MKT-113 Chapter 2 (online)

The term that links the employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers is a. stakeholders. b. stockholders. c. competitors. d. target audience. e. organizational society.

A

These senior managers have an increasingly important role in top management because of their ability to think strategically. Most of them bring multi-industry backgrounds, cross-functional management expertise, analytical skills, and intuitive marketing insights to their job. These individuals are referred to as a. chief marketing officers (CMOs). b. chief financial officers (CFOs). c. chief executive officers (CEOs). d. chief human resource officers (CHROs). e. chief operating officers (COOs).

A

A(n) __________ is a legal entity of people who share a common mission. a. department b. organization c. SBU d. industry e. market segment

B

The acronym "SWOT" in the term "SWOT analysis" stands for __________. a. strengths, weaknesses, opportunities, and tactics b. strengths, weaknesses, options, and tactics c. strengths, weaknesses, opportunities, and threats d. simple, workable, optimal, and timely e. state the problem, work out a strategy, organize your team, and take action

C

The term used to identify an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals is referred to as a __________. a. marketing strategy b. policy c. strategy d. plan e. tactic

C

The terms __________ and a mission statement are often used interchangeably. a. idea b. objective c. vision d. goal e. protocol

C

Today's organizations can be divided into two groups, which are a. companies and cooperatives. b. business firms and offerings. c. business firms and nonprofit organizations. d. employees and customers. e. public and private

C

The level in an organization where top management directs overall strategy for the entire organization is referred to as the a. corporate level. b. functional level. c. CMO level. d. strategic level. e. tactical level.

A

Quadrant "B" in Figure 2-7 above represents a(n) __________ in a SWOT analysis. a. Threat b. Weakness c. Strength d. Opportunity e. Market segment

B

The reward to a business firm for the risk it undertakes in marketing its offerings is referred to as a. shareholders' equity. b. profit. c. assets. d. contribution margin. e. goodwill.

B

A road map for the marketing activities of an organization for a specified future time period, such as one year or five years is referred to as a __________. a. business plan b. marketing objective c. marketing plan d. marketing strategy e. marketing program

C

Which of the following statements would most likely be heard at the functional level of an organization? a. "We need to understand what our business model is." b. "How much money can we allot to the marketing department?" c. "Make sure we buy a 30-second TV spot for the upcoming Super Bowl." d. "We should hire the most culturally diverse cross-functional team possible in order to generate the best new-product ideas." e. "What are the projected sales figures for the next five years?"

C

An effective technique a firm can use to appraise its internal strengths and weaknesses and external opportunities and threats is referred to as (a) __________. a. SWOT analysis b. strategic management planning c. environmental scanning d. market-product grid analysis e. marginal analysis

A

An industry refers to a. organizations that develop similar offerings. b. organizations who manufacture identical products to meet ISO 9000 specifications. c. companies that are active in the production of materials that are used in finished products. d. a group of people or firms united through strategic alliances. e. the economic activity concerned with the selling of finished products to wholesalers and retailers.

A

In Figure 2-1 above, "C" represents the a. strategic business unit level. b. board of directors. c. corporate level. d. functional level. e. CMO.

A

Large organizations are extremely complex. They usually consist of __________ organizational levels whose strategies are linked to marketing. a. three b. five c. ten d. fifteen e. twenty to thirty

A

Organizational strategies vary in two ways, depending on a. (1) the strategy's level in the organization and (2) the offerings an organization provides to its customers. b. (1) the corporate level and (2) the SBU level in the organization. c. whether an offering is (1) a product) or (2) a service. d. whether they are (1) mission statements or (2) core values. e. (1) the organizational culture and (2) its core values.

A

Quadrant "D" in Figure 2-7 above represents a(n) __________ in a SWOT analysis. a. Threat b. Weakness c. Strength d. Opportunity e. Market segment

A

The functional level in an organization is where a. groups of specialists actually create value for the organization. b. employees perform assigned tasks without actually having input into the decision making process. c. all financial outlays are made. d. all company hiring and firing occurs. e. the marketing department makes all decisions regarding which product benefits will be promoted during a promotional campaign.

A

Which of the following statements regarding Ben & Jerry's is most accurate? a. Ben & Jerry's is owned by Unilever, the market leader in the global ice cream industry. b. Ben & Jerry's is a privately owned ice cream producer. c. Ben & Jerry's prides itself on offering more ice cream flavors than its competitors. d. Ben and Jerry are not real people; the names were a clever reference to Tom and Jerry cartoon characters in order to capitalize on childhood nostalgia. e. Ben & Jerry's has only been in business for twenty years and is already the industry leader in premium ice cream.

A

A(n) __________ is a privately owned organization that serves its customers to earn a profit so that it can survive. a. agency b. business firm c. institution d. nonprofit organization e. entity

B

All of the following form the foundation upon which a firm builds its marketing program during the strategic marketing process EXCEPT: a. research the organization's present and prospective customers. b. determine what business the organization is in. c. assess the organization itself. d. identify trends in the organization's industry. e. analyze the organization's competitors

B

At the functional level, the organization's strategic direction becomes a. much more manageable since its offerings have been finalized. b. the most specific and most focused in terms of implementing the company's goals. c. broader since for less complex firms, the corporate and functional levels may merge. d. more general to avoid the "not invented here syndrome" that could result in missed opportunities. e. the sole responsibility of the CEO.

