Question 1

A survey of 800 executives led several researchers to suggest that "a company undertaking a major strategic initiative to enhance its innovation and product-development capabilities" should use two kinds of metrics: These consist of ________ metrics.

Accepted Answer

A)  internal and external
B)  corporate and stakeholder
C)  output and input
D)  sociocultural and competitive
E)  economic and technologicalF) All of the above
G) C) and D)

Question 2

Figure 22-3
 
-In Porter's generic business strategies shown in Figure 22-3 above,which box represents a differentiation strategy?

Accepted Answer

A)  Box A
B)  Box B
C)  Box C
D)  Box D
E)  This is not one of Porter's strategies.F) A) and D)
G) C) and D)

Question 3

The launch of a new cereal typically costs up to $30 million and usually involves

Accepted Answer

A)  replacing one of more than 300 competing breakfast cereals already on store shelves.
B)  a minimum of three attempts before it is successfully launched.
C)  a tie-in promotion with a major motion picture or toy.
D)  steps to counteract the promotional efforts of a competitor's new cereal.
E)  obtaining FDA approval for its convenience claims.F) C) and D)
G) A) and D)

Question 4

Which of the following output report would be associated with the planning phase of the strategic marketing process?

Accepted Answer

A)  performance reviews for key personnel
B)  marketing plans that define goals and marketing mix strategies to achieve them
C)  action memos that tell who is to do what by when
D)  corrective action memos,triggered by comparing results with plans,often from the firm's marketing dashboards and metrics
E)  sales reports using the firm's marketing metrics and dashboardsF) B) and D)
G) D) and E)

Question 5

One of Porter's four generic business strategies that requires products to have significant points of difference to target one or only a few market segments is referred to as a ________ strategy.

Accepted Answer

A)  cost focus
B)  differentiation
C)  cost leadership
D)  profit enhancement
E)  differentiation focusF) None of the above
G) B) and C)

Question 6

A generic business strategy is a strategy that

Accepted Answer

A)  seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.
B)  can be adopted by any firm,regardless of the product or industry involved,to achieve a competitive advantage.
C)  describes an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.
D)  states the organization's function in society,often identifying its customers,markets,products,and technologies.
E)  helps a firm search for growth opportunities from among current and new markets as well as current and new products.F) A) and C)
G) C) and D)

Question 7

Marketing ROI (return on investment) refers to

Accepted Answer

A)  the application of modern measurement technologies to understand,quantify,and optimize production costs.
B)  the application of modern measurement technologies to understand,quantify,and optimize marketing spending.
C)  the application of modern measurement technologies to understand,quantify,and optimize research and development (R&
D)  expenses.
D)  the allocation of funds based on a percentage of the total marketing budget determined by assessing the anticipated revenue return for a given marketing action.
E)  the allocation of funds based upon the minimum expenditure possible to create the maximum results in terms of total sales.F) A) and B)
G) B) and C)

Question 8

A differentiation focus strategy refers to one of Porter's generic business strategies that

Accepted Answer

A)  involves controlling expenses and,in turn,lowering product prices targeted at a narrow range of markets segments.
B)  focuses on reducing expenses and,in turn,lowers product prices,while targeting a broad array of market segments.
C)  requires products to have significant points of difference to target one or only a few market segments.
D)  requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments.
E)  seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.F) A) and E)
G) A) and B)

Question 9

A person who is willing and able to "cut the red tape" to move a program forward is referred to as a

Accepted Answer

A)  channel captain.
B)  marketing mediator.
C)  program director.
D)  program champion.
E)  program facilitator.F) A) and D)
G) B) and D)

Question 10

Office Max provides low product prices for products strictly classified as office supplies.In terms of Porter's 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) B) and D)
G) B) and E)

Question 11

Line positions refers to

Accepted Answer

A)  managers who have the authority and responsibility to issue orders to people who report to them.
B)  people who have the authority and responsibility to advise people in staff positions but cannot issue direct orders to them.
C)  the senior executives responsible for a firm's marketing strategies and activities.
D)  members of the board of directors who are responsible for implementing the firm's marketing strategies and tactics.
E)  middle management with the responsibility of assuring that tasks are completed on time but who do not actually have the authority to issue orders.F) B) and D)
G) B) and E)

Question 12

The more a marketing plan is based on ________,the less uncertainty and fewer risks are associated with executing it.

Accepted Answer

A)  opinions
B)  intuition
C)  facts and valid assumptions
D)  past historical data
E)  alternative contingenciesF) A) and E)
G) D) and E)

Question 13

All of the following are ways a marketing manager can improve the implementation of a marketing program except which?

