Question 1

What are stars according to the BCG growth-share matrix?

Accepted Answer

The answer of What are stars according to the BCG...

Question 2

A clear mission statement acts as an "invisible hand" that guides people in the organization.

Accepted Answer

A) True 
 B)False

Question 3

Rob has been asked by his manager to identify a group of potential customers who would respond in a similar way to a given set of marketing efforts. In this instance, Rob has been asked to identify a ________.

Accepted Answer

A)  new product 
B)  market segment 
C)  marketing intermediary 
D)  brand 
E)  product line

Question 4

________ analysis is an overall evaluation of the company's strengths, weaknesses, opportunities, and threats.

Accepted Answer

A)  Porter's five forces 
B)  A breakeven 
C)  A regression 
D)  A SWOT 
E)  A cluster

Question 5

A market segment consists of consumers who respond in different ways to a given set of marketing efforts.

Accepted Answer

A) True 
 B)False

Question 6

In the marketing mix, place includes ________.

Accepted Answer

A)  logistics 
B)  discounts 
C)  sales promotion 
D)  advertising 
E)  packaging

Question 7

Which of the following is NOT an element of the marketing mix?

Accepted Answer

A)  place 
B)  purchase 
C)  product 
D)  price 
E)  promotion

Question 8

What is SWOT analysis?

Accepted Answer

The answer of What is SWOT analysis?...

Question 9

Effective positioning begins with ________.

Accepted Answer

A)  pricing 
B)  diversification 
C)  differentiation 
D)  promotion 
E)  segmentation

Question 10

Customer engagement and value are the key ingredients in the marketer's formula for success.

Accepted Answer

A) True 
 B)False

Question 11

What does marketing ROI measure?

Accepted Answer

The answer of What does marketing ROI measure?...

Question 12

The most common form of marketing organization is the ________ organization. Under this organization, an operational specialist heads different marketing activities.

Accepted Answer

A)  geographic 
B)  product management 
C)  functional 
D)  customer management 
E)  market

Question 13

The process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

Accepted Answer

A)  market segmentation 
B)  differentiation 
C)  target marketing 
D)  market targeting 
E)  positioning

Question 14

Which of the following is the first step of business portfolio planning?

Accepted Answer

A)  shaping the future portfolio by developing strategies for growth and downsizing 
B)  determining which businesses should receive more, less, or no investment 
C)  identifying internal strengths and weaknesses 
D)  identifying future opportunities 
E)  determining short-term goals

Question 15

The major activity in strategic planning is ________, whereby management evaluates the products and businesses that make up the company.

Accepted Answer

A)  SWOT analysis 
B)  benchmarking 
C)  business portfolio analysis 
D)  breakeven analysis 
E)  prospecting

Question 16

Which of the following is a market-oriented mission statement?

Accepted Answer

A)  "We empower customers to achieve their dreams." 
B)  "We sell jumbo burgers." 
C)  "We are an online library." 
D)  "We are a low-cost airline." 
E)  "We make porcelain figurines."

Question 17

Refer to the scenario below to answer the following question(s).
Fun-Spot Fun Park began as a small amusement park in 1985. With nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew 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 the arbors. "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 for variety."
Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like the park's motto at the entrance reads, '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?

Accepted Answer

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 attracting more high-spending families on vacation. 
C)  Ron and Gail 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. 
E)  Fun-Spot plans to further diversify its offerings by beginning a two-week summer camp for elementary school students.

Question 18

________ refers to measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.

Accepted Answer

A)  Marketing control 
B)  Marketing implementation 
C)  Satisficing 
D)  Prospecting 
E)  Benchmarking

Question 19

Why should mission statements be market oriented instead of product or technology oriented?

Accepted Answer

The answer of Why should mission statements be market oriented...

Question 20

Emerson Studios has designed its marketing organization along the lines of a ________ organization in which operational specialists head different marketing activities.

Accepted Answer

A)  geographic 
B)  product 
C)  functional 
D)  customer 
E)  market

Exam 2: Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

What are stars according to the BCG growth-share matrix?

A clear mission statement acts as an "invisible hand" that guides people in the organization.

Rob has been asked by his manager to identify a group of potential customers who would respond in a similar way to a given set of marketing efforts. In this instance, Rob has been asked to identify a ________.

________ analysis is an overall evaluation of the company's strengths, weaknesses, opportunities, and threats.

A market segment consists of consumers who respond in different ways to a given set of marketing efforts.

In the marketing mix, place includes ________.

Which of the following is NOT an element of the marketing mix?

What is SWOT analysis?

Effective positioning begins with ________.

Customer engagement and value are the key ingredients in the marketer's formula for success.

What does marketing ROI measure?

The most common form of marketing organization is the ________ organization. Under this organization, an operational specialist heads different marketing activities.

The process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

Which of the following is the first step of business portfolio planning?

The major activity in strategic planning is ________, whereby management evaluates the products and businesses that make up the company.

Which of the following is a market-oriented mission statement?

________ refers to measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.

Why should mission statements be market oriented instead of product or technology oriented?

Emerson Studios has designed its marketing organization along the lines of a ________ organization in which operational specialists head different marketing activities.