B

Ben & Jerry's is founded on and dedicated to a sustainable corporate concept of linked prosperity. Its mission consists of three interrelated parts: Ben & Jerry's economic mission is to operate the Company a. with the goal of generating enough revenue to be a completely nonprofit organization. b. on a sustainable financial basis of profitable growth, increasing value for our stakeholders and expanding opportunities for development and career growth for our employees. c. with the goal of making profits for selected charitable organizations such as Fair Trade. d. with the goal of increasing market share not only in ice cream sales but also in its retail clothing and accessories merchandise lines. e. with the goal of expanding into international markets by developing sustainable dairies for developing nations.

B

In Figure 2-1 above, "A" represents the a. functional level. b. board of directors. c. corporate level. d. CEO. e. strategic business unit level.

B

In Figure 2-1 above, "D" represents the a. strategic business unit level. b. functional level. c. corporate level. d. board of directors. e. CMO.

B

In keeping with its business mission, Ben & Jerry's has a. opened new ScoopShop franchises in preexisting, eco-friendly structures in order to save natural resources. b. created social entrepreneurship programs to help nonprofit organizations give jobs to at-risk youth. c. invested in research to create genetically engineered cows that will produce more hypoallergenic milk. d. limited its advertising to nonprint media. e. packaged its next line of bulk ice cream in glass containers that not only keep the ice cream colder, but are recyclable as well.

B

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 a. the corporate executive overseer. b. the chief executive officer. c. the corporate executive official. d. the chief marketing officer. e. the coordinating executive officer.

B

Today's visionary organization uses three key elements: (1) __________; (2) set a direction; and (3) formulate strategies. a. set financial goals b. specify its foundation c. establish detailed marketing tactics d. assign job responsibilities e. establish an organizational chart

B

Which of the following statements about strategy is most accurate? a. An organization can be all things to all people because it has access to all the resources it needs to discover and satisfy the needs and wants of its target markets. b. The marketing department helps to both set an organization's direction and move it there. c. The American Marketing Association (AMA) recently has established the definition of strategy. d. Strategy is an organization's short-term course of action designed to deliver a broad customer experience while achieving its goals. e. Only start-up organizations must develop strategies to help them (1) raise capital and (2) focus and direct their efforts to accomplish their goals.

B

__________ applies innovative approaches to organize, create, and manage a venture to solve the practical needs of society. a. Corporate welfare b. Social entrepreneurship c. Sustainable development d. Cause marketing e. Societal capitalism

B

At the functional level, the marketing department a. solicits talent from all levels of the organization for strategic corporate planning sessions. b. promotes its goals to the organization's stakeholders. c. looks outward, keeping the organization focused on creating value both for it and its customers. d. develops the corporate culture. e. defines the overall strategic direction of the organization

C

In Figure 2-1 above, "B" represents the a. functional level. b. board of directors. c. corporate level. d. department level. e. strategic business unit level.

C

In Figure 2-1 above, "E" represents a. board of directors. b. corporate level. c. departments. d. functional level. e. strategic business unit level.

C

In general, a visionary organization asks what three types of questions to specify its foundation, set a direction, and formulate strategies? a. why, when, where b. what, by whom, how c. why, what, how d. how, when, where e. who, why, when

C

In keeping with its business mission, Ben & Jerry's a. opened new franchises exclusively in pre-built structures in order to save natural resources. b. invested in research to create genetically engineered cows that will produce more hypoallergenic milk. c. believed that "people should get their fair share of the pie" and as a result practices Fair Trade-certified sourcing. d. limited its advertising to online media to save the rainforests from deforestation. e. packaged its next line of bulk ice cream in glass containers that not only keep the ice cream colder but are recyclable as well.

C

Organizations that develop similar offerings, when grouped together, create a(n) a. conglomerate. b. merger. c. industry. d. sector. e. monopoly.

C

Quadrant "A" in Figure 2-7 above represents a(n) __________ in a SWOT analysis. a. Threat b. Weakness c. Strength d. Opportunity e. Market segment

C

Social entrepreneurs are usually structured as __________. a. business firms b. subchapter S corporations c. nonprofit organizations d. governmental agencies e. 501 (c) 3 for profit organizations

C

A __________ is a nongovernmental organization that serves its customers but does not have profit as an organizational goal. a. business firm b. subchapter S corporation c. nonprofit agency d. nonprofit organization e. cooperative

D

A(n) __________ is a product, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants. a. organization b. business firm c. firm d. offering e. industry

D

Ben & Jerry's is founded on and dedicated to a sustainable corporate concept of linked prosperity. Its mission consists of three interrelated parts: Ben & Jerry's product mission is to make, distribute, and sell the finest quality all natural ice cream and euphoric concoctions with a. milk obtained exclusively from large nationally certified bovine growth hormone dairies. b. the intent of making modest profits without sacrificing high product quality standards. c. ingredients that are all completely organic and are available only in Vermont to ensure freshness. d. a commitment to incorporating wholesome, natural ingredients and promoting business practices that respect the earth and the environment. e. ingredients that come exclusively from developed countries promoting Fair Trade practices.

