Question 1

_____ is defined as the collection and interpretation of information about forces,events,and relationships that may affect the organization.

Accepted Answer

A) Market sampling 
B) An internal audit 
C) Opportunity analysis 
D) Environmental scanning 
E) Stakeholder analysis

Question 2

Novartis
Novartis,a Swiss drug maker,is planning to purchase a majority stake in Zhejiang Tianyuan Bio-Pharmaceutical Company,a Chinese vaccine maker.Novartis has agreed to pay $125 million for the company,which holds a 3 percent share of China's $1 billion vaccines market.The market for vaccines is growing 20 percent or more in the developing nations of Asia,Africa,and Austral ia.In the past,vaccine use has been limited to basic shots against diseases such as polio,tuberculosis,and measles,but as the economies of these countries grow,government and private healthcare spending focuses on preventing diseases such as hepatitis B,cholera and rotavirus,tetanus,and others.Some critics are against the acquisition,claiming that prices will increase.Novartis claims it is not interested in raising prices but rather in expanding Tianyuan's product offerings.
-Refer to Novartis.Novartis is creating and maintaining a fit between its objectives and resources and evolving market opportunities in developing countries.Novartis is engaging in:

Accepted Answer

A) strategic planning. 
B) selective assessment. 
C) functional planning. 
D) environment scanning. 
E) decision analysis.

Question 3

The focus of an organization's mission statement should be on:

Accepted Answer

A) the products it wishes to sell 
B) the market it wishes to serve 
C) its social responsibilities 
D) the desires of government regulators 
E) technologies it understands well

Question 4

DeFeet International
DeFeet International started as a cyclist sock company.The founder,Shane Cooper,said that the existing socks for cyclists were just not of great quality,so he made socks for his cycling team by knitting them inside out.The socks were of special materials aimed at giving the cyclist the most comfortable fit.These socks were not the traditional white socks but were bright,bold,and flashy colored socks with cool graphics.These high-tech socks were priced around $10 a pair.Their Web site says "DeFeet Is Made for Driven Soles." Soon,cycling elites like Lance Armstrong and Greg LeMond were sporting the DeFeet brand.The company branched into running,hiking,and snow gear.Products include socks,armskins,calfskins,boxer briefs,gloves,and shirts for the serious athlete.DeFeet has a custom department where socks,armskins,and gloves can be personalized with any motif,including sponsor types of logos like Michelin,Pabst Blue Ribbon,or BP.Even kids can enjoy DeFeet's high-quality socks.DeFeet's products can be found in retailers across the world--in more than 20 countries like Israel,Australia,Belgium,and the United States.More than two dozen online retailers also carry DeFeet products.
-Refer to DeFeet International.What is DeFeet's most likely target market strategy?

Accepted Answer

A) Appeal to the entire market 
B) Concentrate on one segment of the market 
C) Appeal to multiple segments 
D) Appeal to athletes 
E) Appeal to the world

Question 5

Name and describe the four strategic alternatives in Ansoff's strategic opportunity matrix,which matches products with markets.For each of the four strategic alternatives,give a specific example of a firm following that strategy.

Accepted Answer

The answer of Name and describe the four strategic alternatives...

Question 6

There is no such thing as "bad press." The banning of Four Loko increased its sales.

Accepted Answer

A) True 
 B)False

Question 7

iTunes has a(n)_____,as they have exclusive agreements with some of the most sought after music corporations that other digital music stores do not have.

Accepted Answer

A) targeted market position 
B) sustainable competitive advantage 
C) strategic focus 
D) situational strength 
E) opportunistic privilege

Question 8

Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

Accepted Answer

A) True 
 B)False

Question 9

Tub King is a small company that refinishes antique claw foot bathtubs and antique sinks,and provides training for bathtub refinishing.The company's management is currently conducting a formal study of its current strengths and weaknesses by looking at the company's profit and sales histories and searching for opportunities and threats by studying consumer trends.Tub King is conducting a(n):

Accepted Answer

A) marketing audit. 
B) SWOT analysis. 
C) environmental scan. 
D) market differentiation scan. 
E) strategic window search.

Question 10

Delta Faucet Company
Masco is the name of a well-recognized company in the construction industry.It produces cabinetry,furniture,lighting,and plumbing fixtures for the upper-end homeowner and builder.One of the divisions of Masco is the Delta Faucet Company,which is the leader in the faucet industry.Delta was founded in 1955.Over the decades,it has developed a legacy based on well-crafted,high-quality products.Since the 1970s,Delta has focused its energies on building loyalty with the builder marketplace.Research in 2002 showed that while builders respected the Delta faucet for its quality,durability,and dependability,household consumers were not enamored with Delta products.Due to the number of new magazines and television programs devoted to home style,homeowners wanted faucets that were chic and stylish.This was not the image of the Delta faucet.To change its image,Delta began a marketing program in which it committed itself to developing new products to appeal to homeowners.It adopted a new slogan--"Beautifully Engineered."
-Refer to Delta Faucet Company.Delta's development of a new slogan represents a change in the _____ element of its marketing mix.

