Deck 3: Planning and Marketing in an Organization

Question 1

Which of the following is the most essential activity performed by a company's marketing function?

A) creating a business vision
B) injecting customer requirements into the company's other functions
C) developing tactical plans for the various functions within the company
D) formulating specific and measurable business objectives
E) creating the company's strategic plan

Answer 1

B

Question 2

In the Boston Consulting Group matrix, ________ provides a measure of market attractiveness.

A) relative market share
B) market development
C) market penetration
D) market growth rate
E) market segmentation

Answer 2

D

Question 3

A ________ is the process a business uses to evaluate the different combinations of products and services the business offers.

A) SWOT analysis
B) portfolio analysis
C) marketing mix
D) ROMI analysis
E) marketing audit

Answer 3

B

Question 4

In the Boston Consulting Group approach, ________ serves as a measure of company strength in the market.

A) relative market share
B) market development
C) market diversification
D) market growth rate
E) market segmentation

Question 5

Which of the following is the first step in strategic planning?

A) define business objectives
B) develop the business portfolio
C) establish the business mission
D) craft a marketing strategy
E) identify threats and weaknesses

Question 6

A company's business ________ describes an idealized picture of a future state a business is aiming to achieve.

A) strategy
B) objective
C) purpose
D) vision
E) mission

Question 7

Successful business objectives can be expressed by the mnemonic ________.

A) S.M.A.R.T.
B) R.O.M.I.
C) B.C.G.
D) S.W.O.T.
E) P.P.P.P.

Question 8

The growth-market matrix developed by the Boston Consulting Group (BCG) is used to conduct a ________.

A) SWOT analysis
B) portfolio analysis
C) promotion strategy
D) scorecard assessment
E) business mission assessment

Question 9

The process of developing actions for various functions within a business to support implementation of a strategic plan is called ________ planning.

A) product
B) tactical
C) portfolio
D) target
E) market

Question 10

The collection of products, services, and their corresponding brands that make up a company is called a ________.

A) marketing audit
B) mission statement
C) tactical plan
D) business portfolio
E) strategic plan

Question 11

Which of the following is a decision process people and businesses use to manage systems to achieve an objective?

A) SWOT analysis
B) business planning
C) ROMI
D) the balanced scorecard
E) the BCG matrix

Question 12

A company's business mission serves as a statement of ________.

A) fact
B) achievement
C) purpose
D) financial goals
E) employee commitment

Question 13

The BCG growth-market matrix has four classifications: ________, ________, ________, and ________.

A) product; price; promotion; placement
B) sales; market share; price; promotion
C) stars; cash cows; question marks; dogs
D) mission; vision; objectives; portfolio
E) strengths; weaknesses; opportunities; threats

Question 14

A company's business mission is typically directed at ________, while a company's vision is typically directed at ________.

A) all stakeholders; internal stakeholders
B) internal stakeholders; all stakeholders
C) internal stakeholders; external stakeholders
D) external stakeholders; internal stakeholders
E) external stakeholders; all stakeholders

Question 15

When a business determines its overall goals and the steps it will take to achieve them, the business is conducting ________ planning.

A) mission
B) tactical
C) strategic
D) marketing
E) operational

Question 16

A document that defines the operational and financial objectives of a business over a specific time period is a ________.

A) business mission
B) business vision
C) marketing strategy
D) business plan
E) marketing plan

Question 17

A business plan ________.

A) is a process for analyzing marketing strategies
B) is a type of marketing audit
C) can be used interchangeably with a marketing plan
D) includes the decisions that guide the entire organization
E) makes a SWOT analysis unnecessary

Question 18

Of the following, it is MOST important for a business objective to be ________.

A) broad
B) motivational
C) specific
D) aspirational
E) flexible

Question 19

Strategic planning is typically completed by a company's ________, while tactical planning is typically completed by a company's ________.

A) marketing function; various business functions
B) marketing function; top management
C) various business functions; top management
D) top management; marketing function
E) top management; various business functions

Question 20

Which of the following is NOT a step in the strategic planning process?

A) establish the business mission
B) define the business objectives
C) develop the business portfolio
D) identify the business vision
E) evaluate all members of the supply chain

Question 21

Which of the following is one of the four major components of the marketing planning process?

