MGMT 494: Marketing Strategy Midterm

c. opportunities and threats

24. __________ typically occur within the competitive, customer, economic, political/legal, technological, and/or socio-cultural environments of the firm. a. Strengths and weaknesses d. Weaknesses and threats b. Strengths and opportunities e. Opportunities and weaknesses c. Opportunities and threats

b. how well that choice will fulfill that person's needs and satisfy his or her wants.

A customer's decision to purchase one product or group of products over another is primarily a function of: a. the convenience of acquiring the product or group of products. b. how well that choice will fulfill that person's needs and satisfy his or her wants. c. the product's features relative to competing products. d. the product's price. e. the availability of the product or group of products.

a. time and place utility

A product that provides the utmost in convenience is said to offer exceptional: a. time and place utility. d. form and time utility. b. place and possession utility. e. form and place utility. c. time and possession utility.

b. Its structured nature ensures that data and information are correctly categorized

All of the following are benefits of SWOT analysis EXCEPT: a. It is simple to use. b. Its structured nature ensures that data and information are correctly categorized. c. It promotes managerial collaboration. d. It can synthesize and integrate diverse information. e. It can reduce costs.

c. customers

Among the fundamental changes to marketing and business practice in today's economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today's economy? a. retailers d. manufacturers b. wholesalers e. market research firms c. customers

b. generic

As a form of __________ competition, bicycles can solve the same basic need as automobiles, albeit with a very different product. a. regular d. total budget b. generic e. product c. brand

a. value curve

As a tool of Blue Ocean Strategy, the strategy canvas provides a way to visualize the firm뭩 strategy relative to other firms in the industry. The central portion of the strategy canvas is the __________, or the graphic representation of the firm뭩 relative performance across its industry뭩 factors. a. value curve d. divergence curve b. strategy line e. action diagram c. strategic focus

e. minority population growth

Between now and 2050, __________ will account for a full 90 percent of the growth in the total U.S. population. a. increasing birth rates d. declining death rates b. immigration from Canada e. minority population growth c. increasing life spans

b. market specialization

Firms engage in __________ when their intimate knowledge and expertise in one market allows them to offer customized marketing programs that not only deliver needed products but also provide needed solutions to customers' problems. a. single segment targeting d. product specialization b. market specialization e. mass market targeting c. selective targeting

c. Needs are bared on discrepancies between actual and desired satisfaction, whereas wants occur relative to specific products that can fulfill a need

From the viewpoint of the consumer buying process, what is the difference between a need and a want? a. Needs are absolute necessities, whereas wants are discretionary. b. Needs are related to specific products, whereas wants occur only when the consumer has the ability to purchase the product. c. Needs are based on discrepancies between actual and desired satisfaction, whereas wants occur relative to specific products that can fulfill a need. d. Needs focus on specific elements of a product's quality, whereas wants are related to the "extras" that add value to the product. e. Needs and wants are essentially the same, except that consumers will pay more for products they need.

c. evoked set

If a researcher were to ask consumers to quickly name the top 3 brands of computers they might consider purchasing, the most common brands in the __________ would most likely be Dell, Apple, and HP. a. brand set d. target group b. purchase set e. shopping list c. evoked set

b. value; customer relationships

In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering __________ and a shift from creating exchanges to creating __________. a. satisfaction; customer relationships d. value; satisfaction b. value; customer relationships e. quality; value c. quality; transactions

b. To ensure that his or her employees have everything they need to perform their jobs well

In a truly market-oriented organization, what is the role of the CEO? a. To increase the market value of the organization. b. To ensure that his or her employees have everything they need to perform their jobs well. c. To protect the organization from competitive actions. d. To create a strong reputation among the organization's stakeholders. e. To hire customer-oriented executives.

b. evaluation and control

In developing a marketing plan, the section on goals and objectives defines the parameters by which the firm will measure actual performance. In this respect, the goals and objectives section is tied closely to the __________ section of the marketing plan. a. SWOT analysis d. marketing implementation b. evaluation and control e. situation analysis c. executive summary

e. derived

In many buying situations, customers will buy one product because it complements another product. In these cases of __________ demand, the demand of one product depends on the demand of another product. a. linked d. conjoined b. dependent e. derived c. quasi-

c. brand

In the competitive sports drink market, Gatorade pays very close attention to the activities of Powerade, a major __________ competitor that markets drinks that are similar in features and benefits. a. generic d. product b. direct e. total budget c. brand

d. acquire new customers and complete a large number of exchanges

In the traditional transactional marketing approach, the ultimate goal of marketing is to: a. serve customers' needs and wants. b. develop long-term customer relationships. c. create value in the buyer-seller relationship. d. acquire new customers and complete a large number of exchanges. e. All of the above are goals of transactional marketing

