Question 1

The increased customer value achieved through performing marketing functions more efficiently is referred to as __________.

Accepted Answer

A) points of difference 
B) proficiency 
C) kiatsu 
D) synergy 
E) competitive advantage 
A) points of difference 
B) proficiency 
C) kiatsu 
D) synergy 
E) competitive advantage

Question 2

A firm following a differentiation strategy shown in Figure 22-3 above would be found in __________.

Accepted Answer

A) "A" 
B) "B" 
C) "C" 
D) "D" 
E) both "B" and "D" 
A) "A" 
B) "B" 
C) "C" 
D) "D" 
E) both "B" and "D"

Question 3

According to Porter's generic business strategy framework,there are two fundamental alternatives a firm can use to seek a competitive advantage.One of these is to

Accepted Answer

A) become the high-cost producer within the markets in which it competes. 
B) adopt a "me too" strategy to achieve competitive parity. 
C) become the low-cost producer within the markets in which it competes. 
D) state its function in society to differentiate itself from competitors. 
E) differentiate itself from competitors by developing similar marketing programs. 
A) become the high-cost producer within the markets in which it competes. 
B) adopt a "me too" strategy to achieve competitive parity. 
C) become the low-cost producer within the markets in which it competes. 
D) state its function in society to differentiate itself from competitors. 
E) differentiate itself from competitors by developing similar marketing programs.

Question 4

Consider Figure 22-A above.Effective managers track the progress of their marketing plans to identify problems that need to be corrected.Sometimes,the problems are with the marketing plan and its strategies;at other times,they may be due to their implementation;and at still other times,they may be due to both.Recall that research on what really works shows that successful firms have excellence on both the planning and strategy side and the implementation or execution side.As Figure 22-A shows,marketers can develop and implement strategies that have four possible results.For "D," identify the MOST LIKELY result of the planning and implementation of the marketing plan and its strategies for a product or service.

Accepted Answer

A) Trouble: The solution is to recognize that only implementation is at fault and to correct it. 
B) Success: The marketing program achieves its objectives. 
C) Failure: The marketing program flounders and fails to achieve its objectives. 
D) Trouble: The solution is to recognize that only the strategy is at fault and to correct it. 
E) Cannot be determined with the information provided. 
A) Trouble: The solution is to recognize that only implementation is at fault and to correct it. 
B) Success: The marketing program achieves its objectives. 
C) Failure: The marketing program flounders and fails to achieve its objectives. 
D) Trouble: The solution is to recognize that only the strategy is at fault and to correct it. 
E) Cannot be determined with the information provided.

Question 5

An action item list refers to an aid to implement a marketing plan that consists of four columns: (1)the task; (2)the person responsible for completing the task; (3)the date to finish the task;and (4)__________.

Accepted Answer

A) the budget 
B) the points of difference 
C) what is to be delivered 
D) the promotional message 
E) the product or service 
A) the budget 
B) the points of difference 
C) what is to be delivered 
D) the promotional message 
E) the product or service

Question 6

People in __________ positions have the authority and responsibility to issue orders to people who report to them.

Accepted Answer

A) staff 
B) executive marketing officer 
C) line 
D) stakeholder 
E) cross-functional team 
A) staff 
B) executive marketing officer 
C) line 
D) stakeholder 
E) cross-functional team

Question 7

A recent study showed that firms used two different kinds of metrics when analyzing performance on innovation and new product development.These consist of output and input metrics.Which of the following is an input metric?

Accepted Answer

A) number of ideas or concepts in the new-product pipeline 
B) number of new products or services launched 
C) return on assets (RO
A) for existing products or services 
D) customer satisfaction with new products or services 
E) revenue growth due to new products or services 
A) number of ideas or concepts in the new-product pipeline 
B) number of new products or services launched 
C) return on assets (RO
A) for existing products or services 
D) customer satisfaction with new products or services 
E) revenue growth due to new products or services

Question 8

The biggest strategic business unit (SBU)at General Mills is

Accepted Answer

A) desserts (Betty Crocker). 
B) breakfast cereals (Big G). 
C) yogurt (Yoplait). 
D) soups (Progresso). 
E) snacks (various). 
A) desserts (Betty Crocker). 
B) breakfast cereals (Big G). 
C) yogurt (Yoplait). 
D) soups (Progresso). 
E) snacks (various).

Question 9

Organizational groupings based on specific customer segments are referred to as __________.

Accepted Answer

A) functional groupings 
B) reseller groupings 
C) geographical groupings 
D) product line groupings 
E) market-based groupings 
A) functional groupings 
B) reseller groupings 
C) geographical groupings 
D) product line groupings 
E) market-based groupings

Question 10

As the annual marketing effort increases in a sales response function graph,so does the resulting annual sales revenue,which is

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) is 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) is plotted on the horizontal (X)axis.

Question 11

Organizational groupings in which a unit is responsible for specific product offerings are referred to as __________.

Accepted Answer

A) functional groupings 
B) geographical groupings 
C) reseller-based groupings 
D) product line groupings 
E) market-based groupings 
A) functional groupings 
B) geographical groupings 
C) reseller-based groupings 
D) product line groupings 
E) market-based groupings

Question 12

List and explain two types of marketing plans.

Accepted Answer

Long-range marketing plans cover marketi

Question 13

Synergy analysis incorporates two business analysis tools,which are __________ and the market-product grid framework.

