Question 1

Today's visionary organization uses three key elements to: (1)specify its foundation; (2)__________;and (3)formulate strategies.

Accepted Answer

A) set a direction 
B) establish detailed marketing tactics 
C) assign job responsibilities 
D) set financial goals 
E) establish an organizational chart 
A) set a direction 
B) establish detailed marketing tactics 
C) assign job responsibilities 
D) set financial goals 
E) establish an organizational chart

Question 2

Regarding goals and objectives,which of the following statements would be MOST ACCURATE?

Accepted Answer

A) Objectives convert an organization's mission and business into long- and short-term performance targets. 
B) Goals and objectives are actually the detailed day-to-day activities necessary to implement a marketing program. 
C) A company's goals and objectives are often worthy in intent,but unrealistic in practice because they are never accomplished during the specified time period. 
D) Goal-setting only applies to business firms;nonprofit organizations typically do not set goals because they don't earn a profit. 
E) The terms goal and objective should not be used interchangeably.Goals are philosophical while objectives are performance-based. 
A) Objectives convert an organization's mission and business into long- and short-term performance targets. 
B) Goals and objectives are actually the detailed day-to-day activities necessary to implement a marketing program. 
C) A company's goals and objectives are often worthy in intent,but unrealistic in practice because they are never accomplished during the specified time period. 
D) Goal-setting only applies to business firms;nonprofit organizations typically do not set goals because they don't earn a profit. 
E) The terms goal and objective should not be used interchangeably.Goals are philosophical while objectives are performance-based.

Question 3

The __________ for American Red Cross is "to prevent and alleviate human suffering in the face of emergencies by mobilizing the power of volunteers and the generosity of donors."

Accepted Answer

A) core benefit proposition 
B) business definition 
C) sustainability doctrine 
D) mission statement 
E) core value proposition 
A) core benefit proposition 
B) business definition 
C) sustainability doctrine 
D) mission statement 
E) core value proposition

Question 4

Consider Figure 2-7 above.A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in power outages.The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits (consisting of food bars,a water filtration system,first aid supplies,etc. ).Before going ahead with this decision,there were several factors that had to be taken into consideration: (1)The firm has a great reputation with its flashlights and does not want to ruin it.(2)Its physical plant could be refitted relatively easily to make small generators,but it would be rather costly.(3)It would have to rely on another firm to manufacture and package the survival kits.(4)Although there are nine named hurricanes forecasted for the upcoming year,no one really can predict what will happen.The projected number of hurricanes would fall in which quadrant(s)of the SWOT analysis grid?

Accepted Answer

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

Question 5

The __________ element of the marketing mix includes features and packaging.

Accepted Answer

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

Question 6

When Starbucks announced that it would release a new single-serve Verismo high-pressure brewing machines sale in its U.S.outlets,it was using a __________ strategy.

Accepted Answer

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

Question 7

Procter & Gamble (P&G)is a consumer packaged goods company where innovation is a key competitive advantage.This allows the firm to develop new products like Crest Whitestrips that consumers crave.P&G also uses its marketing expertise to develop unique product placements on television shows that highlight its brands.A SWOT analysis for P&G would indicate that the innovation that takes place within the firm is a(n)__________.

Accepted Answer

A) strength 
B) weakness 
C) threat 
D) opportunity 
E) problem 
A) strength 
B) weakness 
C) threat 
D) opportunity 
E) problem

Question 8

The marketing strategy of selling new products to current markets is referred to as __________.

Accepted Answer

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

Question 9

Consider Figure 2-5 above.A family owns a gelato business in a small town square next to a park,which is a favorite place for parents and children to stop on their way home from work to relax or school to play.However,the business owner is barely making ends meet.He experiments by purchasing a case of large take-home containers so customers can not only stop on the way home from school or work but also enjoy the gelato after dinner at home.Sales of gelato soar and profits begin to rise.This is an example of a __________ strategy that would be found in quadrant __________.

