Marketing Ch.2 Quiz

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's Select one: a. market cut b. strategic segment c. market position d. market share e. target market

d. market share

When Disney World wants to have at least 90 percent of its customers indicating they had a memorable and satisfying experience at the park hotels, this is an example of Select one: a. a marketing objective b. a mission statement c. implementing the marketing mix d. maintaining their corporate identity e. a strategic plan

a. a marketing objective

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

a. core competency

The Kingtel Corporation is expanding operations into countries outside the United States. To improve local managers' responsiveness to local conditions, Kingtel's senior management has decided to delegate decision-making authority further down the chain of command. Kingtel is Select one: a. decentralizing. b. empowering employees. c. making a serious error. d. centralizing. e. building a marketing-oriented organization.

a. decentralizing.

An expected level of performance against which actual performance can be compared is a Select one: a. performance standard. b. standard of excellence. c. step in sales analysis. d. corrective standard. e. standard performance.

a. performance standard.

Kraft purchased the Duracell Battery Company and now operates this division as a separate profit center within the firm. In this example, Duracell is a(n) _____________ unit of Kraft. Select one: a. strategic business b. independent c. dependent d. marketing e. corporate

a. strategic business

Which of the following is not a purpose of the marketing plan? Select one: a. Serve as a contract with the customer b. Assign tasks and responsibilities for implementation c. Specify the allocation of resources d. Communicate internally with employees e. Monitor the performance of a marketing strategy

a. Serve as a contract with the customer

According to the text, a market is defined as Select one: a. a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products. b. the specific group of customers on whom an organization focuses its marketing efforts. c. a place to buy products. d. the buyers of the products that a company develops, promotes, prices, and distributes. e. the percentage of a group of customers that actually buys a specific product from a specific company.

a. a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.

A strategic window is Select one: a. a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market. b. customers' requirements or desired benefits. c. what determines the factors that are most important in making a market attractive or strong. d. the right combination of circumstances and timing that permit an organization to take action to reach a particular target market. e. the process that seeks information about events and relationships in a company's outside environment.

a. a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.

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

a. executive summary.

A competitive advantage exists when a Select one: a. firm matches a core competency to opportunities it has discovered in the marketplace. b. combination of circumstances and timing allow a firm to reach an attractive target market. c. firm has a strong marketing plan. d. firm does marketing better than its competitors. e. firm observes a fit between the key requirements of a market and its own capabilities.

a. firm matches a core competency to opportunities it has discovered in the marketplace.

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. dogs. b. stars. c. cash cows. d. pigs. e. question marks.

b. stars.

High Gliding Air Academy is developing its marketing mix for the coming year. Its managers know that they must first select ______ which may be the most important decision they make in the planning process. Select one: a. the promotional strategy b. a target market c. a pricing strategy d. a distribution method e. a desired profit margin

b. a target market

To formulate a marketing strategy, one must Select one: a. develop a statement of what is to be accomplished through marketing activities. b. identify and analyze a target market and develop a marketingt mix to satisfy individuals in that market. c. develop an adequate marketing control process. d. determine marketing objectives. e. develop plans for implementation and control.

b. identify and analyze a target market and develop a marketingt mix to satisfy individuals in that market.

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. formal; flexible c. consistent; formal d. consistent; flexible e. variable; flexible

d. consistent; flexible

When 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 Select one: a. corporate objective. b. market objective. c. market requirement. d. market opportunity. e. strategic market plan.

d. market opportunity.

When managers at Go Pro are developing their strategic plan, they use a market orientation as a guide to ensure that ________ is an integral part of the process. Select one: a. the best use of their marketing resources b. employee satisfaction c. the marketing function d. customer satisfaction e. the marketing mix

d. customer satisfaction

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of Select one: a. a good strategic planning. b. a competitive advantage. c. a well-defined mission statement. d. opportunistic behavior. e. a market opportunity.

e. a market opportunity.

Starbucks provides training and support to its employees, including health care benefits. Through these ___________ efforts Starbucks is better able to deliver quality products and service3 to its customers. Select one: a. internal management b. intended marketing c. extended marketing d. external marketing e. internal marketing

e. internal marketing

CyberCycle Inc., is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the Select one: a. strategic market program. b. profit plan. c. strategic business plan. d. marketing program. e. marketing plan.

e. marketing plan.