Question 1

Most banks implement customer retention programs aimed at their best customers.They do this because they know that retaining customers usually results in:

Accepted Answer

A)   a product development growth strategy.
B)   an operational advantage.
C)   opportunities for diversification.
D)   increased long term profits.
E)   more clearly defined market segments.F) A) and E)
G) C) and D)

Question 2

Which of the following is the best way to build a sustainable competitive advantage using product excellence?

Accepted Answer

A)   Being the first to offer customers desired features,even if competitors can copy them easily.
B)   Positioning the product using a clear,distinctive brand image.
C)   Having the most features on each model.
D)   Focusing on being cutting edge and continually eliminating older features that are still in use by customers.
E)   Copying the market leader's features,but at a lower cost.F) All of the above
G) C) and D)

Question 3

The idea of value-based marketing requires firms to charge a price that:

Accepted Answer

A)   covers costs and generates a modest profit.
B)   includes the value of the effort the firm put into the product or service.
C)   captures the value customers perceive that they are receiving.
D)   prioritizes customer excellence above operational excellence.
E)   matches competitors' prices.F) C) and D)
G) B) and D)

Question 4

Imagine that you are in a gourmet food store choosing your favorite "comfort" food instead of being in a classroom taking this test.Notice the packaging,colors,labels,even the fonts used on labels.All of these efforts are part of the marketer's:

Accepted Answer

A)   value-based promotions.
B)   market segmentation.
C)   positioning strategy.
D)   customer excellence strategy.
E)   target market.F) B) and C)
G) A) and E)

Question 5

Duke's is a surfer-themed restaurant chain in Hawaii.Most of its customers are tourists.In a SWOT analysis for Duke's,the possibility that the recession might cut back on tourism in Hawaii would be considered a Weakness.

Accepted Answer

A) True 
 B)False

Question 6

In most companies,marketing resource allocation decisions are made at the SBU or ___________ level of the firm.

Accepted Answer

A)   corporate
B)   product line
C)   customer care
D)   sales representative
E)   accountingF) A) and E)
G) C) and E)

Question 7

A mission statement describes the specific actions a firm will take to achieve its goals.

Accepted Answer

A) True 
 B)False

Question 8

The text states,"Viewing customers with a lifetime value perspective,rather than on a transaction-by-transaction basis,is the key to modern customer retention programs." Create an example demonstrating a lifetime value perspective.Why is customer retention almost always a profitable marketing strategy?

Accepted Answer

Answers to the first part will vary but ...

Question 9

The automobile manufacturing industry closely watches annual consumer satisfaction surveys.For years,Japanese car companies consistently had the highest levels of customer satisfaction,creating a ______ for these companies.

Accepted Answer

A)   strategic marketing plan
B)   clear mission statement
C)   cost advantage
D)   sustainable competitive advantage
E)   diversification strategyF) C) and D)
G) B) and C)

Question 10

Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states.This strategy limits ____________ growth strategies.

Accepted Answer

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

Question 11

The strategic marketing planning process:

Accepted Answer

A)   is a five-step process that should always be completed in order.
B)   is frequently used in reverse.
C)   begins with establishing specific,measurable outcomes.
D)   is not always sequential.
E)   forces marketing managers to think rationally.F) A) and E)
G) A) and B)

Question 12

The first objective in the Evaluate Performance phase of the marketing planning process is to:

Accepted Answer

A)   determine whether to raise or lower prices.
B)   adjust advertising allocations.
C)   find ways to cut costs.
D)   review implementation programs and results using metrics.
E)   consider changing the target market.F) A) and B)
G) A) and D)

Question 13

Sodexho is a corporation that manages school cafeterias,university dining halls,mess halls at military bases,concession stands at sports arenas,and other large-scale food service facilities.If Sodexho were to begin to sell individual frozen meals in supermarkets,it would be pursuing a ______ growth strategy.

Accepted Answer

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

Question 14

Which of the following is the third step in the strategic marketing planning process?

Accepted Answer

A)   Define the business mission.
B)   Identify and evaluate opportunities.
C)   None of these.
D)   Implement marketing mix and allocate resources.
E)   Situation analysis.F) A) and B)
G) C) and D)

Question 15

After performing an STP analysis,marketers implement ____________ for each target market.

Accepted Answer

A)   pricing strategies
B)   promotion strategies
C)   place strategies
D)   product strategies
E)   all of theseF) B) and D)
G) A) and E)

Question 16

Brad is reviewing the performance of his franchise sandwich store.As a franchisee,he has access to comparative data from other stores.Brad will likely look at ____________ data for other stores to help him to evaluate his performance.

Accepted Answer

A)   sales
B)   gross margin
C)   number of customers
D)   coupon redemption
E)   all of aboveF) D) and E)
G) B) and D)

Question 17

Suppose that you and a friend decide to turn your favorite sports activity--inline skating--into a business.You plan to design a line of fashionable clothing that integrates elbow and kneepads.For each of the four macro strategies,briefly describe the most important thing your company should do if you intend to focus on that strategy.Your answers should be specific to the inline skating business.

Accepted Answer

There are many correct answers; here is ...

Question 18

Which of the following is NOT one of the four major growth strategies marketers typically utilize?

Accepted Answer

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

Question 19

Of what use is a sustainable competitive advantage to a firm?

