Blah

The mission of a majority of businesses typically includes which of the following? Multiple choice question. Maximizing stockholders' wealth Treating employees equitably Expressing the CEO's political position Reducing their carbon footprint

Maximizing stockholders' wealth

What does the term weaknesses refer to in SWOT analysis? Multiple choice question. Positive attributes internal to the firm Negative aspects of the external environment Positive aspects of the external environment Negative attributes internal to the firm

Negative attributes internal to the firm

One key to long-term financial performance is to establish a Blank______. Multiple choice question. sustainable competitive advantage promotional plan new product line pricing discount structure

One key to long-term financial performance is to establish a sustainable competitive advantage.

Step 2 of a marketing plan involves which of the following? Multiple choice question. Creating a mission statement Evaluating opportunities Evaluating performance Performing a situation analysis using SWOT

Performing a situation analysis using SWOT

Which of the following are steps in the STP process? (Select all that apply.)Positioning its products and services to meet the needs of the chosen targetsCountering negative aspects of the external environmentDividing the marketplace into subgroupsDetermining which subgroups should be pursued

Positioning its products and services to meet the needs of the chosen targetsDividing the marketplace into subgroupsDetermining which subgroups should be pursued

What are the three major phases of the marketing plan? (Choose every correct answer.) Multiple select question. Implementation Control Organization Planning

Implementation Control Planning

Which statement about product excellence is true? Multiple choice question. It yields cost savings through economies of scale. It is primarily achieved through efficient operations and efficient production. It is achieved by having products with high perceived value and effective branding and positioning. It generally does not result in meaningful competitive advantage.

It is achieved by having products with high perceived value and effective branding and positioning.

True or false: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success. True false question.TrueFalse

false

True or false: The purpose of a marketing strategy is to maximize short-term profits.

false

In the Blank______ step of the five-step marketing planning process, marketing managers are responsible for implementing the marketing mix using the four Ps.

fourth

Loyalty programs Blank______. Multiple choice question. give firms the opportunity to learn more about their customers create little or no emotional attachment in customers toward a certain firm are offered only by airlines are part of the locational excellence element of the marketing strategy

give firms the opportunity to learn more about their customers

In the Blank______ phase of the five-step marketing planning process, marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning. Multiple choice question. planning control implementation performance

implementation

Question Mode Multiple Choice Question In the Blank______ phase of the five-step marketing planning process, marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning. Multiple choice question. implementation control performance planning

implementation

How is a marketing plan most often communicated to stakeholders? Multiple choice question. In a written document In a public social media post In a speech In an Excel spreadsheet

in a written document

Question Mode Multiple Choice Question Step 3 of the five-step marketing planning process Blank______. Multiple choice question. involves implementing the marketing mix is part of the planning phase involves segmentation, targeting, and positioning (STP) includes SWOT analysis

involves segmentation, targeting, and positioning (STP)

In a SWOT analysis, Blank______ pertain to positive aspects of the external environment. Multiple choice question. weaknesses threats opportunities strengths

opportunities

Firms should emphasize the importance of consistently good customer service to its employees so that good customer service becomes part of the Blank______. Multiple choice question. promotional program organizational culture customer retention management program marketing structure

organizational culture

Step 2 of a marketing plan involves which of the following? Multiple choice question. Evaluating performance Evaluating opportunities Creating a mission statement Performing a situation analysis using SWOT

performing a situation analysis using swot

Question Mode Multiple Choice Question The three major phases of the marketing plan are Blank______. Multiple choice question. human resource management, vendor relations, and competitive advantage marketing strategy, macro strategies, and sustainable competitive advantage planning, implementation, and control locational excellence, product excellence, and operational excellence

planning, implementation, and control

Locational excellence is particularly important for which type of firm? Multiple choice question. Retailers Science research facility Manufacturers Call centers

retailers

Customer excellence is focused on Blank______. Multiple choice question. efficient operations and human resource management having a good physical location and Internet presence retaining loyal customers and offering excellent customer service effective branding and positioning

retaining loyal customers and offering excellent customer service

In a SWOT analysis, Blank______ represent the negative aspects of the company's external environment. Multiple choice question. weaknesses strengths threats opportunities

