Question 1

If a firm wants to develop a sustainable competitive advantage,it should

Accepted Answer

A)  begin an aggressive campaign to buy up competitors. 
B)  copy the innovative features of other firms that are attractive to customers. 
C)  examine its operations and customer relations to identify significant things competitors cannot easily copy. 
D)  increase its marketing budget so that it outspends its competitors. 
E)  arrange to meet with competitors to discuss how to avoid direct competition. 
A)  begin an aggressive campaign to buy up competitors. 
B)  copy the innovative features of other firms that are attractive to customers. 
C)  examine its operations and customer relations to identify significant things competitors cannot easily copy. 
D)  increase its marketing budget so that it outspends its competitors. 
E)  arrange to meet with competitors to discuss how to avoid direct competition.

Question 2

SanDisk's MP3 player product line (called the Sansa)has a low relative market share.The MP3 player market is expected to decline over the next few years.In Boston Consulting Group (BCG)portfolio analysis,the Sansa would be considered a dog.

Accepted Answer

A) True 
 B)False

Question 3

Boston Consulting Group's portfolio analysis classifies a company's products or product lines into a two-by-two matrix.What are the bases of classification and what are the products or product lines in each of the four quadrants called? What marketing strategies are usually considered for each of the four classifications?

Accepted Answer

The two bases of classification are rela

Question 4

In July 2010,Microsoft discontinued the Kin,its social networking phone,after just six weeks of disappointing sales.During what step of the strategic marketing planning process would Microsoft have made the decision to stop offering the product?

Accepted Answer

Step 5-Evaluate performance using market

Question 5

During a SWOT analysis,a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors,given the acronym CDSTEP.Which of the following is not one of these factors?

Accepted Answer

A)  ethical 
B)  cultural 
C)  political 
D)  technological 
E)  demographic 
A)  ethical 
B)  cultural 
C)  political 
D)  technological 
E)  demographic

Question 6

Relative market share is an example of a marketing metric.

Accepted Answer

A) True 
 B)False

Question 7

One of the benefits of taking marketing courses is the opportunity to apply marketing concepts to marketing yourself.When selling yourself,you are a product including all the skills,aptitudes,and attitudes you bring to the market.What is a sustainable competitive advantage? What can you do to give yourself a sustainable competitive advantage in the marketplace?

Accepted Answer

A sustainable competitive advantage is s

Question 8

Value creation through place decisions for a consumer product involves

Accepted Answer

A)  putting the product in the front of the store. 
B)  designing creative displays to capture consumers' attention. 
C)  pricing products differently at different stores. 
D)  making sure the product is available in the stores where customers will want to find it, and that it is always in stock so they can buy it when they want to. 
E)  focusing exclusively on Internet sales to reduce supply chain costs. 
A)  putting the product in the front of the store. 
B)  designing creative displays to capture consumers' attention. 
C)  pricing products differently at different stores. 
D)  making sure the product is available in the stores where customers will want to find it, and that it is always in stock so they can buy it when they want to. 
E)  focusing exclusively on Internet sales to reduce supply chain costs.

Question 9

Firms achieve ___________ through efficient procedures and excellent supply chain management.

Accepted Answer

A)  customer excellence 
B)  locational excellence 
C)  customer loyalty 
D)  value-based pricing 
E)  operational excellence 
A)  customer excellence 
B)  locational excellence 
C)  customer loyalty 
D)  value-based pricing 
E)  operational excellence

Question 10

When marketers use a variety of communication disciplines-advertising,personal selling,sales promotion,public relations,direct marketing,and online marketing including social media-in combination to communicate a value proposition to the customer,it is referred to as

Accepted Answer

A)  integrated marketing communications. 
B)  multimedia marketing. 
C)  diverse marketing communications. 
D)  comprehensive promotion. 
E)  managed marketing communications. 
A)  integrated marketing communications. 
B)  multimedia marketing. 
C)  diverse marketing communications. 
D)  comprehensive promotion. 
E)  managed marketing communications.

Question 11

Which of the following is the third step in the marketing planning process?

Accepted Answer

A)  define the business mission 
B)  identify and evaluate opportunities 
C)  evaluate using a matrix 
D)  implement marketing mix and allocate resources 
E)  perform situation analysis 
A)  define the business mission 
B)  identify and evaluate opportunities 
C)  evaluate using a matrix 
D)  implement marketing mix and allocate resources 
E)  perform situation analysis

Question 12

Craig sees that his company's quarterly sales and profits are significantly above projections and says,"That's great.Let's keep doing what we've been doing." Craig is ignoring the __________ step of the marketing planning process.

