Marketing Chapter 2

The reputation and well-known brand name of Rolex watches represents a ____ for Rolex. Select one: a. market opportunity b. competitive advantage c. pricing strategy d. core competency e. strategic window

Got Wrong Not b. competitive advantage

Which of the following is the most specific and detailed type of business strategy? a. customer service b. corporate c. marketing d. tactical e. business-unit

Got Wrong Not e. business-unit

The marketing concept is a. updated only periodically. b. designed to specify not only marketing, but all other functional areas of business activities as well. c. written differently for each SBU. d. a plan of all aspects of an organization's business strategy. e. a written document detailing activities to be performed to implement and control marketing actions.

Got wrong. Not d.

Sayed's employer is currently developing a new marketing strategy. The top managers have developed the marketing strategy and have given it to Sayed so that he can now develop an implementation plan. Sayed's company will most likely end up with which type of strategy? Select one: a. Centralized b. Realized c. Intended d. Decentralized e. Rigid

a. Centralized

In response to the increase in demand for organic foods, Wegmans, Inc., a regional supermarket, recently created organic food departments within their large stores. The creation of these departments was a result of Select one: a. a market opportunity b. its distribution plan c. its sales orientation d. a core competency e. a competitive advantage

a. a market opportunity

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets. a. strengths and weaknesses b. activities and responsibilities c. opportunities and threats d. organizational resources e. market opportunities

a. strengths and weaknesses

Because of its highly efficient and low-cost distribution system, Walmart has a ____ advantage over Kmart. a. sustainable competitive b. nonsustainable competitive c. sustainable control d. sustainable marketing e. sustainable implementation

a. sustainable competitive.

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

e. establish performance standards.

The following passage is an often-expressed critique of one of the two types of decision-making structures: ​ Another disadvantage of this structure is that the organization may become fragmented. Business units may lose their sense of team spirit and cooperation. Some business units may put their own interests ahead of those of the company as a whole. Innovative ideas that once spread through the company quickly may now remain within individual business units. ​ Which one of the following decision-making structures is this critique referring to? a. ​Decentralized organizational structure b. ​Centralized organizational structure c. Functional organizational structure d. Process organizational structure e. ​Remote organizational structure

Got Wrong Not b. Centralized organization structure. Pretty sure the answer was right.

One way that Honda evaluates its product and service level is by how well it ranks on the J. D. Power & Associates Sales Satisfaction Survey. In doing so, Honda is Select one: a. controlling marketing activities. b. evaluating actual performance. c. empowering its employees. d. setting performance standards. e. taking corrective action.

Got Wrong Not d. setting performance standards.

Marketing managers can take each of the following corrective actions for reducing a discrepancy between established performance standards and actual performance except a. coordinating a new step in performance analysis. b. reducing the performance standard. c. totally changing the performance standard. d. changing the marketing strategy. e. improving actual performance.

Got wrong

Your quarterly strategic planning meeting will be held next month. You will schedule all the brainstorming and discussion activities for the meeting in a sequence and structure consistent with the hierarchy of the traditional strategic planning process. ​ Which of the following sequence of activities should you schedule in order to be most consistent with the hierarchy of the traditional strategic planning process? a. ​1: Develop the company's mission and goals; 2: Develop business unit strategies; 3: Complete a SWOT analysis for the company; 4: Develop functional area goals and objectives. b. ​1: Complete an economic environment analysis; 2: Develop the company's mission and goals; 3: Develop business unit strategies; 4: Complete a SWOT analysis for each business unit; 5: Develop functional area goals and objectives. c. ​1: Develop the company's mission and goals; 2: Develop business unit strategies; 3: Complete an economic environment analysis; 4: Develop functional area goals and objectives. d. ​1: Develop functional area goals and objectives; 2: Complete a SWOT analysis for the company; 3: Develop business unit strategies; 4: Develop the company's mission and goals. e. ​1: Complete a SWOT analysis for the company; 2: develop the company's mission and goals; 3: Develop business unit strategies; 4: Develop functional area goals and objectives.

a. ​1: Develop the company's mission and goals; 2: Develop business unit strategies; 3: Complete a SWOT analysis for the company; 4: Develop functional area goals and objectives. Bad Question

Emma is responsible for developing and implementing the marketing plan for a new type of walking shoe targeted toward older women. Her responsibility includes making sure that the production and deliveries to the retail stores are coordinated for this new product. In order for the marketing implementation to be successful, Emma should be sure the needs of ____ customers are met. Select one: a. both the planned and realized b. both the internal and external c. the external d. the planned e. the internal

b. both the internal and external

The process of putting marketing strategies into action is called a. marketing control. b. marketing implementation. c. marketing auditing. d. the marketing action plan. e. marketing action.

b. marketing implementation.

All marketing mix decisions must have two characteristics: ____ and ____. Select one: a. formality; flexibility b. formality; rigidity c. consistency; flexibility d. consistency; rigidity e. variability; flexibility

c. consistency; flexibility

Apple has made a success from anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition. Select one: a. strategic vision b. marketing opportunity c. core competency d. sustainable competitive advantage e. benchmark

c. core competency

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are Select one: a. pigs. b. cash cows. c. stars. d. question marks. e. dogs.

c. stars.

Harley-Davidson's Harley Owner's Group (HOG) helps to foster strong relationships between riders and their motorcycles, giving it a(n) ____ over other motorcycle manufacturers. Select one: a. controllable advantage b. effective competitive advantage c. sustainable competitive advantage d. sustainable marketing advantage e. uncontrollable competitive advantage

c. sustainable competitive advantage

The percentage of a market which actually buys a specific product from a specific company is referred to as the products a. target market b. market cut c. market share d. market position e. strategic segment

c. market share

Mama Vertalli's Bakery is a family-owned business with over $1 million in annual revenues and six locations. At Mama Vertalli's, decisions are sometimes slow in coming and top-level managers delegate very little authority to lower-level employees. Mama Vertalli's is a(n) ____ organization. Select one: a. marketing-oriented b. decentralized c. empowered d. centralized e. total quality management

d. centralized

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 ____. Select one: a. consistent; rigid b. consistent; formal c. variable; flexible d. consistent; flexible e. formal; flexible

d. consistent; flexible

You are leading the breakout session on developing the marketing strategy at your company's strategic planning conference. You have prepared discussion guidelines and rules of engagement to keep all attendees in the session focused on the task at hand. ​ Your guidelines for developing the company's marketing strategy a. ​suggest that the marketing objectives be written in general terms so that the strategy and be change along the way if necessary. b. ​suggest that the target market should be identified before the marketing objectives are established. c. ​suggest that the target market should be selected to fit the marketing mix. d. ​suggest that the marketing objectives should be consistent with both the business-unit and the corporate strategies. e. ​suggest that marketing should not worry about the strategy's impact on company profits because the finance department will handle that aspect.

d. ​suggest that the marketing objectives should be consistent with both the business-unit and the corporate strategies.

You want to include a detailed marketing organizational chart in the company marketing plan. Which of the following sections of the marketing plan will you include this chart in? a. Performance Evaluation b. Marketing Objectives c. Environmental Implementation d. Marketing Implementation e. SWOT Analysis

d. Marketing implementation.

According to the Boston Consulting Group, marketers may classify their products as all of the following except a. question marks. b. stars. c. cash cows. d. cash contributors. e. dogs.

d. cash contributors.