D

By understanding its business, an organization can take steps to define its __________, a statement of the organization's functions in society that identifies its customers, markets, products, and technologies. a. core benefit proposition b. doctrine c. philosophy d. mission e. code of ethics

D

In keeping with its business mission, Ben & Jerry's a. created a children's TV program with cat and mouse cartoon characters "Ben" and "Jerry" to teach about the importance of good nutrition and Fair Trade sustainable business practices. b. offered to buy out any failing family-owned ice cream parlor and turn it into a ScoopShop franchise. c. invested in research to create genetically engineered cows that will produce more hypoallergenic milk. d. committed to buying its milk and cream from one dairy cooperative whose members guarantee the supplies are bovine growth hormone free. e. donated free ice cream coupons to all children who get good grades in school.

D

Quadrant "C" in Figure 2-7 above represents a(n) __________ in a SWOT analysis. a. Threat b. Weakness c. Strength d. Opportunity e. Market segment

D

Specialized functions such as marketing and finance are generally referred to as __________. a. teams b. groups c. divisions d. departments e. business units

D

Step 1 in the planning phase of the strategic marketing process consists of a. business portfolio analysis. b. market-product focus and goal setting. c. the marketing program. d. the situation (SWOT) analysis. e. diversification analysis.

D

The goal of a SWOT analysis is to a. identify market research questions in order to develop new products for new market segments. b. determine how raises, bonuses, and dividends will be paid. c. reorganize the firm's marketing department. d. identify the critical strategy-related factors that can impact the firm. e. fairly allocate governmental resources and financial aid across the industry.

D

The strategies an organization develops to provide value to the customers it serves is called a(n) a. mission statement. b. objective goal. c. vision statement. d. business model. e. protocol.

D

Which statement best describes the most significant difference between a business firm and a nonprofit organization? a. Business firms operate with larger budgets than nonprofits. b. Nonprofit organizations do not carry on economic activities while business firms do. c. Nonprofit organizations are concerned with social issues and business firms are not. d. Both serve customers, but business firms seek a profit while nonprofit organizations do not. e. Nonprofit organizations are publicly owned and business firms are privately owned.

D

According to the textbook, all of the following terms can be used interchangeably to refer to entities that engage in business and nonprofit operations EXCEPT: a. an organization. b. a company. c. a firm. d. a corporation. e. an enterprise.

E

All of the following are marketing actions that can be taken as a result of a SWOT analysis EXCEPT: a. exploit an opportunity. b. correct a weakness. c. avoid a disaster-laden threat. d. build on a strength. e. secure the necessary resources (financial, human, technological) to fund new SBUs

E

An example of a nonprofit organization is a. the Food and Drug Administration. b. CVS Pharmacies. c. the University of Kentucky School of Medicine. d. the manufacturer of Bayer Aspirin. e. the American Red Cross.

E

Ben & Jerry's is founded on and dedicated to a sustainable corporate concept of linked prosperity. Its mission consists of three interrelated parts: Ben & Jerry's social mission is to operate the Company in a way that actively recognizes the central role that business plays in society by a. promoting the quality concept through its commitment to making the finest ice cream. b. giving its stakeholders the greatest possible input into company marketing decisions. c. generating enough revenue to be a completely nonprofit organization. d. donating 10% of its net profits to local charitable causes and an additional 5% to support producers that practice sustainable farming. e. initiating innovative ways to improve the quality of life locally, nationally and internationally.

E

In keeping with its business mission, Ben & Jerry's has a. created a children's TV program with cat and mouse cartoon characters "Ben" and "Jerry" to teach them about the importance of good nutrition and Fair Trade sustainable business practices. b. offered to buy out any failing family-owned ice cream parlor and turn it into a ScoopShop franchise. c. invested in research to create genetically engineered cows that will produce more hypoallergenic milk. d. donated free ice cream coupons to all children who get good grades in school. e. created "Goodbye Yellow Brickle Road" ice cream in partnership with Sir Elton John to help his worldwide AIDS Foundation.

E

The strategic business unit level a. works most directly with the organization's target customers. b. directs the overall strategy for the organization. c. is most likely to change substantially over time. d. provides more end-user analysis in order to design more customer-directed products. e. is the level at which managers set a more specific strategic direction for their businesses to exploit value-creating opportunities.

E

Which of the following statements regarding an organization's strategic business unit level is most accurate? a. The strategic business unit level is the level that works most directly with an organization's targeted customers. b. The overall strategy for the organization is directed at the strategic business unit level. c. In more complex organizations, the corporate level and the strategic business unit level may merge. d. More end-user analysis is provided at the strategic business unit level than at the functional level. e. The strategic direction is more specific at the strategic business unit level than at the corporate level.

E