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MARKETING CH 2: Company and Marketing Strategy: Partnering to Building

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EXAM PREP CHAPTER 2
itachi uchiha
Quiz by itachi uchiha, updated more than 1 year ago
itachi uchiha
Created by itachi uchiha about 2 years ago
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Question 1

Question
The focus of which of the following processes not only sets the stage for planning in the​ firm, but also represents the maintenance and development of the​ organization's goals and capabilities and its changing marketing​ opportunities?
Answer
  • Marketing planning
  • ​Long-range planning
  • Research and development planning
  • Annual planning
  • Strategic planning

Question 2

Question
What is the correct sequence of the steps in the strategic planning​ process?
Answer
  • Set company objectives and​ goals, define the company​ mission, design the business​ portfolio, and plan the marketing and other functional strategies
  • Define the company​ mission, design the business​ portfolio, set company objectives and​ goals, and plan the marketing and other functional strategies
  • Design the business​ portfolio, define the company​ mission, set company objectives and​ goals, and plan the marketing and other functional strategies
  • Define the company​ mission, set company objectives and​ goals, design the business​ portfolio, and plan the marketing and other functional strategies
  • Define the company​ mission, set company objectives and​ goals, plan the marketing and other functional​ strategies, and design the business portfolio

Question 3

Question
The goal of ​________ is to develop and maintain a fit between the​ organization's goals and capabilities and its changing marketing opportunities.
Answer
  • financial planning
  • sales
  • marketing
  • product development
  • strategic planning

Question 4

Question
The step in the strategic planning process that should be​ market-oriented, realistic,​ specific, motivating, and consistent with the market environment is ​________.
Answer
  • developing functional plans
  • defining the​ company's mission
  • setting goals and objectives
  • designing a business portfolio
  • developing business unit strategies

Question 5

Question
Mission statements should be​ ________.
Answer
  • generalized
  • product oriented
  • defined in terms of customer needs
  • written for public relations purposes
  • written in technology terms

Question 6

Question
Which is an example of a​ market-oriented business​ definition?
Answer
  • We run reasonably​ priced, comfortable hotels and convention sites.
  • We sell arts and crafts supplies.
  • We empower our busy customers to maintain a healthy diet even when they​ don't have time to cook.
  • We run luxury retail outlets.
  • We manufacture cutting-edge electronics equipment.

Question 7

Question
Which of the following actions helps a company find the game plan for​ long-run survival and growth that makes the most sense given its specific​ situation, opportunities,​ objectives, and​ resources?
Answer
  • Individual departmental planning
  • Research and development planning
  • Strategic planning
  • Financial and revenue planning
  • Marketing planning

Question 8

Question
When a company starts the strategic planning process at the corporate​ level, it begins by​ ___________.
Answer
  • formulating product innovation objectives
  • defining its overall purpose and mission
  • defining its revenue objectives
  • creating research and development plans
  • setting growth strategy goals

Question 9

Question
After creating a​ company's mission and​ objectives, the executive team must then plan​ __________ by keeping in mind the best fit for its​ strengths, weaknesses, and opportunities in the environment.
Answer
  • individual department objectives
  • revenue goals and objectives
  • its research and development efforts
  • its business portfolio
  • its overall growth strategy

Question 10

Question
Which tool uses market​ penetration, market​ development, product​ development, or diversification to identify company growth​ opportunities?
Answer
  • SWOT analysis
  • ​Growth-share matrix
  • Value delivery network
  • ​Product/market expansion grid
  • Market segmentation

Question 11

Question
Which strategy involves company growth through starting up or acquiring businesses outside the​ company's current products and​ markets?
Answer
  • Market development
  • Market penetration
  • Pruning
  • Diversification
  • Product development

Question 12

Question
A​ company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually​ improve?
Answer
  • Perform​ micro-environmental and​ macro-environmental analyses.
  • Examine how well each group performs its work of adding customer value.
  • Determine the​ company's proper marketing mix and the​ team's ability to execute on it.
  • Perform a business and product competitive analysis.
  • Examine the various elements of the BCG​ growth-share matrix.