c. relationships; competition

In today's business environment, firms that truly focus on customers instill a corporate culture that places customers and other stakeholders at the top of the organizational hierarchy. When this occurs, the firm shifts its focus from transactions to __________, and from __________ to collaboration. a. market share; competition d. value; cooperation b. information; rivalry e. long-range planning; contracts c. relationships; competition

a. product positioning

Many firms attempt to distinguish or differentiate their product offerings through the use of __________ strategies. This involves establishing a mental image of the product offering relative to competing offerings in the minds of target buyers. a. product positioning d. image marketing b. branding e. comparative c. perceptual marketing

b. broad, qualitative statements of desired accomplishments

Marketing goals can be defined as: a. quantitative guidelines that help firms achieve desired results. b. broad, qualitative statements of desired accomplishments. c. performance process controls. d. specifications by which performance will be assessed. e. precise statements of desired accomplishments.

a. psychographic

One of the most successful and well-known tools of __________ segmentation is VALS™ developed by Strategic Business Insights. a. psychographic d. geoclustering b. geographic e. emotional c. demographic

b. resources and relationships

Strengths are typically based on the existence and nature of the __________ possessed by the firm. Weaknesses stem from a lack of these important factors. a. patents and capital b. resources and relationships c. customers and partnerships d. products and customers e. customers and resources

b. mass marketing

The basic assumption of __________ is that all customers in the market have similar needs and wants that can be reasonably satisfied with a single marketing program. a. holistic marketing d. focused marketing b. mass marketing e. single segment marketing c. market concentration

e. market concentration

The main advantage of __________ is specialization, as it allows the firm to focus its resources toward understanding and serving a single segment. a. focused marketing d. multisegment marketing b. unidimensional marketing e. market concentration c. mass marketing

e. government

The sheer volume of available information on the economy, population, and business activities is the major strength of most __________ data sources. a. book and periodical d. internal b. primary e. government c. commercial

a. internal environment

When a firm analyzes its objectives and performance, availability of resources, structural characteristics, and organizational culture, the firm is most likely examining its: a. internal environment. d. competitive strategy. b. external environment. e. strategic environment. c. mission statement.

b. competitive advantage

When a firm possesses capabilities that allow it to serve customers' needs better than the competition, the firm is said to have a: a. resource advantage. d. marketing advantage. b. competitive advantage. e. relative advantage. c. value-based advantage.

a. What do we want to become?

When creating a corporate vision statement, organizations are attempting to answer which of the following questions: a. What do we want to become? b. What business are we in? c. What are our competitive advantages? d. How can we be the best? e. Who are we and what do we stand for?

b. a situational analysis

Whether at the corporate, business-unit, or functional level, the planning process always begins with an in-depth: a. a statement of goals and objectives. b. a situation analysis. c. strategy for achieving growth. d. statement of the organization's competitive advantages. e. assessment of the organization's resources.

d. It clearly outlines the organization's marketing activities

Which of the following statements best describes the nature of a marketing plan? a. It clearly outlines the organization's mission and vision. b. It outlines how the organization will raise capital to finance growth. c. It focuses solely on the internal resources needed to develop a marketing strategy. d. It clearly outlines the organization's marketing activities. e. All of these statements describe a marketing plan.

e. It makes the goal more motivational and promotes continuous improvement

Why is it important that marketing goals involve some degree of intangibility? a. It makes it more difficult for competitors to determine the firm뭩 marketing strategy. b. It makes goals more consistent with the objectives that follow. c. It makes goals easier to achieve. d. It promotes learning by forcing employees to ask questions about the strategy. e. It makes the goal more motivational and promotes continuous improvement

e. Which factors used throughout the industry should be copied?

With regard to Blue Ocean Strategy, the Four-Actions Framework is designed to challenge traditional assumptions about marketing strategy by asking four key questions. Which of the following IS NOT one of these questions? a. Which factors should be reduced well below the industry뭩 standard? b. Which factors should be raised well above the industry뭩 standard? c. Which factors should be created that the industry has never offered? d. Which factors that the industry takes for granted should be eliminated? e. Which factors used throughout the industry should be copied?

c. All bits of data are relevant no matter how minor they may seem

With respect to conducting a situation analysis, which of the following IS NOT one of the four important issues to keep in mind? a. Analysis alone is not a solution. b. Data are not the same as information. c. All bits of data are relevant no matter how minor they may seem. d. The benefits of analysis must outweigh the costs. e. Conducting a situation analysis is a challenging exercise.

b. Commoditization

__________ is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits. a. Specialization d. Price devaluation b. Commoditization e. Market homogeneity c. Maturation

b. Behavioral

__________ segmentation is the most powerful form of segmentation in consumer markets because it uses actual product usage to make distinctions among market segments. a. Demographic d. Lifestyle b. Behavioral e. Geographic c. Psychographic