Question 1

All of the following steps pertain to the marketing control process EXCEPT ________.

Accepted Answer

A)  setting goals 
B)  measuring performance 
C)  taking corrective action 
D)  defining the company's mission 
E)  evaluating the causes of gaps between expected and actual performance 
A)  setting goals 
B)  measuring performance 
C)  taking corrective action 
D)  defining the company's mission 
E)  evaluating the causes of gaps between expected and actual performance D

Question 2

Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people who love to hunt, hike, and ride bikes. The company's long-term plans include the development of lenses that, in addition to protecting users from UV rays, would help reduce lens spotting through effective water-sheeting methods. This new feature would be valuable to people who fish. Given the rising popularity of recreational fishing in the United States, Omega products clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a market ________.

Accepted Answer

A)  weakness 
B)  strength 
C)  threat 
D)  opportunity 
E)  challenge 
A)  weakness 
B)  strength 
C)  threat 
D)  opportunity 
E)  challenge D

Question 3

Define strategic planning. Discuss the steps involved.

Accepted Answer

The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its marketing opportunities is called strategic planning. At the corporate level, the company starts the strategic planning process by defining its overall purpose and mission. This mission is then turned into detailed supporting objectives that guide the entire company. Next, headquarters decides what portfolio of businesses and products is best for the company and how much support to give each one. In turn, each business and product develops detailed marketing and other departmental plans that support the company-wide plan. Thus, marketing planning occurs at the business-unit, product, and market levels. It supports company strategic planning with more detailed plans for specific marketing opportunities.

Question 4

Berman Electronics, a chain of appliance stores in North America, caters to a wide range of customers. It has a marketing organization in which different operational specialists head different marketing activities. Berman Electronics is a(n) ________.

Accepted Answer

A)  customer management organization 
B)  niche marketer 
C)  early adopter 
D)  functional organization 
E)  laggard 
A)  customer management organization 
B)  niche marketer 
C)  early adopter 
D)  functional organization 
E)  laggard

Question 5

Marketing ________ addresses the what and why of marketing activities, while marketing ________ addresses the who, where, when, and how.

Accepted Answer

A)  analysis; planning 
B)  planning; implementation 
C)  implementation; planning 
D)  organization; implementation 
E)  control; planning 
A)  analysis; planning 
B)  planning; implementation 
C)  implementation; planning 
D)  organization; implementation 
E)  control; planning

Question 6

Which of the following Ps in the marketing mix describes the goods-and-services combination the company offers to the target market?

Accepted Answer

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

Question 7

Cleats, Unlimited developed a new style of soccer shoe. This is an example of ________.

Accepted Answer

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

Question 8

Which of the following is NOT an example of product-oriented mission statements?

Accepted Answer

A)  "We are an online library." 
B)  "We run theme parks." 
C)  "We sell athletic shoes." 
D)  "We sell memorable experiences." 
E)  "We rent hotel rooms." 
A)  "We are an online library." 
B)  "We run theme parks." 
C)  "We sell athletic shoes." 
D)  "We sell memorable experiences." 
E)  "We rent hotel rooms."

Question 9

________ involves looking at whether a company's key action plans are well-matched to its opportunities.

Accepted Answer

A)  Operating control 
B)  Benchmarking 
C)  Strategic control 
D)  Regression analysis 
E)  Portfolio analysis 
A)  Operating control 
B)  Benchmarking 
C)  Strategic control 
D)  Regression analysis 
E)  Portfolio analysis

Question 10

How do marketers measure return on marketing investment? Why is this figure difficult to assess?

Accepted Answer

Marketing ROI (return on investment) is

Question 11

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 12

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as ________.

Accepted Answer

A)  market segmentation 
B)  diversification 
C)  market targeting 
D)  prospecting 
E)  downsizing 
A)  market segmentation 
B)  diversification 
C)  market targeting 
D)  prospecting 
E)  downsizing

Question 13

Each department in a company can be thought of as a link in the company's internal value chain.

Accepted Answer

A) True 
 B)False

Question 14

In the context of a company's marketing mix, ________ includes company activities that make the product available to target consumers.

Accepted Answer

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

Question 15

Since companies want to work together to attract customers, marketers do not need to practice partner relationship management.

