MKT 230 Chapter 2

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's a. market position b. target market c. market share d. strategic segment e. market cut

c. market share

CyberCycle Inc., is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the a. strategic market program b. profit plan c. marketing plan d. marketing program e. strategic business plan

c. marketing plan

Which of the following is not a purpose of the marketing plan? a. Serve as a contract with the customer b. Specify the allocation of resources c. Monitor the performance of a marketing strategy d. communicate internally with employees e. Assign tasks and responsibilities for implementation.

a. Serve as a contract with the customer

According to the text, a market is defined as a. a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products b. a place to buy products c. the buyers of the products that a company develops, promotes, prices, and distributes d. the specific group of customers on whom an organizaiton focuses its marketing efforts e. the percentage of a group of customers that actually buys a specific product from a specific company

a. a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products

The reputation and well-known brand name of Rolex watches represents a ________ for Rolex a. core competency b. pricing strategy c. competitve advantage d. market opportunity e. strategic window

a. core competency

When managers at Go Pro are developing their strategic plan, they use a market orientation as a guide to ensure that _________ is an integral part of the process. a. customer satisfaction b. employee satisfaction c. the best use of their marketing resources d. the marketing mix e. the marketing function

a. customer satisfaction

The Kingtel Corporation is expmanding operations into countries outside the United States. To improve local managers' responsiveness to local conditions, Kingtel's senior management has decided to delegate decision-making authority further down the chain of command. Kingtel is a. decentralizing b. empowering employees c. making a serious error d. centralizing e. building a marketing-oriented organization

a. decentralizing

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target, the firms is faces with a a. market opportunity b. market objective c. strategic market plan d. market requirment e. corporate objective

a. market opportunity

An expected level of performance against which actual performance can be compared is a a. performance standard b. step in sales analysis c. corrective standard d. standard performance e. standard of excellance

a. performance standard

Based on the work by the Boston Consulting Group, products with a dominany share of the market and good prospects for growth are a. stars b. dogs c. question marks d. pigs e. cash cows

a. stars

Kraft purchased the Duracell Battery Company and now operates this division as a separate profit center within the firm. In this example, Duracell is a(n)_____________ unit of Kraft. a. strategic business b. independent c. corporate d. marketing e. dependent

a. strategic business

A strategic window is a. customers' requirements or desired benefits. b. a temporary period of optimum fit between the key requirments of a market and the particular capabilities of a firm competing in that market. c. the right combination of circumstances and timing that permit an organization to take action to reach a particular target market d. the proces that seeks information about events and relationships in a company's outside environment e. what determines the factors that are most important in making a market attractive or strong

b. a temporary period of optimum fit between the key requirments of a market and the particular capabilities of a firm competing in that market.

To formulate a marketing stratedy, one must a. develop plans for implementation and control b. identify and analyze a target and develop a marketing mix to satisfy individuals in that market c. develop a statement of what is to be accomplished through marketing activities d. determine marketing objectives e. develop an adequate marketing control process

b. identify and analyze a target market and develop a marketing mix to satisfy individuals in that market

Starbucks provides training and support to its emplyees, including health care benefits. Through these _______ efforts starbucks is better able to deliver quality products and services to its customers. a. extended marketing b. internal marketing c. external marketing d. internal management e. intended marketing

b. internal marketing

High Gliding Air Academy is developing its marketing mix for the coming year. Its managers know that they must first select __________ which may be the most important decision they make in the planning process. a. pricing strategy b. target market c. desired profit margin d. a distribution method e. the promotional strategy

b. target market

When Disney World wants to have at least 90 percent of its customers indication they had a memorable and satisfying experience at the park hotels, this is an example of a. strategic plan b. implementing the marketing mis c. maintainin their corporate identity d. a marketing objective e. a mission statement

d. a marketing objective

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb, pizza product. The creation of this new product was the result of a. a good strategic planning b. opportunistic behavior c. a competitive afvantage d. a well-defined mission statement e. a market opportunity

e. a maret opportunity

Gucci Group, a marketer of high-fashion products, achieved a company turnaround by ensuring that its brand had the same image and proper display around the world. It also lowered prices on some items, like handbags, to be more competitive. This illustrates a company working to develop a marketing mix that is both _________ and __________ a. formal; flexible b. variable; flexible c. consistent; formal d. consistent; rigid e. consistent; flexible

e. consistent; flexible

A marketing plan document usually begins with a(n) a. opportunity and threat analysis b. summary of current performance as compared with past performance c. introducation to the company's marketing objectives d. situation analysis e. executive summary

e. executive summary

A competitive advantage exists when a a. a firm does marketing better than its competitors b. firm has a strong marketing plan c. firm observes a fit between the key requirments of a market and its own capabilities d. combination of circumstances and timing allow a firm to reach an attractive target market e. firm matches a core competency to opportunities it has discovered in the marketplace

e. firm matches a core competency to opportunities it has discovered in the marketplace