Question 1

A firm may have a goal to offer its customers the highest __________, as Medtronic does with its implantable medical devices.

Accepted Answer

A) innovation 
B) quality 
C) service 
D) value 
E) warranty

Question 2

Solarcom is a 30-year-old information technology company that owns several subsidiaries. One of its subsidiaries is Atlantix Global Systems, which is one of the leading wholesalers for refurbished computer equipment. It has a large share of an industry that is growing worldwide. According to the BCG business portfolio analysis framework, Atlantix Global would most likely be classified as a

Accepted Answer

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

Question 3

Today's organizations can be divided into three groups, which are __________ organizations.

Accepted Answer

A) company, nonprofit, and cooperative 
B) corporation, employee-owned, and interest 
C) for-profit, nonprofit, and governmental 
D) employee, distributor, and customer 
E) public, private, and international

Question 4

All of the following form the foundation upon which a firm builds its marketing program during the strategic marketing process except

Accepted Answer

A) research the organization's present and prospective customers. 
B) determine what business the organization is in. 
C) assess the organization itself. 
D) identify trends in the organization's industry. 
E) analyze the organization's competitors.

Question 5

A situation analysis refers to

Accepted Answer

A) taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it. 
B) an appraisal of an organization's cash flow and financial ratios to access its health and the potential for new investment. 
C) the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. 
D) a technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units as though they were separate investments. 
E) the process where a firm searches for growth opportunities from among current and new markets as well as current and new products.

Question 6

The __________ element of the marketing mix includes features and packaging.

Accepted Answer

A) product 
B) price 
C) promotion 
D) place 
E) people

Question 7

A marketing strategy is the means by which a marketing goal is to be achieved. The two parts that usually characterize a marketing strategy are

Accepted Answer

A) specific organizational goals and objectives. 
B) a detailed marketing plan and a marketing budget. 
C) marketing strategies and marketing tactics. 
D) a specified target market and a marketing program to reach it. 
E) marketing metrics and marketing dashboards to track effectiveness.

Question 8

A firm's __________ are timeless, capturing its heart and soul, and serve to inspire and motivate its stakeholders.

Accepted Answer

A) core values 
B) strategic goals 
C) offerings 
D) corporate culture 
E) corporate ethos

Question 9

The internal-unfavorable quadrant represents __________ in a SWOT analysis.

Accepted Answer

A) a threat 
B) a weakness 
C) a strength 
D) an opportunity 
E) a market segment

Question 10

The actions taken during the implementation phase of the strategic marketing process include: (1) __________; (2) design the marketing organization; (3) define precise tasks, responsibilities, and deadlines; and (4) execute the marketing program.

Accepted Answer

A) obtain resources 
B) select target markets 
C) position the product 
D) find points of difference 
E) develop the budget by estimating revenues, expenses, and profits

Question 11

Motorola, a pioneer firm in the mobile communications space, invented a program known as Six Sigma, that sets as a goal no more than one defect in one million parts manufactured. This is an example of __________ goal.

Accepted Answer

A) a profit 
B) a sales revenue 
C) a quality 
D) a market share 
E) an employee welfare

Question 12

Apple entered the music player market with its iPod in 2001 and by 2014 it had a 70 percent share of this market. However, global MP3 music player unit sales over the past few years have fallen dramatically and were expected to decline further by 2016, as Apple announced it is discontinuing the iPod Classic while it will continue to sell three iPod product lines. Currently, Apple's iPod SBU appears to be a

Accepted Answer

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

Question 13

A family owns a gelato business next to a small town's park, a favorite place for parents and children to stop on their way home from work or school. However, the business owner is barely making ends meet. In addition to running his store, he begins selling hand-made flies on the Internet for professional sports fishermen. This is an example of a __________ strategy.

Accepted Answer

A) market penetration 
B) product development 
C) market development 
D) product-market expansion 
E) diversification

Question 14

The Boston Consulting Group (BCG) business portfolio analysis requires an organization to locate the position for each of its strategic business units (SBUs) on a growth-share matrix. In a growth-share matrix, the vertical axis of the matrix indicates

Accepted Answer

A) the annual rate of growth of the firm's largest competitor. 
B) the relative dollar market share of the largest competitor. 
C) the annual rate of growth of the SBU's industry. 
D) the relative unit market share of the largest competitor. 
E) the annual rate of growth of the firm itself.

Question 15

The terms __________ and a mission statement are often used interchangeably.

Accepted Answer

A) idea 
B) objective 
C) vision 
D) goal 
E) protocol

Question 16

Seeking to obtain as high a financial return on their investments (ROI) as possible, firms will often set __________ goals.

Accepted Answer

A) sales 
B) quality 
C) market share 
D) profit 
E) employee welfare

Question 17

In the Boston Consulting Group (BCG) model for analysis of a firm's strategic business units, or SBUs, the vertical axis reflects

Accepted Answer

A) market growth rate. 
B) marketing efficiencies. 
C) industry attractiveness. 
D) market segment size. 
E) relative market share.

Question 18

In the BCG growth-share matrix, SBUs found in the low growth rate-low relative market share quadrant would be called

Accepted Answer

A) cash cows. 
B) stars. 
C) question marks. 
D) dogs. 
E) hedgehogs.

Question 19

"HowAboutWe is the fastest, easiest, most fun way to go on awesome dates" is the __________ for the online dating service that focuses on setting up actual activities as dates for its users.

Accepted Answer

A) sustainability doctrine 
B) core benefit proposition 
C) corporate philosophy 
D) mission statement 
E) code of ethics

Question 20

An organization's mission refers to

Accepted Answer

A) the target goal it sets for current profits based on enacting a comprehensive strategic plan. 
B) the target objective it projects for future market share based on enacting a comprehensive strategic plan. 
C) the fundamental, passionate, and enduring principles that guide its conduct over time. 
D) specific strategies and tactics that will be used to counteract any competitor's advantages. 
E) a statement of the organization's functions in society that identifies its customers, markets, products, and technologies.

Exam 2: Developing Successful Organizational and Marketing Strategies