengths and weaknesses as outside the control of a firm. 
E)  It is executed before creating the mission statement of an organization. 
A)  It is performed using a SWOT analysis 
B)  It is independent of political and demographic factors. 
C)  It overlooks the opportunities and threats to an organization. 
D)  It categorizes strengths and weaknesses as outside the control of a firm. 
E)  It is executed before creating the mission statement of an organization.

Question 18

Zorbo Furniture Inc.is a firm that manufactures and markets wooden furniture.One of the departments in the firm is devoted to the production and marketing of office furniture.The department is managed independently from other departments and is held accountable for its profitability.In this case,the office furniture department is an example of a(n):

Accepted Answer

A)  joint venture. 
B)  executive department. 
C)  product line. 
D)  subsidiary firm. 
E)  strategic business unit. 
A)  joint venture. 
B)  executive department. 
C)  product line. 
D)  subsidiary firm. 
E)  strategic business unit.

Question 19

TravelSmart Inc.offers a range of travel packages to tourist destinations across the world.The customers are charged according to the services provided during the tour.This allows the customers to choose a package proportionate to their income and requirements.Given this information,which of the following elements of a marketing mix is stressed upon by the company?

Accepted Answer

A)  Promotion 
B)  Product 
C)  Price 
D)  Place 
E)  Power 
A)  Promotion 
B)  Product 
C)  Price 
D)  Place 
E)  Power

Question 20

Which of the following terms is used in the Boston Consulting Group (BCG)product portfolio analysis to refer to a product that has a high market share in a high-growth market?

Accepted Answer

A)  Cash cow 
B)  Star 
C)  Dog 
D)  Question mark 
E)  Neutral factor 
A)  Cash cow 
B)  Star 
C)  Dog 
D)  Question mark 
E)  Neutral factor

The process of evaluating the attractiveness of various segments and then deciding which to pursue as a market is called:

A market penetration strategy requires:

In which of the following phases of a marketing plan is a SWOT analysis performed?

Targeting is the process of selecting a segment to pursue as a market.

Rockslide Inc.,a manufacturer of sports equipment,classifies its customers into different age groups.Each of these groups is unique in terms of its preference for the company's products.Given this information,this classification is an example of:

In a SWOT analysis,which of the following is considered a threat to businesses?

A company has access to many proprietary technologies.This is an example of the company's strength.

Operational excellence is achieved by:

What is the next step that a business organization has to perform after completing situation analysis?

Which of the following terms is used in the Boston Consulting Group (BCG)product portfolio analysis to refer to a product that has low market share in a market characterized by high growth?

A company attempts to increase its market share by engaging in aggressive promotional activities.The company increases its spending on advertising and sales promotions.Which of the following strategies has been used by the company in the given scenario?

Actual strategic planning is a sequential process.

The growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve is called:

Which of the following Ps of marketing is associated with the delivery of value to customers?

Which of the following is true of situation analysis?

Which of the following terms is used in the Boston Consulting Group (BCG)product portfolio analysis to refer to a product that has a high market share in a high-growth market?

Overview of Marketing

Marketing Ethics

Analyzing the Market Environment

Consumer Behavior

Business-To-Business Marketing

Global Marketing

Segmentation, Targeting, and Positioning

Marketing Research

Product, Branding, and Packaging Decisions

Developing New Products

Services: The Intangible Product

Pricing Concepts for Establishing Value

Strategic Pricing Methods

Supply Chain and Channel Management

Retailing and Multichannel Marketing

Integrated Marketing Communications

Advertising, Public Relations, and Sales Promotions

Filters

Exam 2: Developing Marketing Strategies and a Marketing Plan

The process of evaluating the attractiveness of various segments and then deciding which to pursue as a market is called:

A market penetration strategy requires:

In which of the following phases of a marketing plan is a SWOT analysis performed?

Targeting is the process of selecting a segment to pursue as a market.

Rockslide Inc.,a manufacturer of sports equipment,classifies its customers into different age groups.Each of these groups is unique in terms of its preference for the company's products.Given this information,this classification is an example of:

In a SWOT analysis,which of the following is considered a threat to businesses?

A company has access to many proprietary technologies.This is an example of the company's strength.

Operational excellence is achieved by:

What is the next step that a business organization has to perform after completing situation analysis?

Which of the following terms is used in the Boston Consulting Group (BCG)product portfolio analysis to refer to a product that has low market share in a market characterized by high growth?

A company attempts to increase its market share by engaging in aggressive promotional activities.The company increases its spending on advertising and sales promotions.Which of the following strategies has been used by the company in the given scenario?

Actual strategic planning is a sequential process.

The growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve is called:

Which of the following Ps of marketing is associated with the delivery of value to customers?

Which of the following is true of situation analysis?

Which of the following terms is used in the Boston Consulting Group (BCG)product portfolio analysis to refer to a product that has a high market share in a high-growth market?

Overview of Marketing

Marketing Ethics

Analyzing the Market Environment

Consumer Behavior

Business-To-Business Marketing

Global Marketing

Segmentation, Targeting, and Positioning

Marketing Research

Product, Branding, and Packaging Decisions

Developing New Products

Services: The Intangible Product

Pricing Concepts for Establishing Value

Strategic Pricing Methods

Supply Chain and Channel Management

Retailing and Multichannel Marketing

Integrated Marketing Communications

Advertising, Public Relations, and Sales Promotions

Filters