Question 13

Question
To create value for​ customers, marketers must improve the performance of the​ _________, which includes partnering with​ suppliers, distributors, and customers.
Answer
  • competitive delivery network
  • internal value chain
  • strategic plan
  • marketing system
  • value delivery network

Question 14

Question
​________ is the process of dividing a market into distinct groups of buyers who have different​ needs, characteristics, or​ behaviors, and who might require separate marketing strategies.
Answer
  • Marketing mix
  • Market targeting
  • Differentiation
  • Market segmentation
  • Positioning

Question 15

Question
The set of tactical marketing tools that a firm blends to produce the response it wants in the target markets is called​ ________.
Answer
  • target marketing
  • the marketing mix
  • differentiation
  • market segmentation
  • positioning

Question 16

Question
In this age of customer value and​ relationships, the four Ps might be better described as the four As. Which is NOT one of the four​ As?
Answer
  • Acceptability
  • Awareness
  • Affordability
  • Accountability
  • Accessibility

Question 17

Question
Why is marketing return on investment​ (ROI) so difficult to​ measure?
Answer
  • Marketing dashboards are inconsistent.
  • The market economics constantly change.
  • Marketers do not keep adequate records.
  • Customer-centered measures are inconvenient.
  • There is no consistent definition.

Question 18

Question
A marketing dashboard is used to do which of the​ following?
Answer
  • Develop a course of action to market a product
  • Promote a product to a target group
  • Monitor strategic marketing performance
  • Determine the financial cost of developing a product
  • Analyze the new product lines being developed

Question 19

Question
The main section of a typical marketing plan presents​ ________.
Answer
  • a​ growth-share matrix
  • the controls that will be used to monitor progress
  • an executive summary
  • a SWOT analysis
  • a​ product/market expansion grid

Question 20

Question
Marketing​ ________ focuses on the what and why of marketing​ activities, while marketing​ ________ focuses on the​ who, where,​ when, and how
Answer
  • ​organization; planning
  • analysis; planning
  • implementation; analysis
  • planning; implementation
  • Implementation; organization

Question 21

Question
Most standard portfolio analysis methods evaluate strategic business units​ (SBUs) on their performance in two important dimensions. What are these two​ dimensions?
Answer
  • The number of SBUs the company identifies and the number of products it produces
  • The attractiveness of the​ SBU's market or industry and the number of products the company produces
  • The attractiveness of the​ SBU's market or industry and the strength of the​ SBU's position in that market or industry
  • The number of products a company produces and the number of foreign countries in which the company competes
  • The type of market or industry in which the company competes and the strength of the​ SBU's position in that market or industry

Question 22

Question
A video game manufacturer wants to enter the Japanese market with their current line of games. Based on the​ product/market expansion​ grid, which growth strategy is the firm​ using?
Answer
  • Diversification
  • Harvesting
  • Market development
  • Product development
  • Market penetration

Question 23

Question
The best​ ________ is the one that best fits the​ company's strengths and weaknesses to opportunities in the environment.
Answer
  • functional plan
  • business portfolio
  • strategic plan
  • marketing plan
  • product portfolio

Question 24

Question
The two steps in business portfolio planning are​ ________ and​ ________.
Answer
  • creating detailed functional​ plans; developing strategies for growth and downsizing
  • analyzing the current business​ portfolio; developing strategies for growth and downsizing
  • analyzing the current business​ portfolio; developing revenue strategies
  • creating a corporate strategic​ plan; developing strategies for growth and downsizing
  • analyzing past business​ portfolios; analyzing the current business portfolio

Question 25

Question
Which strategy is NOT found in the​ product/market expansion​ grid?
Answer
  • Diversification
  • Market development
  • Consolidation
  • Market penetration
  • Product development

