Question 1

Market segmentation is a part of what step in the strategic marketing process?

Accepted Answer

A)  situation analysis 
B)  market-product focus, customer value proposition, and goals 
C)  marketing program 
D)  implementation 
E)  evaluation 
A)  situation analysis 
B)  market-product focus, customer value proposition, and goals 
C)  marketing program 
D)  implementation 
E)  evaluation

Question 2

The Boston Consulting Group uses ________ to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs) or offerings as though they were a collection of separate investments.

Accepted Answer

A)  target marketing 
B)  synergy analysis 
C)  market-product grids 
D)  business portfolio analysis 
E)  diversification analysis 
A)  target marketing 
B)  synergy analysis 
C)  market-product grids 
D)  business portfolio analysis 
E)  diversification analysis

Question 3

Figure 2-10
-Which task shown in Figure 2-10 above must be done sequentially rather than concurrently?

Accepted Answer

A)  1 and 2 
B)  2 and 3 
C)  3 and 4 
D)  5 and 6 
E)  6 and 7 
A)  1 and 2 
B)  2 and 3 
C)  3 and 4 
D)  5 and 6 
E)  6 and 7

Question 4

________ convert an organization's mission and business into long- and short-term performance targets.

Accepted Answer

A)  Plans 
B)  Tactics 
C)  Strategies 
D)  Goals 
E)  Visions 
A)  Plans 
B)  Tactics 
C)  Strategies 
D)  Goals 
E)  Visions

Question 5

Which two marketing strategies would be used if a firm were not willing to find new markets?

Accepted Answer

A)  Product development and market penetration 
B)  Product development and diversification 
C)  Market development and product development 
D)  Market development and market penetration 
E)  Market development and diversification 
A)  Product development and market penetration 
B)  Product development and diversification 
C)  Market development and product development 
D)  Market development and market penetration 
E)  Market development and diversification

Question 6

American Express, the credit card and travel organization, has a long history of working for the good of all in its New York community. In 1885, it engaged its employees to help raise money to build the pedestal of the Statue of Liberty. Today, it has a program to help restore, preserve, and revitalize historic sites in New York City. These actions by American Express are partial fulfillment of the ________ goals this firm has established for itself as a corporate citizen.

Accepted Answer

A)  unit sales 
B)  market share 
C)  sales revenue 
D)  customer satisfaction 
E)  social responsibility 
A)  unit sales 
B)  market share 
C)  sales revenue 
D)  customer satisfaction 
E)  social responsibility

Question 7

The second 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 8

Market penetration refers to the marketing strategy of

Accepted Answer

A)  selling current products to new markets. 
B)  selling new products to new markets. 
C)  selling new products to current markets. 
D)  selling the same brands in both current and new markets. 
E)  increasing sales of current products in current markets. 
A)  selling current products to new markets. 
B)  selling new products to new markets. 
C)  selling new products to current markets. 
D)  selling the same brands in both current and new markets. 
E)  increasing sales of current products in current markets.

Question 9

Statements of an accomplishment of a task to be achieved, often by a specific time are

Accepted Answer

A)  plans. 
B)  procedures. 
C)  strategies. 
D)  core values. 
E)  goals. 
A)  plans. 
B)  procedures. 
C)  strategies. 
D)  core values. 
E)  goals.

Question 10

Within the corporate level of an organization, top management

Accepted Answer

A)  develops marketing strategies and tactics for the marketing department to implement. 
B)  directs overall strategy for the entire organization. 
C)  executes all marketing program actions to ensure consistency of performance. 
D)  develops overall sales projections not only for the short term but also for a period of at least two to five years. 
E)  supervises the hiring, firing, and training of all marketing department personnel. 
A)  develops marketing strategies and tactics for the marketing department to implement. 
B)  directs overall strategy for the entire organization. 
C)  executes all marketing program actions to ensure consistency of performance. 
D)  develops overall sales projections not only for the short term but also for a period of at least two to five years. 
E)  supervises the hiring, firing, and training of all marketing department personnel.

Question 11

Figure 2-7
-Consider Figure 2-7 above. A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in a loss of power. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits. The company would have to rely on another firm to manufacture and package the survival kits. This production issue would fall in which quadrant(s) of the SWOT analysis grid?

Accepted Answer

A)  A 
B)  B 
C)  C 
D)  D 
E)  both C and D 
A)  A 
B)  B 
C)  C 
D)  D 
E)  both C and D

Question 12

A situation analysis refers to

Accepted Answer

A)  taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it. 
B)  an appraisal of an organization's cash flow and financial ratios to access its health and the potential for new investment. 
C)  the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. 
D)  a technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units as though they were separate investments. 
E)  the process where a firm searches for growth opportunities from among current and new markets as well as current and new products. 
A)  taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it. 
B)  an appraisal of an organization's cash flow and financial ratios to access its health and the potential for new investment. 
C)  the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. 
D)  a technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units as though they were separate investments. 
E)  the process where a firm searches for growth opportunities from among current and new markets as well as current and new products.

Question 13

The level at which managers set a more specific strategic direction for their businesses to exploit value-creating opportunities is the ________ level.

