Question 1

Making more sales to current customers without changing a firm's products is known as ________.

Accepted Answer

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

Question 2

Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves market segmentation, ________, differentiation, and positioning.

Accepted Answer

A)  market targeting 
B)  marketing implementation 
C)  supply-chain analysis 
D)  price discrimination 
E)  market diversification 
A)  market targeting 
B)  marketing implementation 
C)  supply-chain analysis 
D)  price discrimination 
E)  market diversification

Question 3

What is the main purpose of the executive summary in a marketing plan?

Accepted Answer

It presents a brief summary of

Question 4

Which of the following companies has a product-oriented business definition?

Accepted Answer

A)  A luxury hotel, whose business definition is: "We sell out-of-the-world experiences to our guests." 
B)  A real estate company, whose business definition is: "We sell dreams." 
C)  A cosmetic company, whose business definition is: "We offer hopes and self-expression." 
D)  A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all." 
E)  A high-technology company, whose business definition is: "We sell inspirations." 
A)  A luxury hotel, whose business definition is: "We sell out-of-the-world experiences to our guests." 
B)  A real estate company, whose business definition is: "We sell dreams." 
C)  A cosmetic company, whose business definition is: "We offer hopes and self-expression." 
D)  A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all." 
E)  A high-technology company, whose business definition is: "We sell inspirations."

Question 5

Companies that define their missions in terms of product or technology are considered myopic primarily because ________.

Accepted Answer

A)  products and technologies result in low returns on investment 
B)  consumer preferences with regard to products and technologies are difficult to predict 
C)  consumer preferences for different product categories vary from time to time 
D)  products and technologies eventually become outdated 
E)  most consumers are not comfortable using sophisticated technologies during the buying process 
A)  products and technologies result in low returns on investment 
B)  consumer preferences with regard to products and technologies are difficult to predict 
C)  consumer preferences for different product categories vary from time to time 
D)  products and technologies eventually become outdated 
E)  most consumers are not comfortable using sophisticated technologies during the buying process

Question 6

FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy.

Accepted Answer

A)  market penetration 
B)  market development 
C)  downsizing 
D)  product adaptation 
E)  product development 
A)  market penetration 
B)  market development 
C)  downsizing 
D)  product adaptation 
E)  product development

Question 7

Which of the following is the first step of business portfolio planning?

Accepted Answer

A)  shaping the future portfolio by developing strategies for growth and downsizing 
B)  determining which businesses should receive more, less, or no investment 
C)  identifying internal strengths and weaknesses 
D)  identifying future opportunities 
E)  determining short-term goals 
A)  shaping the future portfolio by developing strategies for growth and downsizing 
B)  determining which businesses should receive more, less, or no investment 
C)  identifying internal strengths and weaknesses 
D)  identifying future opportunities 
E)  determining short-term goals

Question 8

Define strategic planning. Discuss the steps involved.

Accepted Answer

The process of developing and maintainin

Question 9

An American airline company started a grocery chain in Australia. This is an example of product development.

Accepted Answer

A) True 
 B)False

Question 10

The most common form of marketing organization is the ________ organization. Under this organization, different marketing activities are headed by an operational specialist.

Accepted Answer

A)  geographic 
B)  product management 
C)  functional 
D)  customer management 
E)  market 
A)  geographic 
B)  product management 
C)  functional 
D)  customer management 
E)  market

Question 11

________ refers to activities that communicate the merits of the product and persuade target customers to buy it.

Accepted Answer

A)  Position 
B)  Promotion 
C)  Pricing 
D)  Segmentation 
E)  Prospecting 
A)  Position 
B)  Promotion 
C)  Pricing 
D)  Segmentation 
E)  Prospecting

Question 12

RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a(n) ________.

Accepted Answer

A)  link in the company's internal value chain 
B)  separate organization 
C)  independent subsidiary of the company 
D)  separate market segment 
E)  SBU 
A)  link in the company's internal value chain 
B)  separate organization 
C)  independent subsidiary of the company 
D)  separate market segment 
E)  SBU

Question 13

What is a growth-share matrix? Discuss the BCG growth-share matrix.

Accepted Answer

The growth-share matrix is a portfolio-p

Question 14

________ is an overall evaluation of the company's strengths, weaknesses, opportunities, and threats.

Accepted Answer

A)  Porter's five forces analysis 
B)  A breakeven analysis 
C)  A regression analysis 
D)  A SWOT analysis 
E)  A cluster analysis 
A)  Porter's five forces analysis 
B)  A breakeven analysis 
C)  A regression analysis 
D)  A SWOT analysis 
E)  A cluster analysis

Question 15

Distinguish between market segmentation and market targeting.

Accepted Answer

The process of dividing a market into di

Question 16

Mission statements should ________ and be defined in terms of ________.

Accepted Answer

A)  be technology oriented; meeting the self-actualization needs of customers 
B)  be product oriented; satisfying the esteem needs of customers 
C)  embody the company's short-term plans; current opportunities 
D)  be market oriented; satisfying basic customer needs 
E)  address sales and profits; the net return on investments 
A)  be technology oriented; meeting the self-actualization needs of customers 
B)  be product oriented; satisfying the esteem needs of customers 
C)  embody the company's short-term plans; current opportunities 
D)  be market oriented; satisfying basic customer needs 
E)  address sales and profits; the net return on investments

Question 17

Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________.

