Marketing SB 2

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 scenario is an example of loyalty to a company in a consumer's daily life? Multiple choice question. Buying a Pepsi product from the campus vending machine because Pepsi is the only vendor allowed on campus Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices 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

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

Efficient operations Strong relationships with suppliers Good supply chain management

The purpose of a marketing strategy is to maximize short-term profits. True false question

False A marketing strategy identifies the bases on which the firms plans to build a long-term competitive advantage

Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success. True false question

False In most cases, a single strategy is not enough to build a sustainable competitive advantage, multiple strategies are necessary for long-term success

What are the three major phases of the marketing plan? Organization Implementation Planning Control

Implementation Planning Control

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

Only purchasing organic products

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

Opportunities Weaknesses Threats

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

Strengths Weaknesses Opportunities Threats

What does the term strengths refer to in SWOT analysis? Multiple choice question. 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

The positive attributes of a firm

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 growth and effectiveness relative to the competitors To identify and explain performance above or below expectations To identify potential layoffs or additional employees required

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

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

Weaknesses Opportunities

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

What type of business are we

What are reasons why strategic planning may NOT occur sequentially? (Choose every correct answer.) Multiple select question. When the implementation plan cannot move forward because there are too few resources When a situation analysis necessitates that the mission statement be revised 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 the implementation plan cannot move forward because there are too few resources When a situation analysis necessitates that the mission statement be revised When new logical alternatives arise

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

a plan on how to pitch to investors

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 completed a SWOT analysis After it has finished segmentation, targeting, and positioning After it has employed marketing metrics to evaluate performance

after it has finished segmentation, targeting, and positioning

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

defines the scope of activities a firm plans to undertake

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 diversification market penetration product development

diversification

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 Introducing additional products and services to the current buyers Finding new markets for the firm's current products

encouraging current customers to patronize the firm and brand more often

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

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

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

evaluates

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

evaluates

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

evaluating the results of the strategy and implementation program

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. Defining the business mission Implementing the marketing mix Identifying and evaluating opportunities Evaluating performance

implementing the marketing mix

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

is sustainable when real estate is difficult or expensive to obtain

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

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

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

market development

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

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. Market penetration Diversification Product development Market development

market development

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

market segments

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

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. financial plan marketing plan strategic plan business plan

marketing plan

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. strategic plan business plan marketing plan financial plan

marketing plan

A ______ 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

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

measuring system

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

metrics

Product excellence Blank______. Multiple choice question. yields cost savings because it requires little to no additional investment by the firm is not enough to achieve competitive advantage on its own occurs by having products with high perceived value and effective branding and positioning is achieved through efficient operations and efficient production

occurs by having products with high perceived value and effective branding and positioning

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

operational excellence

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

penetration

When developing a marketing plan, what will a firm do immediately after developing its mission? Multiple choice question. Evaluate its employees' performance Evaluate its internal opportunities Create a yearly budget Perform a situation analysis using SWOT

perform a situation analysis using SWOT

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 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, control

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

planning, implementation, control

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

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. operational locational customer product

product

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. product customer locational operational

product

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

product development

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

Which of the following are included in the four major growth strategies? (Check all that apply.) Multiple select question. Product development Market analysis Market penetration Market development

product development, market penetration, market development

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

product excellence

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

related

Locational excellence is particularly important for which type of firm? Multiple choice question. Manufacturers Retailers Science research facility Call centers

retailers

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

segmentation positioning (segmentation, targeting, positioning)

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 weaknesses strengths threats

strengths

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

strong brand recognition a reliable network of spokespeople

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

successful competition an economic downturn

The "T" in STP stands for

targets STP - Segmentation, targeting, and positioning (STP)

Which statement about strategic planning is true? Multiple choice question. The steps of the process must always be followed in order. The process can move back and forth between steps, depending on the situation. Skipping a step of the process is fine, but the steps should not be performed out of order. 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

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 understand the needs of a market segment To consider how best to position the firm To predict what will happen

to explain why things happened to predict what will happen

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 growth and effectiveness relative to the competitors To identify potential layoffs or additional employees required To identify and explain performance above or below expectations

to identify and explain performance above or below expectations

In which type of diversification strategy does a firm enter into an entirely new business? Multiple choice question. Metric-driven Competitive Related Unrelated

unrelated

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

using only a single strategy