Question 1

Which of these statements best reflects the guideline of using a base of facts and valid assumptions for marketing plans?

Accepted Answer

A)   The firm insists on having good marketing research.
B)   To motivate people, the firm sets achievable goals.
C)   The firm ensures that people at all levels in the firm understand what, when, and how they are to accomplish their tasks.
D)   The firm's marketing plan has all the key marketing mix factors and are supported by resources.
E)   The firm's marketing plan enables results to be compared with planned targets, using precise marketing metrics.F) C) and E)
G) C) and D)

Question 2

The application of modern measurement technologies to understand, quantify, and optimize marketing spending is referred to as

Accepted Answer

A)   situation analysis.
B)   strategic marketing analysis.
C)   marketing ROA (return on assets) .
D)   marketing ROI (return on investment) .
E)   marketing response evaluation.F) A) and E)
G) A) and D)

Question 3

Which of these statements best reflects the guideline for having complete and feasible marketing plans?

Accepted Answer

A)   The firm insists on having good marketing research.
B)   To motivate people, the firm sets achievable goals.
C)   The firm ensures that people at all levels in the firm understand what, when, and how they are to accomplish their tasks.
D)   The firm's marketing plan has all the key marketing mix factors and is supported by resources.
E)   The firm's marketing plan enables results to be compared with planned targets, using precise marketing metrics.F) C) and E)
G) C) and D)

Question 4

Marketing plans that cover marketing investments and programs from two to five years into the future are referred to as

Accepted Answer

A)   marketing tactics.
B)   marketing strategies.
C)   generic marketing strategies.
D)   short-term marketing plans.
E)   long-range marketing plans.F) C) and E)
G) B) and E) E

Question 5

Ideally, in effective marketing planning, goals should be ________ in terms of what is to be accomplished and by when.

Accepted Answer

A)   consistent and straightforward
B)   general and somewhat flexible
C)   easily adaptive to changes in the environment
D)   very specific and unwavering
E)   quantified and measurableF) B) and D)
G) B) and E)

Question 6

Describe the four generic business strategies and which variables determine them.

Accepted Answer

A generic business strategy is one that ...

Question 7

List the three steps of the planning phase of the strategic marketing process. Briefly describe actions that make up each of the three steps. What information is collected in each step?

Accepted Answer

The planning phase of the strategic mark...

Question 8

Organizational groupings in which a unit is responsible for specific product offerings are referred to as

Accepted Answer

A)   functional groupings.
B)   geographical groupings.
C)   reseller-based groupings.
D)   product line groupings.
E)   market-based groupings.F) B) and D)
G) C) and D)

Question 9

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, which box represents a cost-leadership strategy?

Accepted Answer

A)   Box A
B)   Box B
C)   Box C
D)   Box D
E)   This is not one of the generic business strategies.F) C) and D)
G) A) and B) D

Question 10

In a five-year study, researchers conducted in-depth analysis of 160 companies and more than 200 management tools and techniques. What was their principal finding?

Accepted Answer

A)   Supply chain management was the most critical element in stellar business performance.
B)   Customer relationship management was more effective than product development.
C)   The Internet was more effective in terms of long-term sales success than the use of retail outlets or direct marketing tactics such as catalogs.
D)   Three major management tools-supply chain management, customer relationship management, and the use of an intranet-were equally beneficial in terms of business performance.
E)   Individual management tools and techniques had no direct relationship to superior business performance in the companies that were studied.F) B) and C)
G) All of the above

Question 11

You have been told that a company increased its marketing effort from $2 million to $5 million, resulting in increased sales revenue from $12 million to $21 million. Calculate the company's ratio of incremental sales revenue to incremental marketing effort.

Accepted Answer

A)   3:1
B)   1:3
C)   8:5
D)   5:2
E)   21:12F) A) and D)
G) A) and B)

Question 12

Reflecting on the research study of over 200 management tools and techniques, which of the following companies is an example of a firm that excels based on a devising and maintaining a clearly stated, focused strategy?

