Question 1

Quadrant "C" 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

In the Boston Consulting Group (BCG)model for analysis of a firm's strategic business units,or SBUs,the horizontal axis reflects __________.

Accepted Answer

A) market growth rate 
B) marketing efficiencies 
C) industry attractiveness 
D) market segment size 
E) relative market share 
A) market growth rate 
B) marketing efficiencies 
C) industry attractiveness 
D) market segment size 
E) relative market share

Question 3

An organization's foundation includes all of the following EXCEPT:

Accepted Answer

A) organizational culture. 
B) business definition. 
C) vision. 
D) core values. 
E) mission. 
A) organizational culture. 
B) business definition. 
C) vision. 
D) core values. 
E) mission.

Question 4

In Figure 2-2 above,"A" represents the "why" element of visionary organization.This is referred to as __________.

Accepted Answer

A) organizational foundation 
B) organizational tactics 
C) organizational mission 
D) organizational direction 
E) organizational strategies 
A) organizational foundation 
B) organizational tactics 
C) organizational mission 
D) organizational direction 
E) organizational strategies

Question 5

What are the three steps involved in the planning phase of the strategic marketing process?

Accepted Answer

A) Step 1: situation (SWOT)analysis;Step 2: market-product focus and goal setting;and Step 3: the marketing program 
B) Step 1: analysis;Step 2: planning;and Step 3: implementation 
C) Step 1: set market and product goals;Step 2: select target markets and find points of difference;and Step 3: position the product 
D) Step 1: identify industry trends;Step 2: analyze competitors;and Step 3: assess own organization 
E) Step 1: Why do we exist?;Step 2: What will we do?;and Step 3: How will we do it? 
A) Step 1: situation (SWOT)analysis;Step 2: market-product focus and goal setting;and Step 3: the marketing program 
B) Step 1: analysis;Step 2: planning;and Step 3: implementation 
C) Step 1: set market and product goals;Step 2: select target markets and find points of difference;and Step 3: position the product 
D) Step 1: identify industry trends;Step 2: analyze competitors;and Step 3: assess own organization 
E) Step 1: Why do we exist?;Step 2: What will we do?;and Step 3: How will we do it?

Question 6

A situation analysis refers to

Accepted Answer

A) taking stock of where the firm or product has been recently,where it is now,and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it. 
B) an appraisal of an organization's cash flow and financial ratios to access its health and the potential for new investment. 
C) the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. 
D) a technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs)as though they were a collection of separate investments. 
E) the process where a firm searches for growth opportunities from among current and new markets as well as current and new products. 
A) taking stock of where the firm or product has been recently,where it is now,and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it. 
B) an appraisal of an organization's cash flow and financial ratios to access its health and the potential for new investment. 
C) the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. 
D) a technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs)as though they were a collection of separate investments. 
E) the process where a firm searches for growth opportunities from among current and new markets as well as current and new products.

Question 7

When participating in major projects in college marketing classes,effective teams can make use of a __________ to be sure that each team member does a fair amount of work and that their class projects are finished efficiently and on time.

Accepted Answer

A) market-product grid 
B) project schedule 
C) Plan-A-Gram 
D) Gantt chart 
E) sales response function 
A) market-product grid 
B) project schedule 
C) Plan-A-Gram 
D) Gantt chart 
E) sales response function

Question 8

One of the weaknesses inherent in the use of the BCG business portfolio analysis is that it

Accepted Answer

A) causes dissension between different divisions when one is labeled a "star" and another a "dog." 
B) reduces employee motivation to move a low valued SBU to a higher one. 
C) considers too many SBU factors beyond market growth rate and relative market share. 
D) does not require sales forecasts in order to be implemented. 
E) is often difficult to obtain the needed information to correctly place SBUs in the matrix. 
A) causes dissension between different divisions when one is labeled a "star" and another a "dog." 
B) reduces employee motivation to move a low valued SBU to a higher one. 
C) considers too many SBU factors beyond market growth rate and relative market share. 
D) does not require sales forecasts in order to be implemented. 
E) is often difficult to obtain the needed information to correctly place SBUs in the matrix.

Question 9

Aggregating prospective buyers into groups that (1)have common needs and (2)will respond similarly to a marketing action is referred to as __________.

Accepted Answer

A) market aggregation 
B) market segmentation 
C) product segmentation 
D) product grouping 
E) mass marketing 
A) market aggregation 
B) market segmentation 
C) product segmentation 
D) product grouping 
E) mass marketing

Question 10

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in the U.S. ,it would be 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 11

In marketing,an offering refers to

Accepted Answer

A) the formal designation of a publicly-traded stock for a specific product,service or idea. 
B) a form of currency used by buyer and seller to minimize the tax burden for both parties. 
C) a product,service,or idea that creates value for both the organization and its customers by satisfying their needs and wants. 
D) the manufacturer's suggested retail price of a product or service to the general public or the wholesale price to distributors and retailers. 
E) the service suppliers and distributors provide to help manufacturers bring a product to market. 
A) the formal designation of a publicly-traded stock for a specific product,service or idea. 
B) a form of currency used by buyer and seller to minimize the tax burden for both parties. 
C) a product,service,or idea that creates value for both the organization and its customers by satisfying their needs and wants. 
D) the manufacturer's suggested retail price of a product or service to the general public or the wholesale price to distributors and retailers. 
E) the service suppliers and distributors provide to help manufacturers bring a product to market.

