Question 1

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) A) and C)
G) A) and B)

Question 2

Many people are concerned about "eating healthy," but many of these same people still grab lunch at fast-food restaurants because the restaurants are convenient and they like cheeseburgers. Burger King has created a veggie burger that "tastes like the real thing without all the fat." Burger King is most likely using a __________ to attract this large market that encompasses many different segments.

Accepted Answer

A)  cost leadership strategy
B)  cost focus strategy
C)  differentiation strategy
D)  differentiation focus strategy
E)  service focus strategyF) A) and E)
G) A) and D)

Question 3

There are five alternative marketing strategies that can be identified by market-product grids: market-product concentration, market specialization, product specialization, __________, and full coverage.

Accepted Answer

A)  selective distribution
B)  market specialization
C)  product reorientation
D)  new-product specialization
E)  selective specializationF) None of the above
G) B) and C)

Question 4

When using share points to make marketing resource allocation decisions, marketing managers must estimate: (1)  __________, (2)  the revenues associated with each point of market, (3)  the contribution to overhead and profit (or gross margin)  of each share point, and (4)  possible cannibalization effects on other products in the line.

Accepted Answer

A)  the market share for the product
B)  the number of market segments
C)  the total production costs
D)  the total financial resources available for a sustained marketing effort
E)  the stage of the product in its product life cycleF) None of the above
G) A) and E)

Question 5

Successful implementation often lies in fostering a work environment that is characterized by all of the following except

Accepted Answer

A)  fostering open communications.
B)  rewarding success.
C)  communicating goals and the means to achieve them.
D)  using time-based agendas.
E)  making employees accountable for failure.F) B) and D)
G) A) and E)

Question 6

The actions taken in the development of the marketing program, Step 3 of the planning phase, include: (1)  develop the program's marketing mix actions and (2)  __________.

Accepted Answer

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

Question 7

The Betty Crocker marketing team that developed Warm Delights challenged the food scientists at General Mills to make an indulgent, delicious, and gooey dessert. They wanted all of the following characteristics in the dessert except

Accepted Answer

A)  no cleanup.
B)  a single portion.
C)  quick preparation.
D)  consistent great taste.
E)  priced below its competition.F) C) and D)
G) B) and D)

Question 8

Which of the following pieces of information is used in market-product focus and goal setting, the second step of the planning phase of the strategic marketing process?

Accepted Answer

A)  marketing return on investment
B)  revenues associated with each point of market share
C)  trends for industry and competitors
D)  possible cannibalization effects on other products in the line
E)  market potential studiesF) A) and E)
G) None of the above

Question 9

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 "clearly stated, focused strategy"?

Accepted Answer

A)  Costco
B)  Sam's Club
C)  Coca-Cola
D)  Smucker's
E)  BlackberryF) A) and B)
G) A) and C)

Question 10

What is a disruptive innovation? Cite an example.

Accepted Answer

Disruptive innovations create a new mark...

Question 11

Annual __________ are documents that deal with the marketing goals and strategies for a product, product line, or entire firm for a single year.

Accepted Answer

A)  production estimates
B)  sales forecasts
C)  budget projections
D)  marketing plans
E)  tactical forecastsF) All of the above
G) A) and B)

Question 12

In a five-year study, researchers conducted in-depth analysis of 160 companies and more than 200 management tools and techniques, such as customer relationship management and use of an intranet. What were their findings? That is, according to the researchers, how would a company exploit its competitive advantage to achieve superior business performance?

Accepted Answer

The result of the research study was tha...

Question 13

A company that uses an organizational structure based on "Dinner Products" or "Baked Goods" uses

Accepted Answer

A)  functional groupings.
B)  product line groupings.
C)  reseller groupings.
D)  geographical groupings.
E)  market-based groupings.F) None of the above
G) B) and D)

Question 14

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) B) and E)
G) A) and C)

Question 15

Which of the following output reports is used in the planning phase of the strategic marketing process?

Accepted Answer

A)  marketing plans that define goals
B)  action memos that tell who is to do what
C)  action memos that tell who is to do what by when
D)  corrective action memos
E)  tracking reportsF) B) and D)
G) B) and E)

Question 16

Which of the following 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) A) and E)
G) A) and C)

Question 17

The information needed in market product focus and goal setting, Step 2 of the planning phase, includes: (1)  market potential studies, (2)  market-product grids with targets, and (3)  __________.

