Marketing Chapter 2 Fun Stuff

When we practice _________________, we arrange for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. A. positioning B. market identification C. target segmenting D. repositioning E. product distribution

A. positioning

The principle objective of market-oriented mission statement is to A. satisfy basic customer needs B. satisfy basic supplier needs C. satisfy basic stockholder needs D. satisfy basic owner needs E. satisfy basic partnership needs

A. satisfy basic customer needs

Visual depictions of measured metrics are called A. dashboards B. switchboards C. gauges D. LEDs E. none of the above

A. dashboards

Two key components of a marketing strategy are A. identify a target market and develop a marketing mix B. identify suppliers and distributors C. select differentiation and positioning opportunities D. conduct a profile analysis and marketing partner options E. none of the above

A. identify a target market and develop a marketing mix

A common practice among marketers is to identify and develop new markets for their existing products. This practice is called A. market development B. product development C. market penetration D. market skimming E. dual adaptation

A. market development

Which of the following are the axes used on the BCG matrix? A. market growth rate and relative market share B. absolute market growth and relative market share C. relative market growth and absolute market share D. absolute market growth and absolute market share E. none of the above

A. market growth rate and relative market share

Your firm is attempting to create a customer driven market strategy. Which is the correct order of doing so? A. market segmentation, target marketing, differentiation, market positioning B. target marketing, market positioning, market segmentation, differentiation C. differentiation, market positioning, market segmentation, target marketing D. market segmentation, differentiation, market positioning, target marketing E. mass marketing, demographic segmentation, psychographic segmentation, differentiation

A. market segmentation, target marketing, differentiation, market positioning

At the corporate level, a company starts the strategic planning process by defining its overall purpose and A. mission B. values C. vision D. opinions E. strengths

A. mission

Clarabell's Clown Supplies has decided to pursue a diversification strategy whereby it will offer _______ products to ________ markets. A. new or modified; new B. current; new C. new or modified; current D. consumer; business

A. new of modified;new

Michael's motors has decided to pursue a market development strategy whereby it will offer _____ products to _____ markets. A. new or modified; new B. current; new C. new or modified; current D. consumer; business

B. Current; new

Which SBU produces a lot of cash that the company may use to support other SBUs that need investment? A. stars B. cash cows C. question marks D. dogs E. both stars and question marks

B. cash cows

Company strengths identified in a SWOT analysis make it possible to A. constrain B. leverage C. be vulnerable D. identify problems with E. forecast

B. leverage

A common practice among marketers is to increase sales to current customers without changing their products. What is this practice called? A. market skimming B. market penetration C. market development D. product extension E. production extension

B. market penetration

Market segmentation identifies the ______ and divides it into smaller _______. A. industry; markets B. market; segments C. competition; competitors D. market; market shares E. customer; preferences

B. market; segments

What do we call the collection of business and products that make up a company? A. investment diversity B. needs inventory C. business portfolio D. departments E. none of the above

C. business portfolio

Firms commonly agree in strategic planning at all these levels except A. functional B. corporate C. management D. SBU E. all of the above

C. management

In a basic SWOT analysis the "T" stands for A. timing B. trust C. threats D. tomorrow E. tangible

C. threats

You work for Mr. Bill of Mr. Bill's Seafood. He has asked you to develop new markets for their current products. Which of the following might be most helpful? A. reviewing new demographic markets B. reviewing new geographic markets C. reviewing current sales records D. A and B E. reviewing current customer attitudes

D. A and B

Acquiring a competing firm in the same industry would LEAST likely be this type of growth: A. market penetration B. market developement C. product development D. diversification E. none of the above

D. diversification

The BCG market growth rate provides a measure of A. company strength in the market B. decline of competitors C. market attractiveness D. industry attractiveness E. the unit stock value

D. industry attractiveness

You tell your younger brother that the product, price, place, and promotion make up the A. marketing package B. marketing strategy C. marketing combination D. marketing mix E. marketing value

D. marketing mix

The pharmaceuticals division (SBU) of Omni Healthcare holds low market share in a high growth market. Managers may decide to A. continually add new products to the market B. implement a milking strategy C. use money from a cash cow to try and build market share for the pharmaceuticals division D. divest the SBU E. A or C

E. A or C

Firms may attempt to grow through market penetration by A. finding new uses for their product B. decreasing price C. increasing distribution D. increasing promotion E. all of the above

E. all of the above

It is acceptable to have products in which of the following BCG categories? A. stars B. cash cows C. question marks D. dogs E. all of the above

E. all of the above

Marketing plays a key role in a company's strategic planning. Which of the following does marketing provide? A. guiding philosophy B. inputs C. strategies D. objectives E. all of the above

E. all of the above

Which of the following is NOT part of business portfolio analysis? A. analyzing the current portfolio B. deciding which units should receive more or less investment C. deciding which units should receive no further investment D. deciding which units may require additional attention E. determining appropriate target markets

E. determining appropriate target markets