Accepted Answer

A)  marketing department 
B)  strategic business unit 
C)  corporate 
D)  functional 
E)  board of directors 
A)  marketing department 
B)  strategic business unit 
C)  corporate 
D)  functional 
E)  board of directors

Question 14

Which statement regarding stakeholders is most accurate?

Accepted Answer

A)  Employees are typically not classified as a stakeholder group because they are internal to the organization. 
B)  There are only three types of stakeholders: customers, suppliers, and distributors. 
C)  All stakeholders are internal to the organization. 
D)  Stakeholders are a varied group; all are in some way affected by how well a company performs. 
E)  Stakeholders are only those that have an ownership stake in an organization. 
A)  Employees are typically not classified as a stakeholder group because they are internal to the organization. 
B)  There are only three types of stakeholders: customers, suppliers, and distributors. 
C)  All stakeholders are internal to the organization. 
D)  Stakeholders are a varied group; all are in some way affected by how well a company performs. 
E)  Stakeholders are only those that have an ownership stake in an organization.

Question 15

Strategic business units (SBUs) with a low share of slow-growth markets that may generate enough cash to sustain themselves but do not hold the promise of ever becoming real winners for the organization are referred to as

Accepted Answer

A)  turkeys. 
B)  cash cows. 
C)  stars. 
D)  question marks. 
E)  dogs. 
A)  turkeys. 
B)  cash cows. 
C)  stars. 
D)  question marks. 
E)  dogs.

Question 16

Julio printed 70 t-shirts for a political rally on campus. His costs to buy the shirts and have them printed were $500. He planned to sell them for $15 each, for a total of $1050. If he sold them all, what would his profit be?

Accepted Answer

A)  $500 
B)  $1050 
C)  $1550 
D)  $550 
E)  $1000 
A)  $500 
B)  $1050 
C)  $1550 
D)  $550 
E)  $1000

Question 17

An organization's core values

Accepted Answer

A)  are developed by cross-functional teams for all levels of an organization. 
B)  are important to the founders but rarely motivate a firm's stakeholders. 
C)  change as an organization's offerings change. 
D)  guide the organization's conduct. 
E)  cannot be separated from the financial realities of that organization. 
A)  are developed by cross-functional teams for all levels of an organization. 
B)  are important to the founders but rarely motivate a firm's stakeholders. 
C)  change as an organization's offerings change. 
D)  guide the organization's conduct. 
E)  cannot be separated from the financial realities of that organization.

Question 18

The purpose of business portfolio analysis is to

Accepted Answer

A)  add or delete product line and brand extensions. 
B)  search for growth opportunities from among current and new markets as well as current and new products. 
C)  alter a product's characteristic, such as its quality, performance, or appearance, to increase its value to customers and increase sales. 
D)  determine which strategic business unit or offering generates cash and which one requires cash to fund the organization's growth opportunities. 
E)  seek opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies. 
A)  add or delete product line and brand extensions. 
B)  search for growth opportunities from among current and new markets as well as current and new products. 
C)  alter a product's characteristic, such as its quality, performance, or appearance, to increase its value to customers and increase sales. 
D)  determine which strategic business unit or offering generates cash and which one requires cash to fund the organization's growth opportunities. 
E)  seek opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

Question 19

The detailed day-to-day operational decisions essential to the overall success of marketing strategies are

Accepted Answer

A)  marketing plans. 
B)  marketing programs. 
C)  marketing tactics. 
D)  marketing strategies. 
E)  marketing procedures. 
A)  marketing plans. 
B)  marketing programs. 
C)  marketing tactics. 
D)  marketing strategies. 
E)  marketing procedures.

Question 20

If Ben & Jerry's sold more units of its Chocolate Chip Cookie Dough super premium ice cream to U.S. consumers as a result of increased promotion while keeping its price per pint the same, 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

Exam 2: Developing Successful Organizational and Marketing Strategies

Market segmentation is a part of what step in the strategic marketing process?

The Boston Consulting Group uses ________ to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs) or offerings as though they were a collection of separate investments.

Figure 2-10 -Which task shown in Figure 2-10 above must be done sequentially rather than concurrently?

________ convert an organization's mission and business into long- and short-term performance targets.

Which two marketing strategies would be used if a firm were not willing to find new markets?

The second phase of the strategic marketing process is the ________ phase.

Market penetration refers to the marketing strategy of

Statements of an accomplishment of a task to be achieved, often by a specific time are

Within the corporate level of an organization, top management

A situation analysis refers to

The level at which managers set a more specific strategic direction for their businesses to exploit value-creating opportunities is the ________ level.

Which statement regarding stakeholders is most accurate?

Strategic business units (SBUs) with a low share of slow-growth markets that may generate enough cash to sustain themselves but do not hold the promise of ever becoming real winners for the organization are referred to as

Julio printed 70 t-shirts for a political rally on campus. His costs to buy the shirts and have them printed were $500. He planned to sell them for $15 each, for a total of $1050. If he sold them all, what would his profit be?

An organization's core values

The purpose of business portfolio analysis is to

The detailed day-to-day operational decisions essential to the overall success of marketing strategies are

If Ben & Jerry's sold more units of its Chocolate Chip Cookie Dough super premium ice cream to U.S. consumers as a result of increased promotion while keeping its price per pint the same, it would be using a ________ strategy.

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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