Question 12

The actions taken during the implementation phase of the strategic marketing process include: (1)obtain resources; (2)design the marketing organization; (3)define precise tasks,responsibilities,and deadlines;and (4)__________.

Accepted Answer

A) position the product 
B) select target markets 
C) find points of difference 
D) execute the marketing program 
E) develop the budget by estimating revenues,expenses,and profits 
A) position the product 
B) select target markets 
C) find points of difference 
D) execute the marketing program 
E) develop the budget by estimating revenues,expenses,and profits

Question 13

All of the following are names the BCG has given to describe the four quadrants in its growth-share matrix EXCEPT:

Accepted Answer

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

Question 14

In Figure 2-2 above,"C" represents the "how" element of visionary organization.This is referred to as __________.

Accepted Answer

A) organizational tactics 
B) organizational mission 
C) organizational foundation 
D) organizational direction 
E) organizational strategies 
A) organizational tactics 
B) organizational mission 
C) organizational foundation 
D) organizational direction 
E) organizational strategies

Question 15

According to Figure 2-10 above,which student has the greatest number of assigned tasks?

Accepted Answer

A) Student A 
B) Student B 
C) Student C 
D) Students A and B 
E) The students have the same number of tasks split between them. 
A) Student A 
B) Student B 
C) Student C 
D) Students A and B 
E) The students have the same number of tasks split between them.

Question 16

All of the following are marketing actions that can be taken as a result of a SWOT analysis EXCEPT:

Accepted Answer

A) exploit an opportunity. 
B) correct a weakness. 
C) avoid a disaster-laden threat. 
D) build on a strength. 
E) secure the necessary resources (financial,human,technological)to fund new SBUs. 
A) exploit an opportunity. 
B) correct a weakness. 
C) avoid a disaster-laden threat. 
D) build on a strength. 
E) secure the necessary resources (financial,human,technological)to fund new SBUs.

Question 17

GM's original first-year __________ goal for the Volt was 10,000 units,although the product was well into its second year before reaching that level.

Accepted Answer

A) profit 
B) market share 
C) sales 
D) customer satisfaction 
E) survival 
A) profit 
B) market share 
C) sales 
D) customer satisfaction 
E) survival

Question 18

An organization's foundation can be broken into three key elements:

Accepted Answer

A) products,services,and ideas. 
B) business definition,long-term goals,and short-term objectives. 
C) board of directors,top management,and stakeholders. 
D) corporate-level strategies,SBU-level strategies,and functional-level strategies. 
E) core values,mission/vision,and organizational culture. 
A) products,services,and ideas. 
B) business definition,long-term goals,and short-term objectives. 
C) board of directors,top management,and stakeholders. 
D) corporate-level strategies,SBU-level strategies,and functional-level strategies. 
E) core values,mission/vision,and organizational culture.

Question 19

The BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization."Cash cows" are SBUs that are classified as having

Accepted Answer

A) high market growth rates and high relative market shares. 
B) low market growth rates but high relative market shares. 
C) low market growth rates and low relative market shares. 
D) high market growth rates but low relative market shares. 
E) medium market growth rates and medium relative market shares. 
A) high market growth rates and high relative market shares. 
B) low market growth rates but high relative market shares. 
C) low market growth rates and low relative market shares. 
D) high market growth rates but low relative market shares. 
E) medium market growth rates and medium relative market shares.

Question 20

Business firms pursue several different types of goals.When a firm recognizes the critical importance of its employees,this is an __________ goal.

Accepted Answer

A) employee satisfaction 
B) employee compensation 
C) employee responsibility 
D) employee core value 
E) employee welfare 
A) employee satisfaction 
B) employee compensation 
C) employee responsibility 
D) employee core value 
E) employee welfare

Exam 2: Developing Successful Organizational and Marketing Strategies

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

In the Boston Consulting Group (BCG)model for analysis of a firm's strategic business units,or SBUs,the horizontal axis reflects __________.

An organization's foundation includes all of the following EXCEPT:

In Figure 2-2 above,"A" represents the "why" element of visionary organization.This is referred to as __________.

What are the three steps involved in the planning phase of the strategic marketing process?

A situation analysis refers to

When participating in major projects in college marketing classes,effective teams can make use of a __________ to be sure that each team member does a fair amount of work and that their class projects are finished efficiently and on time.

One of the weaknesses inherent in the use of the BCG business portfolio analysis is that it

Aggregating prospective buyers into groups that (1)have common needs and (2)will respond similarly to a marketing action is referred to as __________.

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in the U.S. ,it would be using a __________ strategy.

In marketing,an offering refers to

The actions taken during the implementation phase of the strategic marketing process include: (1)obtain resources; (2)design the marketing organization; (3)define precise tasks,responsibilities,and deadlines;and (4)__________.

All of the following are names the BCG has given to describe the four quadrants in its growth-share matrix EXCEPT:

In Figure 2-2 above,"C" represents the "how" element of visionary organization.This is referred to as __________.

According to Figure 2-10 above,which student has the greatest number of assigned tasks?

All of the following are marketing actions that can be taken as a result of a SWOT analysis EXCEPT:

GM's original first-year __________ goal for the Volt was 10,000 units,although the product was well into its second year before reaching that level.

An organization's foundation can be broken into three key elements:

The BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization."Cash cows" are SBUs that are classified as having

Business firms pursue several different types of goals.When a firm recognizes the critical importance of its employees,this is an __________ goal.

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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