MAR 4480 Exam 1

With respect to conducting a situation analysis, what does the phrase "Analysis alone is not a solution" mean? a. Analysis cannot be continued indefinitely; it must end at some point. b. Analysis must be backed up by sufficient financial resources. c. Firms must analyze information; but action is the key to effective planning. d. Analysis must be combined with managerial intuition and judgment. e. Analysis must be combined with results to be most effective.

Analysis must be combined with managerial intuition and judgment

Which of the following has been cited as a major cause of declining brand loyalty in the United States? a. Parity among competing products with respect to quality and value. b. Customers are much more educated and cynical than in the past. c. Customers see competing products in many industries as being virtually the same. d. Customer complaints and defections are at an all-time high. e. Customers are much more willing to file lawsuits against problem firms.

Customers see competing products in many industries as being virtually the same

What is wrong with the following mission statement?: "Our mission is to make all people happy by providing them with entertaining products." a. It focuses on customer happiness (satisfaction), which has no place in a mission statement. b. It does not mention the firm's values. c. It is too broad (wide). d. It says nothing about competition. e. It is too focused on entertainment.

It is too broad (wide)

_______ is concerned with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets. a. The marketing plan b. Marketing c. Strategic planning d. Competitive intelligence e. Tactical planning

Tactical planning

The concept of "exchange" is fundamental to the definition of marketing. What is the best description of exchange? a. The development of products, distribution channels, promotional strategies, and pricing objectives to satisfy customer requirements. b. The transfer of products in return for monetary considerations. c. The transfer of products that occurs among for-profit organizations. d. The activities that are performed primarily by manufacturers and retailers. e. The transfer of goods, services, or ideas in return for something of value.

The transfer of goods, services, or ideas in return for something of value

As illustrated in the text, the strategic planning process begins with: a. developing business-unit strategy. b. developing the organization's goals and objectives. c. an analysis of the firm's internal, customer, and external environments. d. developing the marketing plan. e. conducting a SWOT analysis.

an analysis of the firm's internal, customer, and external environments

In the 5W model of customer analysis, what is the primary emphasis of the "Who?" question? a. identifying the basic need-satisfying benefits provided by the firm's products b. assessing how customers consume and dispose of products c. determining the relevant characteristics that define target markets d. determining how the purchase and consumption of one product is related to other products e. identifying the situational influences that affect the customer buying process

determining the relevant characteristics that define target markets

Developing ________ is one of the major benefits a firm can gain from applying for the Malcolm Baldrige National Quality Award. a. marketing goals b. discontinuous objectives c. marketing linkages d. value curves e. strategic thrust

discontinuous objectives

Each of the following is a directive for a productive SWOT analysis EXCEPT: a. examine issues from the perspective of other functional areas b. stay focused c. collaborate with other functional areas d. search extensively for competitors e. separate internal and external issues

examine issues from the perspective of other functional areas

What is the primary theme of the Balanced Performance Scorecard approach to strategic planning? a. real-time customer satisfaction metrics are needed to achieve marketing goals and objectives b. competitive information should drive the marketing plan c. internal performance metrics are more important than financial performance d. financial performance is only one of four key dimensions that should drive marketing planning e. organizational learning and growth are the keys to strategic planning

financial performance is only one of four key dimensions that should drive marketing planning

Products that are high in form utility: a. are best able to transfer ownership or title from marketer to customer. b. are available when customers want them. c. are available where customers want them, which is typically wherever the customer happens to be or where the product needs to be. d. are tangible rather than intangible. e. have attributes or features that set them apart from the competition.

have attributes or features that set them apart from the competition

Advances in backstage technology usually affect marketing activities by: a. creating new opportunities in consumer markets. b. making marketing activities more efficient and effective. c. clearing the way for entirely new product lines. d. spawning entirely new industries that fulfill previously unmet needs. e. making customers aware of new product features and benefits.

making marketing activities more efficient and effective

The ________ is the handbook of marketing implementation, evaluation, and control. a. strategic thrust b. marketing strategy c. SBU strategy d. marketing plan e. marketing program

marketing plan

Which of the following is an example of a generic competitor for any sport utility vehicle? a. luxury automobiles b. minivans c. trucks d. motorcycles e. luxury cruises

motorcycles

Which competitive advantage strategy is associated with core competencies in basic or applied research and excellent marketing skills? a. price leadership b. implementation proficiency c. operational excellence d. product leadership e. customer intimacy

product leadership

As a tool of Blue Ocean Strategy, the ________ provides a way to visualize the firm's strategy relative to other firms in the industry. The horizontal axis identifies the key factors that the industry competes on with the products that are offered to customers. The vertical axis indicates the offering level that firms provide to buyers across these factors. a. strategic map b. strategy canvas c. competitive map d. strategic focus e. value curve

strategy canvas

A firm's competitive advantages cannot be fully realized unless: a. the firm has the financial resources to make them happen. b. target customers see the advantages as valuable. c. the government loosens its restrictions on the firm or industry. d. the firm's employees truly believe in the advantages. e. competitors take them seriously.

target customers see the advantages as valuable

Which of the following IS NOT a common problem in data collection during a situation analysis? a. the time it takes to collect data b. organizing the data and information that is collected c. the growing scarcity of data and information d. an incomplete or inaccurate assessment of the situation e. the expense of collecting data

the growing scarcity of data and information

Which of the following is the primary reason for the shift in value propositions in today's economy? a. declining brand loyalty b. the speed and efficiency of the Internet c. the power shift to mass merchandise retailers d. new sources of competitive advantage e. the massive increase in product selection

the speed and efficiency of the Internet

A firm may possess many strengths; however, those strengths are not really meaningful unless: a. they are not counteracted by the firm's weaknesses. b. no competing firm possesses the same strengths. c. the firm has the financial resources to take advantage of them. d. they are useful in satisfying customers' needs. e. the firm's employees understand how to take advantage of them.

they are useful in satisfying customers' needs