Question 1

Most firms have a goal to maximize their ________, achieving as high a financial return on investments as possible.

Accepted Answer

A)  quality 
B)  market share 
C)  employee welfare 
D)  social responsibility 
E)  profits 
A)  quality 
B)  market share 
C)  employee welfare 
D)  social responsibility 
E)  profits

Question 2

The third and final phase of the strategic marketing process is the ________ phase.

Accepted Answer

A)  tactics 
B)  strategic 
C)  planning 
D)  implementation 
E)  evaluation 
A)  tactics 
B)  strategic 
C)  planning 
D)  implementation 
E)  evaluation

Question 3

Alex has just completed measuring the results of her firm's product performance. Her next step will be to

Accepted Answer

A)  do a profitability analysis. 
B)  take necessary corrective actions. 
C)  bring these to the marketing auditor. 
D)  proceed regardless of deviations from original plans. 
E)  compare the results against the goals specified in the marketing plan. 
A)  do a profitability analysis. 
B)  take necessary corrective actions. 
C)  bring these to the marketing auditor. 
D)  proceed regardless of deviations from original plans. 
E)  compare the results against the goals specified in the marketing plan.

Question 4

A marketing strategy refers to

Accepted Answer

A)  the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it. 
B)  the tactical decisions made to implement the marketing program. 
C)  a technique to quantify performance measures and growth targets of a firm's strategic business units (SBUs). 
D)  a road map for the marketing activities of an organization for a specified future time period, such as one year or five years. 
E)  the detailed day-to-day operational decisions. 
A)  the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it. 
B)  the tactical decisions made to implement the marketing program. 
C)  a technique to quantify performance measures and growth targets of a firm's strategic business units (SBUs). 
D)  a road map for the marketing activities of an organization for a specified future time period, such as one year or five years. 
E)  the detailed day-to-day operational decisions.

Question 5

Figure 2-5
-LEGO has traditionally been successful selling its classic construction sets to boys. Recently, LEGO introduced a line of building toys especially for girls called LEGO Friends. Although based on the same construction bricks and detailed instructions, the line included female characters, pink and purple theme colors, and allowed girls to construct more story-related pieces. Considering Figure 2-5 above, this is an example of a ________ strategy that would be found in quadrant ________.

Accepted Answer

A)  diversification; D 
B)  market penetration; A 
C)  product development; B 
D)  market development; C 
E)  Product-market evolution; D 
A)  diversification; D 
B)  market penetration; A 
C)  product development; B 
D)  market development; C 
E)  Product-market evolution; D

Question 6

Lands' End, an American apparel and outerwear firm, ships each order within 48 hours and its guarantee is said to be the best in the world, as exemplified by its tagline "Guaranteed Period." These marketing actions by Lands' End most likely reflect its ________ goals.

Accepted Answer

A)  profit 
B)  market share 
C)  employee welfare 
D)  social responsibility 
E)  customer satisfaction 
A)  profit 
B)  market share 
C)  employee welfare 
D)  social responsibility 
E)  customer satisfaction

Question 7

Rhone-Poulenc is an international French company that produces and markets a variety of chemicals and pharmaceuticals. Due to the resources it makes available to its scientists and researchers, the company has a number of Nobel Prize winners working in its laboratories. This ability to employ some of the finest minds in the world is an example of a

Accepted Answer

A)  point of similarity. 
B)  competency. 
C)  sustainable advantage. 
D)  product development strategy. 
E)  human resource strategy. 
A)  point of similarity. 
B)  competency. 
C)  sustainable advantage. 
D)  product development strategy. 
E)  human resource strategy.

Question 8

Those characteristics of a product that make it superior to competitive substitutes are

Accepted Answer

A)  core benefit propositions. 
B)  marketing mix elements. 
C)  points of difference. 
D)  marketing attributes. 
E)  product protocols. 
A)  core benefit propositions. 
B)  marketing mix elements. 
C)  points of difference. 
D)  marketing attributes. 
E)  product protocols.

Question 9

The difference between the projection of the path to reach a new sales revenue goal and the projection of the path of the results of a plan already in place is the

Accepted Answer

A)  planning gap. 
B)  contribution margin. 
C)  point of difference. 
D)  break-even point. 
E)  sales response function. 
A)  planning gap. 
B)  contribution margin. 
C)  point of difference. 
D)  break-even point. 
E)  sales response function.

Question 10

What is an organization's mission? What are some elements of a well-written mission statement?

Accepted Answer

By understanding its core values, an org

Question 11

Among the seven ________ at IKEA are humbleness and willpower, leadership by example, daring to be different, and togetherness and enthusiasm.

Accepted Answer

A)  sustainability doctrines 
B)  goals and objectives 
C)  core values 
D)  moral imperatives 
E)  functional strategies 
A)  sustainability doctrines 
B)  goals and objectives 
C)  core values 
D)  moral imperatives 
E)  functional strategies

Question 12

Organizational strategies vary in two ways, depending on

Accepted Answer

A)  the strategy's level in the organization and the offerings it provides to its customers. 
B)  the corporate level and the SBU level in the organization. 
C)  whether an offering is a tangible good or a service. 
D)  whether management plans to develop mission statements or core values. 
E)  the organizational culture and its core values. 
A)  the strategy's level in the organization and the offerings it provides to its customers. 
B)  the corporate level and the SBU level in the organization. 
C)  whether an offering is a tangible good or a service. 
D)  whether management plans to develop mission statements or core values. 
E)  the organizational culture and its core values.

