Question 1

Which of the following is the most specific and detailed type of business strategy?

Accepted Answer

A) ​business-unit 
B) ​marketing 
C) ​corporate 
D) ​customer service 
E) ​tactical 
A) ​business-unit 
B) ​marketing 
C) ​corporate 
D) ​customer service 
E) ​tactical

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

Competitive growth strategies are based on

Accepted Answer

A) a unit's market share and market growth. 
B) the type of marketing mix chosen. 
C) the Boston Consulting Group's matrix. 
D) analyses of each product or business unit. 
E) new types of target markets. 
A) a unit's market share and market growth. 
B) the type of marketing mix chosen. 
C) the Boston Consulting Group's matrix. 
D) analyses of each product or business unit. 
E) new types of target markets.

Question 4

Selecting an appropriate target market may be the most important decision a company makes in the strategic planning process.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following statements is incorrect?

Accepted Answer

A) ​Of the three levels of planning, corporate strategy is the broadest. 
B) ​Business-unit strategy should be consistent with the corporate strategy. 
C) ​Marketing strategy should be consistent with both the business-unit and corporate strategies. 
D) ​Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels. 
E) ​Strategic planning begins at the corporate level and proceeds through business-unit and marketing levels. 
A) ​Of the three levels of planning, corporate strategy is the broadest. 
B) ​Business-unit strategy should be consistent with the corporate strategy. 
C) ​Marketing strategy should be consistent with both the business-unit and corporate strategies. 
D) ​Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels. 
E) ​Strategic planning begins at the corporate level and proceeds through business-unit and marketing levels.

Question 6

A marketing plan

Accepted Answer

A) ​is characteristic of production-oriented firms and other mass producers. 
B) ​provides a framework for implementing and controlling marketing activities. 
C) ​always increases the marketing manager's operating costs. 
D) ​produces plans that are short term in orientation. 
E) ​restricts the marketing manager's future options. 
A) ​is characteristic of production-oriented firms and other mass producers. 
B) ​provides a framework for implementing and controlling marketing activities. 
C) ​always increases the marketing manager's operating costs. 
D) ​produces plans that are short term in orientation. 
E) ​restricts the marketing manager's future options.

Question 7

A strategic window is

Accepted Answer

A) ​the right combination of circumstances and timing that permit an organization to take action to reach a particular target market. 
B) ​what determines the factors that are most important in making a market attractive or strong. 
C) ​customers' requirements or desired benefits. 
D) ​a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market. 
E) ​the process that seeks information about events and relationships in a company's outside environment. 
A) ​the right combination of circumstances and timing that permit an organization to take action to reach a particular target market. 
B) ​what determines the factors that are most important in making a market attractive or strong. 
C) ​customers' requirements or desired benefits. 
D) ​a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market. 
E) ​the process that seeks information about events and relationships in a company's outside environment.

Question 8

In a traditional organization, marketing decisions are likely to be

Accepted Answer

A) ​very decentralized. 
B) ​centralized at the top levels of the organization. 
C) ​made by frontline employees. 
D) ​made by frontline managers. 
E) ​made only by the CEO. 
A) ​very decentralized. 
B) ​centralized at the top levels of the organization. 
C) ​made by frontline employees. 
D) ​made by frontline managers. 
E) ​made only by the CEO.

Question 9

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 10

A market opportunity results from

Accepted Answer

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

Question 11

In a traditional organization, marketing decisions are generally centralized at the top levels of the organization.

Accepted Answer

A) True 
 B)False

Question 12

You work in the marketing department of shoe firm Weasley Inc. Over the past month you have been working with management to revise the company's mission statement and set specific marketing goals for the upcoming year. Today you are meeting with your marketing team and discussing the next step in the strategic planning process. What is this next step?

Accepted Answer

A) Formulating corporate and business-unit strategies 
B) Analyzing the organization's strengths and weaknesses and identifying its threats and opportunities 
C) Determining performance standards to analyze the successful implementation of goals 
D) Evaluating the performance of the marketing strategy 
E) Writing up a marketing plan 
A) Formulating corporate and business-unit strategies 
B) Analyzing the organization's strengths and weaknesses and identifying its threats and opportunities 
C) Determining performance standards to analyze the successful implementation of goals 
D) Evaluating the performance of the marketing strategy 
E) Writing up a marketing plan

Question 13

The Boston Consulting Group approach is based on a philosophy that a product's market growth rate and its market share relative to competition should be helpful in determining its marketing strategy.

Accepted Answer

A) True 
 B)False

Question 14

The following passage is an often-expressed critique of one of the two types of decision-making structures: Another disadvantage of this structure is that the organization may become fragmented. Business units may lose their sense of team spirit and cooperation. Some business units may put their own interests ahead of those of the company as a whole. Innovative ideas that once spread through the company quickly may now remain within individual business units.
Which one of the following decision-making structures is this critique referring to?

