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Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted on properly are called A. strengths. B. market strategies. C. market niches. D. threats. E. opportunities.

E. opportunities.

Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____. A. opportunities; core competencies B. core competencies; strengths C. opportunities; strengths D. strengths; core competencies E. strengths; opportunities

E. strengths; opportunities

Because of its highly efficient and low-cost distribution system, Walmart has a ____ advantage over Kmart. A. nonsustainable competitive B. sustainable marketing C. sustainable control D. sustainable implementation E. sustainable competitive

E. sustainable competitive

____ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals. A. Corporate B. Business-unit C. Marketing D. Mission statement E. Marketing mix

A. Corporate

Which of the following is a characteristic of a marketing objective? A. It is consistent with both business-unit and corporate strategy. B. It is a verbal agreement, not in writing. C. It is not written in measurable terms. D. It does not specify a time frame for its accomplishment. E. It clearly identifies how marketing strategy will be implemented.

A. It is consistent with both business-unit and corporate strategy.

A SWOT analysis focuses on an organization's: A. Strengths, Weaknesses, Opportunities, and Threats. B. Strengths, Weaknesses, Opportunities, and Transformational Innovations. C. Sustainability, Weaknesses, Organics, and Threats. D. Strengths, Workers, Opportunities, and Transactions. E. Sustainability, Weaknesses, Opportunities, and Transactions.

A. Strengths, Weaknesses, Opportunities, and Threats.

All marketing mix decisions must have two characteristics: ____ and ____. A. consistency; flexibility B. consistency; rigidity C. formality; flexibility D. variability; flexibility E. formality; rigidity

A. consistency; flexibility

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 amarketing mixthatisboth____ and ____. A. consistent; flexible B. formal; flexible C. variable; flexible D. consistent; rigid E. consistent; formal

A. consistent; flexible

A group that has the willingness, ability, and authority to buy a product is a A. market. B. consumer. C. strategic business unit. D. business customer. E. strategic window.

A. market.

An organization's business goals should be derived from its A. mission statement. B. strategic plan. C. strategic business plan. D. marketing plan. E. marketing strategy.

A. mission statement.

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. A. strategic business B. marketing C. dependent D. independent E. corporate

A. strategic business

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's A. strengths. B. opportunities. C. weaknesses. D. threats. E. strategies.

A. strengths.

According to the Boston Consulting Group, marketers may classify their products as all of the following except A. dogs. B. cash contributors. C. question marks. D. stars. E. cash cows.

B. cash contributors.

The reputation and well-known brand name of Rolex watches represents a ____ for Rolex. A. competitive advantage B. core competency C. market opportunity D. strategic window E. pricing strategy

B. core competency

A firm's unique symbols, personalities, and philosophies comprise its A. corporate persona. B. corporate identity. C. corporate character. D. CEO's identity. E. ethics.

B. corporate identity.

The director of marketing for 3M tapes tells the rest of the management team, "When it comes to our transparent packaging tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the packaging tapeunit falls into whichoneofthe following classifications? A. Problem child B. Star C. Cash cow D. Dog E. Question mark

C. Cash cow

Jason, a 17-year-old high school student, wants to buy a pack of Marlboro Lights. He has the money to purchase them, but he is still not considered to be a market for the product due to his lack of ____ to buy. A. ability B. willingness C. authority D. need E. location

C. authority

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace. A. market opportunity B. market requirement C. competitive advantage D. strategic window E. competitive opportunity Correct answer: C

C. competitive advantage

Apple has made a success from anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage overits competition. A. benchmark B. sustainable competitive advantage C. core competency D. strategic vision E. marketing opportunity

C. core competency

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's A. strategic segment B. target market C. market share D. market cut E. market position

C. market share

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are A. dogs. B. cash cows. C. stars. D. question marks. E. pigs.

C. stars.

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets. A. opportunities and threats B. market opportunities C. strengths and weaknesses D. activities and responsibilities E. organizational resources

C. strengths and weaknesses

Which of the following statements is incorrect? A. Of the three levels of planning, corporate strategy is the broadest. B. Business-unit strategy should be consistent with the corporate strategy. C. Marketing strategy should be consistent with both the business-unit and corporate strategies. D. Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels. E. Strategic planning begins at the corporate level and proceeds through business-unit and marketing levels.

D. Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels.

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

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

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 A. market objective. B. market requirement. C. strategic market plan. D. market opportunity. E. corporate objective.

D. market opportunity.

The Boston Consulting Group's matrix is based on the A. idea that a firm's market share and market attractiveness are the important factors for a marketing strategy. B. assumption that a firm's actions have a profitable impact on marketing strategy. C. business position and market attractiveness of the firm. D. philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy. E. idea that a product's market growth rate and market attractiveness determine the marketing strategy.

D. philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy.

Amazon's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers. A. organizational opportunity advantage B. strategic window C. market requirement D. market opportunity E. competitive advantage

E. competitive advantage

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 A. profit plan. B. marketing program. C. strategic market program. D. strategic business plan. E. marketing plan.

E. marketing plan.

Which of the following is the most specific and detailed type of business strategy? A. business-unit B. marketing C. corporate D. customer service E. tactical Correct answer: B

B. marketing

A market opportunity results from A. the right combination of circumstances and timing that permits an organization to take action to reach a particular target market. B. monitoring the firm's capabilities. C. an increase in market share and profits. D. an assessment of environmental forces. E. technological determinism.

A. the right combination of circumstances and timing that permits an organization to take action to reach a particular target market.

marketing plan A. is characteristic of production-oriented firms and other mass producers. B. provides a framework for implementing and controlling marketing activities. C. always increases the marketing manager's operating costs. D. produces plans that are short term in orientation. E. restricts the marketing manager's future options.

B. provides a framework for implementing and controlling marketing activities.

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a A. profit entity. B. strategic business unit. C. marketing program. D. small business. E. diversified corporation.

B. strategic business unit.

According to the text, a market is defined as A. a place to buy products. B. the buyers of the products that a company develops, promotes, prices, and distributes. C. the specific group of customers on whom an organization focuses its marketing efforts. D. 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. E. the percentage of a group of customers that actually buys a specific product from a specific company.

D. 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.

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 A. a competitive advantage. B. a well-defined mission statement. C. good strategic planning. D. a market opportunity. E. opportunistic behavior.

D. a market opportunity.

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. A. the promotional strategy B. a distribution method C. the pricing strategy D. a target market E. the desired profit margin

D. a target market

Harley-Davidson's Harley Owner's Group (HOG) helps to foster strong relationships between riders and their motorcycles, giving it a(n) ____ over other motorcycle manufacturers. A. controllable advantage B. uncontrollable competitive advantage C. sustainable marketing advantage D. effective competitive advantage E. sustainable competitive advantage

E. sustainable competitive advantage