Question 1

Management experts warn against the tendency to excessively analyze a problem instead of taking action. This problem is referred to as

Accepted Answer

A) second-guessing. 
B) paralysis by analysis. 
C) better to ask for forgiveness than permission. 
D) stay with the pack. 
E) letting sleeping dogs lie.

Question 2

The primary target market for Warm Delights is

Accepted Answer

A) empty-nesters. 
B) on-the-go women. 
C) college students with microwaves. 
D) young marrieds who often have unexpected company. 
E) families with small children wanting after-school treats.

Question 3

A recent survey showed that firms used two different kinds of metrics when measuring results and measuring efforts that go into new-product development. These consist of output and input metrics. Which of the following is an input metric?

Accepted Answer

A) number of new products or services launched 
B) R&D spending as a percentage of sales 
C) return on assets (RO
A)  for existing products or services 
D) customer satisfaction with new products or services 
E) revenue growth due to new products or services

Question 4

Toyota is generally acknowledged as the best in the world in revolutionizing the design and manufacture of autos. Toyota managers created the doctrine of __________, or continuous improvement.

Accepted Answer

A) keiretsu 
B) kaizen 
C) kanban 
D) meishi 
E) zaibatsu

Question 5

List the six guidelines for improving implementation of marketing programs.

Accepted Answer

The answer of List the six guidelines for improving implementation...

Question 6

According to Porter's generic business strategy framework, there are two fundamental alternatives a firm can use to seek a competitive advantage. One of these is to

Accepted Answer

A) become the high-cost producer within the markets in which it competes. 
B) adopt a "me too" strategy to achieve competitive parity. 
C) become the low-cost producer within the markets in which it competes. 
D) state its function in society to differentiate itself from competitors. 
E) differentiate itself from competitors by developing similar marketing programs.

Question 7

All of the following are basic tenets or axioms voiced by Kelly Johnson of Lockheed Martin's Skunk Works except:

Accepted Answer

A) "Failure just leads you to the next great thing." 
B) "When trouble develops, surface the problem immediately." 
C) "Avoid paralysis by analysis." 
D) "Get help-don't keep the problem to yourself." 
E) "Make decisions promptly."

Question 8

Porter's four generic business strategies are differentiation, cost focus, __________, and cost leadership.

Accepted Answer

A) exclusivity 
B) differentiation focus 
C) quality focus 
D) geographic span 
E) service leadership

Question 9

Ingram Micro is the biggest computer wholesaler in the world. It has two divisions. One provides supplies for companies that manufacture computer products, such as IBM and Microsoft. To them it sells motherboards, monitors, etc. The other has been developed to serve the needs of the resellers and retailers that sell computers to businesses and individual customers. To them, it sells user-ready computers. In this example, Ingram Micro most likely would use which type of organizational structure for marketing?

Accepted Answer

A) product line grouping 
B) geographical grouping 
C) functional grouping 
D) matrix organization 
E) market-based grouping

Question 10

Each phase of the strategic marketing process creates its own unique type of output report. Which of the following would be associated with the evaluation phase?

Accepted Answer

A) performance reviews for key personnel 
B) corrective action memos, triggered by comparing results with plans, often using the firm's marketing metrics and displayed in marketing dashboards 
C) sales reports using the firm's marketing metrics and dashboards 
D) action memos that tell who is to do what by when 
E) marketing plans that define goals with the pertinent marketing metrics and the marketing mix strategies to achieve them

Question 11

The actions taken in a situation (SWOT) analysis or Step 1 of the planning phase include: (1) identify industry trends, (2) analyze competitors, (3) assess own company, and (4) __________.

Accepted Answer

A) set market and product goals 
B) research customers 
C) select target markets 
D) find points of difference 
E) position the product

Question 12

A list of topics to be covered during a meeting that shows the running time allocated to and the person(s) responsible for leading the discussion for each topic is referred to as a

Accepted Answer

A) PERT chart. 
B) program schedule. 
C) Gantt chart. 
D) time-based agenda. 
E) action-item list.

Question 13

What is the primary disadvantage of employing a full coverage strategy?

Accepted Answer

A) Gaining market distribution will be costly. 
B) The organization may be spread too thin because of the resource requirements needed to reach all market-product combinations. 
C) The organization achieves neither marketing nor manufacturing synergies. 
D) R&D-manufacturing has the difficulty of producing multiple new lines. 
E) The organization cannot take advantage of marketing or manufacturing synergies available to it through market or product specialization.

Question 14

The essence of resource allocation is:

Accepted Answer

A) Company resources are allocated effectively in the strategic marketing process by converting marketing actions into marketing information. 
B) Individual management tools and techniques that a firm chooses to use are less important than flawless execution of the ones it does use. 
C) Sometimes you have to break the rules to spend every dollar in a budget. 
D) Put incremental resources where the incremental returns are greatest over the foreseeable future. 
E) Individual management tools and techniques have no direct relationship to superior business performance in the companies.

Question 15

List the seven guidelines for developing effective plans and planning.

Accepted Answer

The answer of List the seven guidelines for developing effective...

Question 16

The actions taken in a situation (SWOT) analysis or Step 1 of the planning phase include: (1) __________, (2) analyze competitors, (3) assess own company, and (4) research customers.

Accepted Answer

A) set market and product goals 
B) select target markets 
C) find points of difference 
D) position the product 
E) identify industry trends

Question 17

The information needed for the implementation phase of the strategic marketing process includes: (1) a time-based agenda and an action item list, (2) organizational charts, and (3) __________.

Accepted Answer

A) marketing research reports 
B) positioning studies 
C) market-product grids with targets 
D) detailed plans to execute the marketing program 
E) projected future sales, expenses, and profits

Question 18

Lockheed Martin's Skunk Works is a leader in delivering world-class aircraft. About 50 engineers and designers and 100 expert machinists closely follow this guideline for organizational structure and implementation: Use a small number of good people who

Accepted Answer

A) implement the idea that "it is better to ask forgiveness than permission." 
B) know their jobs, as well as the ones around them. 
C) can talk to anyone in the organization to solve a problem. 
D) recognize that everyone should have a voice in decision making. 
E) never offer excuses, only explanations.

Question 19

Each phase of the strategic marketing process creates its own unique type of output report. Which of the following would be associated with the implementation phase?

Accepted Answer

A) performance reviews for key personnel 
B) corrective action memos, triggered by comparing results with plans, often from the firm's marketing dashboards and metrics 
C) sales reports using the firm's marketing metrics and dashboards 
D) action memos that tell who is to do what by when 
E) marketing plans that define goals with the pertinent marketing metrics and the marketing mix strategies to achieve them

Question 20

An aid to implementing a marketing plan and consisting of four columns-the task, the person responsible for completing the task, the date to finish the task, and what is to be delivered-is referred to as

Accepted Answer

A) an output report. 
B) a Gantt chart. 
C) a marketing plan. 
D) an action item list. 
E) a marketing action memo.

Exam 22: Pulling It All Together: the Strategic Marketing Process