Marketing 3250 Chapter 2 Questions from Cengage

The unique symbols, personalities, and philosophies that support all corporate activities including strategic planning and marketing are best described as _______. a. mission statement b. corporate identity c. corporate strategy d. SWOT analysis e. market share

b. Corporate identity

Tesla's plan to develop and introduce pickup trucks and big rigs are examples of _______. a. product development b. diversification c. market development d. product modification e. market penetration

b. diversificaiton

The ability of competitors to achieve long-term competitive advantages by entering the market later and not being the first to offer a certain product in the marketplace is called _______. a. late-mover advantage b. core competency c. first-mover advantage d. early-mover advantage e. competitive advantage

a. Late-mover advantage

For Tesla, the Model 3 represents a _______ on the Boston Consulting Group (BCG) market growth/market share matrix. a. question mark b. star c. cash cow d. dog e. cat

a. Question Mark

Marketing cost analysis _______. a. breaks down and classifies costs to determine which are associated with specific marketing efforts b. uses sales figures to evaluate a firm's current performance c. assesses an organization's strengths, weaknesses, opportunities, and threats d. is an expected level of performance against which actual performance can be compared e. is the firm's sale of a stated product as a percentage of industry sales of competing products

a. breaks down and classifies costs to determine which are associated with specific marketing efforts

The first step in the strategic performance evaluation is to a. ​establish performance standards. b. ​evaluate actual performance. c. ​reduce the difference between actual and desired standards. d. ​compare actual performance and standards. e. ​take corrective action.

a. establish performance standards

The interviewee says that Apple and Samsung, "are the only two companies that are really selling smartphones at this point." One can infer from this that Apple and Samsung are operating under which of the following competitive structures? a. Oligopoly b. Monopoly c. Pure competition d. Monopolistic competition e. Socialistic competition

a. oligopoly

Marketers that attempt to influence and change the various environmental forces have a(n) ____ response to these forces. a. proactive b. counteractive c. inactive d. radioactive e. reactive

a. proactive

Both Apple and Samsung were found to have infringed on each other's patents to protect their inventions and were forced to pay fines. Patents, which protect the first company to develop an innovation, best relate to which of the forces discussed in the text? a. Technological b. Competitive c. Economic d. Sociocultural e. Political

a. technological

Which of the following competitive growth strategies strives to increase sales of current products in new markets? a. Market penetration b. Market development c. Market share d. Product development e. Diversification

b. Market development

Which of the following is based on the philosophy that a product's market growth rate and its market share are important considerations in determining marketing strategy? a. Mission-goal matrix b. Market growth/market share matrix c. SWOT analysis d. Sales analysis e. Product-market matrix

b. Market growth/market share matrix

Which of the following is NOT a component of the marketing plan? a. Marketing strategies b. Business analysis c. Marketing implementation d. Executive summary e. SWOT analysis

b. business analysis

_______ states what is to be accomplished through marketing activities. a. performance standard b. marketing objective c. marketing strategy d. market opportunity e. mission statement

b. marketing objective

The strategic planning process begins with _______. a. business-unit strategies b. organizational mission and goals c. finance objectives d. marketing objectives e. SWOT analysi

b. organizational mission and goals

Apple and Samsung have waged a lengthy battle over ownership of specific technological innovations in the smart phone market. They are _______. a. product competitors b. generic competitors c. brand competitors d. total budget competitors e. premium competitors

c. Brand COmpetitors

According to the textbook, a manager's duties in an environmental analysis include a. observation and assessment. b. conducting research, assessment, and reporting. c. checking information for accuracy, resolving inconsistencies, and assigning significance to the findings. d. observation, market research, and fact finding. e. checking the company database, conducting research, and reporting.

c. checking information for accuracy, resolving inconsistencies, and assigning significance to the findings.