Accepted Answer

A) diversification analysis 
B) Porter's generic business strategy framework 
C) SWOT analysis 
D) Porter's competitive advantage 
E) share point analysis 
A) diversification analysis 
B) Porter's generic business strategy framework 
C) SWOT analysis 
D) Porter's competitive advantage 
E) share point analysis

Question 14

A person who is willing and able to "cut the red tape" to move a program forward is referred to as a

Accepted Answer

A) channel captain. 
B) marketing mediator. 
C) program director. 
D) program champion. 
E) program facilitator. 
A) channel captain. 
B) marketing mediator. 
C) program director. 
D) program champion. 
E) program facilitator.

Question 15

Four basic business and management practices are what matter-"what really works," to use the phrase of the researchers who studied more than 200 management tools and techniques.These are: (1)strategy; (2)__________; (3)culture;and (4)structure.

Accepted Answer

A) charismatic leadership 
B) quality 
C) execution 
D) sustainability 
E) ethics 
A) charismatic leadership 
B) quality 
C) execution 
D) sustainability 
E) ethics

Question 16

Key problems that emerge in a firm's strategic marketing process include: (1)bad news is filtered out as information goes up the line to give top management a very rosy picture; (2)plans are based on very poor assumptions about environmental forces; (3)planners and their plans may have lost sight of their customers' needs; (4)__________;and (5)line operating managers often feel no sense of ownership in implementing the plans.

Accepted Answer

A) there is poor communication between the firm and its stakeholders 
B) too much time and effort may be spent on data collection and writing plans that are too complex to implement 
C) there is a lack of leadership 
D) although management says they are behind the plans,they do not allocate resources to the degree necessary for success 
E) plans can be thwarted by disgruntled employees,other departments,or competitors 
A) there is poor communication between the firm and its stakeholders 
B) too much time and effort may be spent on data collection and writing plans that are too complex to implement 
C) there is a lack of leadership 
D) although management says they are behind the plans,they do not allocate resources to the degree necessary for success 
E) plans can be thwarted by disgruntled employees,other departments,or competitors

Question 17

In Porter's generic business strategies shown in Figure 22-3 above,"B" refers to a __________ strategy.

Accepted Answer

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

Question 18

The actions taken in a situation (SWOT)analysis or Step 1 of the planning phase include: (1)identify industry trends; (2)analyze competitors; (3)assess own company;and (4)__________.

Accepted Answer

A) set market and product goals 
B) research customers 
C) select target markets 
D) find points of difference 
E) position the product 
A) set market and product goals 
B) research customers 
C) select target markets 
D) find points of difference 
E) position the product

Question 19

The relationship of annual marketing effort to annual sales revenue is assumed to be a(n)__________ of the sales response function.

Accepted Answer

A) horizontal straight line,where sales revenues stay the same regardless of the marketing effort 
B) U-shaped curve,where sales revenues are at a maximum at either end 
C) upside-down U-shaped curve,where sales revenues are at a maximum in the middle 
D) S-shaped curve,which shows that an additional marketing effort in the midrange of the curve results in far greater increases of sales revenue than at either end of the curve 
E) rising straight line,where sales revenue continuously rises as the marketing effort rises 
A) horizontal straight line,where sales revenues stay the same regardless of the marketing effort 
B) U-shaped curve,where sales revenues are at a maximum at either end 
C) upside-down U-shaped curve,where sales revenues are at a maximum in the middle 
D) S-shaped curve,which shows that an additional marketing effort in the midrange of the curve results in far greater increases of sales revenue than at either end of the curve 
E) rising straight line,where sales revenue continuously rises as the marketing effort rises

Question 20

Management experts warn against the tendency to excessively analyze a problem instead of taking action.This problem is referred to as __________.

Accepted Answer

A) second-guessing 
B) paralysis by analysis 
C) better to ask for forgiveness than permission 
D) stay with the pack 
E) letting sleeping dogs lie 
A) second-guessing 
B) paralysis by analysis 
C) better to ask for forgiveness than permission 
D) stay with the pack 
E) letting sleeping dogs lie

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

The increased customer value achieved through performing marketing functions more efficiently is referred to as __________.

A firm following a differentiation strategy shown in Figure 22-3 above would be found in __________.

According to Porter's generic business strategy framework,there are two fundamental alternatives a firm can use to seek a competitive advantage.One of these is to

An action item list refers to an aid to implement a marketing plan that consists of four columns: (1)the task; (2)the person responsible for completing the task; (3)the date to finish the task;and (4)__________.

People in __________ positions have the authority and responsibility to issue orders to people who report to them.

A recent study showed that firms used two different kinds of metrics when analyzing performance on innovation and new product development.These consist of output and input metrics.Which of the following is an input metric?

The biggest strategic business unit (SBU)at General Mills is

Organizational groupings based on specific customer segments are referred to as __________.

As the annual marketing effort increases in a sales response function graph,so does the resulting annual sales revenue,which is

Organizational groupings in which a unit is responsible for specific product offerings are referred to as __________.

List and explain two types of marketing plans.

Synergy analysis incorporates two business analysis tools,which are __________ and the market-product grid framework.

A person who is willing and able to "cut the red tape" to move a program forward is referred to as a

Four basic business and management practices are what matter-"what really works," to use the phrase of the researchers who studied more than 200 management tools and techniques.These are: (1)strategy; (2)__________; (3)culture;and (4)structure.

In Porter's generic business strategies shown in Figure 22-3 above,"B" refers to a __________ strategy.

The actions taken in a situation (SWOT)analysis or Step 1 of the planning phase include: (1)identify industry trends; (2)analyze competitors; (3)assess own company;and (4)__________.

The relationship of annual marketing effort to annual sales revenue is assumed to be a(n)__________ of the sales response function.

Management experts warn against the tendency to excessively analyze a problem instead of taking action.This problem is referred to as __________.

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility in 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 to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multichannel Marketing

Building an Effective Marketing Plan

Financial Aspects of Marketing

Filters