Question 1

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

Accepted Answer

A)  market opportunity 
B)  market requirement 
C)  competitive advantage 
D)  strategic window 
E)  competitive opportunity

Question 2

Corporate strategy determines the means for utilizing resources in the functional areas of business to reach the organization's goals.

Accepted Answer

A) True 
 B)False

Question 3

Each of the marketing mix elements must work together with the others.

Accepted Answer

A) True 
 B)False

Question 4

An appliance manufacturer that sells to large retail stores,wholesalers,and institutions would probably organize its marketing unit on the basis of

Accepted Answer

A)  subregions. 
B)  national divisions. 
C)  types of customers. 
D)  functions. 
E)  products.

Question 5

A server in a fine restaurant has the authority to give a complimentary dessert to a dissatisfied customer when the customer complains about the meal or service.This is an example of

Accepted Answer

A)  benchmarking. 
B)  individualism. 
C)  good training. 
D)  empowerment. 
E)  localized authority.

Question 6

The Boston Consulting Group's matrix is based on the

Accepted Answer

A)  idea that a firm's market share and market attractiveness are the important factors for a marketing strategy. 
B)  assumption that a firm's actions have a profitable impact on marketing strategy. 
C)  business position and market attractiveness of the firm. 
D)  philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy. 
E)  idea that a product's market growth rate and market attractiveness determine the marketing strategy.

Question 7

When properly implemented,a good marketing strategy enables a company to achieve its business-unit and corporate objectives.

Accepted Answer

A) True 
 B)False

Question 8

A long-term view,or vision,of what the organization wants to become is called a mission proclamation.

Accepted Answer

A) True 
 B)False

Question 9

High Gliding Air Academy is developing its marketing mix for the coming year.Its managers know that they must first select ____,which may be the most important decision they make in the planning process.

Accepted Answer

A)  the promotional strategy 
B)  a distribution method 
C)  the pricing strategy 
D)  a target market 
E)  the desired profit margin

Question 10

Which of the following statements about the marketing mix is incorrect?

Accepted Answer

A)  The selection of the target market serves as the basis for the creation of the marketing mix. 
B)  The elements of the marketing mix are sometimes referred to as marketing mix variables. 
C)  Each element of the marketing mix must be precisely matched with the needs of the target market. 
D)  Once a marketing mix has been created for a particular target market,it cannot be changed until a new strategic window opens. 
E)  Each element of the marketing mix must be precisely matched with the other elements of the marketing mix.

Question 11

Marketing planning establishes an organizational mission and goals,corporate strategy,marketing objectives,marketing strategy,and a marketing plan.

Accepted Answer

A) True 
 B)False

Question 12

When managers at Logistics Pro are developing their strategic plan,they use a market orientation as a guide to ensure that ____ is an integral part of the process.

Accepted Answer

A)  customer satisfaction 
B)  employee satisfaction 
C)  the best use of their marketing resources 
D)  the marketing mix 
E)  the marketing function

Question 13

Use the following to answer the questions.
EXperience Limited is a company which offers tours and vacations that include participation in an extreme sport,such as hang-gliding,bungee jumping,skydiving,and motocross.Adrian Moss,EXperience Limited's owner,has just finished developing the strategic plan,including marketing objective of growing his customer base by 15% during the coming year.He believes that the best way of reaching that objective is to promote to the college-aged student.In the past,the majority of his sales have been to males under the age of 29,participating in hang-gliding and bungee jumping at various tourist locations.He wants to expand his skydiving and motocross tours,but isn't sure whether or not the expansion will be profitable.He currently has a database containing all the customers who have gone on a hang-gliding or bungee jumping vacation with his company.
-Refer to Scenario 2.2.According to the BCG matrix,the hang-gliding and bungee jumping tours have been a ____ for EXperience Limited,while the skydiving and motorcross tours represent a ____.

Accepted Answer

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

Question 14

The realized strategy is the one management decided upon during the planning phase and wants to implement.

Accepted Answer

A) True 
 B)False

Question 15

Morris Business Products Co.has established a monthly sales quota of $150,000.This is a(n)

Accepted Answer

A)  marketing control process. 
B)  evaluation of actual performance. 
C)  evaluation standard. 
D)  sales analysis. 
E)  performance standard.

Question 16

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

Accepted Answer

A)  strengths. 
B)  market strategies. 
C)  market niches. 
D)  threats. 
E)  opportunities.

Question 17

Which of the following is not a component of a marketing plan?

Accepted Answer

A)  Environmental analysis 
B)  Marketing strategies 
C)  Product 
D)  Executive summary 
E)  Marketing implementation

Question 18

The marketing control process consists of

Accepted Answer

A)  establishing goals,market scanning,and market share analysis. 
B)  establishing performance standards,evaluating performance,and reducing the differences between desired and actual performance. 
C)  establishing goals and measuring performance. 
D)  planning,implementing,and measuring marketing activities. 
E)  setting objectives,implementing strategies,and reducing the differences between desired and actual performance.

Question 19

Cash cows are market leaders that are growing fast,with substantial reported profits.

Accepted Answer

A) True 
 B)False

Question 20

Discuss the different ways of organizing the marketing unit.

Accepted Answer

The answer of Discuss the different ways of organizing the...

Exam 2: Developing and Implementing Marketing Strategies

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

Corporate strategy determines the means for utilizing resources in the functional areas of business to reach the organization's goals.

Each of the marketing mix elements must work together with the others.

An appliance manufacturer that sells to large retail stores,wholesalers,and institutions would probably organize its marketing unit on the basis of

A server in a fine restaurant has the authority to give a complimentary dessert to a dissatisfied customer when the customer complains about the meal or service.This is an example of

The Boston Consulting Group's matrix is based on the

When properly implemented,a good marketing strategy enables a company to achieve its business-unit and corporate objectives.

A long-term view,or vision,of what the organization wants to become is called a mission proclamation.

High Gliding Air Academy is developing its marketing mix for the coming year.Its managers know that they must first select ____,which may be the most important decision they make in the planning process.

Which of the following statements about the marketing mix is incorrect?

Marketing planning establishes an organizational mission and goals,corporate strategy,marketing objectives,marketing strategy,and a marketing plan.

When managers at Logistics Pro are developing their strategic plan,they use a market orientation as a guide to ensure that ____ is an integral part of the process.

The realized strategy is the one management decided upon during the planning phase and wants to implement.

Morris Business Products Co.has established a monthly sales quota of $150,000.This is a(n)

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

Which of the following is not a component of a marketing plan?

The marketing control process consists of

Cash cows are market leaders that are growing fast,with substantial reported profits.

Discuss the different ways of organizing the marketing unit.