Question 1

List the seven guidelines for developing effective plans and planning.

Accepted Answer

The answer of List the seven guidelines for developing effective...

Question 2

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, Box A refers to a ________ strategy.

Accepted Answer

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

Question 3

Percentage points of market share used as the common basis of comparison in an analysis to allocate marketing resources effectively for different product lines within the same firm are referred to as

Accepted Answer

A)  market shares. 
B)  ratings. 
C)  marketing ROIs. 
D)  S-curve points. 
E)  share points.

Question 4

Marketing ROI (return on investment) refers to

Accepted Answer

A)  the use of marketing dollars to lower production costs. 
B)  the application of modern measurement technologies to understand, quantify, and optimize marketing spending. 
C)  the use of research and development (R&
D)  to uncover features that will improve marketing returns (revenues). 
D)  the allocation of funds based on a percentage of the total marketing budget determined by assessing the anticipated revenue return for a given marketing action. 
E)  the allocation of funds based upon the minimum expenditure possible to create the maximum results in terms of total sales.

Question 5

A company that uses an organizational structure by marketing department, finance department, human resource department, etc., is most likely using ________ groupings.

Accepted Answer

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

Question 6

During the planning phase of the strategic marketing process, the output report would take the form of

Accepted Answer

A)  an action memo. 
B)  an operating statement. 
C)  a marketing dashboard. 
D)  a marketing plan. 
E)  a corrective tool checklist.

Question 7

A strategy that emphasizes the simultaneous pursuit of product or marketing program differentiation and lower cost in newly configured industries and markets is referred to as a ________ strategy.

Accepted Answer

A)  differentiation 
B)  blue ocean 
C)  SWOT analysis 
D)  sales response 
E)  competitive grid

Question 8

U.S. Navy Admiral Grace Murray Hopper gave famous advice that a program champion should follow when cutting through an organization's red tape:

Accepted Answer

A)  Implement a do it, fix it, try it" approach. 
B)  Take a "go and see" approach. 
C)  "Avoid paralysis by analysis." 
D)  Have a "bias for action." 
E)  "Better to ask forgiveness than permission."

Question 9

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. All of these are included except which?

Accepted Answer

A)  structure 
B)  culture 
C)  execution 
D)  strategy 
E)  leadership

Question 10

According to the four generic business strategies framework, a ________ strategy focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments.

Accepted Answer

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

Question 11

Edwin H. Land, former CEO of Polaroid, took personal responsibility for technological innovation at Polaroid. On the other hand, Lewis Platt, CEO of Hewlett-Packard, believed senior management's role was to create an environment that encourages all managers to take risks and create new growth opportunities. Which of the following statements describes the actions of these men?

Accepted Answer

A)  Both Land and Platt were program champions. 
B)  Platt was a program champion and Land was not. 
C)  Land was a program champion and Platt was not. 
D)  Neither Platt nor Land was a program champion. 
E)  Land believed in encouraging others to act as program champions and Platt did not.

Question 12

The relationship of annual marketing effort to annual sales revenue is assumed to be ________ of the sales response function.

Accepted Answer

A)  a horizontal straight line, where sales revenues stay the same regardless of the marketing effort 
B)  a U-shaped curve, where sales revenues are at a maximum at either end 
C)  an upside-down U-shaped curve, where sales revenues are at a maximum in the middle 
D)  an 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)  a rising straight line, where sales revenue continuously rises as the marketing effort rises

Question 13

Which output report would be associated with the planning phase of the strategic marketing process?

Accepted Answer

A)  performance reviews for key personnel 
B)  marketing plans that define goals and marketing mix strategies to achieve them 
C)  action memos that tell who is to do what by when 
D)  corrective action memos, triggered by comparing results with plans, often from the firm's marketing dashboards and metrics 
E)  sales reports using the firm's marketing metrics and dashboards

Question 14

The information needed for the evaluation phase of the strategic marketing process includes

Accepted Answer

A)  positioning studies. 
B)  market-product grids with targets. 
C)  detailed plans to execute the marketing program. 
D)  tracking reports to measure results. 
E)  projected future sales, expenses, and profits.

Question 15

The information needed in market product focus and goal setting, Step 2 of the planning phase, includes

Accepted Answer

A)  creating market-product grids with targets. 
B)  identifying trends for industry and competitors. 
C)  defining marketing mix actions. 
D)  creating detailed plans to execute the marketing program. 
E)  projecting future sales, expenses, and profits.

Question 16

In using a blue ocean strategy,companies are challenged to reimagine the marketplace in several ways: looking across traditional industry or market boundaries, creating new buyer and user experiences for the purpose of fashioning new industries and markets, and by

Accepted Answer

A)  using the generic business strategy framework. 
B)  combining complementary products. 
C)  performing a SWOT analysis. 
D)  seeking a new competitive advantage. 
E)  conducting a share point analysis.

Question 17

The firm's annual marketing effort, such as advertising, personal selling, sales promotion, direct marketing, and public relations expenses is ________ in a sales response function graph.

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)  plotted on the horizontal (X) axis

Question 18

Marketing ROI (return on investment) uses modern measurement technologies to determine the results of

Accepted Answer

A)  marketing spending. 
B)  manufacturing and distribution procedures. 
C)  market-product sales. 
D)  organizational structure. 
E)  personal selling.

Question 19

Which of these statements about the four basic business and management practices that researchers identified is most accurate?

Accepted Answer

A)  Strategy and structure are more important for success than culture and execution. 
B)  Culture and execution are more important for success than strategy and structure. 
C)  In order for a company to be successful, it must use all four strategies. 
D)  In terms of the basic business and management practices, the practice itself is less important than flawless execution of the ones the company does use. 
E)  No strategy can work unless every stakeholder buys into it 100 percent.

Question 20

A company that uses an organizational structure based on "Dinner Products" or "Baked Goods" uses

Accepted Answer

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

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