A) allocating resources and monitoring
B) creating a business vision
C) creating a business mission
D) finalizing a business plan
E) completing a portfolio analysis

Question 22

Which of the following strategies would a company be MOST likely to follow for a product classified as a dog in the BCG matrix?

A) using revenue generated by the product to support question marks
B) reducing financial support of the product
C) making a significant financial investment to take advantage of the market's potential
D) launching a national marketing campaign to support brand awareness
E) severing the product's connection to a product in the star or question mark sector

Question 23

The balanced scorecard considers ________ measures.

A) only financial
B) only nonfinancial
C) both financial and nonfinancial
D) only internal
E) only external

Question 24

The BCG matrix considers two dimensions: ________ and ________.

A) profits; costs
B) market attractiveness; profit potential
C) market share; market growth rate
D) production costs; marketing costs
E) customer needs; business objectives

Question 25

According to the BCG growth-market matrix, ________ are products or services that have low market share in a market with high growth.

A) dogs
B) exclamation points
C) targets
D) stars
E) question marks

Question 26

________ are low growth, high share services or products in the BCG matrix.

A) Stars
B) Cash cows
C) Question marks
D) Dogs
E) Cats

Question 27

Which of the following is the statement of how a business intends to achieve its marketing objectives?

A) business vision
B) business mission
C) marketing mix
D) marketing strategy
E) marketing audit

Question 28

Which of the following perspectives is NOT considered in the balanced scorecard?

A) customer
B) financial
C) innovation and learning
D) government
E) internal business

Question 29

Decisions concerning the selection of a target market and the creation of a marketing mix are made primarily as part of the ________ component of the marketing planning process.

A) marketing objectives
B) marketing strategies
C) marketing audit
D) market monitoring
E) resource allocation

Question 30

Which of the following best describes the components of the marketing mix?

A) all aspects of the marketing environment
B) everything considered during tactical planning
C) product, price, place, and promotion
D) production, price, distribution, and people
E) people, product, price, and placement

Question 31

A ________ strategy outlines how, when, and where a company will make its product or service available to target consumers.

A) target
B) pricing
C) product
D) promotion
E) place

Question 32

Which of the following is NOT an example of a broad marketing objective?

A) to build awareness of a product or service
B) to increase a company's investment in a product
C) to increase a product's market share
D) to increase sales of a service
E) to reduce resistance to a product or service

Question 33

After establishing marketing objectives, the next step in the marketing planning process is ________.

A) conducting a marketing audit
B) developing marketing strategies
C) creating the marketing mix
D) formulating the marketing plan
E) allocating resources to achieve the objectives

Question 34

In the BCG matrix, income from ________ can be used to help finance the company's question marks and stars.

A) dogs
B) cash cows
C) SWOTs
D) overseas operations
E) low-share businesses

Question 35

The ________ is a tool a company can use to relate its business mission and vision to individual business activities.

A) BCG matrix
B) balanced scorecard
C) SWOT analysis
D) marketing mix
E) marketing audit

Question 36

Which of the following is a comprehensive review and assessment of a company's marketing environment?

A) a marketing plan
B) a marketing audit
C) a marketing mix analysis
D) a portfolio analysis
E) a balanced scorecard

Question 37

Which component of the marketing mix identifies the good or service including packaging, branding, and warranty the company offers to the target market?

A) price strategy
B) promotion promotion strategy
C) product strategy
D) place strategy
E) package strategy

Question 38

In the BCG matrix, ________ are high share, high growth services or products. They need heavy investment to finance rapid growth.

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

Question 39

A ________ states what the marketing function must accomplish to support a strategic business plan.

A) marketing audit
B) marketing strategy
C) marketing objective
D) SWOT analysis
E) ROMI analysis

Question 40

A ________ is a group of consumers a business has identified as the most viable for its product or service.

A) business market
B) target market
C) marketing mix
D) marketing strategy
E) marketing audit

Question 41

In SWOT analysis, which of the following refers to factors in the external environment?

A) strengths
B) strategies
C) weaknesses
D) opportunities
E) situations

Question 42

Columbia Sportswear makes nylon activewear. Its marketing manager set a goal to use greater promotional efforts to increase by 12 percent over the next three years the sales of the company's line of comfortable, lightweight clothing for people who fish. Columbia Sportswear's marketing manager is engaged in ________.