Question 13

Briefly describe the four levels in a hierarchical organizational structure, including the three that are strategic in nature.

Accepted Answer

Large organizations are extremely comple

Question 14

All of the following are components of the implementation phase of the strategic marketing process except which?

Accepted Answer

A)  Defining precise tasks, responsibilities, and deadlines 
B)  Executing the marketing program 
C)  Designing the marketing organization 
D)  Conducting R and D 
E)  Obtaining resources 
A)  Defining precise tasks, responsibilities, and deadlines 
B)  Executing the marketing program 
C)  Designing the marketing organization 
D)  Conducting R and D 
E)  Obtaining resources

Question 15

Marketers at Volkswagen in Istanbul created a digital flip film out of some 200 photos to tout the prowess of their new truck, the Amarok, hoping it would be a clever way to get people to engage. This action is an example of Volkswagen's marketing

Accepted Answer

A)  tactics. 
B)  missions. 
C)  visions. 
D)  strategies. 
E)  customer values. 
A)  tactics. 
B)  missions. 
C)  visions. 
D)  strategies. 
E)  customer values.

Question 16

If sales revenues for Starbucks VIA Instant coffee sold to U.S. consumers increased as a result of a new ad campaign, it would be using a ________ strategy.

Accepted Answer

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

Question 17

A nonprofit organization is

Accepted Answer

A)  a nongovernmental organization that serves its customers but does not have making money as an organizational goal. 
B)  a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit. 
C)  a publicly owned organization that serves the general population. 
D)  a group of people united through contractual or corporate ownership. 
E)  a privately owned organization that serves its customers to earn a profit so that it can survive. 
A)  a nongovernmental organization that serves its customers but does not have making money as an organizational goal. 
B)  a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit. 
C)  a publicly owned organization that serves the general population. 
D)  a group of people united through contractual or corporate ownership. 
E)  a privately owned organization that serves its customers to earn a profit so that it can survive.

Question 18

The ________ element of the marketing mix includes features and packaging.

Accepted Answer

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

Question 19

Which statement regarding Ben & Jerry's is most accurate?

Accepted Answer

A)  Ben & Jerry's is owned by Unilever, the market leader in the global ice cream industry. 
B)  Ben & Jerry's is a privately owned ice cream producer. 
C)  Ben & Jerry's prides itself on offering more ice cream flavors than its competitors. 
D)  Ben and Jerry are not real people; the names were a clever reference to Tom and Jerry cartoon characters in order to capitalize on childhood nostalgia. 
E)  Ben & Jerry's has only been in business for 20 years and is already the industry leader in premium ice cream. 
A)  Ben & Jerry's is owned by Unilever, the market leader in the global ice cream industry. 
B)  Ben & Jerry's is a privately owned ice cream producer. 
C)  Ben & Jerry's prides itself on offering more ice cream flavors than its competitors. 
D)  Ben and Jerry are not real people; the names were a clever reference to Tom and Jerry cartoon characters in order to capitalize on childhood nostalgia. 
E)  Ben & Jerry's has only been in business for 20 years and is already the industry leader in premium ice cream.

Question 20

A mission statement should be all of these except which?

Accepted Answer

A)  Actionable 
B)  Inspirational 
C)  Long term 
D)  Meaningful 
E)  Concise 
A)  Actionable 
B)  Inspirational 
C)  Long term 
D)  Meaningful 
E)  Concise

Exam 2: Developing Successful Organizational and Marketing Strategies

Most firms have a goal to maximize their ________, achieving as high a financial return on investments as possible.

The third and final phase of the strategic marketing process is the ________ phase.

Alex has just completed measuring the results of her firm's product performance. Her next step will be to

A marketing strategy refers to

Lands' End, an American apparel and outerwear firm, ships each order within 48 hours and its guarantee is said to be the best in the world, as exemplified by its tagline "Guaranteed Period." These marketing actions by Lands' End most likely reflect its ________ goals.

Those characteristics of a product that make it superior to competitive substitutes are

The difference between the projection of the path to reach a new sales revenue goal and the projection of the path of the results of a plan already in place is the

What is an organization's mission? What are some elements of a well-written mission statement?

Among the seven ________ at IKEA are humbleness and willpower, leadership by example, daring to be different, and togetherness and enthusiasm.

Organizational strategies vary in two ways, depending on

Briefly describe the four levels in a hierarchical organizational structure, including the three that are strategic in nature.

All of the following are components of the implementation phase of the strategic marketing process except which?

Marketers at Volkswagen in Istanbul created a digital flip film out of some 200 photos to tout the prowess of their new truck, the Amarok, hoping it would be a clever way to get people to engage. This action is an example of Volkswagen's marketing

If sales revenues for Starbucks VIA Instant coffee sold to U.S. consumers increased as a result of a new ad campaign, it would be using a ________ strategy.

A nonprofit organization is

The ________ element of the marketing mix includes features and packaging.

Which statement regarding Ben & Jerry's is most accurate?

A mission statement should be all of these except which?

Creating Customer Relationships and Value Through Marketing

Scanning the Marketing Environment

Ethical and Social Responsibility for Sustainable Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Market Segmentation, Targeting, and Positioning

Developing New Products and Services

Managing Successful Products, Services, and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media and Mobile Marketing to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multi-Channel Marketing

Pulling It All Together: the Strategic Marketing Proces

Building an Effective Marketing Plan

Financial Aspects of Marketing

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