Question 1

Which of the following statements reflects the key elements in developing a marketing strategy for L.M.Schofield,Inc.,a company that produces specialized concrete surfaces for heavily trafficked areas such as retail outlets and amusement parks?

Accepted Answer

A)   Subscribe to all the major trade journals to determine the offerings of competitors.
B)   Communicate with contractors using direct mail about the various walking surfaces Schofield can create for riding and walking paths.
C)   Design a sample ad and test it using visitors at a trade show.
D)   Hire six new sales representatives for the Midwest regional office and train them on all aspects of concrete surfaces.
E)   Conduct a focus group to decide on which surface to use for a theme park in Brazil.F) A) and C)
G) B) and D)

Question 2

Figure 2-5 
-Quadrant A in Figure 2-5 represents the marketing strategy of

Accepted Answer

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

Question 3

Toyota had some difficulty recovering from a recall crisis several years ago when it was forced to recall about 6 million vehicles due to a variety of problems,most notably one with the accelerator pedal.To "polish" its brand,it implemented stricter __________ goals to improve the safety and reliability of its vehicles.

Accepted Answer

A)   profit
B)   sales revenue
C)   customer satisfaction
D)   quality
E)   employee welfareF) A) and E)
G) C) and D)

Question 4

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

Accepted Answer

A)   is based solely on company perception rather than actual data.
B)   considers all factors that might impact an SBU's value to an organization.
C)   acts as a strong motivational tool for employees in SBUs that have been labeled "dogs" or "question marks."
D)   forces a firm to place each of its SBUs in the growth-share matrix, which in turn suggests which SBUs will be cash producers or cash users in the future.
E)   identifies specific marketing strategies and marketing tactics on how to solve SBU shortcomings.F) None of the above
G) B) and E)

Question 5

A firm's __________ are timeless,capturing its heart and soul,and serve to inspire and motivate its stakeholders.

Accepted Answer

A)   core values
B)   strategic goals
C)   offerings
D)   corporate culture
E)   corporate ethosF) A) and B)
G) C) and E)

Question 6

The Boston Consulting Group (BCG) business portfolio analysis requires an organization to locate the position for each of its strategic business units (SBUs) on a growth-share matrix.In a growth-share matrix,the vertical axis of the matrix indicates

Accepted Answer

A)   the annual rate of growth of the firm's largest competitor.
B)   the relative dollar market share of the largest competitor.
C)   the annual rate of growth of the SBU's industry.
D)   the relative unit market share of the largest competitor.
E)   the annual rate of growth of the firm itself.F) All of the above
G) A) and E)

Question 7

Recently,many organizations have added __________ to their mission statements.

Accepted Answer

A)   a business definition
B)   a social element to reflect an ideal that is morally right and worthwhile
C)   an economic element to promote profit maximization
D)   an expanded definition of stakeholders to include its competitors
E)   their level of pricing and product qualityF) A) and B)
G) B) and C)

Question 8

The specialists within an organization who actually create value are usually a member of the

Accepted Answer

A)   strategic business unit level.
B)   functional level.
C)   corporate level.
D)   board of directors.
E)   CMO.F) A) and B)
G) A) and E)

Question 9

The corporate level refers to the level in an organization where top management

Accepted Answer

A)   develops marketing strategies and tactics for the marketing department to implement.
B)   directs overall strategy for the entire organization.
C)   executes all marketing program actions to ensure consistency of performance.
D)   develops overall sales projections not only for the short term but also for a period of at least two to five years.
E)   supervises the hiring, firing, and training of all marketing department personnel.F) C) and D)
G) D) and E)

Question 10

A firm may have a goal to offer its customers the highest __________,as Medtronic does with its implantable medical devices that meet its customers' critical performance expectations.

Accepted Answer

A)   innovation
B)   quality
C)   service
D)   value
E)   warrantyF) A) and B)
G) B) and D)

Question 11

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

Accepted Answer

A Gantt chart is a graphical representat...

Question 12

Most firms seek to maximize their long-run __________,achieving as high a financial return on their investments as possible.

Accepted Answer

A)   quality
B)   market share
C)   employee welfare
D)   social responsibility
E)   profitsF) B) and E)
G) D) and E)

Question 13

The detailed day-to-day operational decisions essential to the overall success of marketing strategies are referred to as

Accepted Answer

A)   marketing plans.
B)   marketing programs.
C)   marketing tactics.
D)   marketing strategies.
E)   marketing procedures.F) B) and E)
G) A) and D)

Question 14

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.Cash cows 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 E)

Question 15

Those characteristics of a product that make it superior to competitive substitutes are referred to as

Accepted Answer

A)   core benefit propositions.
B)   marketing mix elements.
C)   points of difference.
D)   marketing attributes.
E)   product protocols.F) A) and B)
G) A) and E)

Question 16

Overseeing strategic marketing efforts at the corporate level would most likely be the responsibility of the

Accepted Answer

A)   CEO.
B)   CMO.
C)   CPM.
D)   CPO.
E)   COO.F) B) and E)
G) A) and B)

