Question 1

Market share is the ratio of sales revenue of the firm to the total sales revenue of all ________, including the firm itself.

Accepted Answer

A)  firms in the industry 
B)  firms in the competitive set 
C)  firms in the WTO 
D)  product groupings 
E)  domestic firms in a country 
A)  firms in the industry 
B)  firms in the competitive set 
C)  firms in the WTO 
D)  product groupings 
E)  domestic firms in a country

Question 2

The acronym SWOT, as in SWOT analysis, stands for

Accepted Answer

A)  strengths, weaknesses, opportunities, and tactics. 
B)  strengths, weaknesses, options, and tactics. 
C)  strengths, weaknesses, opportunities, and threats. 
D)  simple, workable, optimal, and timely. 
E)  state the problem, work out a strategy, organize your team, and take action. 
A)  strengths, weaknesses, opportunities, and tactics. 
B)  strengths, weaknesses, options, and tactics. 
C)  strengths, weaknesses, opportunities, and threats. 
D)  simple, workable, optimal, and timely. 
E)  state the problem, work out a strategy, organize your team, and take action.

Question 3

Pharmavite LLC recently recalled several lots of Nature Made vitamin products due to possible salmonella or staphylococcus contamination. It should have adopted a more rigorous ________ goal.

Accepted Answer

A)  profit 
B)  sales revenue 
C)  customer satisfaction 
D)  employee welfare 
E)  quality 
A)  profit 
B)  sales revenue 
C)  customer satisfaction 
D)  employee welfare 
E)  quality

Question 4

Apple recently entered the financial services market with its version of a credit card, the Apple Card. The card competes with other credit cards and various financial payment technologies such as Paypal, Venmo, and Android Pay. Industry analysts estimate that 6 out of 10 Americans have a credit card and that credit card use has grown by 42 percent in the past 7 years. The Apple Card entered the market as a

Accepted Answer

A)  question mark. 
B)  raptor. 
C)  rocketship. 
D)  cash cow. 
E)  dog. 
A)  question mark. 
B)  raptor. 
C)  rocketship. 
D)  cash cow. 
E)  dog.

Question 5

Ben & Jerry's Marketing Dashboard (Dollar Sales and Market Share)Consider the Ben & Jerry's Dollar Sales and Market Share figure here. 
-A marketing manager for Ben & Jerry's notices that dollar sales for 2018 were $240 million and in 2019 they were $250 million. What was the formula used to calculate the dollar sales for each of these two years?

Accepted Answer

A)  Dollar sales ($) = Average price × Quantity manufactured in each year. 
B)  Dollar sales ($) = Average cost of goods sold ? Fixed costs in each year. 
C)  Dollar sales ($) = Average price ? Shrinkage rate in each year. 
D)  Dollar sales ($) = Average price × Quantity sold in each year. 
E)  Dollar sales ($) = Average cost of goods sold ? Variable costs in each year. 
A)  Dollar sales ($) = Average price × Quantity manufactured in each year. 
B)  Dollar sales ($) = Average cost of goods sold ? Fixed costs in each year. 
C)  Dollar sales ($) = Average price ? Shrinkage rate in each year. 
D)  Dollar sales ($) = Average price × Quantity sold in each year. 
E)  Dollar sales ($) = Average cost of goods sold ? Variable costs in each year.

Question 6

A mission statement should be

Accepted Answer

A)  short-term. 
B)  meaningful. 
C)  numerical. 
D)  trademarked. 
E)  clever. 
A)  short-term. 
B)  meaningful. 
C)  numerical. 
D)  trademarked. 
E)  clever.

Question 7

One of the most recognized approaches to business portfolio analysis is the Boston Consulting Group's growth-share matrix. Describe this tool and the four quadrants of the matrix.

Accepted Answer

The BCG business portfolio analysis requ

Question 8

Unilever distributes its Lipton tea products in part through independent brokers, agents and distributors to chain, wholesale, co-operative and independent grocery accounts, and food service. This is an example of a firm's

Accepted Answer

A)  market segmentation and targeting strategy. 
B)  price strategy. 
C)  place strategy. 
D)  promotion strategy. 
E)  product strategy. 
A)  market segmentation and targeting strategy. 
B)  price strategy. 
C)  place strategy. 
D)  promotion strategy. 
E)  product strategy.

Question 9

Organizations that develop similar offerings, when grouped together, create

Accepted Answer

A)  a conglomerate. 
B)  a merger. 
C)  an industry. 
D)  a sector. 
E)  a monopoly. 
A)  a conglomerate. 
B)  a merger. 
C)  an industry. 
D)  a sector. 
E)  a monopoly.

Question 10

A customer value proposition is

Accepted Answer

A)  the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. 
B)  a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers. 
C)  a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. 
D)  the characteristics of a product that make it superior to competitive substitutes. 
E)  the cluster of benefits that an organization promises customers to satisfy their needs. 
A)  the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. 
B)  a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers. 
C)  a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. 
D)  the characteristics of a product that make it superior to competitive substitutes. 
E)  the cluster of benefits that an organization promises customers to satisfy their needs.