Accepted Answer

A) product penetration;"A" 
B) market penetration;"A" 
C) product development;"B" 
D) market development;"B" 
E) market development;"C" 
A) product penetration;"A" 
B) market penetration;"A" 
C) product development;"B" 
D) market development;"B" 
E) market development;"C"

Question 10

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 product mission is to make,distribute,and sell the finest quality all natural ice cream and euphoric concoctions with

Accepted Answer

A) milk obtained exclusively from large nationally certified dairies that use bovine growth hormone. 
B) the intent of making modest profits without sacrificing high product quality standards. 
C) ingredients that are all completely organic and are available only in Vermont to ensure freshness and contribute to the local economy. 
D) a commitment to incorporating wholesome,natural ingredients and promoting business practices that respect the earth and the environment. 
E) ingredients that come exclusively from developed countries promoting Fair Trade practices. 
A) milk obtained exclusively from large nationally certified dairies that use bovine growth hormone. 
B) the intent of making modest profits without sacrificing high product quality standards. 
C) ingredients that are all completely organic and are available only in Vermont to ensure freshness and contribute to the local economy. 
D) a commitment to incorporating wholesome,natural ingredients and promoting business practices that respect the earth and the environment. 
E) ingredients that come exclusively from developed countries promoting Fair Trade practices.

Question 11

Part of the growth strategy for Yum! Brands,the parent company of KFC,Pizza Hut,and Taco Bell,is expansion of its fast food businesses into new markets,such as China,Russia,and India.This type of expansion would be a __________ strategy.

Accepted Answer

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

Question 12

The acronym "SWOT" in the term "SWOT analysis" stands for __________.

Accepted Answer

A) strengths,weaknesses,opportunities,and tactics 
B) strengths,weaknesses,options,and tactics 
C) strengths,weaknesses,opportunities,and threats 
D) simple,workable,optimal,and timely 
E) state the problem,work out a strategy,organize your team,and take action 
A) strengths,weaknesses,opportunities,and tactics 
B) strengths,weaknesses,options,and tactics 
C) strengths,weaknesses,opportunities,and threats 
D) simple,workable,optimal,and timely 
E) state the problem,work out a strategy,organize your team,and take action

Question 13

The image depicted in Figure 2-5 above represents what strategic analysis technique?

Accepted Answer

A) Gantt chart 
B) SWOT analysis 
C) Pert chart 
D) BCG growth-share matrix 
E) diversification analysis 
A) Gantt chart 
B) SWOT analysis 
C) Pert chart 
D) BCG growth-share matrix 
E) diversification analysis

Question 14

A marketing strategy is the means by which a marketing goal is to be achieved.The two factors that usually characterize a marketing strategy are

Accepted Answer

A) specific organizational goals and objectives. 
B) a detailed marketing plan and a marketing budget. 
C) marketing strategies and marketing tactics. 
D) a specified target market and a marketing program to reach it. 
E) marketing programs and marketing dashboards to track their effectiveness. 
A) specific organizational goals and objectives. 
B) a detailed marketing plan and a marketing budget. 
C) marketing strategies and marketing tactics. 
D) a specified target market and a marketing program to reach it. 
E) marketing programs and marketing dashboards to track their effectiveness.

Question 15

In a BCG growth-share matrix,a relative market share of 10× at the left end of the scale on its horizontal axis means that the SBU has 10 times the share of its largest competitor,whereas a relative market share of 0.1× at the right end of the scale on its horizontal axis means that

Accepted Answer

A) the SBU has only 10 percent of the share of its average competitor. 
B) the SBU has 100 percent of the share of its largest competitor. 
C) the growth rate between the SBU and the next largest competitor is actually identical. 
D) the SBU has only 10 percent of the share of its largest competitor. 
E) the industry growth rate is declining. 
A) the SBU has only 10 percent of the share of its average competitor. 
B) the SBU has 100 percent of the share of its largest competitor. 
C) the growth rate between the SBU and the next largest competitor is actually identical. 
D) the SBU has only 10 percent of the share of its largest competitor. 
E) the industry growth rate is declining.

Question 16

According to Figure 2-3a above,which of the following is the largest "Website Traffic Source?"

Accepted Answer

A) YouTube 
B) Direct traffic 
C) Google 
D) Facebook 
E) Twitter 
A) YouTube 
B) Direct traffic 
C) Google 
D) Facebook 
E) Twitter

Question 17

Which of the following statements would MOST LIKELY be heard at the functional level of an organization?

