Question 1

Quadrant "B" in Figure 2-7 above represents a(n)__________ in a SWOT analysis.

Accepted Answer

A) Threat 
B) Weakness 
C) Strength 
D) Opportunity 
E) Market segment 
A) Threat 
B) Weakness 
C) Strength 
D) Opportunity 
E) Market segment

Question 2

The terms __________ and a mission statement are often used interchangeably.

Accepted Answer

A) idea 
B) objective 
C) vision 
D) goal 
E) protocol 
A) idea 
B) objective 
C) vision 
D) goal 
E) protocol

Question 3

In the 20th century,managers of railroads let airlines,barges,pipelines,and trucks take business away from them because their strategies were developed only for the railroad business,rather than a broader definition of the __________ business.

Accepted Answer

A) transportation 
B) transcontinental shipping 
C) passenger travel 
D) product delivery 
E) bulk cargo 
A) transportation 
B) transcontinental shipping 
C) passenger travel 
D) product delivery 
E) bulk cargo

Question 4

Railroad Photo
-The railroad photo above shows a train hauling cargo.What "business" did rail executives believe they were in during mid-20th century? What business is a railroad firm really in? Why?

Accepted Answer

In his famous "Marketing Myopia" article

Question 5

A campus service organization annually raises money through the sale of T-shirts.What are the major components of the marketing program it should use to increase sales? Give one example of each.

Accepted Answer

A marketing program should include produ

Question 6

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 7

Although now a part of Sears,Lands' End was primarily known as a catalog retailer.This means that traditional department stores,mass merchandisers,specialty shops,and other catalog retailers are considered to be Lands' End's

Accepted Answer

A) consideration set. 
B) industry. 
C) competitors. 
D) target market. 
E) stakeholders. 
A) consideration set. 
B) industry. 
C) competitors. 
D) target market. 
E) stakeholders.

Question 8

Today's visionary organization uses three key elements to: (1)__________; (2)set a direction;and (3)formulate strategies.

Accepted Answer

A) set financial goals 
B) specify its foundation 
C) establish detailed marketing tactics 
D) assign job responsibilities 
E) establish an organizational chart 
A) set financial goals 
B) specify its foundation 
C) establish detailed marketing tactics 
D) assign job responsibilities 
E) establish an organizational chart

Question 9

A nonprofit organization is

Accepted Answer

A) a nongovernmental organization that serves its customers but does not have profit as an organizational goal. 
B) a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit. 
C) a publicly owned organization that serves the general population. 
D) a group of people united through contractual or corporate ownership. 
E) a privately owned organization that serves its customers to earn a profit so that it can survive. 
A) a nongovernmental organization that serves its customers but does not have profit as an organizational goal. 
B) a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit. 
C) a publicly owned organization that serves the general population. 
D) a group of people united through contractual or corporate ownership. 
E) a privately owned organization that serves its customers to earn a profit so that it can survive.

Question 10

Consider UMD2b: Ben & Jerry's Marketing Dashboard (Dollar Market Share)shown above.A marketing manager for Ben and Jerry's has been provided with the above marketing dashboard display.He notices that dollar market share for 2012 was 18.4% and for 2013 it was 20.0%.What simple formula was used to calculate the dollar market share percentages for each of these two years?

Accepted Answer

A) Dollar market share (%)= Ben and Jerry's sales ($)divided by total industry sales ($)-including Ben & Jerry's sales ($). 
B) Dollar market share (%)= Total industry sales ($)-including Ben & Jerry's sales ($)divided by Ben and Jerry's sales ($). 
C) Dollar market share (%)= Total industry sales ($)-including Ben & Jerry's sales ($)divided by Ben and Jerry's unit sales (#). 
D) Dollar market share (%)= Total industry sales ($)-including Ben & Jerry's sales ($)divided by Ben and Jerry's net profit ($). 
E) Dollar market share (%)= Ben and Jerry's sales ($)divided by gross domestic product ($). 
A) Dollar market share (%)= Ben and Jerry's sales ($)divided by total industry sales ($)-including Ben & Jerry's sales ($). 
B) Dollar market share (%)= Total industry sales ($)-including Ben & Jerry's sales ($)divided by Ben and Jerry's sales ($). 
C) Dollar market share (%)= Total industry sales ($)-including Ben & Jerry's sales ($)divided by Ben and Jerry's unit sales (#). 
D) Dollar market share (%)= Total industry sales ($)-including Ben & Jerry's sales ($)divided by Ben and Jerry's net profit ($). 
E) Dollar market share (%)= Ben and Jerry's sales ($)divided by gross domestic product ($).

Question 11

Rovio,the Finnish developer of Angry Birds,believes it is in the __________ business.

Accepted Answer

A) video game 
B) entertainment 
C) amusement ride 
D) toy 
E) clothing 
A) video game 
B) entertainment 
C) amusement ride 
D) toy 
E) clothing

Question 12

Customers' perceptions are of vital importance to an organization.Customer __________ can be measured with surveys or by the number of customer complaints an organization receives.

Accepted Answer

A) satisfaction 
B) welfare 
C) lifetime benefit 
D) value 
E) responsibility 
A) satisfaction 
B) welfare 
C) lifetime benefit 
D) value 
E) responsibility

Question 13

Marketers at Volkswagen in Istanbul created a little digital flip film out of some 200 photos to tout the prowess of their new truck,the Amarok,hoping it would be a clever way to get people to engage.This action is an example of Volkswagen's marketing

Accepted Answer

A) tactics. 
B) missions. 
C) visions. 
D) strategies. 
E) customer values. 
A) tactics. 
B) missions. 
C) visions. 
D) strategies. 
E) customer values.

Question 14

The __________ element of the marketing mix includes discounts and allowances.

Accepted Answer

A) product 
B) price 
C) promotion 
D) place 
E) people 
A) product 
B) price 
C) promotion 
D) place 
E) people

Question 15

Quadrant "C" in Figure 2-5 above represents the marketing strategy of __________.

Accepted Answer

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

Question 16

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry,including the firm itself,is referred to as [a]

Accepted Answer

A) sales proportionality. 
B) marketing metric. 
C) industry potential. 
D) contribution margin. 
E) market share. 
A) sales proportionality. 
B) marketing metric. 
C) industry potential. 
D) contribution margin. 
E) market share.

Question 17

Ben & Jerry's is founded on and dedicated to a sustainable corporate concept of linked prosperity.Its mission consists of three interrelated parts: Ben & Jerry's economic mission is to operate the company

Accepted Answer

A) with the goal of generating enough revenue to be a completely nonprofit organization. 
B) on a sustainable financial basis of profitable growth,increasing value for our stakeholders and expanding opportunities for development and career growth for our employees. 
C) with the goal of making profits for selected charitable organizations such as Fair Trade. 
D) with the goal of increasing market share not only in ice cream sales but also in its retail clothing and accessories merchandise lines. 
E) with the goal of expanding into international markets by developing sustainable dairies for developing nations. 
A) with the goal of generating enough revenue to be a completely nonprofit organization. 
B) on a sustainable financial basis of profitable growth,increasing value for our stakeholders and expanding opportunities for development and career growth for our employees. 
C) with the goal of making profits for selected charitable organizations such as Fair Trade. 
D) with the goal of increasing market share not only in ice cream sales but also in its retail clothing and accessories merchandise lines. 
E) with the goal of expanding into international markets by developing sustainable dairies for developing nations.

Question 18

A mission statement includes all of the following elements EXCEPT:

Accepted Answer

A) short-term. 
B) inspirational. 
C) clear. 
D) meaningful. 
E) concise. 
A) short-term. 
B) inspirational. 
C) clear. 
D) meaningful. 
E) concise.

Question 19

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 20

The third 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

Exam 2: Developing Successful Organizational and Marketing Strategies

Quadrant "B" in Figure 2-7 above represents a(n)__________ in a SWOT analysis.

The terms __________ and a mission statement are often used interchangeably.

In the 20th century,managers of railroads let airlines,barges,pipelines,and trucks take business away from them because their strategies were developed only for the railroad business,rather than a broader definition of the __________ business.

Railroad Photo -The railroad photo above shows a train hauling cargo.What "business" did rail executives believe they were in during mid-20th century? What business is a railroad firm really in? Why?

A campus service organization annually raises money through the sale of T-shirts.What are the major components of the marketing program it should use to increase sales? Give one example of each.

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

Although now a part of Sears,Lands' End was primarily known as a catalog retailer.This means that traditional department stores,mass merchandisers,specialty shops,and other catalog retailers are considered to be Lands' End's

Today's visionary organization uses three key elements to: (1)__________; (2)set a direction;and (3)formulate strategies.

A nonprofit organization is

Rovio,the Finnish developer of Angry Birds,believes it is in the __________ business.

Customers' perceptions are of vital importance to an organization.Customer __________ can be measured with surveys or by the number of customer complaints an organization receives.

Marketers at Volkswagen in Istanbul created a little digital flip film out of some 200 photos to tout the prowess of their new truck,the Amarok,hoping it would be a clever way to get people to engage.This action is an example of Volkswagen's marketing

The __________ element of the marketing mix includes discounts and allowances.

Quadrant "C" in Figure 2-5 above represents the marketing strategy of __________.

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry,including the firm itself,is referred to as [a]

Ben & Jerry's is founded on and dedicated to a sustainable corporate concept of linked prosperity.Its mission consists of three interrelated parts: Ben & Jerry's economic mission is to operate the company

A mission statement includes all of the following elements EXCEPT:

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.

The third phase of the strategic marketing process is the __________.

Creating Customer Relationships and Value Through Marketing

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

Pulling It All Together: the Strategic Marketing Process

Building an Effective Marketing Plan

Financial Aspects of Marketing

Filters

In the 20^th century,managers of railroads let airlines,barges,pipelines,and trucks take business away from them because their strategies were developed only for the railroad business,rather than a broader definition of the __________ business.

Railroad Photo -The railroad photo above shows a train hauling cargo.What "business" did rail executives believe they were in during mid-20^th century? What business is a railroad firm really in? Why?