Question 11

Define marketing dashboard and marketing metric and explain how these terms are related.

Accepted Answer

A marketing dashboard is the visual comp

Question 12

An organization's competencies include all of the following except which?

Accepted Answer

A)  Profit 
B)  Customer service 
C)  Technologies 
D)  Resources 
E)  Employee skills 
A)  Profit 
B)  Customer service 
C)  Technologies 
D)  Resources 
E)  Employee skills

Question 13

Figure 2-5
-Quadrant D in Figure 2-5 above represents the marketing strategy of

Accepted Answer

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

Question 14

Explain what a Gantt chart is and how it is used.

Accepted Answer

A Gantt chart is a graphical representat

Question 15

Recently, St. Joseph Hospital was named one of the "Best Places to Work in Indiana" for the sixth consecutive year. The hospital touts universal values to "keep health care human" and employees consistently put patients first, which unites them in a common goal. Former hospital president Kathy Young believed that St. Joseph's ________ makes both employees and patients happier in the hospital.

Accepted Answer

A)  vision 
B)  service offerings 
C)  organizational culture 
D)  pathos 
E)  behavioral protocol 
A)  vision 
B)  service offerings 
C)  organizational culture 
D)  pathos 
E)  behavioral protocol

Question 16

When participating in major projects in college marketing classes, effective teams can use a ________ to be sure that each team member does a fair amount of work and that class projects are finished efficiently and on time.

Accepted Answer

A)  market-product grid 
B)  cloverleaf schedule 
C)  Plan-A-Gram 
D)  Gantt chart 
E)  sales response function 
A)  market-product grid 
B)  cloverleaf schedule 
C)  Plan-A-Gram 
D)  Gantt chart 
E)  sales response function

Question 17

The Boston Consulting Group (BCG) has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Dogs are SBUs that are classified as having

Accepted Answer

A)  high market growth rates and high relative market shares. 
B)  low market growth rates but high relative market shares. 
C)  low market growth rates and low relative market shares. 
D)  high market growth rates but low relative market shares. 
E)  medium market growth rates and medium relative market shares. 
A)  high market growth rates and high relative market shares. 
B)  low market growth rates but high relative market shares. 
C)  low market growth rates and low relative market shares. 
D)  high market growth rates but low relative market shares. 
E)  medium market growth rates and medium relative market shares.

Question 18

Figure 2-2
-In Figure 2-2 above, C represents the "how" element of visionary organization. This is referred to as the organizational

Accepted Answer

A)  tactics. 
B)  mission. 
C)  foundation. 
D)  direction. 
E)  strategies. 
A)  tactics. 
B)  mission. 
C)  foundation. 
D)  direction. 
E)  strategies.

Question 19

Often used interchangeably with the term vision, a ________ frequently has a meaningful theme and a long-term orientation.

Accepted Answer

A)  point of difference 
B)  mission statement 
C)  business definition 
D)  customer value proposition 
E)  marketing plan 
A)  point of difference 
B)  mission statement 
C)  business definition 
D)  customer value proposition 
E)  marketing plan

Question 20

An organization's ________ are the fundamental, passionate, and enduring principles that guide its conduct over time.

Accepted Answer

A)  goals 
B)  cultures 
C)  strategies 
D)  core values 
E)  mission statements 
A)  goals 
B)  cultures 
C)  strategies 
D)  core values 
E)  mission statements

Exam 2: Developing Successful Organizational and Marketing Strategies

Market share is the ratio of sales revenue of the firm to the total sales revenue of all ________, including the firm itself.

The acronym SWOT, as in SWOT analysis, stands for

Pharmavite LLC recently recalled several lots of Nature Made vitamin products due to possible salmonella or staphylococcus contamination. It should have adopted a more rigorous ________ goal.

A mission statement should be

One of the most recognized approaches to business portfolio analysis is the Boston Consulting Group's growth-share matrix. Describe this tool and the four quadrants of the matrix.

Unilever distributes its Lipton tea products in part through independent brokers, agents and distributors to chain, wholesale, co-operative and independent grocery accounts, and food service. This is an example of a firm's

Organizations that develop similar offerings, when grouped together, create

A customer value proposition is

Define marketing dashboard and marketing metric and explain how these terms are related.

An organization's competencies include all of the following except which?

Figure 2-5 -Quadrant D in Figure 2-5 above represents the marketing strategy of

Explain what a Gantt chart is and how it is used.

When participating in major projects in college marketing classes, effective teams can use a ________ to be sure that each team member does a fair amount of work and that class projects are finished efficiently and on time.

The Boston Consulting Group (BCG) has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Dogs are SBUs that are classified as having

Figure 2-2 -In Figure 2-2 above, C represents the "how" element of visionary organization. This is referred to as the organizational

Often used interchangeably with the term vision, a ________ frequently has a meaningful theme and a long-term orientation.

An organization's ________ are the fundamental, passionate, and enduring principles that guide its conduct over time.

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

Filters