A) portfolio planning
B) strategic planning
C) scorecard balancing
D) mass marketing
E) tactical planning

Question 43

A SWOT analysis would most likely be used during which component of the marketing planning process?

A) establishing marketing objectives
B) finalizing the business plan
C) conducting a marketing audit
D) creating the marketing mix
E) monitoring performance

Question 44

A film company has a high market share in the market of children's films. However, the children's film market is a relatively stable, low growth market. This film company would be classified as a(n) ________ using the BCG matrix.

A) exclamation mark
B) dog
C) cash cow
D) star
E) question mark

Question 45

In a basic SWOT analysis, the "S" stands for ________.

A) situation
B) solutions
C) satisfactions
D) strengths
E) strategy

Question 46

When the makers of a line of ballpoint pens state they are in the communication equipment business, they are defining their mission too ________.

A) narrowly
B) realistically
C) specifically
D) broadly
E) futuristically

Question 47

Harris, the marketing manager at a small sports retail chain, has conducted a marketing analysis. He has investigated the company's internal resources and characteristics, as well as factors and trends in the competitive sports retail chain market. Which of the following has Harris completed?

A) a SWOT analysis
B) a portfolio analysis
C) a balanced scorecard
D) a marketing plan
E) a marketing mix

Question 48

Monsanto operates in many businesses, including pharmaceuticals and food products. The company declares it wants to create "abundant food and a healthy environment." This statement is an example of a ________.

A) marketing strategy
B) business plan
C) business portfolio
D) tactical plan
E) business mission

Question 49

Serengeti makes lightweight sunglasses with 100 percent UV protection for hunters, hikers, and cyclists. Serengeti's long-term plans include the development of lenses for people who fish. These new lenses will have effective water-sheeting action to reduce lens spotting. Serengeti believes it can use its reputation as a sunglasses manufacturer for specialized markets to enter this new market of people who fish professionally and recreationally. Serengeti's plan is an example of ________.

A) ROMI
B) strategic planning
C) portfolio analysis
D) tactical planning
E) scorecard balancing

Question 50

In a SWOT analysis, which of the following would be considered a strength?

A) internal limitations
B) trends in the market
C) favorable factors in the environment
D) factors that challenge the company's performance
E) internal resources

Question 51

A ________ strategy identifies how a business communicates product or service benefits and value to its target market.

A) place
B) promotion
C) pricing
D) product
E) position

Question 52

The pharmaceuticals division of Omni Healthcare holds low market share in a high growth market. In order to increase the pharmaceuticals division's market share, managers would be most likely to decide which of the following?

A) hold the division's share
B) maintain the division's relevance to consumers
C) use money from a cash cow to promote the division
D) sell off the division
E) divest the division

Question 53

Which of the following measures the impact of specific marketing activities on business performance?

A) SWOT analysis
B) a marketing audit
C) an executive summary
D) ROMI
E) the BCG matrix

Question 54

The vice president of marketing for a software development company wants "to increase new business customers by 20 percent within the next two years." This is an example of a ________.

A) marketing objective
B) business vision
C) business mission
D) strategic plan
E) marketing audit

Question 55

ROMI stands for ________.

A) retail opportunity for marketing investment
B) retail objective for marketing investment
C) reach of marketing initiatives
D) reliable opportunity for market integration
E) return on marketing investment

Question 56

In a basic SWOT analysis, the "T" stands for ________.

A) timing
B) trust
C) threats
D) trade
E) tangible

Question 57

A ________ is a document that includes an assessment of the marketing situation, marketing objectives, marketing strategy, and marketing initiatives.

A) marketing plan
B) business mission
C) business vision
D) marketing audit
E) SWOT analysis

Question 58

Which of the following would a company most likely use to conduct a marketing audit?

A) the Five Forces of Competitive Position Model
B) ROMI analysis
C) the BCG matrix
D) CRM analysis
E) the NAICS

Question 59

The market for two-way radios is rapidly shrinking. A company that has a small share of the two-way radio market would be considered a(n) ________ in terms of the BCG growth-market matrix.

A) exclamation mark
B) dog
C) cash cow
D) star
E) question mark

Question 60

Archetype is a Unilever company that successfully markets a number of different tea brands around the world. Each brand appeals to the taste and emotions of local tea markets. Which of the following is the most accurate classification for the marketing Archetype does to create and promote specific products for the more than 100 countries in which its products are sold?

