Question 1

Market segmentation can be best described as the process of ________.

Accepted Answer

A)  assigning specific human attributes to a given brand 
B)  dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs 
C)  evaluating each market segment's attractiveness and selecting one or more segments to enter 
D)  turning marketing plans into marketing actions to accomplish strategic marketing objectives 
E)  maintaining a strategic fit between organizational goals and changing marketing opportunities 
A)  assigning specific human attributes to a given brand 
B)  dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs 
C)  evaluating each market segment's attractiveness and selecting one or more segments to enter 
D)  turning marketing plans into marketing actions to accomplish strategic marketing objectives 
E)  maintaining a strategic fit between organizational goals and changing marketing opportunities B

Question 2

A mission statement is a document embodying an organization's short-term goals.

Accepted Answer

A) True 
 B)False  False

Question 3

Which of the following is NOT a market-oriented business definition?

Accepted Answer

A)  "We empower customers to realize their dreams." 
B)  "We make high-quality consumer food products." 
C)  "We sell success and status." 
D)  "We create the Hilton experience." 
E)  "We bring innovation to every home." 
A)  "We empower customers to realize their dreams." 
B)  "We make high-quality consumer food products." 
C)  "We sell success and status." 
D)  "We create the Hilton experience." 
E)  "We bring innovation to every home." B

Question 4

In a SWOT analysis, ________ include favorable trends in the external environment.

Accepted Answer

A)  strengths 
B)  challenges 
C)  weaknesses 
D)  opportunities 
E)  threats 
A)  strengths 
B)  challenges 
C)  weaknesses 
D)  opportunities 
E)  threats

Question 5

Product refers to the goods-and-services combination that a company offers to its target market.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is true with regard to strategic planning?

Accepted Answer

A)  At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company. 
B)  A strategic plan deals with a company's short-term goals. 
C)  The focus of strategic planning is to define a game plan for long-run survival and growth. 
D)  The strategic plan is a statement of an organization's purpose. 
E)  Strategic planning involves identifying segments of consumers with identical preferences. 
A)  At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company. 
B)  A strategic plan deals with a company's short-term goals. 
C)  The focus of strategic planning is to define a game plan for long-run survival and growth. 
D)  The strategic plan is a statement of an organization's purpose. 
E)  Strategic planning involves identifying segments of consumers with identical preferences.

Question 7

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.

Accepted Answer

A)  channel intermediary 
B)  line extension 
C)  market segment 
D)  product attribute 
E)  brand personality 
A)  channel intermediary 
B)  line extension 
C)  market segment 
D)  product attribute 
E)  brand personality

Question 8

Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus?

Accepted Answer

A)  market follower 
B)  market challenger 
C)  early adopter 
D)  market nicher 
E)  laggard 
A)  market follower 
B)  market challenger 
C)  early adopter 
D)  market nicher 
E)  laggard

Question 9

Many managers think that "doing things right," or ________, is as important as, or even more important than, "doing the right things."

Accepted Answer

A)  strategy 
B)  planning 
C)  positioning 
D)  implementation 
E)  targeting 
A)  strategy 
B)  planning 
C)  positioning 
D)  implementation 
E)  targeting

Question 10

What is a value delivery network?

Accepted Answer

A value delivery network refers to the n

Question 11

What does a market segment consist of?

Accepted Answer

A market segment consists of c

Question 12

Which of the following is an element of the marketing mix?

Accepted Answer

A)  place 
B)  education 
C)  needs 
D)  wants 
E)  esteem 
A)  place 
B)  education 
C)  needs 
D)  wants 
E)  esteem

Question 13

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________.

Accepted Answer

A)  benchmarking 
B)  diversification 
C)  mass customization 
D)  product development 
E)  downsizing 
A)  benchmarking 
B)  diversification 
C)  mass customization 
D)  product development 
E)  downsizing

Question 14

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

Accepted Answer

A)  positioning 
B)  segmenting 
C)  diversifying 
D)  prospecting 
E)  satisficing 
A)  positioning 
B)  segmenting 
C)  diversifying 
D)  prospecting 
E)  satisficing

Question 15

Market development involves company growth by identifying and developing new market segments for current company products.

Accepted Answer

A) True 
 B)False

Question 16

What does market targeting involve?

Accepted Answer

Market targeting involves eval

Question 17

A company's mission could appropriately be stated as "making more sales or profits."

Accepted Answer

A) True 
 B)False

Question 18

In the marketing mix, design, packaging, services, and variety can be categorized under ________.

Accepted Answer

A)  product 
B)  price 
C)  promotion 
D)  place 
E)  position 
A)  product 
B)  price 
C)  promotion 
D)  place 
E)  position

Question 19

Benchmarking refers to the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.

Accepted Answer

A) True 
 B)False

Question 20

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system is known as the ________.

Accepted Answer

A)  business portfolio 
B)  supply chain 
C)  marketing mix 
D)  value delivery network 
E)  internal value chain 
A)  business portfolio 
B)  supply chain 
C)  marketing mix 
D)  value delivery network 
E)  internal value chain

Market segmentation can be best described as the process of ________.

A mission statement is a document embodying an organization's short-term goals.

Which of the following is NOT a market-oriented business definition?

In a SWOT analysis, ________ include favorable trends in the external environment.

Product refers to the goods-and-services combination that a company offers to its target market.

Which of the following is true with regard to strategic planning?

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.

Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus?

Many managers think that "doing things right," or ________, is as important as, or even more important than, "doing the right things."

What is a value delivery network?

What does a market segment consist of?

Which of the following is an element of the marketing mix?

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________.

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

Market development involves company growth by identifying and developing new market segments for current company products.

What does market targeting involve?

A company's mission could appropriately be stated as "making more sales or profits."

In the marketing mix, design, packaging, services, and variety can be categorized under ________.

Benchmarking refers to the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system is known as the ________.

Marketing: Creating Customer Value and Engagement

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and 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

Engaging Customers and Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

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

Market segmentation can be best described as the process of ________.

A mission statement is a document embodying an organization's short-term goals.

Which of the following is NOT a market-oriented business definition?

In a SWOT analysis, ________ include favorable trends in the external environment.

Product refers to the goods-and-services combination that a company offers to its target market.

Which of the following is true with regard to strategic planning?

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.

Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus?

Many managers think that "doing things right," or ________, is as important as, or even more important than, "doing the right things."

What is a value delivery network?

What does a market segment consist of?

Which of the following is an element of the marketing mix?

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________.

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

Market development involves company growth by identifying and developing new market segments for current company products.

What does market targeting involve?

A company's mission could appropriately be stated as "making more sales or profits."

In the marketing mix, design, packaging, services, and variety can be categorized under ________.

Benchmarking refers to the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system is known as the ________.

Marketing: Creating Customer Value and Engagement

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and 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

Engaging Customers and Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters