Question 1

LeBron James, Stephen Curry, and other athletes are paid huge sums of money by companies for celebrity endorsements. If endorsements by these athletes create a clear understanding among consumers of the companies' products in comparison to competing products, they can help with the firm's ________ strategy.

Accepted Answer

A) product excellence 
B) targeting 
C) positioning 
D) segmentation 
E) customer excellence

Question 2

In a SWOT analysis, increasing gasoline prices would represent a potential ________ for manufacturers of electric cars.

Accepted Answer

A) internal weakness 
B) external threat 
C) external opportunity 
D) operational advantage 
E) marketing mix

Question 3

Because it was able to deliver merchandise overnight, in the required quantities, and at a lower delivery cost than its competitors, Sam's Sports Shack was given exclusive rights to sell clothing with school logos for the school district. Sam's Sports Shack demonstrates ________ excellence.

Accepted Answer

A) product 
B) place 
C) customer 
D) operational 
E) locational

Question 4

What is the third step in the marketing planning process?

Accepted Answer

A) define the business mission 
B) identify and evaluate opportunities 
C) evaluate using a matrix 
D) implement marketing mix and allocate resources 
E) perform situation analysis

Question 5

Marketers who design and offer new products and services to their existing customers are pursuing a ________ growth strategy.

Accepted Answer

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

Question 6

The step during which marketers segment the market, target those market segments, and position products is known as the control phase.

Accepted Answer

A) True 
 B)False

Question 7

When marketers use a variety of communication disciplines-advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media-in combination to communicate a value proposition to the customer, it is referred to as

Accepted Answer

A) integrated marketing communications. 
B) multimedia marketing. 
C) diverse marketing communications. 
D) comprehensive promotion. 
E) managed marketing communications.

Question 8

Some universities, recognizing the convenience of distance learning, have begun to offer fully online, accredited degree programs. These universities are most likely pursuing which macro strategy?

Accepted Answer

A) customer excellence 
B) locational excellence 
C) operational excellence 
D) product excellence 
E) purchase excellence

Question 9

It is not always necessary to go through all the steps in the marketing planning process.

Accepted Answer

A) True 
 B)False

Question 10

Every summer, university administrators attempt to estimate how many students will show up in the fall. When August arrives, they hire part-time instructors and reassign faculty to teach the courses students want. In the spring, administrators often go on a retreat to consider how to do things differently next year. What phase of the strategic planning process do they engage in during each of the three seasons (summer, fall, and spring)?

Accepted Answer

The answer of Every summer, university administrators attempt to estimate...

Question 11

Ted's Tire Store sets itself apart from competitors by the extra attention it pays to its customers. To retain customer loyalty, it provides fast, courteous service in a clean, professional-looking environment. Ted's has used this strategy for over 40 years, expanding to 15 outlets. Ted's Tire Store uses a ________ macro strategy.

Accepted Answer

A) supply chain excellence 
B) locational excellence 
C) product excellence 
D) diversification excellence 
E) customer excellence

Question 12

John sees that his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we've been doing." John is ignoring the ________ step of the marketing planning process.

Accepted Answer

A) evaluate performance 
B) define the business mission 
C) perform situation analysis 
D) implement marketing mix and resources 
E) identify and evaluate opportunities

Question 13

Businesses use metrics in order to

Accepted Answer

A) lower production costs. 
B) eliminate inventory costs. 
C) evaluate a strategy and quantify a trend. 
D) recognize a market and develop a new product. 
E) implement personal selling strategies.

Question 14

For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that

Accepted Answer

A) no single strategy is likely to be sufficient to build a sustainable competitive advantage. 
B) a situation analysis does not accurately predict a firm's strengths. 
C) customer excellence cannot be achieved. 
D) product excellence is the only true source of a sustainable competitive advantage. 
E) innovation is pointless because competitors will develop copycat offerings.

Question 15

A competitive advantage based on location is often sustainable because

Accepted Answer

A) mobile marketing has not yet proven its value for most customers. 
B) real estate prices have been dropping. 
C) few marketers are aware of its importance yet. 
D) location cannot be easily duplicated. 
E) the Internet has diminished the importance of brick-and-mortar stores.

Question 16

After defining the business mission, what should a firm do next to develop a marketing plan?

Accepted Answer

A) conduct an STP analysis 
B) perform a situation analysis 
C) develop a positioning strategy 
D) select a target market 
E) implement the four Ps

Question 17

Four companies dominate the cereal industry. These firms produce in large volumes, promote heavily, and control access to the supermarket shelves through "slotting allowances," which are payments to retailers in return for shelf space. These combined factors have allowed these four firms to create ________ over the competition.

Accepted Answer

A) identical marketing mixes 
B) customer excellence 
C) a sustainable competitive advantage 
D) product excellence 
E) locational excellence

Question 18

Amazon is able to achieve operational excellence because it not only has the technology to coordinate personal buyers, it also has an effective HR hiring program that selects and trains the best employees.

Accepted Answer

A) True 
 B)False

Question 19

George owns four dry cleaning stores in the suburbs of Orlando, Florida. He recently updated his STP analysis and has finished adjusting his marketing mix based on the STP results. His next strategic marketing decision will most likely involve determining

Accepted Answer

A) how Disney World crowds will impact his business. 
B) which employees to promote or fire. 
C) how to allocate resources among his four stores. 
D) what new government regulations might create opportunities or threats. 
E) when to shift from a customer excellence to an operational excellence strategy.

Question 20

Sasha's Sandwich Shop rewards customers with five points every time they purchase a lunch entrée. Once customers earn 25 points, they receive a free lunch entrée. What tactic is this business using to achieve customer excellence?

Accepted Answer

A) using a good physical location 
B) relying on an effective price structure 
C) creating customer loyalty 
D) focusing on human resource management 
E) developing an Internet presence

Exam 2: Developing Marketing Strategies and a Marketing Plan

In a SWOT analysis, increasing gasoline prices would represent a potential ________ for manufacturers of electric cars.

Because it was able to deliver merchandise overnight, in the required quantities, and at a lower delivery cost than its competitors, Sam's Sports Shack was given exclusive rights to sell clothing with school logos for the school district. Sam's Sports Shack demonstrates ________ excellence.

What is the third step in the marketing planning process?

Marketers who design and offer new products and services to their existing customers are pursuing a ________ growth strategy.

The step during which marketers segment the market, target those market segments, and position products is known as the control phase.

When marketers use a variety of communication disciplines-advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media-in combination to communicate a value proposition to the customer, it is referred to as

Some universities, recognizing the convenience of distance learning, have begun to offer fully online, accredited degree programs. These universities are most likely pursuing which macro strategy?

It is not always necessary to go through all the steps in the marketing planning process.

John sees that his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we've been doing." John is ignoring the ________ step of the marketing planning process.

Businesses use metrics in order to

For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that

A competitive advantage based on location is often sustainable because

After defining the business mission, what should a firm do next to develop a marketing plan?

Amazon is able to achieve operational excellence because it not only has the technology to coordinate personal buyers, it also has an effective HR hiring program that selects and trains the best employees.

George owns four dry cleaning stores in the suburbs of Orlando, Florida. He recently updated his STP analysis and has finished adjusting his marketing mix based on the STP results. His next strategic marketing decision will most likely involve determining

Sasha's Sandwich Shop rewards customers with five points every time they purchase a lunch entrée. Once customers earn 25 points, they receive a free lunch entrée. What tactic is this business using to achieve customer excellence?