A) a marketing audit
B) a strength
C) a threat
D) an opportunity
E) a business mission

Question 61

The marketing mix most commonly consists of product, price, place, and positioning.

Question 62

The BCG matrix is used primarily for tactical planning, while the the balanced scorecard is used primarily for strategic planning.

Question 63

A company can use the BCG matrix to determine which of its products or services should receive more or less investment.

Question 64

Which of the following most accurately identifies a difference between a weakness and a threat in SWOT analysis?

A) A company is more able to change a threat than a weakness.
B) A company is more able to change a weakness than a threat.
C) A company can be more negatively affected by a weakness than by a threat.
D) A company can be more negatively affected by a threat than by a weakness.
E) A company can more easily identify threats than weaknesses.

Question 65

One aim of marketing planning is to connect a business to the environment in which it functions.

Question 66

Serengeti makes lightweight sunglasses with 100 percent UV protection for outdoor enthusiasts who love to hunt, hike, and ride bikes. Serengeti's long-term plans include the development of lenses that, in addition to protecting users from UV rays, will also have effective water-sheeting action to reduce lens spotting. The target market for this new feature will be people who fish. Serengeti has determined that fishing is one of the fastest growing sports in the United States. In terms of a SWOT analysis, Serengeti has recognized a market ________.

A) weakness
B) strength
C) threat
D) opportunity
E) mix

Question 67

In the BCG matrix, question marks are in a sector with little potential for growth.

Question 68

Business planning is an ongoing process of making decisions that guides a business in both the short and long term.

Question 69

A business objective is something a business is attempting to achieve in support of a tactical strategy.

Question 70

The achievement of a marketing objective is not typically measured as a part of the marketing planning process.

Question 71

Refer to the scenario below to answer the following questions.
Fun-Spot Fun Park began as a small amusement park in 1985. Starting with nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot has grown into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater.
"My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market."
Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and arbor.
"There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!"
"Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful! There is nothing else like Fun-Spot Fun Park in the area. We were just lucky."
"I think it's the ambience of the park that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time."
Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like it says on the entrance to the park, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."
Into which quadrant of the BCG matrix does Fun-Spot fall?

A) star
B) question mark
C) profit center
D) target
E) dog

Question 72

In the BCG matrix, stars and cash cows require a similar level of investment of a company's resources.

Question 73

A business objective should include a specific time frame for achieving the objective.

Question 74

A company's promotion strategy determines how much the company will charge for its products.

Question 75

All businesses, regardless of size, should engage in the business planning process.

Question 76

In the BCG matrix, dogs are low growth services or products with low market share.

Question 77

Guided by marketing strategy, a company designs a marketing mix made up of factors under its control.

Question 78

Refer to the scenario below to answer the following questions.
Fun-Spot Fun Park began as a small amusement park in 1985. Starting with nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot has grown into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater.
"My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market."
Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and arbor.
"There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!"
"Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful! There is nothing else like Fun-Spot Fun Park in the area. We were just lucky."
"I think it's the ambience of the park that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time."
Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like it says on the entrance to the park, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."
Which of the following would be classified as an opportunity in a SWOT analysis of Fun Spot?

A) A rival amusement park announces plans to open three new rides next season.
B) A new luxury hotel is being constructed in the area, with the aim of luring more high-spending families on vacation.
C) Gail and Ron have paid off the mortgage on Fun Spot, significantly reducing their monthly expenses.
D) Fun Spot employees tend to be enthusiastic and young, projecting an image of fun and vitality at Fun Spot.
E) Fun Spot plans to further diversify its offerings by beginning a two-week summer camp for elementary school students.

Question 79

Refer to the scenario below to answer the following questions.
Fun-Spot Fun Park began as a small amusement park in 1985. Starting with nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot has grown into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater.
"My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market."
Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and arbor.
"There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!"
"Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful! There is nothing else like Fun-Spot Fun Park in the area. We were just lucky."
"I think it's the ambience of the park that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time."
Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like it says on the entrance to the park, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."
Fun-Spot's statement that "We're here to make you happy" is an example of a(n) ________.

A) business plan
B) marketing strategy
C) business mission
D) marketing mix
E) strategic plan

Question 80

A company can use the balanced scorecard to generate a set of initiatives to achieve its objectives.