Question 1

In a new marketing role, your manager says: "You will be responsible for five SBUs." You give a puzzled look before remembering that SBU stands for:

Accepted Answer

A) strategic business unit. 
B) standard business unit. 
C) service business unit. 
D) strategic benefit of usage.

Question 2

David and Cecilia Stanford, owners of Prairie Herb vinegars, decided to offer the product in 5-ounce and 13-ounce sizes as well as in a 16-ounce European glass bottle. They decided to sell the vinegar only through the mail and to price the smaller bottles at $4.45 and the largest bottles at $13.25. They were determining its:

Accepted Answer

A) strategies. 
B) visions. 
C) missions. 
D) tactics.

Question 3

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

Accepted Answer

A) planning; implementation; and control 
B) identify industry trends; analyze competitors; assess own company; and research customer 
C) set market and product goals; select target markets; find points of difference; and position the product 
D) situation (SWOT)analysis; market-product focus and goal setting; and marketing program development

Question 4

Apple Inc. has a number of patents around their operating system iOS technology. These patents are an example of their _________.

Accepted Answer

A) acquisitions 
B) capacities 
C) competencies 
D) accomplishments

Question 5

Which of the following would NOT be an example of stakeholders for a television production company like John Wells Productions?

Accepted Answer

A) the electronics firms that make hi-definition televisions 
B) the people that provide the sets and the props used in the television shows it produces 
C) the television critics that review the shows it produces 
D) the actors that star in the television shows it produces

Question 6

Which of the following statements would most likely be heard at the functional level of an organization?

Accepted Answer

A) "We should hire the most culturally diverse team possible in order to get the best new ideas." 
B) "We need to be aware of what our competitors are doing." 
C) "How much money can we allot to the marketing department?" 
D) "Make sure we buy 15 seconds of air time for this coming Super Bowl."

Question 7

What is a corporate mission? How can it be used as a motivational tool?

Accepted Answer

The answer of What is a corporate mission? How can...

Question 8

Brittany read on the second page of the stockholder's report for a manufacturer of automobile parts, "Our goal for the next five year period is to double our return on investment." She now knows the company has ________ goals.

Accepted Answer

A) unit sales 
B) sales revenue 
C) profit 
D) market share

Question 9

Which of the following statements about quality as a competitive advantage is true?

Accepted Answer

A) To be successful, a competitive advantage does not have to be unique. 
B) An innovation can be a source of a competitive advantage. 
C) The only way to create a competitive advantage is by improving quality. 
D) A company must ignore costs when establishing a competitive advantage.

Question 10

Gillette continues to manufacture Liquid Paper correction fluid for use with typewriters even though most of the world uses word processors. It is a small market that has little growth, but Liquid Paper has the largest market share, and Gillette invests no promotional monies in maintaining the declining product. Liquid Paper is an example of a:

Accepted Answer

A) exclamation mark. 
B) cash cow. 
C) question mark. 
D) star.

Question 11

As a new employee with medium-sized business in Toronto focusing on home outfitting, you analyze each of the different business areas: flooring, lighting, and
Furniture separately to understand the profit margins in each area. Which tool did you likely use?

Accepted Answer

A) business portfolio analysis 
B) target marketing 
C) marketing strategic planning 
D) market segmentation

Question 12

Many traditional educational institutions are facing budgetary constraints. Using the four
market-product strategies as a framework for your answer, how might these institutions profitably expand in the new economy?

Accepted Answer

The answer of Many traditional educational institutions are facing budgetary...

Question 13

If McDonald's Canada decided to diversify its business offerings by buying out and operating a company like Red Lobster, their marketing strategy would be.

Accepted Answer

A) related diversification. 
B) product development. 
C) market development. 
D) market penetration.

Question 14

Zippo, which traditionally manufactures lighters, is considering offering motorcycle helmets. This is an example of which strategy"?

Accepted Answer

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

Question 15

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

Accepted Answer

A) considers so many SBU factors beyond market growth rate and relative market share. 
B) acts as a strong motivational tool for employees in SBUs that have been labeled dogs or problem children. 
C) it is often difficult to get needed information on market growth and market share. 
D) does not require forecasts in order to be implemented.

Question 16

Identify and describe the four market-product strategies an organization uses to identify alternative m opportunities.
The four market-product strategies an organization uses to identify alternative market opportunities a

Accepted Answer

The answer of Identify and describe the four market-product strategies...

Question 17

Today's visionary organization uses key elements to (1)and (2)set a direction using (3)its strategies that enable it to develop and market its offerings successfully.

Accepted Answer

A) establish a foundation 
B) establish detailed marketing tactics 
C) set financial goals 
D) assign job responsibilities

Question 18

A good product or service has features and characteristics that satisfy stated or implied needs. This is an example of a(n):

Accepted Answer

A) Prototype 
B) Core benefit proposition 
C) Quality product or service 
D) Product concept

Question 19

What are the basic differences between marketing strategies and marketing tactics?

Accepted Answer

The answer of What are the basic differences between marketing...

Question 20

When the Federal Government places Carbon Tax Caps on oil sand producers in Alberta, they are trying to balance the profit goals of businesses with their ________ goals.

Accepted Answer

A) return on investment 
B) unit sales 
C) market share 
D) social responsibility

Exam 2: Developing Successful Marketing Strategies