Question 1

Since its launch,Netflix has changed its business model in order to

Accepted Answer

A)  compete with Blockbuster retail store expansion.
B)  respond to changing consumer needs and the evolution of new technologies.
C)  expand its focus from entertainment to movie collectibles and memorabilia.
D)  avoid head-to-head competition with satellite television providers,which recently announced a strategic partnership with Blockbuster that offers a similar service as Netflix.
E)  begin preparations to withdraw from its traditional method of mail delivery,which takes 2-3 business days and introduce next-day delivery through FedEx.F) A) and E)
G) B) and E)

Question 2

Which phase of the strategic marketing process does a firm obtain resources,design the marketing organization,develop schedules,and execute the marketing program?

Accepted Answer

A)  planning phase
B)  implementation phase
C)  evaluation phase
D)  strategic phase
E)  tactics phaseF) C) and D)
G) B) and C)

Question 3

Hasbro is a $4.3 billion toy company that prides itself on donating to organizations that help children,since they and their parents comprise the target market for its business.This is an example of a(n)

Accepted Answer

A)  unit sales goal.
B)  market share goal.
C)  sales revenue goal.
D)  customer satisfaction goal.
E)  social responsibility goal.F) B) and C)
G) B) and D)

Question 4

Business portfolio analysis refers to

Accepted Answer

A)  a tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products.
B)  a technique that managers use to graphically track their firm's strategic business units (SBUs) as though they were a single expense in order to identify cost-cutting measures.
C)  a technique that managers use to quantify performance measures and growth targets to analyze their firm's strategic business units (SBUs) as though they were a collection of separate investments.
D)  an analysis that uses percentage points of market share as the common basis of comparison to allocate marketing resources effectively for different product lines within the same firm.
E)  a tool that seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.F) C) and E)
G) B) and E)

Question 5

At which step of the planning stage of the strategic marketing process does a firm develop its marketing mix?

Accepted Answer

A)  situation analysis
B)  goal setting
C)  marketing program
D)  implementation
E)  market segmentationF) B) and D)
G) A) and D)

Question 6

The __________ element of the marketing mix includes personal selling and sales promotion.

Accepted Answer

A)  product
B)  price
C)  promotion
D)  place
E)  peopleF) A) and B)
G) C) and E)

Question 7

The actions taken during the implementation phase of the strategic marketing process include: (1) obtain resources; (2) design the marketing organization; (3) __________; and (4) execute the marketing program.

Accepted Answer

A)  position the product
B)  select target markets
C)  develop schedules
D)  find points of difference
E)  develop the budget by estimating revenues,expenses,and profitsF) B) and D)
G) A) and B)

Question 8

The purpose of business portfolio analysis is to

Accepted Answer

A)  add or delete product line and brand extensions.
B)  search for growth opportunities from among current and new markets as well as current and new products.
C)  alter a product's characteristic,such as its quality,performance,or appearance,to increase its value to customers and increase sales.
D)  determine the appeal of each SBU or offering and then determine the amount of cash each should receive.
E)  seek opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.F) A) and D)
G) B) and C)

Question 9

A marketing strategy to increase sales of current products in current markets is referred to as

Accepted Answer

A)  market penetration.
B)  market development.
C)  product development.
D)  diversification.
E)  marketing synergy.F) None of the above
G) B) and D)

Question 10

The primary purpose of a marketing metric is to

Accepted Answer

A)  assign qualitative values to quantitative data.
B)  allow the sharing of information across product lines.
C)  measure the quantitative value of a marketing activity.
D)  forecast potential product/service opportunities over a period of five years.
E)  provide a numerically precise measurement of management judgment for an industry's growth.F) None of the above
G) A) and C)

Question 11

A business model

Accepted Answer

A)  is a road map for the marketing activities of an organization for a specified future time period.
B)  consists of the strategies an organization develops to provide value to the customers it serves.
C)  is a measure of the quantitative value or trend of a marketing activity or result.
D)  consists of the detailed day-to-day operational decisions for an organization.
E)  is the means by which organizational goals are to be measured and documented.F) A) and B)
G) A) and C)

Question 12

Market penetration refers to the marketing strategy of

Accepted Answer

A)  selling current products to new markets.
B)  selling new products to new markets.
C)  selling new products to current markets.
D)  selling the same brands in both current and new markets.
E)  increasing sales of current products in current markets.F) All of the above
G) A) and C)

Question 13

A campus service organization annually raises money through the sale of T-shirts.How could it use market segmentation to increase sales of the shirts? Be sure to include a definition of market segmentation in your answer.