threats

When conducting a SWOT analysis, adverse economic conditions and intense competition are examples of potential Blank______ for firms. Multiple choice question. opportunities strengths weaknesses threats

threats

True or false: Operational efficiency generates good value for customers and improves profitability for the firm by keeping costs down. True false question.TrueFalse

true

True or false: Possible opportunities for manufacturers include an untapped market, international expansion, and growing interest in "green" products. True false question.TrueFalse

true

True or false: A loyal customer of a firm is enthusiastic about buying from that firm's competitors. True false question.TrueFalse

false

Which of the following firms is most likely to identify avoiding risks as an objective? Multiple choice question. A large, privately owned firm A small, privately owned firm A large, publicly owned firm A small, publicly owned firm

A small, privately owned firm

In a firm's SWOT analysis, which of the following would be considered threats? Multiple select question. Widespread market dominance by the firm Adverse economic conditions New regulations that restrict sales of the firm's products New entrants that are introducing innovative, alternative products

Adverse economic conditions New regulations that restrict sales of the firm's products New entrants that are introducing innovative, alternative products

How can firms best maintain competitive advantage? Multiple choice question. By copying competitors' brands, images, products, and promotions By using the cheapest supplier for all raw materials By reinforcing the brand image through merchandise, service, and promotion By divesting themselves of the brand

By reinforcing the brand image through merchandise, service, and promotion

Which scenario is an example of loyalty to a company in a consumer's daily life? Multiple choice question. Buying a Pepsi product from the campus vending machine because Pepsi is the only vendor allowed on campus Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices Getting a haircut from the one barber in town who has an appointment available this afternoon Ordering from Pizza Hut because there is a coupon in the mail offering a significant discount

Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices

What are loyalty programs an aspect of? Multiple choice question. Operational excellence Product development Customer relationship management Supply chain management

Customer relationship management

Which of the following are used to achieve product excellence? (Choose every correct answer.) Multiple select question. Strong supplier relations Effective branding Loyalty programs Effective positioning

Effective branding Effective positioning

Which of the following are used to achieve product excellence? (Choose every correct answer.) Multiple select question. Effective positioning Strong supplier relations Effective branding Loyalty programs

Effective positioning Effective branding

Firms achieve operational excellence through which of the following? (Choose every correct answer.) Multiple select question. Efficient operations Reducing focus on human resources Strong relationships with suppliers Good supply chain management

Efficient operations Strong relationships with suppliers Good supply chain management

Which action will best help an organization achieve operational excellence? Multiple choice question. Focusing on retaining loyal customers Focusing on achieving effective positioning Focusing on building an excellent supply chain Focusing on having a good physical location

Focusing on building an excellent supply chain

Which of the following are frequently used to achieve locational excellence? (Choose every correct answer.) Multiple select question. Loyalty programs Good retail store positioning Supply chain management Quality Internet presence

Good retail store positioning Quality Internet presence

Marketers strive for efficient operations to provide their customers with which of the following? (Choose every correct answer.) Multiple select question. Products with lower costs than those of competitors' The correct quantity of merchandise The products they want Low-quality merchandise

Products with lower costs than those of competitors' The correct quantity of merchandise The products they want

Which of the following are examples of strengths that could be identified in a SWOT analysis? (Choose every correct answer.) Multiple select question. Strong brand recognition An increase in taxation A reliable network of spokespeople Heavy reliance on a single product line

Strong brand recognition A reliable network of spokespeople

Which of the following are examples of how firms use information from loyalty programs? (Choose every correct answer.) Multiple select question. Tailoring their offering to meet the needs of customers Evaluating employee performance Identifying competitors' performance Analyzing buying habits of customers

Tailoring their offering to meet the needs of customers Analyzing buying habits of customers

What are threats in SWOT analysis? Multiple choice question. A firm's positive attributes The negative aspects of the company's external environment A firm's negative attributes The positive aspects of the company's external environment

The negative aspects of the company's external environment

What does the term strengths refer to in SWOT analysis? Multiple choice question. The positive aspects of the external environment The negative attributes of a firm The positive internal attributes of a firm The negative aspects of the external environment

The positive internal attributes of a firm

What are the four components of a SWOT analysis? (Choose every correct answer.) Multiple select question. Organization Threats Weaknesses Technology Strengths Opportunities