Question 26

Question
Fairly​ recently, Starbucks began expanding into China. At one​ point, Starbucks was opening a new store in China every 15 hours. Which​ product/market expansion strategy does this​ represent?
Answer
  • Market development
  • Product development
  • Market penetration
  • Diversification
  • Pruning

Question 27

Question
Marketing provides a guiding philosophy for a​ company's strategic planning. This​ philosophy, known as​ __________, focuses on creating customer value and building profitable relationships with important consumer groups.
Answer
  • customer relationship management
  • value chain management
  • the marketing concept
  • the value network
  • partner relationship management

Question 28

Question
​________ compose a​ company's external value delivery network.
Answer
  • Customers, competitors, and suppliers
  • Suppliers, distributors, and customers
  • Suppliers, distributors, and other company departments
  • Suppliers, customers, and other company departments
  • Company​ departments, customers, and competitors

Question 29

Question
Marketing plays a key role in the​ company's strategic planning by providing a​ ________ concept philosophy and inputs regarding attractive market opportunities.
Answer
  • marketing
  • production
  • product
  • selling
  • societal marketing

Question 30

Question
What quote by HP founder David Packard captures the modern attitude toward the role of marketing in​ business?
Answer
  • ​"Marketing is so critical that it should only be engaged in by trained marketing​ professionals."
  • Marketing is too important to be left only to the marketing​ department."
  • "Marketers need other departments to stay out of their way and let them take care of​ business."
  • "The marketing department needs to back off when its actions cause other departments to do a poorer job in their​ terms."
  • "Customer experience depends solely on the marketing​ team."

Question 31

Question
As part of​ marketing's role, the department works closely with partners in other departments to form an effective internal​ ________ and with other companies in the marketing system to create an external value delivery network that jointly serves customers.
Answer
  • network
  • value chain
  • management process
  • customer relationship management chain
  • partner chain

Question 32

Question
Marketing must also partner effectively with other companies in the marketing system to form a competitively superior​ ________.
Answer
  • functional delivery network
  • value delivery network
  • supply chain network
  • value chain
  • vendor chain network

Question 33

Question
_______ is the process of dividing a market into distinct groups of buyers who have different​ needs, characteristics, or​ behaviors, and who might require separate marketing strategies or mixes.
Answer
  • Market segmentation
  • Positioning
  • Marketing strategy
  • Market targeting
  • Differentiation

Question 34

Question
In this age of customer value and​ relationships, the four Ps might be better described as the four As. What are the four​ As?
Answer
  • Acceptability, Affordability,​ Accessibility, Awareness
  • Acceptability, Affordability,​ Accessibility, Analytics
  • Accessibility, Awareness,​ Analytics, Action
  • Analytics, Accessibility,​ Awareness, Advertising
  • Acceptability, Affordability,​ Action, Advertising

Question 35

Question
Companies engage in key activities to determine which customers they are best positioned to serve. Which is NOT one of these​ activities?
Answer
  • Positioning
  • Market targeting
  • Differentiation
  • Marketing mix
  • Market segmentation

Question 36

Question
What is at the center of marketing strategy and​ programs?
Answer
  • Customer value and relationships
  • Segmentation and targeting
  • The integrated marketing mix
  • Positioning and differentiation
  • The four Ps

Question 37

Question
The​ customer-driven company divides the total market into smaller​ segments, selects segments it can best​ serve, and decides how it wants to bring value to target consumers in the selected segments. It then designs​ a(n) ________.
Answer
  • integrated marketing communications plan
  • integrated marketing mix
  • revenue plan
  • integrated marketing plan
  • comprehensive sales plan

Question 38

Question
What are the variables in a​ company's marketing​ mix?
Answer
  • Product, price,​ profits, place
  • ​Profits, product,​ partners, people
  • Product, price,​ place, promotion
  • Product, price,​ profits, people
  • Product, price,​ promotion, people

