Question 1

A company's broad mission leads it to develop all of the following EXCEPT ________.

Accepted Answer

A)  budget objectives 
B)  business objectives 
C)  sales objectives 
D)  marketing objectives 
E)  customer engagement objectives

Question 2

What is a strategic business unit (SBU)?

Accepted Answer

The answer of What is a strategic business unit (SBU)?...

Question 3

The four Cs concept adopts the buyer's view of the market.

Accepted Answer

A) True 
 B)False

Question 4

During portfolio analysis, a company ________ after identifying the key businesses that make up the company.

Accepted Answer

A)  formulates a short-term marketing plan 
B)  assesses the attractiveness of its various SBUs 
C)  assesses its strengths and weaknesses 
D)  performs a SWOT analysis 
E)  assesses the effectiveness of its various channel intermediaries

Question 5

Marketing plays a key role in the company's strategic planning in all of these ways EXCEPT ________.

Accepted Answer

A)  providing input to identify attractive market opportunities 
B)  designing new products from scratch 
C)  creating customer value and building profitable relationships with customer groups 
D)  designing strategies for reaching a unit's objective 
E)  providing a guiding philosophy

Question 6

Harris Brown, the marketing manager at a small retail chain, wants to assess his firm's strengths, opportunities, weaknesses, and threats. Which of the following would be best suited for his purpose?

Accepted Answer

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

Question 7

A marketing plan begins with a(n) ________, which presents a brief summary of the main goals and recommendations of the plan for management review.

Accepted Answer

A)  budget 
B)  opportunity analysis 
C)  threat analysis 
D)  executive summary 
E)  action program

Question 8

What is a growth-share matrix? Discuss the BCG growth-share matrix.

Accepted Answer

The answer of What is a growth-share matrix? Discuss the...

Question 9

Define market penetration.

Accepted Answer

The answer of Define market penetration....

Question 10

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.

Accepted Answer

A)  product differentiation 
B)  product development 
C)  diversification 
D)  market penetration 
E)  market segmentation

Question 11

A mission statement serves as a ________.

Accepted Answer

A)  statement of the organization's net profits 
B)  plan for short-term sustainability 
C)  statement of the organization's purpose 
D)  statement of the organization's current liabilities 
E)  reward plan for the organization's highly skilled employees

Question 12

What are some of the problems associated with matrix approaches?

Accepted Answer

The answer of What are some of the problems associated...

Question 13

To succeed in today's competitive marketplace, companies must be product-centered.

Accepted Answer

A) True 
 B)False

Question 14

Elmo Corp., a manufacturer of personal computers and printers, recently established an office furniture exporting business. This is an example of ________.

Accepted Answer

A)  niche marketing 
B)  local marketing 
C)  diversification 
D)  product adaptation 
E)  downsizing

Question 15

What factors determine the success of a company's value chain?

Accepted Answer

The answer of What factors determine the success of a...

Question 16

On the BCG matrix, "question marks" are high-growth, high-share businesses or products.

Accepted Answer

A) True 
 B)False

Question 17

How does strategic planning benefit companies?

Accepted Answer

The answer of How does strategic planning benefit companies?...

Question 18

Ron and Gail, owners of Fun-Spot, strive to provide new offerings and entertainment options for their visitors. This type of strategy can be best described as ________.

Accepted Answer

A)  market penetration 
B)  market development 
C)  product development 
D)  niche marketing 
E)  diversification

Question 19

Companies may want to downsize their business portfolios for all but which of the following reasons?

Accepted Answer

A)  The firm may have grown too fast. 
B)  The firm may have entered areas where it lacks experience. 
C)  The customers may have purchased all they need. 
D)  The market environment might change. 
E)  The products might simply age.

Question 20

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."
-Fun-Spot's mission is ________.

Accepted Answer

A)  product oriented 
B)  technology oriented 
C)  market oriented 
D)  design oriented 
E)  narrowly focused on profits

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

A company's broad mission leads it to develop all of the following EXCEPT ________.

What is a strategic business unit (SBU)?

The four Cs concept adopts the buyer's view of the market.

During portfolio analysis, a company ________ after identifying the key businesses that make up the company.

Marketing plays a key role in the company's strategic planning in all of these ways EXCEPT ________.

Harris Brown, the marketing manager at a small retail chain, wants to assess his firm's strengths, opportunities, weaknesses, and threats. Which of the following would be best suited for his purpose?

A marketing plan begins with a(n) ________, which presents a brief summary of the main goals and recommendations of the plan for management review.

What is a growth-share matrix? Discuss the BCG growth-share matrix.

Define market penetration.

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.

A mission statement serves as a ________.

What are some of the problems associated with matrix approaches?

To succeed in today's competitive marketplace, companies must be product-centered.

Elmo Corp., a manufacturer of personal computers and printers, recently established an office furniture exporting business. This is an example of ________.

What factors determine the success of a company's value chain?

On the BCG matrix, "question marks" are high-growth, high-share businesses or products.

How does strategic planning benefit companies?

Ron and Gail, owners of Fun-Spot, strive to provide new offerings and entertainment options for their visitors. This type of strategy can be best described as ________.

Companies may want to downsize their business portfolios for all but which of the following reasons?