Question 1

Which of the following pieces of information is used in a SWOT analysis,the first step of the planning phase of the strategic marketing process?

Accepted Answer

A)  marketing return on investment
B)  market share for the product
C)  trends for industry and competitors
D)  revenues associated with each point of market share
E)  possible cannibalization effects on other products in the line C

Question 2

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. C

Question 3

In Figure 22-4 above,the market-product grid labeled "B" illustrates which of the following market-product strategies?

Accepted Answer

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

Question 4

Developing a program schedule involves: (1)identifying the main tasks; (2)determining the time required to complete each task; (3)arranging the activities to meet the deadline;and (4)__________.

Accepted Answer

A)  selecting a product champion
B)  assigning people the responsibilities to complete each task
C)  defining specific market segments
D)  creating marketing metrics to evaluate the results
E)  scheduling a follow-up meeting to evaluate the results

Question 5

Which of the following statements best reflects the guideline for having complete and feasible plans?

Accepted Answer

A)  "The eyeglass cases will come in both hard and soft holders,in multiple colors,and we'll give them a mid-range price.They're cute enough that we might be able to cut back on advertising."
B)  "Ideally,we should release the e-book immediately after the hard cover book comes out,but it would mean redirecting resources away from the tour."
C)  "Our research shows the most efficient way to distribute the product is through rack jobbers,but at this point we don't know how price sensitive the market is."
D)  "If we want to sell designer clothing for eleven fashion dolls,we need to keep prices close to the $20 range,including shipping and handling.Since the target market consists of women over 40 who use the dolls in home decorating,we need to budget funds to run ads in design magazines."
E)  "Most people say they want more soy based products;if we could corner the soy market,we might be able to prevent the competition from entering the game."

Question 6

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

Accepted Answer

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

Question 7

Procter & Gamble uses category managers to organize by "global business units" such as baby care and beauty care.Cutting across country boundaries,these global business units implement standardized worldwide pricing,marketing,and distribution strategies.The baby care category manager would have

Accepted Answer

A)  completely different duties from the brand manager.
B)  profit and loss responsibility for all baby care products in the line.
C)  to use persuasion as opposed to direct authority to get any goals achieved.
D)  no authority over functions,except marketing,that affects baby care products.
E)  no authority on U.S.baby care product sales.

Question 8

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 9

A cost focus strategy refers to one of Porter's generic business strategies that

Accepted Answer

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

Question 10

The information needed in market product focus and goal setting,Step 2 of the planning phase includes: (1)market potential studies; (2)market-product grids with target segments and product groupings;and (3)__________.

Accepted Answer

A)  trends for industry and competitors
B)  marketing mix actions
C)  detailed plans to execute the marketing program
D)  perceptual maps and positioning statements
E)  projected future sales,expenses,and profits

Question 11

Synergy analysis incorporates two business analysis tools,which are diversification analysis and __________.

Accepted Answer

A)  Porter's generic business strategy framework
B)  the market-product grid framework
C)  SWOT analysis
D)  Porter's competitive advantage
E)  share point analysis

Question 12

A 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 13

Management experts call for a "bias for action." How can this attitude be important in marketing program implementation?

Accepted Answer

The answer of Management experts call for a "bias for...

Question 14

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

Accepted Answer

A)  continuous improvement
B)  multi-level input
C)  make haste,not waste
D)  continuous production
E)  continuous communication

Question 15

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 16

Consider Figure 22-8: General Mills Marketing Dashboard Chart "A" above.As part of the Warm Delights marketing team at General Mills,you are asked to analyze and interpret the marketing dashboard for Warm Delights Minis.After a careful analysis of Chart "A," you conclude the following:

Accepted Answer

A)  Grocery-In terms of monthly dollar sales,this is the most important channel and shows a consistent upward trend.
B)  Mass-It has a slight upward trend in monthly unit sales,with a temporary uptick in May.
C)  Warehouse-Monthly unit sales revenues have remained virtually constant for the year.
D)  Convenience: Monthly unit sales revenues are trending down after October.
E)  Drug:-As the average number of flavors has grown,monthly sales revenues grew significantly from September through December.

Question 17

The more a marketing plan is based on __________,the less uncertainty and fewer risks are associated with executing it.

Accepted Answer

A)  opinions
B)  intuition
C)  facts and valid assumptions
D)  past historical data
E)  alternative contingencies

Question 18

Many people are concerned about "eating healthy," but many of these same people still grab lunch at fast food restaurants because the restaurants are convenient and they like cheeseburgers.Burger King has created a veggie burger that "tastes like the real thing without all the fat." Burger King is MOST LIKELY using a __________ strategy to attract this large market that encompasses many different segments.

Accepted Answer

A)  cost leadership strategy
B)  cost focus strategy
C)  differentiation strategy
D)  differentiation focus strategy
E)  service focus strategy

Question 19

What is the assumed shape of the graph of the sales response function?

Accepted Answer

A)  U-shaped
B)  S-shaped
C)  a straight,downward-sloping line,starting in the upper left and extending to the lower right of the graph
D)  a straight,upward-sloping line,starting in the lower left and extending to the upper right of the graph
E)  W-shaped

Question 20

When using share points to make marketing resource allocation decisions,marketing managers must estimate: (1)the market share for the product; (2the revenues associated with each point of market share; (3)__________;and (4)possible cannibalization effects on other products in the line.

Accepted Answer

A)  total production costs
B)  number of market segments
C)  stage of the product in its product life cycle
D)  the contribution to overhead and profit of each share point
E)  the total financial resources available for a sustained marketing effort

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