Accepted Answer

A)   Costco
B)   Sears
C)   Lululemon
D)   Smucker's
E)   GrouponF) C) and D)
G) C) and E)

Question 13

Management experts warn against the tendency to excessively analyze a problem instead of taking action. This problem is referred to as

Accepted Answer

A)   second-guessing.
B)   paralysis by analysis.
C)   better to ask for forgiveness than permission.
D)   stay with the pack.
E)   letting sleeping dogs lie.F) C) and D)
G) A) and C)

Question 14

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, which box represents a cost focus strategy?

Accepted Answer

A)   Box A
B)   Box B
C)   Box C
D)   Box D
E)   This is not one of the generic business strategies.F) B) and C)
G) C) and D)

Question 15

In its introduction of the iPhone, Apple increased the number of applications available to users through its App Store which in turn allowed users to customize their smartphones. It also removed a physical (button)  keyboard found on predecessor smartphones with a multi-touch interface allowing for easier use. These are examples of which two aspects of the blue ocean strategy?

Accepted Answer

A)   differentiation and cost focus
B)   market and product specialization
C)   raising and eliminating factors
D)   selective and generic specialization
E)   full coverage and selective deletionF) B) and C)
G) A) and C)

Question 16

The actions taken during market product focus and goal setting, Step 2 of the planning phase, include

Accepted Answer

A)   identifying industry trends.
B)   researching customers.
C)   selecting target markets.
D)   developing the program's marketing mix.
E)   developing the budget by estimating revenues, expenses, and profits.F) A) and E)
G) A) and D)

Question 17

A blue ocean strategy refers to

Accepted Answer

A)   identifying a company's potential strengths, weaknesses, opportunities, and threats.
B)   relating the expense of marketing effort to the marketing results obtained.
C)   using percentage points of market share as the common basis of comparison to allocate marketing resources effectively for different product lines within the same firm.
D)   using a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization.
E)   emphasizing the simultaneous pursuit of product or marketing program differentiation and lower cost in newly configured industries and markets.F) D) and E)
G) None of the above

Question 18

Office Max provides low product prices for products typically classified as office supplies. In terms of the generic business strategy, Office Max is most likely using a ________ strategy.

Accepted Answer

A)   differentiation focus
B)   cost focus
C)   differentiation
D)   revenue leadership
E)   profit enhancementF) A) and C)
G) B) and E)

Question 19

Delphi Automobile Systems manufactures and sells satellite communications systems for automobiles that connect you and your car to 24-hour-a-day emergency service, direct you to a destination, and enable you to order a movie while on the road. Delphi Automobile Systems most likely uses

Accepted Answer

A)   a cost-leadership strategy.
B)   a cost focus strategy.
C)   a differentiation focus strategy.
D)   an innovation strategy.
E)   a differentiation strategy.F) A) and B)
G) A) and E) E

Question 20

Today, the implementation phase of the strategic marketing process often involves expanding ownership of the plan from the planners to ________ that are responsible for implementing the plans.

Accepted Answer

A)   line managers
B)   outside consultants
C)   senior management
D)   the chief marketing officers
E)   project teamsF) A) and C)
G) A) and B)

Exam 22: Pulling It All Together: the Strategic Marketing Proces

Which of these statements best reflects the guideline of using a base of facts and valid assumptions for marketing plans?

Correct Answer
verified

The application of modern measurement technologies to understand, quantify, and optimize marketing spending is referred to as

Correct Answer
verified

Which of these statements best reflects the guideline for having complete and feasible marketing plans?

Correct Answer
verified

Marketing plans that cover marketing investments and programs from two to five years into the future are referred to as

Correct Answer
verified
E

Ideally, in effective marketing planning, goals should be ________ in terms of what is to be accomplished and by when.

Correct Answer
verified

Describe the four generic business strategies and which variables determine them.

Correct Answer
verified
A generic business strategy is one that ...
View Answer

List the three steps of the planning phase of the strategic marketing process. Briefly describe actions that make up each of the three steps. What information is collected in each step?

Correct Answer
verified
The planning phase of the strategic mark...
View Answer

Organizational groupings in which a unit is responsible for specific product offerings are referred to as

Correct Answer
verified

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, which box represents a cost-leadership strategy?

Correct Answer
verified
D

In a five-year study, researchers conducted in-depth analysis of 160 companies and more than 200 management tools and techniques. What was their principal finding?