Question 39

Question
What are the five marketing management functions used to manage the marketing​ process?
Answer
  • Targeting, planning,​ implementation, control, and segmenting
  • Segmenting, planning,​ implementation, differentiation, and control
  • Analysis, planning,​ implementation, organization, and control
  • Product​ development, pricing, customer​ service, promotion, and control
  • Analysis, segmenting,​ targeting, planning, and implementing

Question 40

Question
A marketing plan begins with​ ________ and ends with​ a(n) ________.
Answer
  • objectives; budget forecast
  • an executive​ summary; action plan
  • ​objectives; outline of controls
  • a marketing​ strategy; profit forecast
  • an executive​ summary; outline of controls

Question 41

Question
What are the five marketing management​ functions?
Answer
  • Analysis, planning,​ implementation, organization, and control
  • ​Planning, implementation,​ research, organization, and control
  • Analysis, planning,​ research, implementation, and organization
  • Analysis, marketing​ research, implementation,​ organization, and control
  • Planning, sales​ planning, control,​ implementation, and organization

Question 42

Question
A SWOT is a part of which marketing management​ function?
Answer
  • Marketing implementation
  • Marketing planning
  • Marketing analysis
  • Marketing control
  • Marketing organization

Question 43

Question
Marketing departments can be organized in a number of ways.​ However, more and more companies are changing organizational focus from​ ________ to​ ________.
Answer
  • product management​ organization; market management organization
  • customer relationship​ management; product or territory management
  • customer relationship​ management; functional marketing organization
  • product or territory​ management; functional marketing organization
  • product or territory​ management; customer relationship management

Question 44

Question
Today's marketers face growing pressures to show that they are adding value in line with their costs. In​ response, marketers are developing better measures of​ ________.
Answer
  • marketing tactics and implementation
  • marketing investments in specific global and domestic locations
  • marketing return on investment
  • customer value and partnership management efforts
  • the effectiveness of digital and social media marketing

Question 45

Question
What is the product/market expansion grid?
Answer
  • A portfolio-planning tool
  • The measuring and evaluating of results of marketing strategies of a company
  • A set of tactical marketing tools
  • An evaluation of the company’s strengths, weaknesses, opportunities, and threats

Question 46

Question
What is a company marketing strategy?
Answer
  • The marketing logic by which a company hopes to create customer value
  • The process by which management evaluates products and businesses
  • The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities
  • The process of evaluating each market segment’s attractiveness

Question 47

Question
Market penetration is __________.
Answer
  • company growth by increasing sales of current products to current market segments without changing the product
  • company growth by identifying and developing new market segments for current company products
  • company growth by offering modified or new products to current market segments
  • company growth through starting up or acquiring businesses outside the company’s current products and markets

Question 48

Question
__________ is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
Answer
  • The product/market expansion grid
  • Marketing control
  • Marketing implementation
  • SWOT analysis

Question 49

Question
What is marketing implementation?
Answer
  • Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
  • An overall evaluation of a company’s strengths, weaknesses, opportunities, and threats
  • Measuring and evaluating the results of marketing strategies and plans
  • The process of evaluating each market segment’s attractiveness and selecting one or more segments to serve

Question 50

Question
The growth-share matrix defines four types of SBUs: __________ are low-growth, high-share businesses or products.
Answer
  • Cash cows
  • Stars
  • Question marks
  • Dogs

Question 51

Question
A value chain is __________.
Answer
  • the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products
  • made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system
  • the target market and the company’s position in it, including information about the market, product performance, competition, and distribution
  • a group of consumers who respond in a similar way to a given set of marketing efforts

Question 52

Question
The growth-share matrix defines four types of SBUs: Stars are __________.
Answer
  • high-growth, high-share businesses or products
  • low-growth, high-share businesses or products
  • low-share business units in high-growth markets
  • low-growth, low-share businesses and products

Question 53

Question
The growth-share matrix defines four types of SBUs: __________ are low-growth, low-share businesses and products.
Answer
  • Dogs
  • Stars
  • Question marks
  • cash cows

Question 54

Question
What is market targeting?
Answer
  • The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter
  • The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
  • The process by which management evaluates the products and businesses that make up the company
  • The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities

