Question 1

Product development strategies require creation of new markets.

Accepted Answer

A) True 
 B)False

Question 2

In the context of SWOT analysis,a strength of an organization can be:

Accepted Answer

A) favorable government policies. 
B) lack of competitors. 
C) superior production technology. 
D) component lifestyles.

Question 3

Organizations use product development strategies to serve customers in their existing markets.

Accepted Answer

A) True 
 B)False

Question 4

​Marketers at Libra Electronics are developing strategies to increase product sales.The marketers want to use a good blend of digital advertising and print advertising.This implies that the marketers at Libra Electronics are working on _____ strategies.

Accepted Answer

A) divesting 
B) ​product 
C) ​place 
D) promotion

Question 5

The product in the marketing mix:

Accepted Answer

A) includes point of purchase. 
B) includes company image. 
C) includes personal selling. 
D) includes pricing..

Question 6

The key to having a competitive advantage is the ability to imitate a competitor's strategy.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following questions considered by marketers is best aligned with distribution strategies?

Accepted Answer

A) Which market segment should we target? 
B) How do we convince customers to buy our products? 
C) What products should we manufacture? 
D) Where do customers like to shop?

Question 8

Turner Electronics is a ten-year-old company.In the past decade,the company hasn't created any innovative products that have helped set it apart from the rest of its competitors.However,when any of its products need to be repaired or fine-tuned,it offers its customers top-notch product checks.As a result,the company has managed to retain its wide customer base.Which of the following strategies is Turner Electronics using in this scenario?

Accepted Answer

A) Product development 
B) Diversification 
C) Market penetration 
D) Service differentiation

Question 9

A market segment is a group of individuals or organizations who share one or more characteristics.

Accepted Answer

A) True 
 B)False

Question 10

The growing emphasis on continuing education and executive development by colleges and universities is a market development strategy.

Accepted Answer

A) True 
 B)False

Question 11

The focus of a mission statement of an organization should be on:

Accepted Answer

A) supply chain management. 
B) internal operational procedures. 
C) anti-competitive strategies. 
D) the market the business serves.

Question 12

In the context of marketing planning,implementation involves:

Accepted Answer

A) allocating resources. 
B) identifying market segments. 
C) defining the business mission. 
D) assessing internal capabilities.

Question 13

Marketers at Libra Electronics are developing strategies to increase product sales.The marketers want to use a good blend of digital advertising and print advertising.This implies that the marketers at Libra Electronics are working on__________strategies.

Accepted Answer

The answer of Marketers at Libra Electronics are developing strategies...

Question 14

Which of the following is true of a product/service differentiation competitive advantage?

Accepted Answer

A) It tends to be more attractive to top managers because of its durability. 
B) It provides a shorter-lasting competitive advantage compared to cost competitive advantages. 
C) It focuses primarily on offering a low priced product or service than that of the competitor. 
D) It is subject to continual erosion,as opposed to cost competitive advantages.

Question 15

Discuss the term marketing mix.

Accepted Answer

The answer of Discuss the term marketing mix....

Question 16

MaxNutri sells cookies and nutrition bars.The marketers at MaxNutri are trying to come up with a new and attractive packaging design for its cookies.In this scenario,MaxNutri is working on its__________strategy.

Accepted Answer

The answer of MaxNutri sells cookies and nutrition bars.The marketers...

Question 17

The heart of the marketing mix is the:

Accepted Answer

A) product offering and product strategy. 
B) place and distribution strategy. 
C) sales promotion and personal selling strategy. 
D) product packaging and pricing strategy.

Question 18

The notion of competitive advantage means that:

Accepted Answer

A) a successful firm will stake out a position unique in some manner from its rivals. 
B) the advantage can be enjoyed only for a short period. 
C) a company manufactures products which are similar to those of its competitors. 
D) an established firm focuses solely on developing a low-price competitive advantage.

Question 19

The product component of a marketing mix involves:

Accepted Answer

A) point of purchase. 
B) distribution. 
C) advertising. 
D) brand name.

Question 20

Thompson Crayons Ltd.is a manufacturer of crayons and colored pencils in Rhodia.The company has started packaging their products in vibrant colored boxes,as opposed to brown boxes used in the past,in order to increase their sales.In this scenario,Thompson Crayons Ltd.is using a _____ strategy.

Accepted Answer

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

Exam 2: Strategic Planning for Competitive Advantage

Product development strategies require creation of new markets.

In the context of SWOT analysis,a strength of an organization can be:

Organizations use product development strategies to serve customers in their existing markets.

​Marketers at Libra Electronics are developing strategies to increase product sales.The marketers want to use a good blend of digital advertising and print advertising.This implies that the marketers at Libra Electronics are working on _____ strategies.

The product in the marketing mix:

The key to having a competitive advantage is the ability to imitate a competitor's strategy.

Which of the following questions considered by marketers is best aligned with distribution strategies?

A market segment is a group of individuals or organizations who share one or more characteristics.

The growing emphasis on continuing education and executive development by colleges and universities is a market development strategy.

The focus of a mission statement of an organization should be on:

In the context of marketing planning,implementation involves:

Marketers at Libra Electronics are developing strategies to increase product sales.The marketers want to use a good blend of digital advertising and print advertising.This implies that the marketers at Libra Electronics are working on__________strategies.

Which of the following is true of a product/service differentiation competitive advantage?

Discuss the term marketing mix.

MaxNutri sells cookies and nutrition bars.The marketers at MaxNutri are trying to come up with a new and attractive packaging design for its cookies.In this scenario,MaxNutri is working on its__________strategy.

The heart of the marketing mix is the:

The notion of competitive advantage means that:

The product component of a marketing mix involves:

Thompson Crayons Ltd.is a manufacturer of crayons and colored pencils in Rhodia.The company has started packaging their products in vibrant colored boxes,as opposed to brown boxes used in the past,in order to increase their sales.In this scenario,Thompson Crayons Ltd.is using a _____ strategy.

Marketers at Libra Electronics are developing strategies to increase product sales.The marketers want to use a good blend of digital advertising and print advertising.This implies that the marketers at Libra Electronics are working on _____ strategies.