Accepted Answer

A)  evaluate performance 
B)  define the business mission 
C)  perform situation analysis 
D)  implement marketing mix and resources 
E)  identify and evaluate opportunities 
A)  evaluate performance 
B)  define the business mission 
C)  perform situation analysis 
D)  implement marketing mix and resources 
E)  identify and evaluate opportunities

Question 13

When Ramona,the keynote speaker at a major business leaders' conference,arrived in the middle of the night at the Ritz-Carlton,she was exhausted and her suit was wrinkled from her 10-hour plane trip.The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation.She has been a loyal Ritz-Carlton customer ever since.In this example,Ritz-Carlton demonstrated the macro strategy of

Accepted Answer

A)  customer excellence. 
B)  operational excellence. 
C)  product excellence. 
D)  promotional excellence. 
E)  global excellence. 
A)  customer excellence. 
B)  operational excellence. 
C)  product excellence. 
D)  promotional excellence. 
E)  global excellence.

Question 14

Explain how Marvel,the superhero entertainment giant,employed a market penetration strategy using its existing marketing mix and focusing its efforts on existing customers.

Accepted Answer

Answers will vary,but should include the

Question 15

Four companies dominate the cereal industry.These firms produce in large volumes,promote heavily,and control access to the supermarket shelves through "slotting allowances," which are payments to retailers in return for shelf space.Combined,these four firms have

Accepted Answer

A)  identical marketing mixes. 
B)  customer excellence. 
C)  a sustainable competitive advantage. 
D)  achieved product excellence. 
E)  violated laws governing competition. 
A)  identical marketing mixes. 
B)  customer excellence. 
C)  a sustainable competitive advantage. 
D)  achieved product excellence. 
E)  violated laws governing competition.

Question 16

Samantha is charged with assessing her company's external environment as part of a SWOT analysis.Samantha will study her company's

Accepted Answer

A)  strengths and weaknesses. 
B)  sales history. 
C)  pension plan. 
D)  product specifications. 
E)  opportunities and threats. 
A)  strengths and weaknesses. 
B)  sales history. 
C)  pension plan. 
D)  product specifications. 
E)  opportunities and threats.

Question 17

Which of the following factors,listed in a situation analysis for a major U.S.auto manufacturer,is the best example of an opportunity?

Accepted Answer

A)  The factory that manufactures a new, popular car cannot build enough vehicles to meet the demand, while other factories have excess capacity. 
B)  Recent consumer studies have indicated that Chinese consumers prefer American cars. 
C)  A New York law firm has filed a $10 million class action suit against the company on behalf of car owners whose gas tanks exploded. 
D)  Due to outdated engine technology, the company's cars get lower gas mileage than those of major competitors. 
E)  The company has lower manufacturing costs than its key competitors, allowing it to sell its cars at low prices. 
A)  The factory that manufactures a new, popular car cannot build enough vehicles to meet the demand, while other factories have excess capacity. 
B)  Recent consumer studies have indicated that Chinese consumers prefer American cars. 
C)  A New York law firm has filed a $10 million class action suit against the company on behalf of car owners whose gas tanks exploded. 
D)  Due to outdated engine technology, the company's cars get lower gas mileage than those of major competitors. 
E)  The company has lower manufacturing costs than its key competitors, allowing it to sell its cars at low prices.

Question 18

Most banks implement customer retention programs aimed at their best customers.They do this because they know that retaining customers usually results in

Accepted Answer

A)  a product development growth strategy. 
B)  an operational advantage. 
C)  opportunities for diversification. 
D)  increased long-term profits. 
E)  more clearly defined market segments. 
A)  a product development growth strategy. 
B)  an operational advantage. 
C)  opportunities for diversification. 
D)  increased long-term profits. 
E)  more clearly defined market segments.

Question 19

Garden Gate is a one-location nursery business,selling plants and flowers for home gardeners.The new owners want to grow through either a product development or diversification strategy.What will the owners likely do if they pursue either strategy?

Accepted Answer

If they pursue a product development str

Question 20

Google and other search engines allow marketers to bid to have their ads shown when consumers search keywords related to the firm's products.These marketers are attempting to create value through

Accepted Answer

A)  product. 
B)  price. 
C)  promotion. 
D)  place. 
E)  cost-based measures. 
A)  product. 
B)  price. 
C)  promotion. 
D)  place. 
E)  cost-based measures.

If a firm wants to develop a sustainable competitive advantage,it should

SanDisk's MP3 player product line (called the Sansa)has a low relative market share.The MP3 player market is expected to decline over the next few years.In Boston Consulting Group (BCG)portfolio analysis,the Sansa would be considered a dog.