Correct Answer
verified

You have been told that a company increased its marketing effort from $2 million to $5 million, resulting in increased sales revenue from $12 million to $21 million. Calculate the company's ratio of incremental sales revenue to incremental marketing effort.

Correct Answer
verified

Reflecting on the research study of over 200 management tools and techniques, which of the following companies is an example of a firm that excels based on a devising and maintaining a clearly stated, focused strategy?

Correct Answer
verified

Management experts warn against the tendency to excessively analyze a problem instead of taking action. This problem is referred to as

Correct Answer
verified

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, which box represents a cost focus strategy?

Correct Answer
verified

Correct Answer
verified

The actions taken during market product focus and goal setting, Step 2 of the planning phase, include

Correct Answer
verified

A blue ocean strategy refers to

Correct Answer
verified

Office Max provides low product prices for products typically classified as office supplies. In terms of the generic business strategy, Office Max is most likely using a ________ strategy.

Correct Answer
verified

Delphi Automobile Systems manufactures and sells satellite communications systems for automobiles that connect you and your car to 24-hour-a-day emergency service, direct you to a destination, and enable you to order a movie while on the road. Delphi Automobile Systems most likely uses

Correct Answer
verified
E

Today, the implementation phase of the strategic marketing process often involves expanding ownership of the plan from the planners to ________ that are responsible for implementing the plans.

Correct Answer
verified

Exam 22: Pulling It All Together: the Strategic Marketing Proces

Which of these statements best reflects the guideline of using a base of facts and valid assumptions for marketing plans?

Correct AnswerverifiedShow Answer

The application of modern measurement technologies to understand, quantify, and optimize marketing spending is referred to as

Correct AnswerverifiedShow Answer

Which of these statements best reflects the guideline for having complete and feasible marketing plans?

Correct AnswerverifiedShow Answer

Marketing plans that cover marketing investments and programs from two to five years into the future are referred to as

Correct AnswerverifiedE

Ideally, in effective marketing planning, goals should be ________ in terms of what is to be accomplished and by when.

Correct AnswerverifiedShow Answer

Describe the four generic business strategies and which variables determine them.

Correct AnswerverifiedA generic business strategy is one that ...View AnswerShow Answer

List the three steps of the planning phase of the strategic marketing process. Briefly describe actions that make up each of the three steps. What information is collected in each step?

Correct AnswerverifiedThe planning phase of the strategic mark...View AnswerShow Answer

Organizational groupings in which a unit is responsible for specific product offerings are referred to as

Correct AnswerverifiedShow Answer

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, which box represents a cost-leadership strategy?

Correct AnswerverifiedD

In a five-year study, researchers conducted in-depth analysis of 160 companies and more than 200 management tools and techniques. What was their principal finding?

Correct AnswerverifiedShow Answer

You have been told that a company increased its marketing effort from $2 million to $5 million, resulting in increased sales revenue from $12 million to $21 million. Calculate the company's ratio of incremental sales revenue to incremental marketing effort.

Correct AnswerverifiedShow Answer

Reflecting on the research study of over 200 management tools and techniques, which of the following companies is an example of a firm that excels based on a devising and maintaining a clearly stated, focused strategy?

Correct AnswerverifiedShow Answer

Management experts warn against the tendency to excessively analyze a problem instead of taking action. This problem is referred to as

Correct AnswerverifiedShow Answer

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, which box represents a cost focus strategy?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The actions taken during market product focus and goal setting, Step 2 of the planning phase, include

Correct AnswerverifiedShow Answer

A blue ocean strategy refers to

Correct AnswerverifiedShow Answer

Office Max provides low product prices for products typically classified as office supplies. In terms of the generic business strategy, Office Max is most likely using a ________ strategy.

Correct AnswerverifiedShow Answer

Delphi Automobile Systems manufactures and sells satellite communications systems for automobiles that connect you and your car to 24-hour-a-day emergency service, direct you to a destination, and enable you to order a movie while on the road. Delphi Automobile Systems most likely uses

Correct AnswerverifiedE

Today, the implementation phase of the strategic marketing process often involves expanding ownership of the plan from the planners to ________ that are responsible for implementing the plans.

Correct AnswerverifiedShow Answer

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E

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A generic business strategy is one that ...
View Answer

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The planning phase of the strategic mark...
View Answer

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D

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E

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