MKTG305 Chapter 2

Implementation of IBM's "Smarter Planet" strategy has resulted in all of the following except which?

A reduction in wasted coverage for advertising messages to increase its efficiency Correct

All of the following were strategic opportunities identified in IBM's 2015 road map except which?

A shift from software and services to PCs and hard disk drives

Which of the following statements regarding organizational foundation is most accurate?

An organization's foundation is its philosophical reason for being—why it exists

All of the following are components of the implementation phase of the strategic marketing process except which?

Conducting R and D

All of the following form the foundation upon which a firm builds its marketing program during the strategic marketing process except which?

Determine what business the organization is in.

During Step 2 of the strategic marketing process, firms such as Ben & Jerry's engage in all of the following marketing activities except which?

Develop the marketing program

Which of the following statements regarding diversification analysis is most accurate?

For any product, there is both a current and a new market; for any market, there is both a current and a new product.

Teach for America works to solve which societal problem?

It provides new college graduates as teachers in urban and rural public schools in the United States.

Which of the following statements regarding organizational culture is most accurate?

Organizational culture involves communicating and connecting with all of the firm's stakeholders.

Ben & Jerry's mission-driven approach led the company to successfully implement many highly creative organizational and marketing strategies. One example includes

PartnerShops, Ben & Jerry scoop shops that are independently owned and operated by community-based nonprofit organizations.

Which of the following is one of the key elements of a visionary organization?

Specify its foundation

What are the three steps involved in the planning phase of the strategic marketing process?

Step 1: situation (SWOT) analysis; Step 2: market-product focus and goal setting; and Step 3: the marketing program

Which of the following statements about strategy is most accurate?

The marketing department helps to both set an organization's direction and move it there.

In general, a visionary organization asks which three types of questions to specify its foundation, set a direction, and formulate strategies?

Why, what, how

When developing new offerings, marketing may provide staff to serve as part of __________, which consists of a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals.

a cross-functional team

The marketing manager looks for two kinds of deviations during the evaluation phase, each triggering a different kind of action: (1) actual results fall short of goals and (2)

actual results exceed goals.

An aid to implementing a marketing plan that consists of four columns: (1) the task; (2) the person responsible for completing that task; (3) the date to finish the task; and (4) what is to be delivered is referred to as

an action item list

Successful organizations must be visionary, which includes the ability to

anticipate future events and respond quickly and effectively.

Compared to marketing strategies, marketing tactics generally involve actions that

are detailed day-to-day operational decisions.

Ben & Jerry's has earned B-Corp certification, which means it has

been recognized for its efforts to solve social and environmental problems. Correct

An organization's foundation includes all of these except which?

business definition

an organization's foundation includes all of these except which?

business definition

Two commonly used techniques to aid mangers with important decisions for setting a direction and allocating resources include ________ and ________ analysis strategies.

business portfolio; diversification

In recent years, many large firms have changed the title of the head of marketing from vice president of marketing to

chief marketing officer

The two major aspects of the evaluation phase of the strategic marketing process are

comparing the results of the marketing program with the goals to identify deviations and acting on them.

Lands' End is primarily known as a catalog clothing retailer. This means that traditional department stores, mass merchandisers, specialty shops, and other catalog retailers are considered to be Lands' End's

competitors

all of the following are components of the implementation phase of the strategic marketing process except which?

conducting r&d

A firm's __________ are timeless, capturing its heart and soul, and serve to inspire and motivate its stakeholders.

core values

An organization's foundation includes which of the following?

core values

Rooted in its history and its leadership by Mark Zuckerberg, the ________ at Facebook are: be bold, focus on impact, move fast, be open, and build social value.

core values

An organization's foundation can be broken into three key elements:

core values, mission/vision, and organizational culture.

An organization's foundation can be broken into three key elements: Multiple Choice

core values, mission/vision, and organizational culture.

The level in an organization where top management directs overall strategy for the entire organization is referred to as the

corporate level

In terms of an organization's business, railroads lost market share in the 20th century because they

defined their business too narrowly.

the purpose of the business portfolio analysis is to

determine which strategic business unit or offering generates cash and which one requires cash to fund the organization's growth opportunities.

Within the corporate level of an organization, top management Multiple Choice

directs overall strategy for the entire organization.

Apple's iPod sold more than 50 million units annually until 2010 when the iPhone integrated a music player. Since 2010 sales have been declining dramatically and in October 2014 Apple announced that it was discontinuing the iPod classic. Today Apple still sells three iPod product lines although declining sales and discontinued products suggest that this SBU is may have become a

dog

One of the strengths inherent in the use of the BCG business portfolio analysis is that it

forces a firm to place each of its SBUs in the growth-share matrix, which in turn suggests which SBUs will be cash producers or cash users in the future.