Accepted Answer

Establishing a sustainable competitive a...

Question 20

When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies,it can be difficult to:

Accepted Answer

A)   generate cost-based performance ratios.
B)   evaluate performance and make adjustments.
C)   increase product excellence without reducing customer excellence.
D)   develop segmentation strategies.
E)   choose a business mission.F) A) and B)
G) A) and C)

Exam 2: Developing Marketing Strategies and a Marketing Plan

After performing an STP analysis,marketers implement ____________ for each target market.

Correct Answer
verified

Imagine that you are in a gourmet food store choosing your favorite "comfort" food instead of being in a classroom taking this test.Notice the packaging,colors,labels,even the fonts used on labels.All of these efforts are part of the marketer's:

Correct Answer
verified

Most banks implement customer retention programs aimed at their best customers.They do this because they know that retaining customers usually results in:

Correct Answer
verified

In most companies,marketing resource allocation decisions are made at the SBU or ___________ level of the firm.

Correct Answer
verified

The idea of value-based marketing requires firms to charge a price that:

Correct Answer
verified

Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states.This strategy limits ____________ growth strategies.

Correct Answer
verified

Correct Answer
verified
There are many correct answers; here is ...
View Answer

Correct Answer
verified

Which of the following is NOT one of the four major growth strategies marketers typically utilize?

Correct Answer
verified

The automobile manufacturing industry closely watches annual consumer satisfaction surveys.For years,Japanese car companies consistently had the highest levels of customer satisfaction,creating a ______ for these companies.

Correct Answer
verified

A mission statement describes the specific actions a firm will take to achieve its goals.

Correct Answer
verified

The strategic marketing planning process:

Correct Answer
verified

Brad is reviewing the performance of his franchise sandwich store.As a franchisee,he has access to comparative data from other stores.Brad will likely look at ____________ data for other stores to help him to evaluate his performance.

Correct Answer
verified

When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies,it can be difficult to:

Correct Answer
verified

Which of the following is the third step in the strategic marketing planning process?

Correct Answer
verified

Which of the following is the best way to build a sustainable competitive advantage using product excellence?

Correct Answer
verified

Of what use is a sustainable competitive advantage to a firm?

Correct Answer
verified
Establishing a sustainable competitive a...
View Answer

The first objective in the Evaluate Performance phase of the marketing planning process is to:

Correct Answer
verified

Correct Answer
verified
Answers to the first part will vary but ...
View Answer

Duke's is a surfer-themed restaurant chain in Hawaii.Most of its customers are tourists.In a SWOT analysis for Duke's,the possibility that the recession might cut back on tourism in Hawaii would be considered a Weakness.

Correct Answer
verified

Exam 2: Developing Marketing Strategies and a Marketing Plan

After performing an STP analysis,marketers implement ____________ for each target market.

Correct AnswerverifiedShow Answer

Imagine that you are in a gourmet food store choosing your favorite "comfort" food instead of being in a classroom taking this test.Notice the packaging,colors,labels,even the fonts used on labels.All of these efforts are part of the marketer's:

Correct AnswerverifiedShow Answer

Most banks implement customer retention programs aimed at their best customers.They do this because they know that retaining customers usually results in:

Correct AnswerverifiedShow Answer

In most companies,marketing resource allocation decisions are made at the SBU or ___________ level of the firm.

Correct AnswerverifiedShow Answer

The idea of value-based marketing requires firms to charge a price that:

Correct AnswerverifiedShow Answer

Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states.This strategy limits ____________ growth strategies.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThere are many correct answers; here is ...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Which of the following is NOT one of the four major growth strategies marketers typically utilize?

Correct AnswerverifiedShow Answer

The automobile manufacturing industry closely watches annual consumer satisfaction surveys.For years,Japanese car companies consistently had the highest levels of customer satisfaction,creating a ______ for these companies.

Correct AnswerverifiedShow Answer

A mission statement describes the specific actions a firm will take to achieve its goals.

Correct AnswerverifiedShow Answer

The strategic marketing planning process:

Correct AnswerverifiedShow Answer

Brad is reviewing the performance of his franchise sandwich store.As a franchisee,he has access to comparative data from other stores.Brad will likely look at ____________ data for other stores to help him to evaluate his performance.

Correct AnswerverifiedShow Answer

When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies,it can be difficult to:

Correct AnswerverifiedShow Answer

Which of the following is the third step in the strategic marketing planning process?

Correct AnswerverifiedShow Answer

Which of the following is the best way to build a sustainable competitive advantage using product excellence?

Correct AnswerverifiedShow Answer

Of what use is a sustainable competitive advantage to a firm?

Correct AnswerverifiedEstablishing a sustainable competitive a...View AnswerShow Answer

The first objective in the Evaluate Performance phase of the marketing planning process is to:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedAnswers to the first part will vary but ...View AnswerShow Answer

Duke's is a surfer-themed restaurant chain in Hawaii.Most of its customers are tourists.In a SWOT analysis for Duke's,the possibility that the recession might cut back on tourism in Hawaii would be considered a Weakness.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
There are many correct answers; here is ...
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
Establishing a sustainable competitive a...
View Answer

Correct Answer
verified

Correct Answer
verified
Answers to the first part will vary but ...
View Answer

Correct Answer
verified