Accepted Answer

A) True 
 B)False

Question 16

The four marketing management functions are analysis, planning, implementation, and control.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following functions is NOT part of managing the marketing process?

Accepted Answer

A)  planning 
B)  control 
C)  budgeting 
D)  implementation 
E)  organization 
A)  planning 
B)  control 
C)  budgeting 
D)  implementation 
E)  organization

Question 18

The BCG matrix approach is problematic in that it ________.

Accepted Answer

A)  focuses on planning for the future at the cost of ignoring the present 
B)  focuses solely on current businesses and provides little scope for future planning 
C)  tends to undermine the importance of market growth rate as a measure of market attractiveness 
D)  tends to undermine the importance of relative market share as a measure of company strength in the market 
E)  fails to classify SBUs 
A)  focuses on planning for the future at the cost of ignoring the present 
B)  focuses solely on current businesses and provides little scope for future planning 
C)  tends to undermine the importance of market growth rate as a measure of market attractiveness 
D)  tends to undermine the importance of relative market share as a measure of company strength in the market 
E)  fails to classify SBUs

Question 19

What are the components of a company's marketing mix?

Accepted Answer

A company designs an integrate

Question 20

A women's apparel manufacturer in California recently acquired a Houston-based company that manufactures office furniture. This is an example of ________.

Accepted Answer

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

All of the following steps pertain to the marketing control process EXCEPT ________.

Define strategic planning. Discuss the steps involved.

Berman Electronics, a chain of appliance stores in North America, caters to a wide range of customers. It has a marketing organization in which different operational specialists head different marketing activities. Berman Electronics is a(n) ________.

Marketing addresses the what and why of marketing activities, while marketing addresses the who, where, when, and how.

Which of the following Ps in the marketing mix describes the goods-and-services combination the company offers to the target market?

Cleats, Unlimited developed a new style of soccer shoe. This is an example of ________.

Which of the following is NOT an example of product-oriented mission statements?

________ involves looking at whether a company's key action plans are well-matched to its opportunities.

How do marketers measure return on marketing investment? Why is this figure difficult to assess?

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

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as ________.

Each department in a company can be thought of as a link in the company's internal value chain.

In the context of a company's marketing mix, ________ includes company activities that make the product available to target consumers.

Since companies want to work together to attract customers, marketers do not need to practice partner relationship management.

The four marketing management functions are analysis, planning, implementation, and control.

Which of the following functions is NOT part of managing the marketing process?

The BCG matrix approach is problematic in that it ________.

What are the components of a company's marketing mix?

A women's apparel manufacturer in California recently acquired a Houston-based company that manufactures office furniture. This is an example of ________.

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 Value-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

Developing New Products and Managing the Product Life Cycle

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers 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 Engagement, Value, and Relationships

All of the following steps pertain to the marketing control process EXCEPT ________.

Define strategic planning. Discuss the steps involved.

Berman Electronics, a chain of appliance stores in North America, caters to a wide range of customers. It has a marketing organization in which different operational specialists head different marketing activities. Berman Electronics is a(n) ________.

Marketing ________ addresses the what and why of marketing activities, while marketing ________ addresses the who, where, when, and how.

Which of the following Ps in the marketing mix describes the goods-and-services combination the company offers to the target market?

Cleats, Unlimited developed a new style of soccer shoe. This is an example of ________.

Which of the following is NOT an example of product-oriented mission statements?

________ involves looking at whether a company's key action plans are well-matched to its opportunities.

How do marketers measure return on marketing investment? Why is this figure difficult to assess?

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

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as ________.

Each department in a company can be thought of as a link in the company's internal value chain.

In the context of a company's marketing mix, ________ includes company activities that make the product available to target consumers.

Since companies want to work together to attract customers, marketers do not need to practice partner relationship management.

The four marketing management functions are analysis, planning, implementation, and control.

Which of the following functions is NOT part of managing the marketing process?

The BCG matrix approach is problematic in that it ________.

What are the components of a company's marketing mix?

A women's apparel manufacturer in California recently acquired a Houston-based company that manufactures office furniture. This is an example of ________.

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 Value-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

Developing New Products and Managing the Product Life Cycle

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers 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

Marketing addresses the what and why of marketing activities, while marketing addresses the who, where, when, and how.