Question 1

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 C

Question 2

Market penetration involves offering modified or new products to current markets.

Accepted Answer

A) True 
 B)False  False

Question 3

Which of the following is an element of the marketing mix?

Accepted Answer

A)   place
B)   education
C)   needs
D)   wants
E)   esteem A

Question 4

Which of the following is true with regard to cash cows?

Accepted Answer

A)   They are high-growth, high-share businesses or products.
B)   They can be used to help finance the company's question marks and stars.
C)   They require significant cash to maintain market share.
D)   They are low-share businesses and products.
E)   They do not promise to be large sources of cash.

Question 5

In the marketing mix, design, packaging, services, and variety can be categorized under ________.

Accepted Answer

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

Question 6

________ refers to activities that communicate the merits of the product and persuade target customers to buy it.

Accepted Answer

A)   Position
B)   Promotion
C)   Pricing
D)   Segmentation
E)   Prospecting

Question 7

Which of the following is NOT an example of product-oriented mission statements?

Accepted Answer

A)   "We are an online library."
B)   "We run theme parks."
C)   "We sell athletic shoes."
D)   "We sell memorable experiences."
E)   "We rent hotel rooms."

Question 8

A company can ________ an SBU by selling it or phasing it out and using the resources elsewhere.

Accepted Answer

A)   divest
B)   promote
C)   expand
D)   harvest
E)   hold

Question 9

Market segmentation can be best described as the process of ________.

Accepted Answer

A)   assigning specific human attributes to a given brand
B)   dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing programs
C)   evaluating each market segment's attractiveness and selecting one or more segments to enter
D)   turning marketing plans into marketing actions to accomplish strategic marketing objectives
E)   maintaining a strategic fit between organizational goals and changing marketing opportunities

Question 10

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

Accepted Answer

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

Question 11

What is the main purpose of the executive summary in a marketing plan?

Accepted Answer

The answer of What is the main purpose of the...

Question 12

________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities.

Accepted Answer

A)   Benchmarking
B)   SWOT analysis
C)   Market segmentation
D)   Strategic planning
E)   Diversification

Question 13

RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a(n) ________.

Accepted Answer

A)   link in the company's internal value chain
B)   separate organization
C)   independent subsidiary of the company
D)   separate market segment
E)   SBU

Question 14

Ravenshaw Corp. assigns its sales and marketing people to specific countries, regions, and districts. Ravenshaw Corp. is most likely an example of a ________.

Accepted Answer

A)   geographic organization
B)   product organization
C)   functional organization
D)   niche marketer
E)   mass marketer

Question 15

Which of the following best describes a strategic business unit?

Accepted Answer

A)   the internal value chain of a company
B)   the supply chain of a company
C)   the key businesses that make up a company
D)   the key channel intermediaries of a service company
E)   the key competitors of a company

Question 16

What does market targeting involve?

Accepted Answer

The answer of What does market targeting involve?...

Question 17

________ 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 18

Marketing control involves four steps including all the following EXCEPT ________.

Accepted Answer

A)   setting specific marketing goals
B)   measuring the marketing plan's performance in the marketplace
C)   evaluating the causes of any differences between expected and actual performance
D)   increasing the staffing in the planning department
E)   taking corrective action to close the gaps between goals and performance

Question 19

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."
-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 20

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

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