In July 2010,Microsoft discontinued the Kin,its social networking phone,after just six weeks of disappointing sales.During what step of the strategic marketing planning process would Microsoft have made the decision to stop offering the product?

During a SWOT analysis,a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors,given the acronym CDSTEP.Which of the following is not one of these factors?

Relative market share is an example of a marketing metric.

Value creation through place decisions for a consumer product involves

Firms achieve ___________ through efficient procedures and excellent supply chain management.

When marketers use a variety of communication disciplines-advertising,personal selling,sales promotion,public relations,direct marketing,and online marketing including social media-in combination to communicate a value proposition to the customer,it is referred to as

Which of the following is the third step in the marketing planning process?

Craig sees that his company's quarterly sales and profits are significantly above projections and says,"That's great.Let's keep doing what we've been doing." Craig is ignoring the __________ step of the marketing planning process.

Explain how Marvel,the superhero entertainment giant,employed a market penetration strategy using its existing marketing mix and focusing its efforts on existing customers.

Four companies dominate the cereal industry.These firms produce in large volumes,promote heavily,and control access to the supermarket shelves through "slotting allowances," which are payments to retailers in return for shelf space.Combined,these four firms have

Samantha is charged with assessing her company's external environment as part of a SWOT analysis.Samantha will study her company's

Which of the following factors,listed in a situation analysis for a major U.S.auto manufacturer,is the best example of an opportunity?

Most banks implement customer retention programs aimed at their best customers.They do this because they know that retaining customers usually results in

Garden Gate is a one-location nursery business,selling plants and flowers for home gardeners.The new owners want to grow through either a product development or diversification strategy.What will the owners likely do if they pursue either strategy?

Google and other search engines allow marketers to bid to have their ads shown when consumers search keywords related to the firm's products.These marketers are attempting to create value through

Overview of Marketing

Conscious Marketing,corporate Social Responsibility,and Ethics

Analyzing the Marketing 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

Supply Chain and Channel Management

Supply Chain and Channel Management

Retailing and Omnichannel Marketing

Integrated Marketing Communications

Advertising,public Relations,and Sales Promotions

Personal Selling and Sales Management

Filters

Exam 2: Developing Marketing Strategies and a Marketing Plan

If a firm wants to develop a sustainable competitive advantage,it should

SanDisk's MP3 player product line (called the Sansa)has a low relative market share.The MP3 player market is expected to decline over the next few years.In Boston Consulting Group (BCG)portfolio analysis,the Sansa would be considered a dog.

In July 2010,Microsoft discontinued the Kin,its social networking phone,after just six weeks of disappointing sales.During what step of the strategic marketing planning process would Microsoft have made the decision to stop offering the product?

During a SWOT analysis,a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors,given the acronym CDSTEP.Which of the following is not one of these factors?

Relative market share is an example of a marketing metric.

Value creation through place decisions for a consumer product involves

Firms achieve ___________ through efficient procedures and excellent supply chain management.

When marketers use a variety of communication disciplines-advertising,personal selling,sales promotion,public relations,direct marketing,and online marketing including social media-in combination to communicate a value proposition to the customer,it is referred to as

Which of the following is the third step in the marketing planning process?

Craig sees that his company's quarterly sales and profits are significantly above projections and says,"That's great.Let's keep doing what we've been doing." Craig is ignoring the __________ step of the marketing planning process.

Explain how Marvel,the superhero entertainment giant,employed a market penetration strategy using its existing marketing mix and focusing its efforts on existing customers.

Four companies dominate the cereal industry.These firms produce in large volumes,promote heavily,and control access to the supermarket shelves through "slotting allowances," which are payments to retailers in return for shelf space.Combined,these four firms have

Samantha is charged with assessing her company's external environment as part of a SWOT analysis.Samantha will study her company's

Which of the following factors,listed in a situation analysis for a major U.S.auto manufacturer,is the best example of an opportunity?

Most banks implement customer retention programs aimed at their best customers.They do this because they know that retaining customers usually results in

Garden Gate is a one-location nursery business,selling plants and flowers for home gardeners.The new owners want to grow through either a product development or diversification strategy.What will the owners likely do if they pursue either strategy?

Google and other search engines allow marketers to bid to have their ads shown when consumers search keywords related to the firm's products.These marketers are attempting to create value through

Overview of Marketing

Conscious Marketing,corporate Social Responsibility,and Ethics

Analyzing the Marketing 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

Supply Chain and Channel Management

Supply Chain and Channel Management

Retailing and Omnichannel Marketing

Integrated Marketing Communications

Advertising,public Relations,and Sales Promotions

Personal Selling and Sales Management

Filters