Question 1

The managers of Alfredo's Pizza, a popular pizzeria in New York City, have been increasingly encouraging senior citizens to visit the pizzeria's numerous outlets spread across the city. Anticipating a rise in the population of senior citizens in the area, the management of Alfredo's Pizza is seeking to tap into this promising segment that consists of retired, affluent consumers. In this instance, the managers of Alfredo's Pizza are anticipating company growth through ________.

Accepted Answer

A)  market development 
B)  product development 
C)  mass customization 
D)  niche marketing 
E)  product differentiation

Question 2

By harvesting its SBU, a company would most likely be ________.

Accepted Answer

A)  milking the SBU's short-term cash flow regardless of the long-term effect 
B)  selling the SBU or phasing it out and using the resources elsewhere 
C)  investing just enough to hold the SBU's current market share 
D)  investing more in the business unit to build its share 
E)  diversifying the company's product line

Question 3

The most common form of marketing organization is the ________ organization. Under this organization, an operational specialist heads different marketing activities.

Accepted Answer

A)  geographic 
B)  product management 
C)  functional 
D)  customer management 
E)  market

Question 4

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

Accepted Answer

A)  positioning 
B)  segmenting 
C)  diversifying 
D)  prospecting 
E)  satisficing

Question 5

Mission statements should ________ and be defined in terms of ________.

Accepted Answer

A)  be technology oriented; meeting the self-actualization needs of customers 
B)  be product oriented; satisfying the esteem needs of customers 
C)  embody the company's short-term plans; current opportunities 
D)  be market oriented; satisfying basic customer needs 
E)  address sales and profits; the net return on investments

Question 6

Which of the following companies has a market-oriented business definition?

Accepted Answer

A)  An electronics company, whose business definition is: "We produce microchips." 
B)  A hotel, whose business definition is: "We rent rooms." 
C)  An apparel company, whose business definition is: "We make and sell women's clothing." 
D)  A cosmetic company, whose business definition is: "We sell hope and self-esteem." 
E)  A pizzeria, whose business definition is: "We sell the world's most delicious thin-crust pizzas."

Question 7

During portfolio analysis, a company ________ after identifying the key businesses that make up the company.

Accepted Answer

A)  formulates a short-term marketing plan 
B)  assesses the attractiveness of its various SBUs 
C)  assesses its strengths and weaknesses 
D)  performs a SWOT analysis 
E)  assesses the effectiveness of its various channel intermediaries

Question 8

Refer to the scenario below to answer the following question(s).
Fun-Spot Fun Park began as a small amusement park in 1985. With nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater.
"My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market."
Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and the arbors. "There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!"
"Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful. There is nothing else like Fun-Spot Fun Park in the area. We were just lucky." "I think it's the ambience of the park that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time for variety."
Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like the park's motto at the entrance reads, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."
-Which of the following is true with regard to a SWOT analysis?

Accepted Answer

A)  It classifies SBUs into four distinct categories. 
B)  It measures customer response to a new product. 
C)  It evaluates the company's overall strengths. 
D)  It evaluates the growth potential of a market segment. 
E)  It ignores the threats faced by a company while assessing its situation in the market.

Question 9

Customers can be grouped and served in various ways based on several factors. These include all of the following EXCEPT ________ factors.

Accepted Answer

A)  psychographic 
B)  behavioral 
C)  technological 
D)  demographic 
E)  geographic

Question 10

A SWOT analysis allows a marketer to evaluate the company's overall strengths, weaknesses, opportunities and threats.

Accepted Answer

A) True 
 B)False

Question 11

What is a value delivery network?

Accepted Answer

The answer of What is a value delivery network?...

Question 12

Distinguish between market segmentation and market targeting.

Accepted Answer

The answer of Distinguish between market segmentation and market targeting....

Question 13

A marketing plan begins with a(n) ________, which presents a brief summary of the main goals and recommendations of the plan for management review.

Accepted Answer

A)  budget 
B)  opportunity analysis 
C)  threat analysis 
D)  executive summary 
E)  action program

Question 14

Each department in a company can be thought of as a link in the company's internal value chain.

Accepted Answer

A) True 
 B)False

Question 15

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________.

Accepted Answer

A)  benchmarking 
B)  diversification 
C)  mass customization 
D)  product development 
E)  downsizing

Question 16

A company's mission statement provides the depth needed for all segments of the company to reach their goals.

Accepted Answer

A) True 
 B)False

Question 17

Refer to the scenario below to answer the following question(s).
Fun-Spot Fun Park began as a small amusement park in 1985. With nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater.
"My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market."
Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and the arbors. "There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!"
"Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful. There is nothing else like Fun-Spot Fun Park in the area. We were just lucky." "I think it's the ambience of the park that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time for variety."
Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like the park's motto at the entrance reads, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."
-Ron and Gail plan to lower Fun-Spot's prices in an effort to encourage customers to stay longer, visit more often, and spend more money during each visit. What type of strategy are Ron and Gail planning?

Accepted Answer

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

Question 18

Define marketing planning. What are the contents of a marketing plan?

Accepted Answer

The answer of Define marketing planning. What are the contents...

Question 19

FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy.

Accepted Answer

A)  market penetration 
B)  market development 
C)  downsizing 
D)  product adaptation 
E)  product development

Question 20

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________.

Accepted Answer

A)  star 
B)  bear 
C)  question mark 
D)  cash cow 
E)  dog

Exam 2: Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

By harvesting its SBU, a company would most likely be ________.

The most common form of marketing organization is the ________ organization. Under this organization, an operational specialist heads different marketing activities.

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

Mission statements should and be defined in terms of .

Which of the following companies has a market-oriented business definition?

During portfolio analysis, a company ________ after identifying the key businesses that make up the company.

Customers can be grouped and served in various ways based on several factors. These include all of the following EXCEPT ________ factors.

A SWOT analysis allows a marketer to evaluate the company's overall strengths, weaknesses, opportunities and threats.

What is a value delivery network?

Distinguish between market segmentation and market targeting.

A marketing plan begins with a(n) ________, which presents a brief summary of the main goals and recommendations of the plan for management review.

Each department in a company can be thought of as a link in the company's internal value chain.

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________.

A company's mission statement provides the depth needed for all segments of the company to reach their goals.

Define marketing planning. What are the contents of a marketing plan?

FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy.

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________.