Question 1

A customer value proposition is

Accepted Answer

A)   the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
B)   a statement that, before product development begins, identifies (1)  a well-defined target market; (2)  specific customers' needs, wants, and preferences; and (3)  what the product will be and do to satisfy consumers.
C)   a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.
D)   the characteristics of a product that make it superior to competitive substitutes.
E)   the cluster of benefits that an organization promises customers to satisfy their needs.F) A) and C)
G) B) and C)

Question 2

An organization's competencies include all of the following except which?

Accepted Answer

A)   Profit
B)   Customer service
C)   Technologies
D)   Resources
E)   Employee skillsF) A) and B)
G) D) and E)

Question 3

An organization's ________ are the fundamental, passionate, and enduring principles that guide its conduct over time.

Accepted Answer

A)   goals
B)   cultures
C)   strategies
D)   core values
E)   mission statementsF) B) and D)
G) A) and E)

Question 4

The acronym SWOT, as in SWOT analysis, stands for

Accepted Answer

A)   strengths, weaknesses, opportunities, and tactics.
B)   strengths, weaknesses, options, and tactics.
C)   strengths, weaknesses, opportunities, and threats.
D)   simple, workable, optimal, and timely.
E)   state the problem, work out a strategy, organize your team, and take action.F) C) and D)
G) A) and E)

Question 5

A mission statement should be

Accepted Answer

A)   short-term.
B)   meaningful.
C)   numerical.
D)   trademarked.
E)   clever.F) A) and B)
G) A) and E)

Question 6

Figure 2-5
-Quadrant D in Figure 2-5 above represents the marketing strategy of

Accepted Answer

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

Question 7

One of the most recognized approaches to business portfolio analysis is the Boston Consulting Group's growth-share matrix. Describe this tool and the four quadrants of the matrix.

Accepted Answer

The BCG business portfolio analysis requ...

Question 8

Unilever distributes its Lipton tea products in part through independent brokers, agents and distributors to chain, wholesale, co-operative and independent grocery accounts, and food service. This is an example of a firm's

Accepted Answer

A)   market segmentation and targeting strategy.
B)   price strategy.
C)   place strategy.
D)   promotion strategy.
E)   product strategy.F) B) and C)
G) None of the above

Question 9

When participating in major projects in college marketing classes, effective teams can use a ________ to be sure that each team member does a fair amount of work and that class projects are finished efficiently and on time.

Accepted Answer

A)   market-product grid
B)   cloverleaf schedule
C)   Plan-A-Gram
D)   Gantt chart
E)   sales response functionF) A) and B)
G) A) and E)

Question 10

Often used interchangeably with the term vision, a ________ frequently has a meaningful theme and a long-term orientation.

Accepted Answer

A)   point of difference
B)   mission statement
C)   business definition
D)   customer value proposition
E)   marketing planF) None of the above
G) A) and B)

Question 11

Figure 2-2
-In Figure 2-2 above, C represents the "how" element of visionary organization. This is referred to as the organizational

Accepted Answer

A)   tactics.
B)   mission.
C)   foundation.
D)   direction.
E)   strategies.F) C) and D)
G) A) and B)

Question 12

Apple recently entered the financial services market with its version of a credit card, the Apple Card. The card competes with other credit cards and various financial payment technologies such as Paypal, Venmo, and Android Pay. Industry analysts estimate that 6 out of 10 Americans have a credit card and that credit card use has grown by 42 percent in the past 7 years. The Apple Card entered the market as a

Accepted Answer

A)   question mark.
B)   raptor.
C)   rocketship.
D)   cash cow.
E)   dog.F) A) and B)
G) All of the above

Question 13

The Boston Consulting Group (BCG)  has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Dogs are SBUs that are classified as having

Accepted Answer

A)   high market growth rates and high relative market shares.
B)   low market growth rates but high relative market shares.
C)   low market growth rates and low relative market shares.
D)   high market growth rates but low relative market shares.
E)   medium market growth rates and medium relative market shares.F) All of the above
G) C) and D)

Question 14

Market share is the ratio of sales revenue of the firm to the total sales revenue of all ________, including the firm itself.

Accepted Answer

A)   firms in the industry
B)   firms in the competitive set
C)   firms in the WTO
D)   product groupings
E)   domestic firms in a countryF) C) and E)
G) A) and B)

Question 15

Pharmavite LLC recently recalled several lots of Nature Made vitamin products due to possible salmonella or staphylococcus contamination. It should have adopted a more rigorous ________ goal.

Accepted Answer

A)   profit
B)   sales revenue
C)   customer satisfaction
D)   employee welfare
E)   qualityF) D) and E)
G) A) and D)

Question 16

Define marketing dashboard and marketing metric and explain how these terms are related.

Accepted Answer

A marketing dashboard is the visual comp...

Question 17

Organizations that develop similar offerings, when grouped together, create

Accepted Answer

A)   a conglomerate.
B)   a merger.
C)   an industry.
D)   a sector.
E)   a monopoly.F) C) and D)
G) A) and B)

Question 18

Recently, St. Joseph Hospital was named one of the "Best Places to Work in Indiana" for the sixth consecutive year. The hospital touts universal values to "keep health care human" and employees consistently put patients first, which unites them in a common goal. Former hospital president Kathy Young believed that St. Joseph's ________ makes both employees and patients happier in the hospital.

