Chapter 2 Marketing SB

A firm can begin to implement the marketing mix immediately after which step? Multiple choice question. After it has written its mission statement After it has employed marketing metrics to evaluate performance After it has completed a SWOT analysis After it has finished segmentation, targeting, and positioning

After it has finished segmentation, targeting, and positioning

Which statement is true regarding SBUs? Multiple choice question. The term refers to parent companies. An SBU may have a different mission or objective from other divisions. SBUs develop as cash cows. The term SBU stands for "segmented business unit."

An SBU may have a different mission or objective from other divisions.

What factors that affect a sales manager's performance are outside the manager's control? (Choose every correct answer.) Multiple select question. An inadequate sales force Poor implementation of a sales strategy An economic downturn Successful competition

An economic downturn Successful competition

A market penetration strategy, as one of the possible growth options, may be achieved by which of the following? Multiple choice question. Implementing a standard marketing plan Encouraging current customers to patronize the firm and the brand more often Finding new markets for the firm's current products Introducing additional products and services to the current buyers

Encouraging current customers to patronize the firm and the brand more often

During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services? Multiple choice question. Evaluating performance Identifying and evaluating opportunities Defining the business mission Implementing the marketing mix

Implementing the marketing mix

Which statement about product excellence is true? Multiple choice question. It yields cost savings through economies of scale. It is achieved by having products with high perceived value and effective branding and positioning. It generally does not result in meaningful competitive advantage. It is primarily achieved through efficient operations and efficient production.

It is achieved by having products with high perceived value and effective branding and positioning.

A portfolio analysis involves which of the following? Multiple select question. Management evaluates the firm's various products and businesses. Management allocates its resources to products with the greatest potential to be profitable. Management develops the marketing mix for each SBU. Management identifies and evaluates opportunities using STP.

Management evaluates the firm's various products and businesses. Management allocates its resources to products with the greatest potential to be profitable.

What growth strategy is being used when a company that makes protein bars for long-distance runners starts selling the same bars to busy parents as a quick breakfast? Multiple choice question. Diversification Market penetration Product development Market development

Market development

Which of the following are included in the four major growth strategies? Multiple select question. Market development Product development Market penetration Market analysis

Market development Product development Market penetration

Which of the following is NOT an example of customer loyalty? Multiple choice question. Only purchasing light fixtures at Home Depot Only purchasing holiday decorations from World Market Only purchasing organic products Only purchasing dresses at Anthropologie

Only purchasing organic products

A market Blank______ growth strategy focuses on increasing sales of the firm's current products to its current target markets. Multiple choice question. acquisition management penetration development

Penetration

Step 2 of a marketing plan involves which of the following? Multiple choice question. Evaluating opportunities Performing a situation analysis using SWOT Creating a mission statement Evaluating performance

Performing a situation analysis using SWOT

smartphone manufacturer makes a new smartwatch that pairs well with its existing phones. This is an example of which growth strategy? Multiple choice question. Market penetration Market development Product development Diversification

Product development

Some commonly used financial performance metrics include which of the following? (Choose every correct answer.) Multiple select question. Sales revenue Profits SWOT analysis Mission statements

Sales revenue Profits

STP includes which of the following? (Choose every correct answer.) Multiple select question. Segmentation Positioning Strengths Pricing

Segmentation positioning

Which of the following are examples of strengths that could be identified in a SWOT analysis? (Choose every correct answer.) Multiple select question. Heavy reliance on a single product line Strong brand recognition A reliable network of spokespeople An increase in taxation

Strong brand recognition A reliable network of spokespeople

What are the main purposes of metrics during the final step of the marketing planning process? (Choose every correct answer.) Multiple select question. To explain why things happened To consider how best to position the firm To understand the needs of a market segment To predict what will happen

To explain why things happened To predict what will happen

What are reasons why strategic planning may NOT occur sequentially? (Choose every correct answer.) Multiple select question. When new logical alternatives arise When the economy has had six consecutive months of steady growth and projections indicate that the trend will continue When a situation analysis necessitates that the mission statement be revised When the implementation plan cannot move forward because there are too few resources

When new logical alternatives arise When a situation analysis necessitates that the mission statement be revised When the implementation plan cannot move forward because there are too few resources

A marketing plan includes all of the following EXCEPT Blank______. Multiple choice question. an analysis of the current marketing situation a plan on how to pitch investors marketing objectives and strategy projected income statements

a plan on how to pitch investors

A Blank______ strategy introduces a new product or service to a new market segment, one that the firm has NOT yet targeted. Multiple choice question. market development product development market penetration diversification

diversification

Step 5 in the marketing plan process is when a firm Blank______ the outcome of the strategy and implementation process. Multiple choice question. cancels evaluates builds sustains

evaluates

Step 5 of the marketing plan involves Blank______. Multiple choice question. performing the STP process defining the firm's mission and objectives evaluating the results of the strategy and implementation program implementing the marketing mix elements for customers

evaluating the results of the strategy and implementation program

A strategy that employs existing products or services to reach new market segments is called Blank______. Multiple choice question. market penetration market development diversification product development

market development

Firms consider pursuing various Blank______ as part of their overall growth strategies. Multiple choice question. portfolio analyses market segments metrics mission statements

market segments

The macro strategies for developing customer value include each of the following EXCEPT Blank______ excellence. Multiple choice question. locational marketing operational product

marketing

A Blank______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements. Multiple choice question. business plan marketing plan strategic plan financial plan