Accepted Answer

A)  reward successful implementation
B)  communicate goals and the means to achieve them
C)  schedule precise tasks,responsibilities,and deadlines
D)  avoid paralysis by analysis
E)  find the right person to develop the plansF) A) and B)
G) A) and C)

Question 14

The relationship of annual marketing effort to annual sales revenue is assumed to be ________ of the sales response function.

Accepted Answer

A)  a horizontal straight line,where sales revenues stay the same regardless of the marketing effort
B)  a U-shaped curve,where sales revenues are at a maximum at either end
C)  an upside-down U-shaped curve,where sales revenues are at a maximum in the middle
D)  an S-shaped curve,which shows that an additional marketing effort in the midrange of the curve results in far greater increases of sales revenue than at either end of the curve
E)  a rising straight line,where sales revenue continuously rises as the marketing effort risesF) A) and B)
G) A) and C)

Question 15

An action item list is an aid to implement a marketing plan that consists of four columns,one of which is

Accepted Answer

A)  what is to be delivered.
B)  the budget.
C)  the product or service.
D)  the points of difference.
E)  the promotional message.F) A) and B)
G) A) and C)

Question 16

What is a disruptive innovation? Cite an example.

Accepted Answer

Disruptive innovations create a new mark...

Question 17

Figure 22-3
 
-In Porter's generic business strategies shown in Figure 22-3 above,Box B refers to a ________ strategy.

Accepted Answer

A)  cost leadership
B)  quality focus
C)  differentiation focus
D)  cost focus
E)  differentiationF) A) and C)
G) B) and D)

Question 18

The essence of marketing evaluation is comparing results with planned goals to identify deviations and

Accepted Answer

A)  taking corrective actions.
B)  devising a new budget.
C)  revising the goals that fell short of expectations.
D)  investigating the causes of deviations.
E)  updating the marketing plan.F) C) and D)
G) A) and E)

Question 19

Recently,General Mills launched all of the following products except which?

Accepted Answer

A)  Nature Valley Granola Cups
B)  Very Berry Cheerios
C)  Yoplait Dippers.
D)  Fiber One Gluten-free Bars.
E)  Annie's PopcornF) C) and E)
G) B) and C)

Question 20

Marketing ROI (return on investment) is an extension of

Accepted Answer

A)  marginal analysis.
B)  marketing audits.
C)  ROI in finance.
D)  Six Sigma.
E)  the strategic marketing process.F) C) and D)
G) A) and B)

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

One of Porter's four generic business strategies that requires products to have significant points of difference to target one or only a few market segments is referred to as a ________ strategy.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A generic business strategy is a strategy that

Correct AnswerverifiedShow Answer

The more a marketing plan is based on ________,the less uncertainty and fewer risks are associated with executing it.

Correct AnswerverifiedShow Answer

What is a disruptive innovation? Cite an example.

Correct AnswerverifiedDisruptive innovations create a new mark...View AnswerShow Answer

Figure 22-3 -In Porter's generic business strategies shown in Figure 22-3 above,which box represents a differentiation strategy?

Correct AnswerverifiedShow Answer

A survey of 800 executives led several researchers to suggest that "a company undertaking a major strategic initiative to enhance its innovation and product-development capabilities" should use two kinds of metrics: These consist of ________ metrics.

Correct AnswerverifiedShow Answer

Which of the following output report would be associated with the planning phase of the strategic marketing process?

Correct AnswerverifiedShow Answer

The essence of marketing evaluation is comparing results with planned goals to identify deviations and

Correct AnswerverifiedShow Answer

A differentiation focus strategy refers to one of Porter's generic business strategies that

Correct AnswerverifiedShow Answer

Marketing ROI (return on investment) is an extension of

Correct AnswerverifiedShow Answer

The relationship of annual marketing effort to annual sales revenue is assumed to be ________ of the sales response function.

Correct AnswerverifiedShow Answer

A person who is willing and able to "cut the red tape" to move a program forward is referred to as a

Correct AnswerverifiedShow Answer

Line positions refers to

Correct AnswerverifiedShow Answer

An action item list is an aid to implement a marketing plan that consists of four columns,one of which is

Correct AnswerverifiedShow Answer

Figure 22-3 -In Porter's generic business strategies shown in Figure 22-3 above,Box B refers to a ________ strategy.

Correct AnswerverifiedShow Answer

Recently,General Mills launched all of the following products except which?

Correct AnswerverifiedShow Answer

Marketing ROI (return on investment) refers to

Correct AnswerverifiedShow Answer

The launch of a new cereal typically costs up to $30 million and usually involves

Correct AnswerverifiedShow Answer

All of the following are ways a marketing manager can improve the implementation of a marketing program except which?

Correct AnswerverifiedShow Answer

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Disruptive innovations create a new mark...
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