Accepted Answer

A) "We need to divest our Canadian operations that are performing poorly." 
B) "How large a budget can we allot to the marketing department?" 
C) "We plan to implement a Facebook advertising initiative within 90 days." 
D) "We should hire the most culturally diverse cross-functional team possible in order to generate the best new-product ideas." 
E) "What dividends should we pay stockholders next quarter?" 
A) "We need to divest our Canadian operations that are performing poorly." 
B) "How large a budget can we allot to the marketing department?" 
C) "We plan to implement a Facebook advertising initiative within 90 days." 
D) "We should hire the most culturally diverse cross-functional team possible in order to generate the best new-product ideas." 
E) "What dividends should we pay stockholders next quarter?"

Question 18

__________ applies innovative approaches to organize,create,and manage a venture to solve the practical needs of society and is usually structured as a nonprofit organization.

Accepted Answer

A) Corporate welfare 
B) A social entrepreneur 
C) Sustainable development 
D) Cause marketing 
E) Societal capitalism 
A) Corporate welfare 
B) A social entrepreneur 
C) Sustainable development 
D) Cause marketing 
E) Societal capitalism

Question 19

Lands' End ships each order within 48 hours and its guarantee is the best in the world,as exemplified by its tagline "Guaranteed.Period." These marketing actions by Lands' End MOST LIKELY reflect its __________ goals.

Accepted Answer

A) profit 
B) market share 
C) employee welfare 
D) social responsibility 
E) customer satisfaction 
A) profit 
B) market share 
C) employee welfare 
D) social responsibility 
E) customer satisfaction

Question 20

Consider the Lands' End ad above.Lands' End communicates a remarkable commitment to its __________ with these unconditional words: "We accept any return,for any reason.Guaranteed.Period."

Accepted Answer

A) competitive advantage 
B) core values 
C) core benefit proposition 
D) customers 
E) mission statement 
A) competitive advantage 
B) core values 
C) core benefit proposition 
D) customers 
E) mission statement

Exam 2: Developing Successful Organizational and Marketing Strategies

Today's visionary organization uses three key elements to: (1)specify its foundation; (2)__________;and (3)formulate strategies.

Regarding goals and objectives,which of the following statements would be MOST ACCURATE?

The __________ for American Red Cross is "to prevent and alleviate human suffering in the face of emergencies by mobilizing the power of volunteers and the generosity of donors."

The __________ element of the marketing mix includes features and packaging.

When Starbucks announced that it would release a new single-serve Verismo high-pressure brewing machines sale in its U.S.outlets,it was using a __________ strategy.

The marketing strategy of selling new products to current markets is referred to as __________.

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 product mission is to make,distribute,and sell the finest quality all natural ice cream and euphoric concoctions with

Part of the growth strategy for Yum! Brands,the parent company of KFC,Pizza Hut,and Taco Bell,is expansion of its fast food businesses into new markets,such as China,Russia,and India.This type of expansion would be a __________ strategy.

The acronym "SWOT" in the term "SWOT analysis" stands for __________.

The image depicted in Figure 2-5 above represents what strategic analysis technique?

A marketing strategy is the means by which a marketing goal is to be achieved.The two factors that usually characterize a marketing strategy are

In a BCG growth-share matrix,a relative market share of 10× at the left end of the scale on its horizontal axis means that the SBU has 10 times the share of its largest competitor,whereas a relative market share of 0.1× at the right end of the scale on its horizontal axis means that

According to Figure 2-3a above,which of the following is the largest "Website Traffic Source?"

Which of the following statements would MOST LIKELY be heard at the functional level of an organization?

__________ applies innovative approaches to organize,create,and manage a venture to solve the practical needs of society and is usually structured as a nonprofit organization.

Lands' End ships each order within 48 hours and its guarantee is the best in the world,as exemplified by its tagline "Guaranteed.Period." These marketing actions by Lands' End MOST LIKELY reflect its __________ goals.

Consider the Lands' End ad above.Lands' End communicates a remarkable commitment to its __________ with these unconditional words: "We accept any return,for any reason.Guaranteed.Period."

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