Question 1

Which of the following is false with regard to customer lifetime value?

Accepted Answer

A) It is a key measurement that forecasts a customer's lifetime economic contribution based on continued relationship marketing efforts. 
B) It can be calculated by taking the sum of the customer's present value contributions to profit margins over a specific time frame. 
C) It includes not only an individual's propensity to engage in purchases but also his or her strong word-of-mouth communication about the firm's products. 
D) All customers have equal value to a firm. 
E) It is the only gauge that incorporates revenue, expense and customer behaviour, and adopts a customer-centric approach. 
A) It is a key measurement that forecasts a customer's lifetime economic contribution based on continued relationship marketing efforts. 
B) It can be calculated by taking the sum of the customer's present value contributions to profit margins over a specific time frame. 
C) It includes not only an individual's propensity to engage in purchases but also his or her strong word-of-mouth communication about the firm's products. 
D) All customers have equal value to a firm. 
E) It is the only gauge that incorporates revenue, expense and customer behaviour, and adopts a customer-centric approach.

Question 2

The primary way to reduce the discrepancy between planned and actual performance is to rewrite the performance standard.

Accepted Answer

A) True 
 B)False

Question 3

A market opportunity results from:

Accepted Answer

A) the right combination of circumstances and timing that permit an organisation to take action to reach a particular target market. 
B) monitoring a firm's capabilities. 
C) an increase in market share and profits. 
D) an assessment of environmental forces. 
E) technological determinism. 
A) the right combination of circumstances and timing that permit an organisation to take action to reach a particular target market. 
B) monitoring a firm's capabilities. 
C) an increase in market share and profits. 
D) an assessment of environmental forces. 
E) technological determinism.

Question 4

The strategic planning process begins with:

Accepted Answer

A) the development of an organisational mission statement. 
B) the development of marketing strategy. 
C) an analysis of the marketing environment. 
D) an analysis of target markets. 
E) the development of a marketing plan. 
A) the development of an organisational mission statement. 
B) the development of marketing strategy. 
C) an analysis of the marketing environment. 
D) an analysis of target markets. 
E) the development of a marketing plan.

Question 5

Toyota's __________ for its Yaris is aimed at 18-34-year-olds.Toyota has strived to give the compact car a mischievous personality to complement its quirky styling and promotes them wherever Generation Y consumers could be found: Facebook and other social media, a user-generated-content website and 'mobisodes' (short episodes for mobile devices) of TV shows.

Accepted Answer

A) promotional strategy 
B) distribution method 
C) pricing strategy 
D) target market 
E) desired profit margin 
A) promotional strategy 
B) distribution method 
C) pricing strategy 
D) target market 
E) desired profit margin

Question 6

Stars are profitable products that usually generate more cash than is required to maintain share.

Accepted Answer

A) True 
 B)False

Question 7

Maintaining the current culture of 'fun' for Virgin Australia Airlines' employees is most likely a(n):

Accepted Answer

A) marketing strategy. 
B) marketing objective. 
C) organisation resource. 
D) environmental force. 
E) overall organisational objective. 
A) marketing strategy. 
B) marketing objective. 
C) organisation resource. 
D) environmental force. 
E) overall organisational objective.

Question 8

Organisation by types of customers can work well for a firm that has several groups of customers with different needs and problems.

Accepted Answer

A) True 
 B)False

Question 9

Key factors in determining the best organisational structure for a marketing unit are the:

Accepted Answer

A) preferences of top management. 
B) fiscal resources of the firm. 
C) number of employees. 
D) diversity of the firm's products and the characteristics and needs of the people in the target market. 
E) skill levels of employees. 
A) preferences of top management. 
B) fiscal resources of the firm. 
C) number of employees. 
D) diversity of the firm's products and the characteristics and needs of the people in the target market. 
E) skill levels of employees.

Question 10

A firm that truly adopts the marketing concept develops a distinct organisational culture based on a shared set of beliefs that makes customers' needs the pivotal point of the firm's decisions about strategy and operations.

Accepted Answer

A) True 
 B)False

Question 11

A strategic window results from the right combination of circumstances and timing, allowing a firm to take action to reach a particular target market.

Accepted Answer

A) True 
 B)False

Question 12

Discuss the meaning of market share.

Accepted Answer

Market share refers to the percentage of

Question 13

An expected level of performance against which actual performance can be compared is a:

Accepted Answer

A) standard of excellence. 
B) step in sales analysis. 
C) performance standard. 
D) corrective standard. 
A) standard of excellence. 
B) step in sales analysis. 
C) performance standard. 
D) corrective standard.

