Marketing 304 Quiz 3

Mega-Big Corp. has a small strategic business unit (SBU) that produces a component vital to the manufacturers of automobiles and has been extremely profitable for 18 years. The SBU acts as a key source of income for the firm. In the context of the BCG matrix, Mega-Big Corp. is most likely considered a ________.

Cash cow

Time Express, a well-established North American delivery service, wants to expand service into Central and South America. According to Igor Ansoff's Product-Market Matrix, this is classified as the ________ strategy.

Market development

Open Sesame is a chain of Thai restaurants located in the western United States. The marketing manager has discovered that there is a growing demand for Spanish food, and the appetite for Asian food is declining. In the context of SWOT analysis, this information would be included under ________.

Threats

Goals and objectives should be set ________.

after completion of market research, situation analysis, and competitor analysis

One part of a marketing plan should identify what to do if things go wrong. This section is called ________ planning.

contingency

Which of the following are often described in terms of a separate plan for a worst-case, best-case, and expected-case performance against the forecast?

contingency plans

Which of the following helps avoid scrambling to decide how to adjust marketing strategies when performance against a forecast is higher or lower than expected?

contingency plans

Lately the demand for building materials has dropped due to the slowdown in new housing construction. Woods Corp. is thinking of closing its fine wood division that produces mahogany and cherry lumber for building cabinets and other applications. Under the Boston Consulting Group Growth-Share Matrix, the fine wood division would most likely be classified as a ________.

dog

The best place in a SWOT analysis to list the availability of credit for a firm seeking to expand through new construction of real estate is ________.

external opportunities

The best place in a SWOT analysis for a wristwatch manufacturer to identify the presence of competitive substitute products is ________.

external threats

The best place in a SWOT analysis to identify problems with hurricanes, earthquakes, major snowfalls, and other natural phenomena is ________.

external threats

In the context of situation analysis, which of the following is a category for analysis in the internal environment?

firm resources

Utility created when a firm converts raw materials into finished products that are desired by the market is called ________ utility.

form

Growth, stability, and retrenchment refer to a firm's position relating to its ________ strategy.

generic

A ________ articulates an organization's reason for existence and defines the unique purpose that sets it apart from competitors and identifies the scope of the company's operations, products, and markets.

mission statement

Automobile manufacturers must comply with regulations set by the National Transportation and Safety Board. In the context of situation analysis, which of the following macro-level external environmental factors does this exemplify?

political, legal, and ethical

Inga, marketing manager at Sunshine, a professional preschool center, thinks the firm should start an after-school program for its current clients. This makes sense as she wants to extend the trusting relationship already established with parents and children. According to Igor Ansoff's Product-Market Matrix, this is an example of the ________ strategy.

product development

Zenith Homebuilders used to purchase many building lots and erect spec homes (i.e., it gambled that the demand for new houses would be so high that they would sell easily). Since the real estate slowdown, it builds homes only when owners are under contract. In this case, the company is most likely pursuing a generic business strategy of ________.

retrenchment

Which of the following is NOT a major category for analysis in the internal environment?

rivalry among existing firms

Which of the following is most likely to be considered a goal rather than an objective?

to be the leader in one's field

Mary's firm has delayed making a decision on acquiring a new product line because her marketing team members took more than three months to analyze the numbers. Which of the following tips for successful marketing planning experience did the firm fail to use?

utilize input, but don't become paralyzed by information and analysis

Joelle bought a new Coach purse for herself as a birthday present. She had never spent that much on a purse, but decided it was worth it because it was so elegant. This demonstrates how a customer's perception of ________ can influence buying behavior.

value

Lin Wai's company, New Home Builders Corp., specializes in designing homes that have wide hallways and walk-in showers that could accommodate the need to use a wheelchair or walker, and other amenities that allow couples to remain in their homes as they age. The company's strong value proposition has allowed it to maintain steady market share in a weak housing market. In the context of SWOT analysis, a discussion of this relative advantage would be included under ________.

strengths

A SWOT analysis of a firm is least likely to ________.

suggest solutions to problems

What can impact the competitive nature of an industry through the ability to raise prices or affect the quality of inbound goods and services?

suppliers

Today many retailers create apps that customers can download to their smartphones or tablets to be up-to-date on the company's offerings. In the context of situation analysis, which of the following macro-level external environmental factors does this exemplify?

technological factors

Which of the following is NOT one of the five primary activities in the value chain?

technology procurement