Accepted Answer

A) product 
B) promotion 
C) place 
D) production 
E) distribution

Question 11

A(n)_____ is a tightly organized unit under the direction of a manager who,usually,has broad authority to accomplish a single goal or mission.

Accepted Answer

A) SBU 
B) quality control team 
C) task force 
D) joint venture 
E) structural division

Question 12

A market penetration strategy entails the creation of new products for current customers.

Accepted Answer

A) True 
 B)False

Question 13

A _____ is defined as a statement of what is to be accomplished through marketing activities.

Accepted Answer

A) mission statement 
B) business plan 
C) marketing objective 
D) goal-driven directive 
E) marketing criteria

Question 14

An essential part of marketing strategy is target market strategy.Selection of target market(s)drives marketing objectives and selection of the marketing mix (the four Ps).What are the three general strategies for selecting target markets?

Accepted Answer

The answer of An essential part of marketing strategy is...

Question 15

By creating sequels and spinoffs of the original Cars,such as short films and a Cars theme park attraction,Disney is pursuing market penetration.

Accepted Answer

A) True 
 B)False

Question 16

Compass is a United Kingdom-based catering company that has developed a marketing plan designed to make it the largest caterer in China within the next two decades.As part of its marketing _____,it has already begun serving meals on trains that run between Shanghai and Beijing.

Accepted Answer

A) policy 
B) implementation 
C) evaluation 
D) control 
E) strategy

Question 17

Technol Medical Products makes specialty face masks to shield healthcare workers from infection.Because it focuses on this narrow market,it is able to outsell its primary competitors--3M and Johnson & Johnson.Technol has a(n):

Accepted Answer

A) aggregated positioning strategy. 
B) demarketing focus. 
C) heterogeneous target marketing strategy. 
D) cost competitive advantage. 
E) niche competitive advantage.

Question 18

Until spun off in 2007,Kraft was part of Altria Group,Inc.Kraft had its own management team,mission statement,and target markets different from Altria.Kraft was a _____ of Altria.

Accepted Answer

A) product market niche 
B) diversified division 
C) heterogeneous element 
D) strategic alliance 
E) strategic business unit

Question 19

The marketing plan is a written document that acts as a guidebook of marketing activities for the marketing manager.

Accepted Answer

A) True 
 B)False

Question 20

Subway's ability to market itself as a "healthy" alternative to traditional fast food offerings most directly affected the _____ element of the company's marketing mix.

Accepted Answer

A) place 
B) production 
C) product 
D) distribution 
E) target market

Exam 2: Strategic Planning for Competitive Advantage

_____ is defined as the collection and interpretation of information about forces,events,and relationships that may affect the organization.

The focus of an organization's mission statement should be on:

Name and describe the four strategic alternatives in Ansoff's strategic opportunity matrix,which matches products with markets.For each of the four strategic alternatives,give a specific example of a firm following that strategy.

There is no such thing as "bad press." The banning of Four Loko increased its sales.

iTunes has a(n) _____,as they have exclusive agreements with some of the most sought after music corporations that other digital music stores do not have.

Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

A(n) _____ is a tightly organized unit under the direction of a manager who,usually,has broad authority to accomplish a single goal or mission.

A market penetration strategy entails the creation of new products for current customers.

A _____ is defined as a statement of what is to be accomplished through marketing activities.

An essential part of marketing strategy is target market strategy.Selection of target market(s)drives marketing objectives and selection of the marketing mix (the four Ps).What are the three general strategies for selecting target markets?

By creating sequels and spinoffs of the original Cars,such as short films and a Cars theme park attraction,Disney is pursuing market penetration.

Compass is a United Kingdom-based catering company that has developed a marketing plan designed to make it the largest caterer in China within the next two decades.As part of its marketing _____,it has already begun serving meals on trains that run between Shanghai and Beijing.

Technol Medical Products makes specialty face masks to shield healthcare workers from infection.Because it focuses on this narrow market,it is able to outsell its primary competitors--3M and Johnson & Johnson.Technol has a(n) :

Until spun off in 2007,Kraft was part of Altria Group,Inc.Kraft had its own management team,mission statement,and target markets different from Altria.Kraft was a _____ of Altria.

The marketing plan is a written document that acts as a guidebook of marketing activities for the marketing manager.

Subway's ability to market itself as a "healthy" alternative to traditional fast food offerings most directly affected the _____ element of the company's marketing mix.