Accepted Answer

A) ​Centralized organizational structure 
B) ​Remote organizational structure 
C) ​Functional organizational structure 
D) ​Process organizational structure 
E) ​Decentralized organizational structure 
A) ​Centralized organizational structure 
B) ​Remote organizational structure 
C) ​Functional organizational structure 
D) ​Process organizational structure 
E) ​Decentralized organizational structure

Question 15

The director of marketing for 3M tapes tells the rest of the management team, "When it comes to our transparent packaging tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the packaging tape unit falls into which one of the following classifications?

Accepted Answer

A) ​Problem child 
B) ​Star 
C) ​Cash cow 
D) ​Dog 
E) ​Question mark 
A) ​Problem child 
B) ​Star 
C) ​Cash cow 
D) ​Dog 
E) ​Question mark

Question 16

After determining that consumers had concerns about fat and carbohydrates, Piada's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of

Accepted Answer

A) a competitive advantage. 
B) a well-defined mission statement. 
C) good strategic planning. 
D) a market opportunity. 
E) opportunistic behavior. 
A) a competitive advantage. 
B) a well-defined mission statement. 
C) good strategic planning. 
D) a market opportunity. 
E) opportunistic behavior.

Question 17

The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace is called

Accepted Answer

A) first-mover advantage. 
B) early-mover advantage. 
C) first-mover disadvantage. 
D) strategic window. 
E) late-mover advantage. 
A) first-mover advantage. 
B) early-mover advantage. 
C) first-mover disadvantage. 
D) strategic window. 
E) late-mover advantage.

Question 18

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a​

Accepted Answer

A) ​profit entity. 
B) ​strategic business unit. 
C) ​marketing program. 
D) ​small business. 
E) ​diversified corporation. 
A) ​profit entity. 
B) ​strategic business unit. 
C) ​marketing program. 
D) ​small business. 
E) ​diversified corporation.

Question 19

Acme Corporation saw an opportunity in the electric car industry. The company had studied major electric car brands such as the Chevrolet Volt and the Nissan Leaf. It believed it could avoid many of the challenges these companies had encountered with a new technology that would reduce costs. Acme also knew from watching competitors that it would have to work hard to convince skeptics that the electric car was a viable and dependable method to get around. By avoiding these mistakes and using its technology, Acme quickly gained market share once it began launching its vehicles. What type of advantage did Acme have?

Accepted Answer

A) first-mover advantage 
B) core advantage 
C) late-mover advantage 
D) strategic advantage 
E) market share advantage 
A) first-mover advantage 
B) core advantage 
C) late-mover advantage 
D) strategic advantage 
E) market share advantage

Question 20

A market is a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.

Accepted Answer

A) True 
 B)False

Which of the following is the most specific and detailed type of business strategy?

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

Competitive growth strategies are based on

Selecting an appropriate target market may be the most important decision a company makes in the strategic planning process.

Which of the following statements is incorrect?

A marketing plan

A strategic window is

In a traditional organization, marketing decisions are likely to be

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

A market opportunity results from

In a traditional organization, marketing decisions are generally centralized at the top levels of the organization.

The Boston Consulting Group approach is based on a philosophy that a product's market growth rate and its market share relative to competition should be helpful in determining its marketing strategy.

After determining that consumers had concerns about fat and carbohydrates, Piada's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of

The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace is called

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a

A market is a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.

Customer-Driven Strategic Marketing

The Marketing Environment, Social Responsibility, and Ethics

Marketing Research and Information Systems

Target Market Segmentation and Evaluation

Consumer Buying Behavior

Business Markets and Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product, Branding, and Packaging Concepts

Developing and Managing Goods and Services

Pricing Concepts and Management

Marketing Channels and Supply-Chain Management

Retailing, Direct Marketing, and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Filters

Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

Which of the following is the most specific and detailed type of business strategy?

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

Competitive growth strategies are based on

Selecting an appropriate target market may be the most important decision a company makes in the strategic planning process.

Which of the following statements is incorrect?

A marketing plan

A strategic window is

In a traditional organization, marketing decisions are likely to be

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

A market opportunity results from

In a traditional organization, marketing decisions are generally centralized at the top levels of the organization.

The Boston Consulting Group approach is based on a philosophy that a product's market growth rate and its market share relative to competition should be helpful in determining its marketing strategy.

After determining that consumers had concerns about fat and carbohydrates, Piada's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of

The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace is called

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a​

A market is a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.

Customer-Driven Strategic Marketing

The Marketing Environment, Social Responsibility, and Ethics

Marketing Research and Information Systems

Target Market Segmentation and Evaluation

Consumer Buying Behavior

Business Markets and Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product, Branding, and Packaging Concepts

Developing and Managing Goods and Services

Pricing Concepts and Management

Marketing Channels and Supply-Chain Management

Retailing, Direct Marketing, and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Filters

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a