marketing plan

A metric is a Blank______ that quantifies a trend, dynamic, or characteristic. Multiple choice question. promotional plan measuring system marketing plan product or service

measuring system

Revenues and profits are commonly used Blank______ to assess performance. Multiple choice question. metrics strategies segments mission statements

metrics

Which type of excellence is achieved through efficient operations, excellent supply chain management, and strong relationships with suppliers? Multiple choice question. Product excellence Operational excellence Customer excellence Locational excellence

operational excellence

The three major phases of the marketing plan are Blank______. Multiple choice question. marketing strategy, macro strategies, and sustainable competitive advantage planning, implementation, and control locational excellence, product excellence, and operational excellence human resource management, vendor relations, and competitive advantage

planning, implementation, and control

In Blank______ analysis, management evaluates the firm's various products and businesses, then allocates resources according to potential profit outlook. Multiple choice question. portfolio operations contingency growth options

portfolio

Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using Blank______ excellence. Multiple choice question. locational operational product customer

product

Which of the following is one of the macro strategies for developing customer value through effective branding and positioning? Multiple choice question. Communication excellence Advertising excellence Supply excellence Product excellence

product excellence

In a(n) diversification opportunity, the current target market and/or marketing mix shares something in common with the new opportunity. (Enter one word in blank)

related

A Blank______ is a division of the firm itself that can be managed and operated independently from other divisions. Multiple choice question. market segment target market marketing department strategic business unit (SBU)

strategic business unit (SBU)

In a SWOT analysis, Blank______ refer to the positive internal attributes of the firm. Multiple choice question. strengths weaknesses opportunities threats

strengths

Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential Blank______ that a firm may identify during a SWOT analysis. Multiple choice question. opportunities strengths weaknesses threats

strengths

The "T" in STP stands for . (Enter one word in the blank.)

targeting Segmentation, Targeting, and Positioning.

Which are components of SWOT analysis? (Choose every correct answer.) Multiple select question. Segmentation Weaknesses Target markets Opportunities

weakness oppurtunities

What is the primary question a mission statement should answer? Multiple choice question. What specific tasks should we perform in the next year? What type of business are we? Who is our target market? What are our short-term goals?

what type of business are we

Which scenario is an example of loyalty to a company in a consumer's daily life? Multiple choice question. Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices Buying a Pepsi product from the campus vending machine because Pepsi is the only vendor allowed on campus Ordering from Pizza Hut because there is a coupon in the mail offering a significant discount Getting a haircut from the one barber in town who has an appointment available this afternoon

Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices

What are the three major phases of the marketing plan? (Choose every correct answer.) Multiple select question. Control Organization Implementation Planning

Control Implementation Planning

Firms achieve operational excellence through which of the following? (Choose every correct answer.) Multiple select question. Reducing focus on human resources Strong relationships with suppliers Good supply chain management Efficient operations

Strong relationships with suppliers Good supply chain management Efficient operations

What does the term strengths refer to in SWOT analysis? Multiple choice question. The positive internal attributes of a firm The negative attributes of a firm The positive aspects of the external environment The negative aspects of the external environment

The positive internal attributes of a firm

Which statement about strategic planning is true? Multiple choice question. A strategy created without following the steps in order usually ends up failing or doing poorly. The process can move back and forth between steps, depending on the situation. The steps of the process must always be followed in order. Skipping a step of the process is fine, but the steps should not be performed out of order.

The process can move back and forth between steps, depending on the situation.

Which of the following are components of a SWOT analysis? (Choose every correct answer.) Multiple select question. Sustainability Threats Weaknesses Opportunities

Threats Weaknesses Opportunities

What is the purpose of evaluating performance during the last step of the marketing plan process? Multiple choice question. To highlight employee successes To identify potential layoffs or additional employees required To identify growth and effectiveness relative to the competitors To identify and explain performance above or below expectations

To identify and explain performance above or below expectations

Why do firms use metrics in the last step of the marketing plan? Multiple select question. To make appropriate adjustments to performance To compare results across regions, product lines, and time periods To help stakeholders understand the firm's mission statement To develop integrated marketing communications

To make appropriate adjustments to performance To compare results across regions, product lines, and time periods

Which of the following is LEAST effective when building a sustainable competitive advantage? Multiple choice question. Using four or five strategies Using two or three strategies Using only a single strategy Using six or more strategies

Using only a single strategy

What are the four components of a SWOT analysis? (Choose every correct answer.) Multiple select question. Weaknesses Strengths Organization Opportunities Technology Threats

Weaknesses Strengths Opportunities Threats

A mission statement Blank______. Multiple choice question. details how a firm can avoid risks enhances the value of a firm's products defines the scope of activities a firm plans to undertake maximizes profits and dividends

defines the scope of activities a firm plans to undertake

A competitive advantage based on location Blank______. Multiple choice question. is unsustainable because location is unimportant is unsustainable because customer service is more important is sustainable when the retail location is close to similar stores is sustainable when real estate is difficult or expensive to obtain

is sustainable when real estate is difficult or expensive to obtain

A Blank______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage. Multiple choice question. market statement marketing metric marketing strategy mission statement

marketing strategy

In the last step of the marketing planning process, the purpose of a(n) evaluation is to figure out problem areas. (Enter one word in the blank.)

performance

The Blank______ strategy offers a new product or service to a firm's current target market. Multiple choice question. market penetration market development product development product expansion

product development