marketing ch1,2

Which of the following statement is true about the price component of a marketing mix?

It is the quickest element to change.

Which of the following is true of a product/service differentiation competitive advantage?

It tends to be more attractive to top managers because of its durability.

Jove is a chocolate manufacturing company in Harrington City. While most of its competitors produce not more than three basic varieties of chocolates, Jove sells over 50 different varieties of flavored chocolates. This gives them an edge over other chocolate makers in Harrington City. Which of the following concepts is illustrated in the scenario?

Sustainable competitive advantage

A marketing mix typically involves:

a. distribution strategies.

Which of the following can help companies make strategic planning effective?

Refraining from involving top management in the strategic planning process

Which of the following examples illustrates a niche strategy?

Relish, a confectionery store, sells its products only in one city

Which of the following actions can enable companies to gain a cost competitive advantage?

Removing frills from products

Which of the following is an example of a market segment?

A group of individuals who are diabetic

Which of the following statements is true of a niche strategy?

A niche strategy is ideal for small companies with limited resources.

Which of the following is associated with the market development strategy?

Adding new features to products

Synergy Corp. is large seller of energy-efficient bulbs that uses extensive promotional strategies to stimulate sales. Synergy has noticed that a competitor is doing well and is steadily gaining a large market share. The marketers at Synergy want to counter the competitor immediately by increasing the sales of its bulbs. What quick step can Synergy take to stimulate the sales of its products?

Change the pricing strategy

Which of the following actions is closely associated with the niche strategy?

Choosing a target market that is not crucial for the success of major competitors

Which of the following considered by marketers is most closely related to distribution strategies?

How can we effectively store raw materials?

Which of the following statements is true about the niche strategy?

Companies that adopt a niche strategy have only a small number of customers.

Which of the following activities is carried out during implementation of a marketing plan?

Creating and managing a task force

Which of the following statements is true of strategic business units (SBUs)?

Each SBU of a company typically has its own return on investment.

Which of the following is closely associated with the diversification strategy?

Entering new markets with little competition

Which of the following questions considered by markets is closely associated with promotion?

How can we use social media to increase our products sales?

Which of the following can be considered as a business opportunity in the context of SWOT analysis?

Favorable government regulations

1.Gemini Inc. has prepared a market plan for its air conditioners. The managers at Gemini have outlined several activities for their subordinates based on a marketing plan. The employees are required to finish these activities within specific time frames. The managers have also allocated a budget for each activity. In the context of marketing planning, which of the following concepts is illustrated in the scenario?

Implementation

Which of the following practices can help businesses gain a cost competitive advantage?

Innovating simplified production techniques

NutriPro has many business divisions. One of its business divisions has a large customer base for its breakfast cereal in Oriel. NutriPro's other business division sells cookies in Lanslot. NutriPro has now introduced its cookies in Oriel. To ensure good sales, the company is also offering discounts. Which of the following strategies is illustrated in this scenario?

Market penetration

A publisher of children's books defines its business as "printing books" instead of "meeting educational needs of students." This illustrates:

Opportunism

Nile Inc. is one of the leading shoe manufacturing companies in Baltoni. It manufactures canvas shoes that are quite similar to those produced by other brands. The management of the company has decided to adopt a product/service differentiation competitive strategy. What is Nile Inc. likely to do in this scenario?

Produce aerobic, tennis, and baseball shoes that have specialized features.

Mitchell's is a popular brand of women's clothing. During market research, the company observed that a large number of its existing customers believes and promotes the use of sustainable goods. Based on findings of the research, the top management of the company decides to use eco-friendly raw materials in manufacturing their clothes. Which of the following strategies is Mitchell's using in this scenario?

Product differentiation

Varion Air offers its customers a complementary air ticket on the purchase of three business class tickets. Varion Air's strategy best represents the ____ element of its marketing mix.

Promotion

Which of the following statements is true about stars in the portfolio matrix?

They are fast growing market leaders

Which of the following statements is true about strategic business units (SBUs)?

They do not plan collaboratively with other SBUs

Which of the following statements is true of strategic business units (SBUs) of an organization?

They typically have strategies of their own

Which of the following questions considered by marketers is best aligned with distribution strategies?

Where do customers like to shop?

The price component of a marketing mix is:

a competitive weapon for companies

The notion of competitive advantage means that:

a successful firm will stake out a position unique in some manner from its rivals.

In the context of marketing planning, implementation involves:

allocating resources.

Cost competitive advantage can be achieved by:

avoiding marginal customers

The product component of a marketing mix involves:

brand name.

A marketing plan should:

define the business mission

In the context of marketing planning, implementation requires:

delegating authority to employees

A marketing plan is most likely to discuss:

distribution channels.

In the context of SWOT analysis, marketers can identify strengths and weaknesses by focusing on:

employee capabilities

Companies can make strategic planning more effective by:

ensuring the participation of top management.

The product in the marketing mix:

includes company image.

A marketing plan can be made more effective by:

incorporating managerial intuition.

An effective marketing objective:

is compared to a benchmark

The promotion component of the marketing mix involves:

personal selling

Thompson Crayons Ltd. is a manufacturer of crayons and colored pencils in Rhodia. The company has started packaging their products in vibrant colored boxes, as opposed to brown boxes used in the past, in order to increase their sales. In this scenario, Thompson Crayons Ltd. is using a _____ strategy.

product differentiation

The heart of the marketing mix is the:

product offering and product strategy

In the context of marketing mix, promotion includes:

public relations activities.

A company can gain a cost competitive advantage by:

reorganizing functional departments into cross-disciplinary teams.

Strategic planning:

should be based on creativity

The distribution strategy in the marketing mix is concerned with:

transporting raw materials or finished products.