Accepted Answer

Market segmentation involves aggregating...

Question 14

An organization's core values are most effective when communicated to and supported by

Accepted Answer

A)  competitors.
B)  top management and employees.
C)  suppliers.
D)  resellers.
E)  government regulators.F) B) and C)
G) A) and B)

Question 15

The marketing strategy of selling new products to current markets is referred to as __________.

Accepted Answer

A)  product penetration
B)  product development
C)  market development
D)  diversification
E)  market penetrationF) B) and C)
G) A) and D)

Question 16

Explain what a planning gap is and what is used to close it.

Accepted Answer

A planning gap is the difference between...

Question 17

In its business portfolio analysis,an organization's SBUs often start as "__________" and eventually become "__________."

Accepted Answer

A)  dogs; question marks
B)  question marks; stars
C)  stars; question marks
D)  stars; dogs
E)  question marks; dogsF) B) and E)
G) None of the above

Question 18

In the Boston Consulting Group (BCG) model for analysis of a firm's strategic business units,or SBUs,the vertical axis reflects __________.

Accepted Answer

A)  market growth rate
B)  marketing efficiencies
C)  industry attractiveness
D)  market segment size
E)  relative market shareF) A) and C)
G) C) and E)

Question 19

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products is referred to as __________.

Accepted Answer

A)  diversification analysis
B)  business portfolio analysis
C)  a market-product grid framework
D)  Porter's generic business strategy assessment
E)  market segmentationF) A) and C)
G) A) and B)

Question 20

Often used interchangeably with "vision," a(n) __________ frequently has a meaningful theme and a long-term orientation.

Accepted Answer

A)  point of difference
B)  mission statement
C)  business definition
D)  core value proposition
E)  marketing planF) C) and D)
G) B) and D)

Exam 2: Developing Successful Marketing and Organizational Strategies

Which phase of the strategic marketing process does a firm obtain resources,design the marketing organization,develop schedules,and execute the marketing program?

Correct AnswerverifiedShow Answer

Often used interchangeably with "vision," a(n) __________ frequently has a meaningful theme and a long-term orientation.

Correct AnswerverifiedShow Answer

A marketing strategy to increase sales of current products in current markets is referred to as

Correct AnswerverifiedShow Answer

The marketing strategy of selling new products to current markets is referred to as __________.

Correct AnswerverifiedShow Answer

The primary purpose of a marketing metric is to

Correct AnswerverifiedShow Answer

The purpose of business portfolio analysis is to

Correct AnswerverifiedShow Answer

In the Boston Consulting Group (BCG) model for analysis of a firm's strategic business units,or SBUs,the vertical axis reflects __________.

Correct AnswerverifiedShow Answer

An organization's core values are most effective when communicated to and supported by

Correct AnswerverifiedShow Answer

Business portfolio analysis refers to

Correct AnswerverifiedShow Answer

Explain what a planning gap is and what is used to close it.

Correct AnswerverifiedA planning gap is the difference between...View AnswerShow Answer

A campus service organization annually raises money through the sale of T-shirts.How could it use market segmentation to increase sales of the shirts? Be sure to include a definition of market segmentation in your answer.

Correct AnswerverifiedMarket segmentation involves aggregating...View AnswerShow Answer

The actions taken during the implementation phase of the strategic marketing process include: (1) obtain resources; (2) design the marketing organization; (3) __________; and (4) execute the marketing program.

Correct AnswerverifiedShow Answer

Hasbro is a $4.3 billion toy company that prides itself on donating to organizations that help children,since they and their parents comprise the target market for its business.This is an example of a(n)

Correct AnswerverifiedShow Answer

In its business portfolio analysis,an organization's SBUs often start as "__________" and eventually become "__________."

Correct AnswerverifiedShow Answer

At which step of the planning stage of the strategic marketing process does a firm develop its marketing mix?

Correct AnswerverifiedShow Answer

Since its launch,Netflix has changed its business model in order to

Correct AnswerverifiedShow Answer

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products is referred to as __________.

Correct AnswerverifiedShow Answer

Market penetration refers to the marketing strategy of

Correct AnswerverifiedShow Answer

The __________ element of the marketing mix includes personal selling and sales promotion.

Correct AnswerverifiedShow Answer

A business model

Correct AnswerverifiedShow Answer

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A planning gap is the difference between...
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Market segmentation involves aggregating...
View Answer

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In its business portfolio analysis,an organization's SBUs often start as "" and eventually become "."

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