Accepted Answer

A)   vision
B)   service offerings
C)   organizational culture
D)   pathos
E)   behavioral protocolF) B) and D)
G) C) and D)

Question 19

Ben & Jerry's Marketing Dashboard (Dollar Sales and Market Share) Consider the Ben & Jerry's Dollar Sales and Market Share figure here. 
-A marketing manager for Ben & Jerry's notices that dollar sales for 2018 were $240 million and in 2019 they were $250 million. What was the formula used to calculate the dollar sales for each of these two years?

Accepted Answer

A)   Dollar sales ($)  = Average price × Quantity manufactured in each year.
B)   Dollar sales ($)  = Average cost of goods sold ? Fixed costs in each year.
C)   Dollar sales ($)  = Average price ? Shrinkage rate in each year.
D)   Dollar sales ($)  = Average price × Quantity sold in each year.
E)   Dollar sales ($)  = Average cost of goods sold ? Variable costs in each year.F) C) and D)
G) B) and C)

Question 20

Explain what a Gantt chart is and how it is used.

Accepted Answer

A Gantt chart is a graphical representat...

Exam 2: Developing Successful Organizational and Marketing Strategies

Figure 2-5 -Quadrant D in Figure 2-5 above represents the marketing strategy of

Correct Answer
verified

Pharmavite LLC recently recalled several lots of Nature Made vitamin products due to possible salmonella or staphylococcus contamination. It should have adopted a more rigorous ________ goal.

Correct Answer
verified

Define marketing dashboard and marketing metric and explain how these terms are related.

Correct Answer
verified
A marketing dashboard is the visual comp...
View Answer

Figure 2-2 -In Figure 2-2 above, C represents the "how" element of visionary organization. This is referred to as the organizational

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

A customer value proposition is

Correct Answer
verified

Market share is the ratio of sales revenue of the firm to the total sales revenue of all ________, including the firm itself.

Correct Answer
verified

A mission statement should be

Correct Answer
verified

The acronym SWOT, as in SWOT analysis, stands for

Correct Answer
verified

An organization's ________ are the fundamental, passionate, and enduring principles that guide its conduct over time.

Correct Answer
verified

One of the most recognized approaches to business portfolio analysis is the Boston Consulting Group's growth-share matrix. Describe this tool and the four quadrants of the matrix.

Correct Answer
verified
The BCG business portfolio analysis requ...
View Answer

Explain what a Gantt chart is and how it is used.

Correct Answer
verified
A Gantt chart is a graphical representat...
View Answer

When participating in major projects in college marketing classes, effective teams can use a ________ to be sure that each team member does a fair amount of work and that class projects are finished efficiently and on time.

Correct Answer
verified

Often used interchangeably with the term vision, a ________ frequently has a meaningful theme and a long-term orientation.

Correct Answer
verified

An organization's competencies include all of the following except which?

Correct Answer
verified

Unilever distributes its Lipton tea products in part through independent brokers, agents and distributors to chain, wholesale, co-operative and independent grocery accounts, and food service. This is an example of a firm's

Correct Answer
verified

The Boston Consulting Group (BCG) has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Dogs are SBUs that are classified as having

Correct Answer
verified

Organizations that develop similar offerings, when grouped together, create

Correct Answer
verified

Exam 2: Developing Successful Organizational and Marketing Strategies

Figure 2-5 -Quadrant D in Figure 2-5 above represents the marketing strategy of

Correct AnswerverifiedShow Answer

Pharmavite LLC recently recalled several lots of Nature Made vitamin products due to possible salmonella or staphylococcus contamination. It should have adopted a more rigorous ________ goal.

Correct AnswerverifiedShow Answer

Define marketing dashboard and marketing metric and explain how these terms are related.

Correct AnswerverifiedA marketing dashboard is the visual comp...View AnswerShow Answer

Figure 2-2 -In Figure 2-2 above, C represents the "how" element of visionary organization. This is referred to as the organizational

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A customer value proposition is

Correct AnswerverifiedShow Answer

Market share is the ratio of sales revenue of the firm to the total sales revenue of all ________, including the firm itself.

Correct AnswerverifiedShow Answer

A mission statement should be

Correct AnswerverifiedShow Answer

The acronym SWOT, as in SWOT analysis, stands for

Correct AnswerverifiedShow Answer

An organization's ________ are the fundamental, passionate, and enduring principles that guide its conduct over time.

Correct AnswerverifiedShow Answer

One of the most recognized approaches to business portfolio analysis is the Boston Consulting Group's growth-share matrix. Describe this tool and the four quadrants of the matrix.

Correct AnswerverifiedThe BCG business portfolio analysis requ...View AnswerShow Answer

Explain what a Gantt chart is and how it is used.

Correct AnswerverifiedA Gantt chart is a graphical representat...View AnswerShow Answer

When participating in major projects in college marketing classes, effective teams can use a ________ to be sure that each team member does a fair amount of work and that class projects are finished efficiently and on time.

Correct AnswerverifiedShow Answer

Often used interchangeably with the term vision, a ________ frequently has a meaningful theme and a long-term orientation.

Correct AnswerverifiedShow Answer

An organization's competencies include all of the following except which?

Correct AnswerverifiedShow Answer

Unilever distributes its Lipton tea products in part through independent brokers, agents and distributors to chain, wholesale, co-operative and independent grocery accounts, and food service. This is an example of a firm's

Correct AnswerverifiedShow Answer

The Boston Consulting Group (BCG) has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Dogs are SBUs that are classified as having

Correct AnswerverifiedShow Answer

Organizations that develop similar offerings, when grouped together, create

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A marketing dashboard is the visual comp...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The BCG business portfolio analysis requ...
View Answer

Correct Answer
verified
A Gantt chart is a graphical representat...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified