Question 1

According to Figure 2-5 above,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

Question 2

Organizations that develop similar offerings,when grouped together,create a(n)

Accepted Answer

A) conglomerate. 
B) merger. 
C) industry. 
D) sector. 
E) monopoly. 
A) conglomerate. 
B) merger. 
C) industry. 
D) sector. 
E) monopoly.

Question 3

Successful organizations must be visionary,which includes the ability to

Accepted Answer

A) develop strategies based on those that were successful in the past. 
B) be backward-looking,examining the past carefully to learn from mistakes. 
C) anticipate future events and respond quickly and effectively. 
D) hire the most culturally diverse team possible in order to generate the best new ideas. 
E) involve all stakeholders of the organization when defining its business mission. 
A) develop strategies based on those that were successful in the past. 
B) be backward-looking,examining the past carefully to learn from mistakes. 
C) anticipate future events and respond quickly and effectively. 
D) hire the most culturally diverse team possible in order to generate the best new ideas. 
E) involve all stakeholders of the organization when defining its business mission.

Question 4

An aid to implementing a marketing plan and consisting of four columns: (1)the task; (2)the person responsible for completing that task; (3)the date to finish the task;and (4)what is to be delivered is referred to as a(n)__________.

Accepted Answer

A) output report 
B) Gantt chart 
C) market plan 
D) action item list 
E) marketing action memo 
A) output report 
B) Gantt chart 
C) market plan 
D) action item list 
E) marketing action memo

Question 5

Most firms seek to maximize their long-run __________,achieving as high a financial return on their investments as possible.

Accepted Answer

A) quality 
B) market share 
C) employee welfare 
D) social responsibility 
E) profits 
A) quality 
B) market share 
C) employee welfare 
D) social responsibility 
E) profits

Question 6

A marketing dashboard refers to

Accepted Answer

A) a "report card" prepared by the marketing department regarding its performance in terms of environmental and social responsibility. 
B) the display of information found on a car's dashboard. 
C) an "app" that uses a car navigation device metaphorically to indicate the specific direction in which a company wishes to grow based on its annual marketing plan. 
D) information about an organization's marketing metrics presented orally so marketers can quickly spot deviations from plans and take corrective actions. 
E) the visual computer display of the essential information related to achieving a marketing objective. 
A) a "report card" prepared by the marketing department regarding its performance in terms of environmental and social responsibility. 
B) the display of information found on a car's dashboard. 
C) an "app" that uses a car navigation device metaphorically to indicate the specific direction in which a company wishes to grow based on its annual marketing plan. 
D) information about an organization's marketing metrics presented orally so marketers can quickly spot deviations from plans and take corrective actions. 
E) the visual computer display of the essential information related to achieving a marketing objective.

Question 7

A firm's __________ are timeless,capturing its heart and soul,and serve to inspire and motivate its stakeholders.

Accepted Answer

A) core values 
B) strategic goals 
C) offerings 
D) corporate culture 
E) corporate ethos 
A) core values 
B) strategic goals 
C) offerings 
D) corporate culture 
E) corporate ethos

Question 8

Consider the photo above of Apple's iPod.Apple entered the MP3 player market with its iPod device in 2001.Today,Apple sells four iPod product lines (classic,nano,shuffle,and touch).By 2014,Apple had a 70 percent share of this market.However,global MP3 music player unit sales over the past few years have fallen dramatically and are expected to decline further by 2016 as smartphones continue to replace MP3 devices.In addition,MP3 sales may be adversely impacted with the expected launch of wearable digital watches.Apple's iPod 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 9

Explain what a Gantt chart is and how it is used.

Accepted Answer

A Gantt chart is a graphical representat

Question 10

A marketing strategy to increase sales of current products in current markets is referred to as

Accepted Answer

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

Question 11

Which phase of the strategic marketing process does a firm obtain resources,design the marketing organization,develop schedules,and execute the marketing program?

Accepted Answer

A) planning phase 
B) implementation phase 
C) evaluation phase 
D) strategic phase 
E) tactics phase 
A) planning phase 
B) implementation phase 
C) evaluation phase 
D) strategic phase 
E) tactics phase

Question 12

Several years ago,Black & Decker purchased General Electric's small appliances product line.Black & Decker purchased the line because it needed the cash generated from a product line that had a dominant market share in the slow-growth small appliance industry.GE's small appliances product line is MOST LIKELY a __________ for Black & Decker.

Accepted Answer

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

Question 13

What is the difference between a marketing strategy and a marketing tactic?

Accepted Answer

A marketing strategy is the means by whi

Question 14

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

Accepted Answer

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

Question 15

The fundamental,passionate,and enduring principles of an organization that guide its conduct over time are referred to as its __________.

Accepted Answer

A) strategic goals 
B) core values 
C) vision 
D) corporate culture 
E) corporate ethos 
A) strategic goals 
B) core values 
C) vision 
D) corporate culture 
E) corporate ethos

Question 16

SBUs with a low share of slow-growth markets that may generate enough cash to sustain themselves but do not hold the promise of ever becoming real winners for the organization are referred to as __________.

Accepted Answer

A) dogs 
B) cash cows 
C) stars 
D) question marks 
E) hedgehogs 
A) dogs 
B) cash cows 
C) stars 
D) question marks 
E) hedgehogs

Question 17

Which of the following statements regarding a marketing dashboard is MOST ACCURATE?

Accepted Answer

A) The more text (words)that is displayed,the better it is for a marketing manager to identify trends,interpret the data,and take corrective actions. 
B) A marketing dashboard very often includes 20 or more marketing metrics on the computer screen. 
C) Marketing dashboards provide graphic displays of a product's performance,such as sales,website traffic,etc. 
D) For accuracy,the marketing dashboard should be updated weekly. 
E) Marketing dashboards often show key measures such as human resource turnover,strategy success,and societal well-being. 
A) The more text (words)that is displayed,the better it is for a marketing manager to identify trends,interpret the data,and take corrective actions. 
B) A marketing dashboard very often includes 20 or more marketing metrics on the computer screen. 
C) Marketing dashboards provide graphic displays of a product's performance,such as sales,website traffic,etc. 
D) For accuracy,the marketing dashboard should be updated weekly. 
E) Marketing dashboards often show key measures such as human resource turnover,strategy success,and societal well-being.

Question 18

Which of the following statements regarding an organization's core values is MOST ACCURATE?

Accepted Answer

A) Core values are developed by cross-functional teams for all levels of an organization. 
B) Core values are important to the founders but rarely motivate a firm's stakeholders. 
C) Core values change as an organization's offerings change. 
D) Core values guide the organization's conduct. 
E) Core values cannot be separated from the financial realities of an organization. 
A) Core values are developed by cross-functional teams for all levels of an organization. 
B) Core values are important to the founders but rarely motivate a firm's stakeholders. 
C) Core values change as an organization's offerings change. 
D) Core values guide the organization's conduct. 
E) Core values cannot be separated from the financial realities of an organization.

Question 19

Jude Medical makes cardiovascular medical devices,including the world's most widely used mechanical heart valve.Its products include tissue heart valves,pacemakers,and implantable cardiovascular defibrillators.St.Jude's innovation in cardiac devices helps it outperform rivals,and thus provides it with

Accepted Answer

A) a competitive advantage. 
B) a set of core values. 
C) a core benefit proposition. 
D) a marketing edge. 
E) a viable mission. 
A) a competitive advantage. 
B) a set of core values. 
C) a core benefit proposition. 
D) a marketing edge. 
E) a viable mission.

Question 20

In Figure 2-1 above,"B" represents the

Accepted Answer

A) functional level. 
B) board of directors. 
C) corporate level. 
D) department level. 
E) strategic business unit level. 
A) functional level. 
B) board of directors. 
C) corporate level. 
D) department level. 
E) strategic business unit level.

Exam 2: Developing Successful Organizational and Marketing Strategies

According to Figure 2-5 above,which two marketing strategies would be used if a firm were NOT willing to find new markets.

Organizations that develop similar offerings,when grouped together,create a(n)

Successful organizations must be visionary,which includes the ability to

An aid to implementing a marketing plan and consisting of four columns: (1)the task; (2)the person responsible for completing that task; (3)the date to finish the task;and (4)what is to be delivered is referred to as a(n)__________.

Most firms seek to maximize their long-run __________,achieving as high a financial return on their investments as possible.

A marketing dashboard refers to

A firm's __________ are timeless,capturing its heart and soul,and serve to inspire and motivate its stakeholders.

Explain what a Gantt chart is and how it is used.

A marketing strategy to increase sales of current products in current markets is referred to as

Which phase of the strategic marketing process does a firm obtain resources,design the marketing organization,develop schedules,and execute the marketing program?

What is the difference between a marketing strategy and a marketing tactic?

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

The fundamental,passionate,and enduring principles of an organization that guide its conduct over time are referred to as its __________.

SBUs with a low share of slow-growth markets that may generate enough cash to sustain themselves but do not hold the promise of ever becoming real winners for the organization are referred to as __________.

Which of the following statements regarding a marketing dashboard is MOST ACCURATE?

Which of the following statements regarding an organization's core values is MOST ACCURATE?

In Figure 2-1 above,"B" represents 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

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