Question 1

If the Pillsbury Company started a major promotional campaign for its Green Giant frozen vegetables with aggressive advertising and cents-off coupons to existing customers,it would be following a market development strategy.

Accepted Answer

A) True 
 B)False

Question 2

After management agrees on a mission statement,it must set objectives.Which of the following is NOT a characteristic of a good objective?

Accepted Answer

A)  profitable 
B)  realistic 
C)  measurable 
D)  time-specific 
E)  consistent

Question 3

The _____ answers the question,"What business are we in and where are we going?"

Accepted Answer

A)  mission statement 
B)  financial statement 
C)  situation analysis 
D)  market strategy 
E)  strategic plan

Question 4

The company that manufactures Molson beer simultaneously launched Arctic brand in Ontario and Tornade brand in Quebec with the intention of gaining a share of the rapidly expanding alcoholic lemonade segment of the beverage industry.The separate launch strategies for the products are due to different market conditions in the two Canadian provinces.Molson used _____ strategies to reach existing markets with its new product.

Accepted Answer

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

Question 5

All the following are environmental forces a Washington state fruit grower with both orchards and a packaging/shipping facility might consider when making marketing decisions.What factor is LEAST likely to impact its marketing decisions?

Accepted Answer

A)  working mothers who rely on their teenagers to do the family grocery shopping 
B)  the increase in foreign shipments to the United States of a similar product 
C)  changes in the state laws concerning pollution control,waste disposal,and use of pesticides 
D)  inflation and interest rates 
E)  the number of employees of a Florida state fruit grower

Question 6

_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities.

Accepted Answer

A)  Tactical management 
B)  The market audit 
C)  Functional planning 
D)  Environmental scanning 
E)  Strategic planning

Question 7

What is a SWOT analysis? How does it relate to strategic planning?

Accepted Answer

The answer of What is a SWOT analysis? How does...

Question 8

Hustler Turf Equipment is a Southeastern company that makes landscaping equipment.The company is looking at customer trends,its competitors,and the economy to see if there are any threats or opportunities on the horizon.It has also examined its production policies and sales histories to determine its strengths and weaknesses.Hustler Turf Equipment is conducting a(n):

Accepted Answer

A)  environmental test 
B)  market audit 
C)  trend analysis 
D)  situation analysis 
E)  competitive advantage search

Question 9

Fit,a health and fitness magazine,describes its readers as being female,18 to 25 years of age,single,high school graduates,and earners of above-average income.The magazine's _____ would have identified this market segment.

Accepted Answer

A)  environmental audit 
B)  statement of purpose 
C)  market development strategy 
D)  target market strategy 
E)  environmental mission statement

Question 10

SCENARIOS
Eastman Kodak Co.
As the head of Eastman Kodak Co.,George M.C.Fisher devised a plan to save Kodak from being trapped in the slow growth photography industry,hobbled by huge debts,a dysfunctional management culture,and a dispirited workforce.At the time of his takeover of Kodak,the product development and sales functions for the company were scattered among divisions,and the business mission was ill-focused.Fisher envisioned a long-term strategy in which Kodak focused on its core competencies.By evaluating the pros and cons associated with its various businesses,Fisher decided that imaging was the key to the future.He then sold Kodak's health and household-products arms.He also assembled most of the corporate talent into one division and hired an experienced computer marketing executive to head it.Further,by stressing accountability,quality,and cycle time,Fisher began to transform Kodak's slow moving culture.Fisher believes Kodak could double its growth rate in photography,a tough challenge in a slow-growing market,by becoming more global and by challenging Fujifilm in China.
-Refer to Delta Faucet.Delta's decision to make more stylish faucets represents a change in the _____ element of its marketing mix.

Accepted Answer

A)  product 
B)  promotion 
C)  place 
D)  production 
E)  distribution

Question 11

SCENARIOS
Eastman Kodak Co.
As the head of Eastman Kodak Co.,George M.C.Fisher devised a plan to save Kodak from being trapped in the slow growth photography industry,hobbled by huge debts,a dysfunctional management culture,and a dispirited workforce.At the time of his takeover of Kodak,the product development and sales functions for the company were scattered among divisions,and the business mission was ill-focused.Fisher envisioned a long-term strategy in which Kodak focused on its core competencies.By evaluating the pros and cons associated with its various businesses,Fisher decided that imaging was the key to the future.He then sold Kodak's health and household-products arms.He also assembled most of the corporate talent into one division and hired an experienced computer marketing executive to head it.Further,by stressing accountability,quality,and cycle time,Fisher began to transform Kodak's slow moving culture.Fisher believes Kodak could double its growth rate in photography,a tough challenge in a slow-growing market,by becoming more global and by challenging Fujifilm in China.
-Refer to FFRS."Serving ferrets and their owners in a 5-county area" would be an example of a:

Accepted Answer

A)  mission statement 
B)  business arena 
C)  situation analysis 
D)  market strategy 
E)  strategic plan

Question 12

One of the divisions of Procter & Gamble (P&G)manufactures and markets health and beauty aids.It handles products like Olay lotions and Old Spice fragrances.This part of the business has its own accounting,engineering,manufacturing,and marketing departments,separate from the rest of the organization.This division also has its own mission statement,target markets,and planning committees.This segment of P&G would be termed a:

Accepted Answer

A)  product market niche 
B)  diversified division 
C)  heterogeneous element 
D)  strategic alliance 
E)  strategic business unit

Question 13

SCENARIOS
Eastman Kodak Co.
As the head of Eastman Kodak Co.,George M.C.Fisher devised a plan to save Kodak from being trapped in the slow growth photography industry,hobbled by huge debts,a dysfunctional management culture,and a dispirited workforce.At the time of his takeover of Kodak,the product development and sales functions for the company were scattered among divisions,and the business mission was ill-focused.Fisher envisioned a long-term strategy in which Kodak focused on its core competencies.By evaluating the pros and cons associated with its various businesses,Fisher decided that imaging was the key to the future.He then sold Kodak's health and household-products arms.He also assembled most of the corporate talent into one division and hired an experienced computer marketing executive to head it.Further,by stressing accountability,quality,and cycle time,Fisher began to transform Kodak's slow moving culture.Fisher believes Kodak could double its growth rate in photography,a tough challenge in a slow-growing market,by becoming more global and by challenging Fujifilm in China.
-Refer to FFRS.The fact the FFRS is the only shelter of its kind in the state of Texas to have a "no-kill" policy,to offer pickup services in a 5-county area,and to have exclusive rights in the region to market Totally Ferret Food makes up the company's:

Accepted Answer

A)  sustained window of opportunity 
B)  comparative edge 
C)  competitive advantage 
D)  marketing alliance 
E)  penetration strategy

Question 14

Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

Accepted Answer

A) True 
 B)False

Question 15

Larkspur Pottery used to sell finished pots and figurines by local artists when its owner noticed that many of her customers were asking if there were any way that they could make and personalize their own pieces.Now,she sells pottery blanks,and customers create pieces that exactly suit their needs.This is an example of:

Accepted Answer

A)  planning with the intent to challenge existing company assumptions 
B)  strategic planning based on creativity 
C)  a designated single time frame during the year 
D)  the use of a BCG portfolio matrix 
E)  a stringent and narrow mission statement

Question 16

There is an overabundance of apartments in Atlanta.Post Properties,the owner of the metropolitan area's largest apartment complexes,has reduced its rent so it can fill vacant apartments.Which of the following types of strategies did Post Properties use to create more demand for its apartments?

Accepted Answer

A)  production strategies 
B)  personnel strategies 
C)  distribution strategies 
D)  product strategies 
E)  price strategies

Question 17

ConAgra Foods,Inc.has decided to sell all of its meat-processing plants and get totally out of its meat-processing business in order to raise the company's net profits.Which of the following statements describes how the sale of the processing plants will affect ConAgra's marketing mix?

Accepted Answer

A)  It will only affect the product element of ConAgra's marketing mix. 
B)  It will only affect ConAgra's Four Ps-not its marketing mix. 
C)  It will affect all of ConAgra's marketing mix elements,either directly or indirectly. 
D)  It will not affect the promotion or distribution elements of the ConAgra marketing mix. 
E)  It will have no affect on ConAgra's marketing mix.

Question 18

An international company that needs to develop a way to compare its actual marketing results with planned results would need to engage in:

Accepted Answer

A)  external market research 
B)  implementation 
C)  comparative analyses 
D)  planning 
E)  control

Question 19

The four P's of the marketing mix are product,planning,promotion,and price.

Accepted Answer

A) True 
 B)False

Question 20

Aldi is a no-frills grocery chain.It sells grocery staples right out of crates and boxes with emphasis on low-priced,private-label brands.Aldi stores are typically about one-third the size of the traditional supermarket.By controlling expenses,Aldi customers can expect to save 30 to 50 percent compared to Kroger customers.The chain targets bargain hunters who are willing to rent a cart and bag their own groceries.Aldi has a(n)

Accepted Answer

A)  market-homogeneous focus 
B)  cost competitive advantage 
C)  product aggregation strategy 
D)  revenue-based competitive advantage 
E)  profit-enhanced advantage

Exam 2: Strategic Planning for Competitive Advantag

If the Pillsbury Company started a major promotional campaign for its Green Giant frozen vegetables with aggressive advertising and cents-off coupons to existing customers,it would be following a market development strategy.

After management agrees on a mission statement,it must set objectives.Which of the following is NOT a characteristic of a good objective?

The _____ answers the question,"What business are we in and where are we going?"

All the following are environmental forces a Washington state fruit grower with both orchards and a packaging/shipping facility might consider when making marketing decisions.What factor is LEAST likely to impact its marketing decisions?

_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities.

What is a SWOT analysis? How does it relate to strategic planning?

Fit,a health and fitness magazine,describes its readers as being female,18 to 25 years of age,single,high school graduates,and earners of above-average income.The magazine's _____ would have identified this market segment.

Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

There is an overabundance of apartments in Atlanta.Post Properties,the owner of the metropolitan area's largest apartment complexes,has reduced its rent so it can fill vacant apartments.Which of the following types of strategies did Post Properties use to create more demand for its apartments?

ConAgra Foods,Inc.has decided to sell all of its meat-processing plants and get totally out of its meat-processing business in order to raise the company's net profits.Which of the following statements describes how the sale of the processing plants will affect ConAgra's marketing mix?

An international company that needs to develop a way to compare its actual marketing results with planned results would need to engage in:

The four P's of the marketing mix are product,planning,promotion,and price.