Question 1

What is the traditional view of marketing?

Accepted Answer

A)  Firms should just focus on production because if the products are good then they will automatically sell. 
B)  Firms should just focus on production and selling because marketing occurs as a part of the selling process. 
C)  Firms should have a proper marketing team that can increase consumers' awareness of their products and rouse their interest in them. 
D)  Firms should price their products as low as possible so that marketing them becomes easy. 
E)  Firms should remember that promotion is the most important of the four Ps. 
A)  Firms should just focus on production because if the products are good then they will automatically sell. 
B)  Firms should just focus on production and selling because marketing occurs as a part of the selling process. 
C)  Firms should have a proper marketing team that can increase consumers' awareness of their products and rouse their interest in them. 
D)  Firms should price their products as low as possible so that marketing them becomes easy. 
E)  Firms should remember that promotion is the most important of the four Ps.

Question 2

During the planning process, if there is a gap between future desired sales and projected sales, corporate management will need to develop or acquire new businesses to fill it. Identify and describe the three strategies that can be used to fill the strategic gap.

Accepted Answer

The first option is to identify opportun

Question 3

Qantas, the Australian national carrier, introduces flights to the Middle East. This is an example of ________.

Accepted Answer

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

Question 4

Explain what happens in a SWOT analysis during the strategic planning process.

Accepted Answer

SWOT (strengths, weaknesses, opportuniti

Question 5

When one company licenses another to produce its offerings, or two companies jointly market their complementary offerings, it is called a ________.

Accepted Answer

A)  pricing collaboration 
B)  product or service alliance 
C)  promotional alliance 
D)  logistics collaboration 
E)  total quality management 
A)  pricing collaboration 
B)  product or service alliance 
C)  promotional alliance 
D)  logistics collaboration 
E)  total quality management

Question 6

Good marketing plans are usually short and to the point.

Accepted Answer

A) True 
 B)False

Question 7

As Kodak addresses the digital revolution taking over the photographic industry, it wants customers to see it as a leader in digital photography. Thus, it is moving away from the production of film roll cameras. This would be an example of which of the following value creation steps?

Accepted Answer

A)  abandoning current product lines 
B)  changing the corporate vision 
C)  repositioning the company's brand identity 
D)  redoing the corporate logo 
E)  realigning core competencies 
A)  abandoning current product lines 
B)  changing the corporate vision 
C)  repositioning the company's brand identity 
D)  redoing the corporate logo 
E)  realigning core competencies

Question 8

Definitions of a firm's mission as well as its marketing and financial objectives are included in the marketing strategy section of the marketing plan.

Accepted Answer

A) True 
 B)False

Question 9

A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction, and ________.

Accepted Answer

A)  profitability 
B)  target market feasibility 
C)  opportunity 
D)  continuous improvement 
E)  quality products 
A)  profitability 
B)  target market feasibility 
C)  opportunity 
D)  continuous improvement 
E)  quality products

Question 10

Gerber primarily serves the baby food market. In choosing to focus on this market, Gerber is defining its competitive sphere on the basis of ________.

Accepted Answer

A)  vertical segmentation 
B)  backward integration 
C)  market segmentation 
D)  diversification 
E)  differentiation 
A)  vertical segmentation 
B)  backward integration 
C)  market segmentation 
D)  diversification 
E)  differentiation

Question 11

When a firm aims to underprice competitors and win market share, it is using a(n)________ strategy that requires relatively less marketing skills as compared to other strategies.

Accepted Answer

A)  product differentiation 
B)  overall cost leadership 
C)  focus 
D)  domestic customer relationship 
E)  price skimming 
A)  product differentiation 
B)  overall cost leadership 
C)  focus 
D)  domestic customer relationship 
E)  price skimming

Question 12

A strategic-planning gap can be corrected by ________.

Accepted Answer

A)  changing the company's mission 
B)  adjusting its core values 
C)  choosing integrative growth strategies 
D)  redefining organizational culture 
E)  increasing resource use 
A)  changing the company's mission 
B)  adjusting its core values 
C)  choosing integrative growth strategies 
D)  redefining organizational culture 
E)  increasing resource use

Question 13

When two service businesses, H&R Block and Hyatt Legal Services, combined their efforts, they also joined marketing forces to create a strong alliance. This would classify as which type of strategic alliance? Explain your answer.

Accepted Answer

This alliance is called a prod

Question 14

The firm's success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct core business processes. List and briefly describe the five core business processes.

Accepted Answer

The core business processes include (1)

Question 15

If a company sought to grow by starting new businesses that have no relation to its current technology, products, or markets, the company would be using a market penetration strategy.

Accepted Answer

A) True 
 B)False

Question 16

Value delivery process can be divided into three phases, out of which "choosing the value" implies _______, which is the essence of strategic marketing.

Accepted Answer

A)  segmentation, developing, and delivering 
B)  targeting, positioning, and communicating 
C)  targeting, positioning, and delivering 
D)  segmentation, targeting, and positioning 
E)  researching, developing, and delivering 
A)  segmentation, developing, and delivering 
B)  targeting, positioning, and communicating 
C)  targeting, positioning, and delivering 
D)  segmentation, targeting, and positioning 
E)  researching, developing, and delivering

Question 17

Today, the "mass market" is actually splintering into numerous segments, each with its own wants, perceptions, preferences, and buying criteria. This implies that ________.

Accepted Answer

A)  the traditional marketing approach would be the best approach to follow 
B)  the producers must consider themselves as a part of the value-chain process 
C)  the producers should focus on niche markets 
D)  all market segments are equally profitable 
E)  target market strategies are no longer effective 
A)  the traditional marketing approach would be the best approach to follow 
B)  the producers must consider themselves as a part of the value-chain process 
C)  the producers should focus on niche markets 
D)  all market segments are equally profitable 
E)  target market strategies are no longer effective

Question 18

The fulfillment management process includes all the activities in ________.

Accepted Answer

A)  gathering and acting upon information about the market 
B)  researching, developing, and launching new high-quality offerings quickly and within budget standards 
C)  defining target markets and prospecting for new customers 
D)  building deeper understanding, relationships, and offerings to individual customers 
E)  receiving and approving orders, shipping the goods on time, and collecting payment 
A)  gathering and acting upon information about the market 
B)  researching, developing, and launching new high-quality offerings quickly and within budget standards 
C)  defining target markets and prospecting for new customers 
D)  building deeper understanding, relationships, and offerings to individual customers 
E)  receiving and approving orders, shipping the goods on time, and collecting payment

Question 19

Briefly summarize the contents of a marketing plan.

Accepted Answer

The contents of a marketing pl

Question 20

The traditional view of marketing is that the firm makes something and then sells it.

Accepted Answer

A) True 
 B)False

Exam 2: Developing Marketing Strategies and Plans

What is the traditional view of marketing?

During the planning process, if there is a gap between future desired sales and projected sales, corporate management will need to develop or acquire new businesses to fill it. Identify and describe the three strategies that can be used to fill the strategic gap.

Qantas, the Australian national carrier, introduces flights to the Middle East. This is an example of ________.

Explain what happens in a SWOT analysis during the strategic planning process.

When one company licenses another to produce its offerings, or two companies jointly market their complementary offerings, it is called a ________.

Good marketing plans are usually short and to the point.

As Kodak addresses the digital revolution taking over the photographic industry, it wants customers to see it as a leader in digital photography. Thus, it is moving away from the production of film roll cameras. This would be an example of which of the following value creation steps?

Definitions of a firm's mission as well as its marketing and financial objectives are included in the marketing strategy section of the marketing plan.

A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction, and ________.

Gerber primarily serves the baby food market. In choosing to focus on this market, Gerber is defining its competitive sphere on the basis of ________.

When a firm aims to underprice competitors and win market share, it is using a(n)________ strategy that requires relatively less marketing skills as compared to other strategies.

A strategic-planning gap can be corrected by ________.

When two service businesses, H&R Block and Hyatt Legal Services, combined their efforts, they also joined marketing forces to create a strong alliance. This would classify as which type of strategic alliance? Explain your answer.

The firm's success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct core business processes. List and briefly describe the five core business processes.

If a company sought to grow by starting new businesses that have no relation to its current technology, products, or markets, the company would be using a market penetration strategy.

Value delivery process can be divided into three phases, out of which "choosing the value" implies _______, which is the essence of strategic marketing.

Today, the "mass market" is actually splintering into numerous segments, each with its own wants, perceptions, preferences, and buying criteria. This implies that ________.

The fulfillment management process includes all the activities in ________.

Briefly summarize the contents of a marketing plan.

The traditional view of marketing is that the firm makes something and then sells it.

Defining Marketing for the 21st Century

Collecting Information and Forecasting Demand

Conducting Marketing Research

Creating Long-Term Loyalty Relationships

Analyzing Consumer Markets

Analyzing Business Markets

Identifying Market Segments and Targets

Creating Brand Equity

Crafting the Brand Positioning

Competitive Dynamics

Setting Product Strategy

Designing and Managing Services

Developing Pricing Strategies and Programs

Designing and Managing Integrated Marketing Channels

Managing Retailing, Wholesaling, and Logistics

Designing and Managing Integrated Marketing Communications

Managing Mass Communications: Advertising, Sales Promotions, Events and Experiences, and Public Relations

Managing Personal Communications: Direct and Interactive Marketing, Word of Mouth, and Personal Selling

Introducing New Market Offerings

Tapping into Global Markets

Managing a Holistic Marketing Organization for the Long Run

Filters