Accepted Answer

A)  trends for industry and competitors
B)  marketing mix actions
C)  detailed plans to execute the marketing program
D)  perceptual maps and positioning statements
E)  projected future sales, expenses, and profitsF) A) and C)
G) A) and B)

Question 18

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

Question 19

During the planning phase of the strategic marketing process, the marketing manager will

Accepted Answer

A)  design the marketing organization.
B)  obtain resources.
C)  develop marketing schedules.
D)  construct managerial bonus plans.
E)  set market and product goals.F) B) and E)
G) C) and D)

Question 20

One of Porter's generic business strategies that focuses on reducing expenses and, in turn, lowers product prices while targeting a broad array of market segments, is referred to as a

Accepted Answer

A)  differentiation focus strategy.
B)  cost focus strategy.
C)  differentiation strategy.
D)  cost leadership strategy.
E)  supply focus strategy.F) C) and D)
G) D) and E)

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

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 "clearly stated, focused strategy"?

Correct Answer
verified

One of Porter's generic business strategies that focuses on reducing expenses and, in turn, lowers product prices while targeting a broad array of market segments, is referred to as a

Correct Answer
verified

Correct Answer
verified

Differentiation strategy refers to one of Porter's generic business strategies that

Correct Answer
verified

There are five alternative marketing strategies that can be identified by market-product grids: market-product concentration, market specialization, product specialization, __________, and full coverage.

Correct Answer
verified

The actions taken in the development of the marketing program, Step 3 of the planning phase, include: (1) develop the program's marketing mix actions and (2) __________.

Correct Answer
verified

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

Correct Answer
verified

Which of the following output reports is used in the planning phase of the strategic marketing process?

Correct Answer
verified

Correct Answer
verified
The result of the research study was tha...
View Answer

A company that uses an organizational structure based on "Dinner Products" or "Baked Goods" uses

Correct Answer
verified

The Betty Crocker marketing team that developed Warm Delights challenged the food scientists at General Mills to make an indulgent, delicious, and gooey dessert. They wanted all of the following characteristics in the dessert except

Correct Answer
verified

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

Successful implementation often lies in fostering a work environment that is characterized by all of the following except

Correct Answer
verified

The information needed in market product focus and goal setting, Step 2 of the planning phase, includes: (1) market potential studies, (2) market-product grids with targets, and (3) __________.

Correct Answer
verified

During the planning phase of the strategic marketing process, the marketing manager will

Correct Answer
verified

Annual __________ are documents that deal with the marketing goals and strategies for a product, product line, or entire firm for a single year.

Correct Answer
verified

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

Correct Answer
verified

Which of the following pieces of information is used in market-product focus and goal setting, the second step of the planning phase of the strategic marketing process?

Correct Answer
verified

What is a disruptive innovation? Cite an example.

Correct Answer
verified
Disruptive innovations create a new mark...
View Answer

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

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 "clearly stated, focused strategy"?

Correct AnswerverifiedShow Answer

One of Porter's generic business strategies that focuses on reducing expenses and, in turn, lowers product prices while targeting a broad array of market segments, is referred to as a

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Differentiation strategy refers to one of Porter's generic business strategies that

Correct AnswerverifiedShow Answer

There are five alternative marketing strategies that can be identified by market-product grids: market-product concentration, market specialization, product specialization, __________, and full coverage.

Correct AnswerverifiedShow Answer

The actions taken in the development of the marketing program, Step 3 of the planning phase, include: (1) develop the program's marketing mix actions and (2) __________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following output reports is used in the planning phase of the strategic marketing process?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThe result of the research study was tha...View AnswerShow Answer

A company that uses an organizational structure based on "Dinner Products" or "Baked Goods" uses

Correct AnswerverifiedShow Answer

The Betty Crocker marketing team that developed Warm Delights challenged the food scientists at General Mills to make an indulgent, delicious, and gooey dessert. They wanted all of the following characteristics in the dessert except

Correct AnswerverifiedShow Answer

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

Successful implementation often lies in fostering a work environment that is characterized by all of the following except

Correct AnswerverifiedShow Answer

The information needed in market product focus and goal setting, Step 2 of the planning phase, includes: (1) market potential studies, (2) market-product grids with targets, and (3) __________.

Correct AnswerverifiedShow Answer

During the planning phase of the strategic marketing process, the marketing manager will

Correct AnswerverifiedShow Answer

Annual __________ are documents that deal with the marketing goals and strategies for a product, product line, or entire firm for a single year.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following pieces of information is used in market-product focus and goal setting, the second step of the planning phase of the strategic marketing process?

Correct AnswerverifiedShow Answer

What is a disruptive innovation? Cite an example.

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

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The result of the research study was tha...
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Correct Answer
verified

Correct Answer
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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
Disruptive innovations create a new mark...
View Answer