Accepted Answer

A)  marketing plan 
B)  product mix 
C)  business portfolio 
D)  marketing mix 
E)  mission statement 
A)  marketing plan 
B)  product mix 
C)  business portfolio 
D)  marketing mix 
E)  mission statement

Question 18

The major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses that make up the company.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is true with regard to a market segment?

Accepted Answer

A)  A market segment consists of consumers with dissimilar needs and preferences. 
B)  A market segment consists of consumers who respond in a similar way to a given set of marketing efforts. 
C)  Very few markets have segments. 
D)  Dividing the market into segments decreases the efficiency of the selling process. 
E)  Dividing the market into segments reduces composite demand. 
A)  A market segment consists of consumers with dissimilar needs and preferences. 
B)  A market segment consists of consumers who respond in a similar way to a given set of marketing efforts. 
C)  Very few markets have segments. 
D)  Dividing the market into segments decreases the efficiency of the selling process. 
E)  Dividing the market into segments reduces composite demand.

Question 20

Which of the following would be classified as an opportunity in a SWOT analysis of Fun-Spot?

Accepted Answer

A)  A rival amusement park announces plans to open three new rides next season. 
B)  A new luxury hotel is being constructed in the area, with the aim of attracting more high-spending families on vacation. 
C)  Ron and Gail have paid off the mortgage on Fun-Spot, significantly reducing their monthly expenses. 
D)  Fun-Spot employees tend to be enthusiastic and young, projecting an image of fun and vitality. 
E)  Fun-Spot plans to further diversify its offerings by beginning a two-week summer camp for elementary school students. 
A)  A rival amusement park announces plans to open three new rides next season. 
B)  A new luxury hotel is being constructed in the area, with the aim of attracting more high-spending families on vacation. 
C)  Ron and Gail have paid off the mortgage on Fun-Spot, significantly reducing their monthly expenses. 
D)  Fun-Spot employees tend to be enthusiastic and young, projecting an image of fun and vitality. 
E)  Fun-Spot plans to further diversify its offerings by beginning a two-week summer camp for elementary school students.

Making more sales to current customers without changing a firm's products is known as ________.

Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves market segmentation, ________, differentiation, and positioning.

What is the main purpose of the executive summary in a marketing plan?

Which of the following companies has a product-oriented business definition?

Companies that define their missions in terms of product or technology are considered myopic primarily because ________.

FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy.

Which of the following is the first step of business portfolio planning?

Define strategic planning. Discuss the steps involved.

An American airline company started a grocery chain in Australia. This is an example of product development.

The most common form of marketing organization is the ________ organization. Under this organization, different marketing activities are headed by an operational specialist.

________ refers to activities that communicate the merits of the product and persuade target customers to buy it.

RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a(n) ________.

What is a growth-share matrix? Discuss the BCG growth-share matrix.

________ is an overall evaluation of the company's strengths, weaknesses, opportunities, and threats.

Distinguish between market segmentation and market targeting.

Mission statements should and be defined in terms of .

Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________.

The major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses that make up the company.

Which of the following is true with regard to a market segment?

Which of the following would be classified as an opportunity in a SWOT analysis of Fun-Spot?

Marketing: Creating and Capturing Customer Value

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Consumer Buyer Behavior

Business Markets and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

New-Product Development and Product Life Cycle Strategies

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct and Online Marketing: Building Direct Customer Relationships

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

Exam 2: Company and Marketing Strategy: Partnering to Build Customer Relationships

Making more sales to current customers without changing a firm's products is known as ________.

Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves market segmentation, ________, differentiation, and positioning.

What is the main purpose of the executive summary in a marketing plan?

Which of the following companies has a product-oriented business definition?

Companies that define their missions in terms of product or technology are considered myopic primarily because ________.

FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy.

Which of the following is the first step of business portfolio planning?

Define strategic planning. Discuss the steps involved.

An American airline company started a grocery chain in Australia. This is an example of product development.

The most common form of marketing organization is the ________ organization. Under this organization, different marketing activities are headed by an operational specialist.

________ refers to activities that communicate the merits of the product and persuade target customers to buy it.

RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a(n) ________.

What is a growth-share matrix? Discuss the BCG growth-share matrix.

________ is an overall evaluation of the company's strengths, weaknesses, opportunities, and threats.

Distinguish between market segmentation and market targeting.

Mission statements should ________ and be defined in terms of ________.

Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________.

The major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses that make up the company.

Which of the following is true with regard to a market segment?

Which of the following would be classified as an opportunity in a SWOT analysis of Fun-Spot?

Marketing: Creating and Capturing Customer Value

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Consumer Buyer Behavior

Business Markets and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

New-Product Development and Product Life Cycle Strategies

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct and Online Marketing: Building Direct Customer Relationships

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

Mission statements should and be defined in terms of .