Question 1

information needed in a situation (SWOT)analysis or Step 1 of the planning phase includes: (1)trends for industry and competitors and (2)__________.

Accepted Answer

A)  projected future sales, expenses, and profits 
B)  market potential studies 
C)  positioning studies 
D)  market-product grids with target segments and product groupings 
E)  marketing mix actions

Question 2

Based on a market-product grid framework,which marketing strategy offers all product lines to all market segments?

Accepted Answer

A)  full coverage 
B)  market specialization 
C)  product specialization 
D)  selective specialization 
E)  market-product concentration

Question 3

Reflecting on the research study of over 200 management tools and techniques,which of the following companies is used as an example of a firm that excels based on a performance-oriented culture?

Accepted Answer

A)  Costco 
B)  Smucker's 
C)  Coca-Cola 
D)  Kodak 
E)  Toyota

Question 4

Figure 22-10: General Mills Marketing Dashboard
-Consider Figure 22-10: General Mills Marketing Dashboard above.As part of the Warm Delights team at General Mills,you are asked to analyze and interpret the marketing dashboard for Warm Delights Minis.After a careful analysis of all four charts in the dashboard,what explains the increased monthly unit sales and sales revenue of Warm Delights Minis in the drugstore channel in late 2011?

Accepted Answer

A)  both the increased percentage of drug stores carrying the brand and the increased average number of flavors carried by a drug store 
B)  only the increased number of flavors carried by a drug store 
C)  only the shift in monthly unit sales from November to December from the grocery channel to the drug channel 
D)  only the shift in monthly total sales revenues from November to December from the grocery channel to the drug channel 
E)  only the increased percentage of drug stores carrying the brand

Question 5

Volkswagen achieved spectacular success in the late 1990s by targeting the "nostalgia" segment,35- to 54-year-old baby boomers,with its technology-laden New Beetle.Which of Porter's generic business strategies did Volkswagen use to launch the New Beetle?

Accepted Answer

A)  differentiation focus 
B)  cost leadership 
C)  differentiation 
D)  cost focus 
E)  marketing focus

Question 6

2007,Agro Farms launched its Chobani Greek Yogurt that has achieved spectacular success.This success is largely due to its

Accepted Answer

A)  price, which is about 25 percent less than competing yogurts. 
B)  partnership with Yoplait yogurt from General Mills, which is #1 in the yogurt product category. 
C)  creative distribution strategy, starting with Greek restaurants and eventually rolling out to supermarkets. 
D)  powerful points of difference that stress natural ingredients, quality, and taste. 
E)  replacing Kraft Foods in the yogurt business, Kraft now selling neither regular nor Greek yogurt.

Question 7

Balance has no celebrity endorsers and does minimal advertising,yet the athletic shoe brand has 11 percent of the sales in the athletic footwear market.The marketing team at New Balance estimates that increasing sales to 12 percent of the market will require an increase of $10 million in marketing effort and will result in an increase of its footwear sales of an additional $12 million.This 1 percent incremental increase from 11 to 12 percent is referred to as __________.

Accepted Answer

A)  a rating 
B)  marginal market share 
C)  a sales response margin 
D)  a share point 
E)  a direct response rate

Question 8

differentiation strategy refers to one of Porter's generic business strategies that

Accepted Answer

A)  involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of markets segments. 
B)  requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments. 
C)  focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments. 
D)  requires products to have significant points of difference to target one or only a few market segments. 
E)  seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

Question 9

actions taken during market product focus and goal setting,Step 2 of the planning phase,include: (1)set market and product goals, (2)select target markets, (3)find points of difference,and (4)__________.

Accepted Answer

A)  identify industry trends 
B)  research customers 
C)  develop the program's marketing mix 
D)  develop the budget by estimating revenues, expenses, and profits 
E)  position the product

Question 10

Which of the following statements regarding marketing failures is most accurate?

Accepted Answer

A)  Marketing failures are due to a lack of a program champion who is willing to make decisions and act on them. 
B)  Marketing failures are due to a lack of financial support. 
C)  Marketing failures are due to a lack of originality. 
D)  Marketing failures are due to poorly communicated plans. 
E)  Marketing failures are due to either a poor plan and strategy, poor implementation, or both.

Question 11

Today,the implementation phase of the strategic marketing process often involves moving many planning activities away from the duties of planners to those of __________ and finding effective ways to convert new marketing opportunities to completed projects.

Accepted Answer

A)  line managers 
B)  outside consultants 
C)  senior management 
D)  the chief marketing officer (CMO) 
E)  project teams

Question 12

Based on a market-product grid framework,which marketing strategy would most likely offer the greatest marketing synergies or efficiencies?

Accepted Answer

A)  market-product concentration 
B)  product specialization 
C)  market specialization 
D)  selective specialization 
E)  universal concentration

Question 13

Functional groupings refer to organizational groupings

Accepted Answer

A)  that group specific customer segments. 
B)  in which sales territories are subdivided according to geographic location. 
C)  that represent the different departments or business activities within a firm. 
D)  in which a unit is responsible for specific product offerings. 
E)  that combine both market-based groupings with product groupings.

Question 14

Figure 22-10: General Mills Marketing Dashboard Chart "B"
-Consider Figure 22-10: General Mills Marketing Dashboard Chart "B" above.As part of the Warm Delights team at General Mills,you are asked to analyze and interpret the marketing dashboard for Warm Delights Minis.After a careful analysis of Chart "B," you conclude the following:

Accepted Answer

A)  the drug store channel has dramatically increased the average number of flavors Warm Delights Minis carried per store from November to December. 
B)  the drug store channel has dramatically increased monthly unit sales of Warm Delight Minis from November to December. 
C)  the drug store channel has dramatically increased monthly sales revenues of Warm Delights Minis from November to December. 
D)  the drug store channel has seen a dramatic increase in the percentage of stores carrying Warm Delights Minis from November to December. 
E)  the drug store channel has seen a dramatic decrease in the percentage of stores carrying Warm Delights Minis from November to December.

Question 15

Reflecting on the research study of over 200 management tools and techniques,which of the following companies is used as an example of a firm that excels based on its organizational structure?

Accepted Answer

A)  Costco 
B)  Smucker's 
C)  Lockheed Martin's Skunk Works 
D)  Coca-Cola 
E)  Kodak

Question 16

strategic marketing process involves three phases: planning,implementation,and

Accepted Answer

A)  review. 
B)  execution. 
C)  evaluation. 
D)  goal revision. 
E)  correction.

Question 17

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

Accepted Answer

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

Question 18

action item list refers to an aid to implement a marketing plan that consists of four columns: (1)the task, (2)the person responsible for completing the task, (3)__________,and (4)what is to be delivered.

Accepted Answer

A)  the budget 
B)  the points of difference 
C)  the promotional message 
D)  the date to finish the task 
E)  the product or service

Question 19

company that uses an organizational structure including a marketing department,finance department,human resource department,etc.,is most likely using __________ groupings.

Accepted Answer

A)  functional 
B)  reseller 
C)  task-based 
D)  product line 
E)  market-based

Question 20

Synergy analysis refers to

Accepted Answer

A)  identifying a company's potential strengths, weaknesses, opportunities, and threats. 
B)  relating the expense of marketing effort to the marketing results obtained. 
C)  using percentage points of market share as the common basis of comparison to allocate marketing resources effectively for different product lines within the same firm. 
D)  using a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization. 
E)  seeking opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

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

information needed in a situation (SWOT) analysis or Step 1 of the planning phase includes: (1) trends for industry and competitors and (2) __________.