The philosophical reason for an organization's existence is referred to as its organizational

foundation

The specialists within an organization who actually create value are usually a member of the

functional level

When participating in major projects in college marketing classes, effective teams can use a ________ to be sure that each team member does a fair amount of work and that class projects are finished efficiently and on time.

gantt chart

To move an SBU from its current position on a BCG business portfolio analysis, a manager should concentrate mostly on

influencing the relative market share.

A mission statement should be

inspirational

One of the weaknesses inherent in the use of the BCG business portfolio analysis is that it

is often difficult to obtain the needed information to correctly place SBUs in the matrix.

The CEO of an organization

is usually a member of the board of directors.

A key role of the marketing department is to "look outward." This is accomplished by

listening to customers in order to inform decisions for developing and producing offerings.

A mission statement should be

long-term

The key role of marketing includes

looking outward by listening to customers

at the functional level, the marketing department

looks outward, in part by listening to customers

If Ben & Jerry's starts selling its super premium ice cream in Brazil for the first time, it will be using a ________ strategy.

market development

If Ben & Jerry's sold more units of its Chocolate Chip Cookie Dough super premium ice cream to U.S. consumers as a result of increased promotion while keeping its price per pint the same, it would be using a ________ strategy.

market penetration

When using a ________ strategy, there is no change in either the basic product line or the markets served. Instead, increased sales are generated by selling either more products through better promotion or distribution or the same number of products at a higher price.

market penetration

Step 2 in the planning phase of the strategic marketing process consists of

market-product focus and goal setting.

At which step of the planning stage of the strategic marketing process does a firm develop its marketing mix?

marketing program

at which step of the planning phase of the strategic marketing process does a firm develop its marketing mix?

marketing program

The primary purpose of a marketing metric is to

measure the quantitative value of a marketing activity.

Often used interchangeably with the term vision, a __________ frequently has a meaningful theme and a long-term orientation.

mission statement

Social entrepreneurs who start new ventures such as Teach for America and Swipe Out Hunger are usually structured as __________ rather than business firms.

nonprofit organizations

the actions taken during the implementation phase of the strategic marketing process include which of these?

obtain resources

A board of directors of an organization

oversees the three levels of strategy.

A marketing plan is developed during which phase of the strategic marketing process?

planning

A new company projects that its sales will exceed its expenses within the first year of operation. This is an example of which type of goal?

profit

An organization's competencies include all of the following except which?

profit

Seeking to obtain as high a financial return on their investments (ROI) as possible, firms will often set __________ goals.

profit

Sometimes maximizing sales will come at the expense of __________, so it is necessary to ensure that the latter remains at acceptable levels.

profits

Apple launched its revolutionary Apple watch in 2015 as the first wearable technology that used a multi-touch user interface. The wearable technologies market grew at a rate of more than 100 percent in 2015. Apple sales were substantial despite a relatively high price and short battery life. The Apple watch entered the market as a

question mark

In its business portfolio analysis, an organization's strategic business units (SBUs) often start as ________ and eventually become ________.

question marks; dogs

One way a company can benefit from implementing a market penetration strategy would be to

sell more products at a lower price in new markets.

A mission statement should be all of these except which?

short-term

The term marketing strategy is typically addresses both the ________ and the ________.

target market; marketing program

The highest-ranking person in an organization who oversees the organization's daily operations and spearheads its strategy planning efforts is often referred to as

the CEO

In a BCG growth-share matrix, a relative market share of 10 × at the left end of the scale on its horizontal axis means that the SBU has 10 times the share of its largest competitor, whereas a relative market share of 0.1 × at the right end of the scale on its horizontal axis means that

the SBU has only 10 percent of the share of its largest competitor.

The highest-ranking person in an organization who oversees the organization's daily operations and spearheads its strategy planning efforts is often referred to as

the chief executive officer

Which of the following is not an example of an industry?

the government industry

At the functional level, the organization's strategic direction becomes

the most specific and most focused in terms of implementing the company's goals.

Organizational strategies vary in two ways, depending on

the strategy's level in the organization and the offerings it provides to its customers.

An organization's core values are most effective when communicated to and supported by

top management and employees.

at the corporate level in an organization,

top management directs overall strategy for the entire organization

At the corporate level in an organization,

top management directs overall strategy for the entire organization.

When a firm recognizes the critical importance of its employees by attempting to provide good conditions and opportunities, it sets an employee __________ goal.

welfare

The organizational foundation sets the ________ of organizations, the organization direction sets the ________, and organizational strategies are concerned with the ________.

why; what; how

which of the following statements regarding ben & jerry's is most accurate?

Ben & Jerry's is owned by Unilever, the market leader in the global ice cream industry.

Overseeing strategic marketing efforts at the corporate level would most likely be the responsibility of the

CMO

The marketing plan for IBM's "Smarter Planet" strategy included which of the following marketing tactics?

Including a strong message in an annual report from IBM's chairman of the board and CEO

Teach for America is an example of

a nonprofit organization.

Which of the marketing strategies for expanding sales revenue presents the most risk for an organization?

diversification

The initial step in the strategic marketing process is to begin planning by conducting a

situation (SWOT) analysis.