Threats Weaknesses Strengths Opportunities

Why does a firm need a marketing plan? (Choose every correct answer.) Multiple select question. To provide a reference point for evaluating if objectives have been met To clearly state its overall objectives To explain how overall objectives will be met To explain previous financial objectives To detail the required human resources for the firm

To provide a reference point for evaluating if objectives have been met To clearly state its overall objectives To explain how overall objectives will be met

Disney parks offer excellent customer service by doing what? (Choose every correct answer.) Multiple select question. Training staff to be extremely friendly to guests Training all employees to be able to give customers information Finding and helping people who are lost Offering seasonal discounts to all customers

Training staff to be extremely friendly to guests Training all employees to be able to give customers information Finding and helping people who are lost

What is the primary question a mission statement should answer? Multiple choice question. Who is our target market? What type of business are we? What are our short-term goals? What specific tasks should we perform in the next year?

What type of business are we?

Once a marketer has earned a good service reputation, it can sustain this advantage for a long time because Blank______. Multiple choice question. customers will not have other options customers are rarely loyal it will consistently offer the lowest prices a competitor will be hard-pressed to develop a comparable reputation

a competitor will be hard-pressed to develop a comparable reputation

In a SWOT analysis, possible weaknesses might include any of the following EXCEPT Blank______. Multiple choice question. lack of direction for the brand a new competitor with innovative products few locations heavy reliance on joint ventures

a new competitor with innovative products

A marketing plan includes all of the following EXCEPT Blank______. Multiple choice question. projected income statements a plan on how to pitch investors an analysis of the current marketing situation marketing objectives and strategy

a plan on how to pitch investors

In Step 2 of the five-step marketing planning process, a firm Blank______. Multiple choice question. completes the control phase evaluates its performance using marketing metrics identifies and evaluates different opportunities through segmentation, targeting, and positioning assesses how various players affect the firm's potential for success

assesses how various players affect the firm's potential for success

Step 5 of the marketing plan, which entails evaluating the performance of the marketing strategy using marketing metrics and taking any necessary corrective action, is part of which phase? Multiple choice question. Strategic phase Control phase Planning phase Implementation phase

control phase

As a competitive advantage, ___ excellence focuses on retaining loyal consumers and offering excellent service. Multiple choice question. product customer locational operational

customer

In Step 1 of the planning phase, a firm Blank______. Multiple choice question. conducts a SWOT analysis defines the mission and/or vision of the business implements the marketing mix evaluates its marketing performance

defines the mission and/or vision of the business

In Step 1 of the planning phase, a firm Blank______. Multiple choice question. conducts a SWOT analysis implements the marketing mix evaluates its marketing performance defines the mission and/or vision of the business

defines the mission and/or vision of the business

A mission statement Blank______. Multiple choice question. maximizes profits and dividends details how a firm can avoid risks defines the scope of activities a firm plans to undertake enhances the value of a firm's products

defines the scope of activities a firm plans to undertake

Which of the following are used to achieve product excellence? (Choose every correct answer.) Multiple select question. Strong supplier relations Effective branding Loyalty programs Effective positioning

efffective branding and positioning

In Step 5 of the marketing plan, a firm Blank______. Multiple choice question. evaluates its performance using marketing metrics implements the marketing mix strategy identifies opportunities conducts a SWOT analysis

evaluates its performance using marketing metrics

A competitive advantage based on location Blank______. Multiple choice question. is unsustainable because customer service is more important is unsustainable because location is unimportant is sustainable when the retail location is close to similar stores is sustainable when real estate is difficult or expensive to obtain

is sustainable when real estate is difficult or expensive to obtain

Step 4 of the five-step marketing planning process Blank______. Multiple choice question. identifies opportunities for a firm is the point at which a firm implements the four Ps is part of the analysis phase is part of the planning phase

is the point at which a firm implements the four Ps

A sustainable competitive advantage ______. Multiple choice question. increases competition through price adjustments should be avoided by firms that are not involved in environmental advocacy. is rarely, if ever, a firm's key goal or objective due to the expense involved is when a firm does consistently better than its competitors and it is not easily copied

is when a firm does consistently better than its competitors and it is not easily copied

