Question 1

__________ create a new market by initially reaching new customers through displacing an existing market's low-end product.

Accepted Answer

A) Distinctive competencies 
B) Discontinuous innovations 
C) Disruptive innovations 
D) Synergy analysis frameworks 
E) Continuous innovations

Question 2

Percentage points of market share used as the common basis of comparison in an analysis to allocate marketing resources effectively for different product lines within the same firm are referred to as

Accepted Answer

A) market shares 
B) ratings 
C) marketing ROIs 
D) S-curve points 
E) share points

Question 3

A company that uses an organizational structure by 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 4

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 5

Marketing plans must enable results to be compared with planned targets,which allows __________,the flexibility to update original plans based on recent results.

Accepted Answer

A) replanning 
B) contingency planning 
C) recursive planning 
D) dynamic planning 
E) proactive change

Question 6

You have been told that a company increased its marketing effort from $2 million to $5 million,resulting in increased sales revenue from $12 million to $21 million.Calculate the company's ratio of incremental sales revenue to incremental marketing effort.

Accepted Answer

A) 3:1 
B) 1:3 
C) 8:5 
D) 5:2 
E) 21:12

Question 7

Explain the steps in the evaluation phase of the strategic marketing process.

Accepted Answer

The answer of Explain the steps in the evaluation phase...

Question 8

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 9

A market-product grid can help identify

Accepted Answer

A) the fastest areas of industry growth. 
B) competitors that offer product substitutes. 
C) marketing and R&D-manufacturing synergies. 
D) technological breakthroughs leading to new product opportunities. 
E) product offerings by the resources invested to maintain them.

Question 10

Based on a market-product grid framework,which marketing strategy involves developing a single product for a single market?

Accepted Answer

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

Question 11

The firm's annual marketing effort,such as advertising,personal selling,sales promotion,direct marketing,and public relations expenses is __________ in a sales response function graph.

Accepted Answer

A) plotted on the vertical (Y)axis 
B) plotted on the horizontal (S)axis 
C) plotted on the vertical (Z)axis 
D) the center point 
E) is plotted on the horizontal (X)axis

Question 12

An action item list refers to an aid to implement a marketing plan that consists of four columns: (1)the task; (2)__________; (3)the date to finish the task;and (4)what is to be delivered.

Accepted Answer

A) the budget 
B) the product or service 
C) the points of difference 
D) the promotional message 
E) the person responsible for completing the task

Question 13

The information needed for the evaluation phase of the strategic marketing process includes: (1)__________ and (2)action memos to correct problems and exploit opportunities.

Accepted Answer

A) positioning studies 
B) market-product grids with target segments and product groupings 
C) detailed plans to execute the marketing program 
D) tracking reports to measure results 
E) projected future sales,expenses,and profits

Question 14

Key problems that emerge in a firm's strategic marketing process include: (1)bad news is filtered out as information goes up the line to give top management a very rosy picture; (2)plans are based on very poor assumptions about environmental forces; (3)planners and their plans may have lost sight of their customers' needs; (4)too much time and effort may be spent on data collection and writing plans that are too complex to implement;and (5)__________.

Accepted Answer

A) there is poor communication between the firm and its stakeholders 
B) although management says they are behind the plans,they do not allocate resources to the degree necessary for success 
C) there is a lack of leadership 
D) plans can be thwarted by disgruntled employees,other departments,or competitors 
E) line operating managers often feel no sense of ownership in implementing the plans

Question 15

What is the primary disadvantage of employing a market specialization strategy?

Accepted Answer

A) Gaining market distribution will be costly. 
B) The organization may be spread too thin. 
C) The organization achieves neither marketing nor manufacturing synergies. 
D) R&D-manufacturing have the difficulty of producing multiple products. 
E) There are too many product substitutes over which a firm would not have control.

Question 16

The actions taken during the implementation phase of the strategic marketing process include: (1)obtain resources; (2)__________; (3)develop schedules;and (4)execute the marketing program.

Accepted Answer

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

Question 17

Loving Care Pets manufactures dog food specifically created for puppies under three months of age.In terms of the market-product grid framework,Loving Care Pets is a small firm without sustainable comparative advantages in marketing or production efficiencies.Loving Care Pets is using a __________ strategy.

Accepted Answer

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

Question 18

A share point refers to

Accepted Answer

A) the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry,including the firm itself. 
B) the percentage points of market share used as the common basis of comparison in an analysis to allocate marketing resources effectively for different product lines within the same firm. 
C) the sales revenue generated by different products within the firm expressed as a percentage. 
D) a measure of the quantitative value or trend of a marketing activity or result divided by the total marketing effort of the firm. 
E) the total number of a product sold in one year compared to the cumulative total sold since its introduction,expressed as a percentage.

Question 19

Which of the following statements best reflects the guideline for using a base of facts and valid assumptions?

Accepted Answer

A) "Statistics show that green is the most popular color for scarves for men;it only stands to reason the women will feel the same way." 
B) "Of all nurses surveyed,16 percent reported that they prefer a lighter weight handle.But we have to see if there is a difference in preference between male and female nurses before we make any modifications." 
C) "If people prefer chicken over beef at lunch,it is logical that they will prefer chicken for dinner as well." 
D) "I know that your research shows that yellow ducks will sell better,but my granddaughter loves pink bunnies,so that's what we'll put on the cards." 
E) "My intuition says that everyone will like the new iPhone."

Question 20

The application of modern measurement technologies to understand,quantify,and optimize marketing spending is referred to as __________.

Accepted Answer

A) situation analysis 
B) strategic marketing analysis 
C) marketing ROA (return on assets) 
D) marketing ROI (return on investment) 
E) marketing response evaluation

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