Question 17

The marketing manager looks for two kinds of deviations during the evaluation phase,each triggering a different kind of action: (1) actual results fall short of goals and (2)

Accepted Answer

A)   deviations that result from major shifts in customer needs.
B)   actual results exceed goals.
C)   there are no deviations but there should be.
D)   deviations that result from executive mandates.
E)   deviations that are blamed on insufficient marketing support (personnel or funding) .F) A) and E)
G) None of the above

Question 18

Solarcom is a 30-year-old information technology company that owns several subsidiaries.One of its subsidiaries is Atlantix Global Systems,which is one of the leading wholesalers for refurbished computer equipment.It has a large share of an industry that is growing worldwide.According to the BCG business portfolio analysis framework,Atlantix Global would most likely be classified as a

Accepted Answer

A)   dog.
B)   cash cow.
C)   question mark.
D)   exclamation point.
E)   star.F) B) and D)
G) A) and E)

Question 19

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) C) and D)
G) B) and E)

Question 20

Strategic business units with a low share of high-growth markets that may require large cash injections of cash just to maintain market share are referred to as

Accepted Answer

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

Exam 2: Developing Successful Organizational and Marketing Strategies

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 Answer
verified

The detailed day-to-day operational decisions essential to the overall success of marketing strategies are referred to as

Correct Answer
verified

A firm may have a goal to offer its customers the highest __________,as Medtronic does with its implantable medical devices that meet its customers' critical performance expectations.

Correct Answer
verified

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

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

The specialists within an organization who actually create value are usually a member of the

Correct Answer
verified

Figure 2-5 -Quadrant A in Figure 2-5 represents the marketing strategy of

Correct Answer
verified

Strategic business units with a low share of high-growth markets that may require large cash injections of cash just to maintain market share are referred to as

Correct Answer
verified

A firm's __________ are timeless,capturing its heart and soul,and serve to inspire and motivate its stakeholders.

Correct Answer
verified

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

Correct Answer
verified

The corporate level refers to the level in an organization where top management

Correct Answer
verified

Most firms seek to maximize their long-run __________,achieving as high a financial return on their investments as possible.

Correct Answer
verified

Overseeing strategic marketing efforts at the corporate level would most likely be the responsibility of the

Correct Answer
verified

Which of the following statements reflects the key elements in developing a marketing strategy for L.M.Schofield,Inc.,a company that produces specialized concrete surfaces for heavily trafficked areas such as retail outlets and amusement parks?

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.Cash cows are SBUs that are classified as having

Correct Answer
verified

Recently,many organizations have added __________ to their mission statements.

Correct Answer
verified

The marketing manager looks for two kinds of deviations during the evaluation phase,each triggering a different kind of action: (1) actual results fall short of goals and (2)

Correct Answer
verified

The Boston Consulting Group (BCG) business portfolio analysis requires an organization to locate the position for each of its strategic business units (SBUs) on a growth-share matrix.In a growth-share matrix,the vertical axis of the matrix indicates

Correct Answer
verified

Those characteristics of a product that make it superior to competitive substitutes are referred to as

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Exam 2: Developing Successful Organizational and Marketing Strategies

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 detailed day-to-day operational decisions essential to the overall success of marketing strategies are referred to as

Correct AnswerverifiedShow Answer

A firm may have a goal to offer its customers the highest __________,as Medtronic does with its implantable medical devices that meet its customers' critical performance expectations.

Correct AnswerverifiedShow Answer

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

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

The specialists within an organization who actually create value are usually a member of the

Correct AnswerverifiedShow Answer

Figure 2-5 -Quadrant A in Figure 2-5 represents the marketing strategy of

Correct AnswerverifiedShow Answer

Strategic business units with a low share of high-growth markets that may require large cash injections of cash just to maintain market share are referred to as

Correct AnswerverifiedShow Answer

A firm's __________ are timeless,capturing its heart and soul,and serve to inspire and motivate its stakeholders.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The corporate level refers to the level in an organization where top management

Correct AnswerverifiedShow Answer

Most firms seek to maximize their long-run __________,achieving as high a financial return on their investments as possible.

Correct AnswerverifiedShow Answer

Overseeing strategic marketing efforts at the corporate level would most likely be the responsibility of the

Correct AnswerverifiedShow Answer

Which of the following statements reflects the key elements in developing a marketing strategy for L.M.Schofield,Inc.,a company that produces specialized concrete surfaces for heavily trafficked areas such as retail outlets and amusement parks?

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.Cash cows are SBUs that are classified as having

Correct AnswerverifiedShow Answer

Recently,many organizations have added __________ to their mission statements.

Correct AnswerverifiedShow Answer

The marketing manager looks for two kinds of deviations during the evaluation phase,each triggering a different kind of action: (1) actual results fall short of goals and (2)

Correct AnswerverifiedShow Answer

The Boston Consulting Group (BCG) business portfolio analysis requires an organization to locate the position for each of its strategic business units (SBUs) on a growth-share matrix.In a growth-share matrix,the vertical axis of the matrix indicates

Correct AnswerverifiedShow Answer

Those characteristics of a product that make it superior to competitive substitutes are referred to as

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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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
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Correct Answer
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