When a company focuses on having ___ excellence, this also includes having a good Internet presence. Multiple choice question. locational place core logistics

locational

Brand Blank______ means that customers are reluctant to patronize competing firms. Multiple choice question. loyalty strategy sustainability penetration

loyalty

One purpose of Blank______ programs is to facilitate customers' emotional attachment to a company. Multiple choice question. marketing loyalty education segmentation

loyalty

Wine connoisseurs, antique collectors, and video game enthusiasts are all examples of different ______.

market segmentations

The macro strategies for developing customer value include each of the following EXCEPT Blank______ excellence. Multiple choice question. locational marketing operational product

marketing

A Blank______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements. Multiple choice question. financial plan business plan marketing plan strategic plan

marketing plan

A Blank______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage. Multiple choice question. mission statement marketing metric marketing strategy market statement

marketing startegy

The mission of a majority of businesses typically includes which of the following? Multiple choice question. Expressing the CEO's political position Treating employees equitably Reducing their carbon footprint Maximizing stockholders' wealth

maximizing stockholders wealth

Which of the following is NOT an example of customer loyalty? Multiple choice question. Only purchasing organic products Only purchasing dresses at Anthropologie Only purchasing holiday decorations from World Market Only purchasing light fixtures at Home Depot

only purchasing organic products

Which macro strategy is achieved in part through efficient supply chain management? Multiple choice question. Locational excellence Customer excellence Product excellence Operational excellence

operational

Which macro strategy is achieved in part through efficient supply chain management?

operational excellence

Which type of excellence is achieved through efficient operations, excellent supply chain management, and strong relationships with suppliers? Multiple choice question. Customer excellence Locational excellence Operational excellence Product excellence

operational excellence

Green marketing efforts and expansion outside the United States are potential Blank______ for a firm. Multiple choice question. strengths weaknesses threats opportunities

opportunities

STP includes which of the following? (Choose every correct answer.) Multiple select question. Strengths Positioning Pricing Segmentation

positioning and segmentation

Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using Blank______ excellence. Multiple choice question. operational product locational customer

product

Firms that maintain their sustainable competitive advantage through Blank______ excellence have often done so by investing in their brand and constantly reinforcing their image though their merchandise. Multiple choice question.

product

___excellence is when a firm focuses on having high perceived value and effective branding.

product

In the Blank______ step of the five-step marketing planning process, marketers evaluate the situation by assessing how various players, both inside and outside the organization, affect the firm's potential for success.

second

In the Blank______ step of the five-step marketing planning process, marketers evaluate the situation by assessing how various players, both inside and outside the organization, affect the firm's potential for success. Multiple choice question. last first second fourth

second

Which of the following is LEAST effective when building a sustainable competitive advantage? Multiple choice question. Using only a single strategy Using four or five strategies Using six or more strategies Using two or three strategies

single strategy

Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential Blank______ that a firm may identify during a SWOT analysis. Multiple choice question. threats weaknesses strengths opportunities

strengths

n a SWOT analysis, Blank______ refer to the positive internal attributes of the firm. Multiple choice question. threats strengths weaknesses opportunities

strengths

Which of the following are used to achieve operational excellence? (Choose every correct answer.) Multiple select question. Supply chain management Efficient operations Branding and positioning Loyalty programs

supply chain and efficient operations

Excellent customer service helps build a(n) Blank______. Multiple choice question. sustainable competitive advantage effective supply chain marketing strategy customer liability program

sustainable

Step 1 of the marketing plan is focused on Blank______. Multiple choice question.

the business mission and objectives

Aging equipment that slows down production is an example of a(n) Blank______ for a firm. Multiple choice question. opportunity weakness threat strength

weakness

In a SWOT analysis, a firm's heavy reliance on its joint venture partner when opening new stores may be a potential Blank______ for the firm. Multiple choice question. threat opportunity weakness strength

weakness

Which are components of SWOT analysis? (Choose every correct answer.) Multiple select question. Weaknesses Segmentation Opportunities Target markets

weakness and opportunities

Which of the following are components of a SWOT analysis? (Choose every correct answer.) Multiple select question. Sustainability Weaknesses Opportunities Threats

weakness, opportunities, threats