Question 1

Identify and describe the three phases of the strategic marketing process.

Accepted Answer

The three phases of the strategic market...

Question 2

The highest-ranking person in an organization who oversees the organization's daily operations and spearheads its strategy planning efforts is often referred to as

Accepted Answer

A)  the corporate executive overseer.
B)  the chief executive officer.
C)  the corporate executive official.
D)  the chief marketing officer.
E)  the coordinating executive official.F) A) and E)
G) A) and C)

Question 3

The level in an organization where top management directs overall strategy for the entire organization is referred to as the

Accepted Answer

A)  corporate level.
B)  functional level.
C)  directive level.
D)  strategic level.
E)  tactical level.F) B) and C)
G) A) and E)

Question 4

In a typical manufacturing firm, the structure of its marketing department is typically organized from top to bottom as follows:

Accepted Answer

A)  CEO to CFO to product manager.
B)  CEO to CMO to product manager.
C)  product manager to marketing research manager to sales manager to promotion manager.
D)  industry manager to market manager to product manager.
E)  product manager to CMO to sales manager.F) A) and D)
G) C) and D)

Question 5

Which of the following statements about strategy is most accurate?

Accepted Answer

A)  An organization can be all things to all people because it has access to all the resources it needs to discover and satisfy the needs and wants of its target markets.
B)  The marketing department helps to both set an organization's direction and move it there.
C)  The American Marketing Association (AM
A)   recently has established the definition of strategy.
D)  Strategy is an organization's short-term course of action designed to deliver a specific customer experience while achieving its internal standards.
E)  Only start-up organizations must develop strategies to help them raise capital as well as focus and direct their efforts to accomplish their goals.F) C) and E)
G) D) and E)

Question 6

A key role of the marketing department is to "look outward." This is accomplished by

Accepted Answer

A)  allocating financial resources across strategic business units.
B)  communicating the vision of the marketing department forcefully enough to be incorporated into the overall mission of the company.
C)  forming cross-functional teams to help solve the organization's marketing problems.
D)  implementing new accounting methods passed by Congress.
E)  listening to customers, developing and producing offerings, and implementing marketing program activities.F) B) and E)
G) A) and C)

Question 7

What is the difference between a marketing strategy and a marketing tactic?

Accepted Answer

A marketing strategy is the means by whi...

Question 8

Strategic business units (SBUs)  with a low share of slow-growth markets that may generate enough cash to sustain themselves but do not hold the promise of ever becoming real winners for the organization are referred to as

Accepted Answer

A)  dogs.
B)  cash cows.
C)  stars.
D)  question marks.
E)  hedgehogs.F) D) and E)
G) C) and D)

Question 9

If Ben & Jerry's sold more units of its Bonnaroo Buzz Fair Trade-sourced super premium ice cream to U.S. consumers as a result of increased promotion while keeping its price per pint the same, it would be using a __________ strategy.

Accepted Answer

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

Question 10

A marketing plan refers to

Accepted Answer

A)  the long-term decisions made to implement the marketing program and the monitoring of those decisions.
B)  a technique that marketing 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.
C)  a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.
D)  the detailed day-to-day operational decisions essential to the overall success of marketing strategies.
E)  a road map for the entire organization for a specified future period of time, such as one year or five years.F) All of the above
G) D) and E)

Question 11

Hasbro is a more than $4 billion global toy company that prides itself on donating to organizations that help children, since this group and their parents comprise the target market for its business. This is an example of a

Accepted Answer

A)  unit sales goal.
B)  market share goal.
C)  social responsibility goal.
D)  sales revenue goal.
E)  customer satisfaction goal.F) B) and D)
G) None of the above

Question 12

If profits are acceptable, a firm that has set sales as its goal may elect to __________, even though profits may not be maximized.

Accepted Answer

A)  advertise more frequently
B)  reduce its sales force
C)  maintain or increase its sales
D)  decrease its sustainability efforts
E)  maximize customer satisfactionF) B) and C)
G) A) and E)

Question 13

In a marketing context, goal setting involves setting measurable __________ to be achieved.

