Marketing quiz 2

High Gliding Air Academy is developing its marketing mix for the coming year. It's managers know they must first select______which may be the most important decision they make in the planning process A. A target market B. The promotional strategy C. A distribution method D. A pricing strategy E. A desired profit margin

A. A target market

The reputation and well-known brand name of Rolex watches represents a ____ for Rolex. A. Market opportunity B. Competitive advantage C. Pricing strategy D. Strategic window E. Core competency

E. Core competency

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 new market opportunity B. A well-defined mission statement C. Opportunistic behavior D. A competitive advantage E. A good strategic planning

A. A new market opportunity

The Kingtel Corporation is expanding 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. Making a serious error C. Centralizing D. Building a marketing-oriented program E. Empowering employees

A. Decentralizing

A competitive advantage exists when A. Firm matches a core competency to opportunities it has discovered in the marketplace B. Firm observes a fit between the key requirements of a market and its own capabilities C. Firm has a strong marketing plan D. Combination of circumstances and timing allow a firm to reach an attractive target market E. Firm does marketing better than its competitors

A. Firm matches a core competency to opportunities it has discovered in the marketplace

When Disney World wants to have at least 90 percent of its customers indicating they had a memorable and satisfying experience at the park hotels, this is an example of A. A mission statement B. A marketing objective C. A strategic plan D. Maintaining their corporate identity E. Implementing the marketing mix

B. A marketing objective

A strategic window is A. Customers' requirements or desired benefits B. A temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market C. What determines the factors that are most important in making a market attractive or strong D. The process that seeks information about events and relationships in a company's outside environment E. The right combination of circumstances and timing that permit an organization to take action to reach a particular target market

B. A temporary period of optimum for between the key requirements of a market and the particular capabilities of a firm competing in that market

Starbucks provides training and support to its employees, including health care benefits. Through these ____ efforts Starbucks is better able to deliver quality products and service to its customers. A. Extended marketing B. Internal marketing C. Intended marketing D. External marketing E. Internal management

B. Internal marketing

An expected level of performance against which actual performance can be compared is a A. Corrective standard B. Performance standard C. Standard of excellence D. Standard performance E. Step in sales analysis

B. Performance standard

According to the text, a market is defined as A. The specific group of customers on whom an organization focuses its marketing efforts B. A place to buy products C. 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 D. The buyers of the products that a company develops, promotes, prices, and distributes E. The percentage of a group o customers that actually buys a specific product from a specific company

C. 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

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. Profit plan B. Strategic marketing program C. Marketing plan D. Strategic business plan E. Marketing program

C. Marketing plan

Which of the following is not a purpose of the marketing plan? A. Monitor the performance of a marketing strategy B. Assign tasks and responsibilities for implementation C. Serve as a contract with the customer D. Specify the allocation of resources E. Communicate internally with employees

C. Serve as contract with the customer

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. Consistent; formal B. Consistent; rigid C. Formal; flexible D. Consistent; flexible E. Variable; flexible

D. Consistent; flexible

To formulate a marketing strategy, one must A. Develop plans for implementation and control B. Develop an adequate marketing control process C. Determine marketing objectives D. Identify and analyze a target market and develop a marketing mix to satisfy individuals in that market E. Develop a statement of what is to be accomplished through marketing activities

D. Identify and analyze a target market and develop a marketing mix to satisfy individuals in that market

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a A. Corporate objective B. Market requirement C. Strategic market plan D. Market opportunity E. Market objective

D. Market opportunity

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. Strategic segment D. Market share E. Market cut

D. Market share

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are A. Cash cows B. Question marks C. Pigs D. Stars E. Dogs

D. Stars

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. The best use of their marketing resources B. Employee satisfaction C. The marketing mix D. The marketing function E. Customer satisfaction

E. Customer satisfaction

A marketing plan document usually begins with a(n) A. Situation analysts B. Opportunity and threat analysis C. Summary of current performance as compared with past performance D. Introduction to the company's marketing objectives E. Executive summary

E. Executive summary

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. Marketing B. Corporate C. Dependent D. Independent E. Strategic business

E. Strategic business