Question 55

Question
__________ is company growth by offering modified or new products to current market segments.
Answer
  • Product development
  • Market development
  • Market penetration
  • Diversification

Question 56

Question
How is a dog defined in the growth-share matrix?
Answer
  • As a low-growth, low-share business or product
  • As a high-growth, high-share business or product
  • As a low-share business unit in a high-growth market
  • As a low-growth, high-share business or product

Question 57

Question
__________ is company growth by identifying and developing new market segments for current company products.
Answer
  • Market development
  • Market penetration
  • Product development
  • Diversification

Question 58

Question
__________ is the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
Answer
  • Marketing strategy
  • Portfolio analysis
  • Strategic planning
  • Market targeting

Question 59

Question
__________ is the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.
Answer
  • A value chain
  • A value delivery network
  • The current marketing situation
  • A market segment

Question 60

Question
__________ is an overall evaluation of a company’s strengths, weaknesses, opportunities, and threats.
Answer
  • SWOT analysis
  • Marketing implementation
  • Marketing control
  • The product/market expansion grid

Question 61

Question
A __________ is a group of consumers who respond in a similar way to a given set of marketing efforts.
Answer
  • market segment
  • current marketing situation
  • value delivery network
  • value chain

Question 62

Question
What is a mission statement?
Answer
  • It describes the organization’s purpose
  • The process of developing and maintaining a strategic fit between an organization’s goals and capabilities and its changing marketing opportunities
  • The marketing logic by which a company hopes to create customer value
  • The process of evaluating each market segment’s attractiveness

Question 63

Question
__________ is turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.
Answer
  • Marketing implementation
  • SWOT analysis
  • Marketing control
  • Market targeting

Question 64

Question
Question marks are __________ .
Answer
  • low-share business units in high-growth markets
  • high-growth, high-share businesses or products
  • low-growth, high-share businesses or products
  • low-growth, low-share businesses and products

Question 65

Question
__________ is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Answer
  • Market targeting
  • Marketing strategy
  • Portfolio analysis
  • Strategic planning

Question 66

Question
What is a cash cow?
Answer
  • A low-growth, high-share business or product
  • A high-growth, high-share business or product
  • A low-share business unit in a high-growth market
  • A low-growth, low-share businesse or product

Question 67

Question
What is management’s first step in developing a business portfolio?
Answer
  • To identify the key businesses that make up the company, called strategic business units (SBUs)
  • To assess the attractiveness of the company's various SBUs and decide how much support each deserves
  • To determine what role each SBU will play in the future
  • To add new products and units continuously so that some of them will become stars and, eventually, cash cows that will help finance other SBUs

Question 68

Question
The growth-share matrix defines four types of SBUs: __________ are high-growth, high-share businesses or products.
Answer
  • Stars
  • Cash cows
  • Question marks
  • Dogs

Question 69

Question
__ is company growth through starting up or acquiring businesses outside the company’s current products and markets.
Answer
  • Diversification
  • Product development
  • Market development
  • Market penetration

Question 70

Question
What is a value delivery network?
Answer
  • The company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of an entire system
  • The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products
  • The target market and the company’s position in it, including information about the market, product performance, competition, and distribution
  • A group of consumers who respond in a similar way to a given set of marketing efforts

Question 71

Question
_________ is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
Answer
  • Strategic planning
  • Portfolio analysis
  • Marketing strategy
  • Market targeting

Question 72

Question
How is marketing control defined?
Answer
  • It is the measuring and evaluating of the results of marketing strategies and plans and taking corrective action.
  • It is the turning of marketing strategies and plans into marketing actions.
  • It is an overall evaluation of a company’s strengths, weaknesses, opportunities, and threats.
  • It is the process of evaluating each market segment’s attractiveness.

Question 73

Question
__________ is company growth by increasing sales of current products to current market segments without changing the product.
Answer
  • Market penetration
  • Market development
  • Product development
  • Diversification
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