Which of the following provides an overview of the entire marketing plan so that readers can quickly identify the key issues and their roles in the planning and implementation process? a. Marketing implementation b. Performance evaluation c. Executive summary d. SWOT analysis e. Environmental analysis

c. executive summary

An organization's business goals should be derived from its a. ​strategic business plan. b. ​marketing plan. c. ​marketing strategy. d. ​mission statement. e. ​strategic plan.

d. Mission Statement

​A marketing plan document usually begins with a(n) a. ​opportunity and threat analysis. b. ​situation analysis. c. ​introduction to the company's marketing objectives. d. ​executive summary. e. ​summary of current performance as compared with past performance.

d. executive summary

Performance standards are derived from _______. a. the mission statement b. marketing strategy c. market opportunity d. marketing objectives e. sales analysis

d. marketing objectives

Decision-making authority is delegated as far down the chain of command as possible in a(n) _______. a. marketing-oriented organization b. centralized organization c. nonprofit organization d. strategic-business unit e. decentralized organization

e. Assigning responsibility for completing each activity to one or more employees, teams, or managers

Which of the following is NOT one of the steps in strategic performance evaluation? a. Comparing actual performance with established standards b. Modifying the marketing strategy, if necessary c. Measuring actual performance d. Establishing performance standards e. Establishing a timetable for implementation

e. Establishing a timetable for implementation

Of all the federal regulatory units, the ____ most heavily influences marketing activities. a. Environmental Protection Agency (EPA) b. Federal Power Commission (FPC) c. Food and Drug Administration (FDA) d. Federal Communications Commission (FCC) e. Federal Trade Commission (FTC)

e. Federal Trade Commission (FTC)

Apple and Samsung both have engaged in lawsuits to resolve disputes regarding ownership of specific technological innovations. Lawsuits represent what kind of approach to responding to environmental forces? a. Reactive b. Proactive c. Measured d. Competitive

b. proactive

For Tesla, the Model X SUV represents a _______ on the Boston Consulting Group (BCG) market growth/market share matrix. a. cash cow b. question mark c. dog d. bomb e. star

c. dog

A marketing strategy is the selection of a(n) _______ and the creation of a(n) _______ that will satisfy the needs of target-market members. a. marketing mix; target market b. target market; marketing mix c. marketing objective; marketing plan d. marketing objective; marketing mix e. target market; marketing plan

c. target market; marketing mix

For Tesla, the Model S represents a _______ on the Boston Consulting Group (BCG) market growth/market share matrix. a. star b. cash cow c. dog d. problem child e. question mark

star

An essential element of communicating with marketing employees is _______. a. the marketing mix b. the target market c. objectives d. training e. strategy

training

When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, there exists a(n) _______. a. strategic window b. market opportunity c. competitive advantage d. core competencies e. weakness

b. Market Opportunity

Business decisions made in creating a marketing mix a. ​usually take place when a strategic window is open. b. ​are only as good as the organization's understanding of the needs of the target market. c. ​must always be consistent with the firm's opportunities. d. ​are unchangeable once they are agreed upon by management. e. ​are made before a target market is identified.

b. are only as good as the organizations understanding of the needs of the target market

People for the Ethical Treatment of Animals (PETA) has demonstrated against the sale of coats made of animal furs. PETA's efforts to change shoppers' attitudes most directly represents a ____ force for fur retailers. a. technological b. self-regulatory c. legal d. sociocultural e. political

d. sociocultural

Decision-making authority is delegated as far down the chain of command as possible in a(n) _______. a. marketing-oriented organization b. centralized organization c. nonprofit organization d. strategic-business unit e. decentralized organization

e. decentralized organization

Which of the following actions is illegal? a. Corporate contributions to candidates b. Political officials influencing how much a government agency purchases and from whom c. Political officials helping businesses secure foreign markets d. Corporate contributions to elected officials e. Paying political officials not to enforce a particular law

e. paying political officials not to enforce a particular law

Which of the following provides a uniform marketing vision for the firm and is the basis for internal communications? a. Performance standard b. Mission statement c. Target market d. Marketing plan e. Marketing strategy

b. marketing plan

When conducting a SWOT analysis, which of the following are barriers that could prevent an organization from reaching its objective? a. Strengths b. Opportunities c. Threats d. Weaknesses e. Market opportunit

c. Treats

hen 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. ​market opportunity. b. ​market requirement. c. ​strategic market plan. d. ​market objective. e. ​corporate objective.

a. Market Opportunity

Tesla's investment in state-of-the-art vehicle battery manufacturing on a massive scale has allowed it to reduce car-making costs and have more control over its supply chain. These strengths give Tesla a _______. a. market opportunity b. core competency c. first-mover advantage d. competitive advantage e. strategic window

d. Competitive Advantage