Accepted Answer

A)  marketing metrics
B)  marketing objectives
C)  marketing tactics
D)  marketing plans
E)  protocolsF) C) and D)
G) A) and D)

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) A) and D)
G) A) and C)

Question 15

Market share refers to

Accepted Answer

A)  the ratio of the profit of the firm to the total profits of all firms in the industry, excluding the firm itself.
B)  the ratio of the profit of the firm to the total profits of all firms in the industry, including the firm itself.
C)  the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, excluding the firm itself.
D)  the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.
E)  the ratio of the profits of all firms in an industry to the profits of the firm.F) A) and D)
G) B) and C)

Question 16

Diversification refers to the marketing strategy of

Accepted Answer

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

Question 17

Statements of an accomplishment of a task to be achieved, often by a specific time are referred to as

Accepted Answer

A)  plans.
B)  procedures.
C)  strategies.
D)  core values.
E)  goals.F) B) and E)
G) A) and B)

Question 18

During Step 2 of the strategic marketing process, firms such as Ben & Jerry's engage in all of the following marketing activities except

Accepted Answer

A)  position the product.
B)  set marketing and product goals.
C)  develop the marketing program.
D)  select target markets.
E)  find points of difference.F) C) and D)
G) B) and D)

Question 19

One of the weaknesses inherent in the use of the BCG business portfolio analysis is that it

Accepted Answer

A)  causes dissension between different divisions when one is labeled a "star" and another a "dog."
B)  reduces employee motivation to move a low valued SBU to a higher one.
C)  considers too many SBU factors beyond market growth rate and relative market share.
D)  does not require sales forecasts in order to be implemented.
E)  is often difficult to obtain the needed information to correctly place SBUs in the matrix.F) B) and C)
G) A) and E)

Question 20

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in Latvia, it would be using a __________ strategy.

Accepted Answer

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

Exam 2: Developing Successful Organizational and Marketing Strategies

Diversification refers to the marketing strategy of

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In a typical manufacturing firm, the structure of its marketing department is typically organized from top to bottom as follows:

Correct AnswerverifiedShow Answer

One of the weaknesses inherent in the use of the BCG business portfolio analysis is that it

Correct AnswerverifiedShow Answer

If profits are acceptable, a firm that has set sales as its goal may elect to __________, even though profits may not be maximized.

Correct AnswerverifiedShow Answer

During Step 2 of the strategic marketing process, firms such as Ben & Jerry's engage in all of the following marketing activities except

Correct AnswerverifiedShow Answer

Market share refers to

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A key role of the marketing department is to "look outward." This is accomplished by

Correct AnswerverifiedShow Answer

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in Latvia, it would be using a __________ strategy.

Correct AnswerverifiedShow Answer

The highest-ranking person in an organization who oversees the organization's daily operations and spearheads its strategy planning efforts is often referred to as

Correct AnswerverifiedShow Answer

Hasbro is a more than $4 billion global toy company that prides itself on donating to organizations that help children, since this group and their parents comprise the target market for its business. This is an example of a

Correct AnswerverifiedShow Answer

Statements of an accomplishment of a task to be achieved, often by a specific time are referred to as

Correct AnswerverifiedShow Answer

Identify and describe the three phases of the strategic marketing process.

Correct AnswerverifiedThe three phases of the strategic market...View AnswerShow Answer

Strategic business units (SBUs) with a low share of slow-growth markets that may generate enough cash to sustain themselves but do not hold the promise of ever becoming real winners for the organization are referred to as

Correct AnswerverifiedShow Answer

If Ben & Jerry's sold more units of its Bonnaroo Buzz Fair Trade-sourced super premium ice cream to U.S. consumers as a result of increased promotion while keeping its price per pint the same, it would be using a __________ strategy.

Correct AnswerverifiedShow Answer

The level in an organization where top management directs overall strategy for the entire organization is referred to as the

Correct AnswerverifiedShow Answer

Which of the following statements about strategy is most accurate?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A marketing plan refers to

Correct AnswerverifiedShow Answer

In a marketing context, goal setting involves setting measurable __________ to be achieved.

Correct AnswerverifiedShow Answer

What is the difference between a marketing strategy and a marketing tactic?

Correct AnswerverifiedA marketing strategy is the means by whi...View AnswerShow Answer

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The three phases of the strategic market...
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A marketing strategy is the means by whi...
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