Question 1

In 25 words or less, write a mission statement for a local community college.

Accepted Answer

The answer of In 25 words or less, write a...

Question 2

The CEO of an organization

Accepted Answer

A)  is usually at the strategic business unit level. 
B)  is usually a member of the board of directors. 
C)  outranks the corporate level. 
D)  does not oversee the daily operations. 
E)  is typically also the CMO.

Question 3

The strategies an organization develops to provide value to the customers it serves are called

Accepted Answer

A)  the mission statement. 
B)  an objective goal. 
C)  the vision statement. 
D)  the business model. 
E)  a protocol.

Question 4

________ argued that leadership of 20th century American railroads defined their business too narrowly, thus failing to create strategies to compete with airlines, barges, pipelines, and trucks.

Accepted Answer

A)  Earl Bakken 
B)  Mark Zuckerberg 
C)  Reed Hastings 
D)  Theodore Levitt 
E)  Steve Jobs

Question 5

All of the following are important branded offerings that will meet IBM's customer needs into the future except which?

Accepted Answer

A)  artificial intelligence capable of analyzing company and consumer data 
B)  industry-specific consulting services 
C)  entertainment-focused PCs and hard disk drives 
D)  enterprise-strength cloud capabilities 
E)  advanced cybersecurity

Question 6

Profit refers to

Accepted Answer

A)  the point at which a company's assets equal its liabilities plus shareholder equity. 
B)  the difference between the list and final price of a product or service. 
C)  the money earned when the economic order quantity is minimized. 
D)  the money left over after a business firm's total expenses are subtracted from its total revenues. 
E)  the total amount of revenue accrued through product sales or service distribution.

Question 7

Core values refer to

Accepted Answer

A)  the cultural ethos of an organization. 
B)  proprietary values of a firm. 
C)  written mission statements that express an organization's goals and objectives. 
D)  the personal moral and ethical codes of a firm's stakeholders. 
E)  the fundamental, passionate, and enduring principles that guide an organization's conduct over time.

Question 8

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 is

Accepted Answer

A)  tactical planning. 
B)  market planning. 
C)  goal setting. 
D)  environmental scanning. 
E)  situation analysis.

Question 9

At the functional level, the organization's strategic direction becomes

Accepted Answer

A)  much more manageable since its offerings have been finalized. 
B)  the most specific and most focused in terms of implementing the company's goals. 
C)  broader since for less complex firms, the corporate and functional levels may merge. 
D)  more general to avoid the "not invented here syndrome" that could result in missed opportunities. 
E)  the sole responsibility of the CEO.

Question 10

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.

Question 11

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 very rarely 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 are not interchangeable. Goals are philosophical while objectives are performance-based.

Question 12

The Ben & Jerry's website states: "Central to the mission of Ben & Jerry's is the belief that all three parts [product mission, economic mission, social mission] must thrive equally in a manner that commands deep respect for individuals in and outside the company and supports the communities of which they are a part." This statement reflects Ben & Jerry's

Accepted Answer

A)  sustainability doctrine. 
B)  goals and objectives. 
C)  core values. 
D)  moral distinctions. 
E)  functional strategy.

Question 13

Evergreen Air Center is the world's biggest parking lot for unwanted aircraft. Airlines pay a monthly fee from $750 to $5,000 to mothball their unneeded airplanes there. Its location is on 1,600 acres of Arizona desert near Tucson. The Southwest climate of dry, warm air serves as a cheap and effective airplane preservative against rust. Evergreen's location is

Accepted Answer

A)  a competency. 
B)  a sustainable advantage. 
C)  a competitive identity. 
D)  a core benefit proposition. 
E)  an innovative distinction.

Question 14

The marketing plan for IBM's "Let's Put Smart to Work" strategy includes which of the following marketing tactics?

Accepted Answer

A)  Handing out "Let's Put Smart to Work" T-shirts on select college campuses throughout the world 
B)  Providing samples of new hard drives to Fortune 500 businesses 
C)  Advertising in Outdoor magazine 
D)  Sponsoring the Masters golf tournament 
E)  Garnering a celebrity endorsement from Trevor Noah, the host of "The Daily Show"

Question 15

Figure 2-1
-In Figure 2-1 above, E represents the ________ that make up the functional level of an organization.

Accepted Answer

A)  board of directors 
B)  executive level 
C)  hourly employees 
D)  production personnel 
E)  departments

Question 16

Customers' perceptions are often central to an organization's goals, and their ________ 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

Question 17

A marketing dashboard is

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.

Question 18

The actions taken during the implementation phase of the strategic marketing process include which of these?

Accepted Answer

A)  Obtain resources 
B)  Select target markets 
C)  Position the product 
D)  Find points of difference 
E)  Correct deviations from expected outcomes

Question 19

The ________ for Facebook is "To give people the power to share and make the world more open and connected."

Accepted Answer

A)  sustainability doctrine 
B)  core benefit proposition 
C)  mission statement 
D)  corporate philosophy 
E)  code of ethics

Question 20

The logistics industry has sales of $800 billion per year. If a third-party logistics provider had sales of $8 billion, what would its market share be? Be sure to define market share and show your work in your answer.

Accepted Answer

The answer of The logistics industry has sales of $800...

Exam 2: Developing Successful Organizational and Marketing Strategies