Question 14

The Boston Consulting Group's matrix is based on the:

Accepted Answer

A) idea that a firm's market share and market attractiveness are important factors for a marketing strategy. 
B) assumption that a firm's actions have a profitable impact on marketing strategy. 
C) business position and market attractiveness of a firm. 
D) philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy. 
E) idea that a product's market growth rate and market attractiveness determine the marketing strategy. 
A) idea that a firm's market share and market attractiveness are important factors for a marketing strategy. 
B) assumption that a firm's actions have a profitable impact on marketing strategy. 
C) business position and market attractiveness of a firm. 
D) philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy. 
E) idea that a product's market growth rate and market attractiveness determine the marketing strategy.

Question 15

The long-term health of a firm depends solely on having products that generate cash and provide acceptable reported profits.

Accepted Answer

A) True 
 B)False

Question 16

The fact that Virgin Australia Airlines has a history of being able to retain its employees is a(n) __________ in its SWOT analysis.

Accepted Answer

A) weakness 
B) strength 
C) threat 
D) opportunity 
E) comparative advantage 
A) weakness 
B) strength 
C) threat 
D) opportunity 
E) comparative advantage

Question 17

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are:

Accepted Answer

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

Question 18

Marketing planning consists of two major components: marketing objectives and a control process.

Accepted Answer

A) True 
 B)False

Question 19

A strategic business unit is not self-supporting in terms of sales, markets, production and other resources.

Accepted Answer

A) True 
 B)False

Question 20

Describe the process of strategic planning.How does this process help marketing managers?

Accepted Answer

The answer of Describe the process of strategic planning.How does...

Which of the following is false with regard to customer lifetime value?

The primary way to reduce the discrepancy between planned and actual performance is to rewrite the performance standard.

A market opportunity results from:

The strategic planning process begins with:

Stars are profitable products that usually generate more cash than is required to maintain share.

Maintaining the current culture of 'fun' for Virgin Australia Airlines' employees is most likely a(n):

Organisation by types of customers can work well for a firm that has several groups of customers with different needs and problems.

Key factors in determining the best organisational structure for a marketing unit are the:

A firm that truly adopts the marketing concept develops a distinct organisational culture based on a shared set of beliefs that makes customers' needs the pivotal point of the firm's decisions about strategy and operations.

A strategic window results from the right combination of circumstances and timing, allowing a firm to take action to reach a particular target market.

Discuss the meaning of market share.

An expected level of performance against which actual performance can be compared is a:

The Boston Consulting Group's matrix is based on the:

The long-term health of a firm depends solely on having products that generate cash and provide acceptable reported profits.

The fact that Virgin Australia Airlines has a history of being able to retain its employees is a(n) __________ in its SWOT analysis.

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are:

Marketing planning consists of two major components: marketing objectives and a control process.

A strategic business unit is not self-supporting in terms of sales, markets, production and other resources.

Describe the process of strategic planning.How does this process help marketing managers?

Key Concepts in Marketing

Marketing Environment, Social Responsibility and Ethics

Marketing Research and Information Systems

Consumer and Business Behaviour

Segmentation, Target Markets and Positioning

Digital Marketing and Social Networking

The Power of Branding

Product Decisions

Pricing Decisions

Distribution Decisions

Integrating Marketing Communications

People, Physical Evidence, Processes and Partnerships

Filters

Exam 3: Planning, Implementing and Evaluating Marketing Strategy

Which of the following is false with regard to customer lifetime value?

The primary way to reduce the discrepancy between planned and actual performance is to rewrite the performance standard.

A market opportunity results from:

The strategic planning process begins with:

Stars are profitable products that usually generate more cash than is required to maintain share.

Maintaining the current culture of 'fun' for Virgin Australia Airlines' employees is most likely a(n):

Organisation by types of customers can work well for a firm that has several groups of customers with different needs and problems.

Key factors in determining the best organisational structure for a marketing unit are the:

A firm that truly adopts the marketing concept develops a distinct organisational culture based on a shared set of beliefs that makes customers' needs the pivotal point of the firm's decisions about strategy and operations.

A strategic window results from the right combination of circumstances and timing, allowing a firm to take action to reach a particular target market.

Discuss the meaning of market share.

An expected level of performance against which actual performance can be compared is a:

The Boston Consulting Group's matrix is based on the:

The long-term health of a firm depends solely on having products that generate cash and provide acceptable reported profits.

The fact that Virgin Australia Airlines has a history of being able to retain its employees is a(n) __________ in its SWOT analysis.

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are:

Marketing planning consists of two major components: marketing objectives and a control process.

A strategic business unit is not self-supporting in terms of sales, markets, production and other resources.

Describe the process of strategic planning.How does this process help marketing managers?

Key Concepts in Marketing

Marketing Environment, Social Responsibility and Ethics

Marketing Research and Information Systems

Consumer and Business Behaviour

Segmentation, Target Markets and Positioning

Digital Marketing and Social Networking

The Power of Branding

Product Decisions

Pricing Decisions

Distribution Decisions

Integrating Marketing Communications

People, Physical Evidence, Processes and Partnerships

Filters