Quiz #2

a

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are Select one: a. stars. b. question marks. c. cash cows. d. pigs. e. dogs.

a

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 Select one: a. marketing plan. b. strategic business plan. c. marketing program. d. profit plan. e. strategic market program.

e

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's Select one: a. target market b. market position c. market cut d. strategic segment e. market share

c

A competitive advantage exists when a Select one: a. combination of circumstances and timing allow a firm to reach an attractive target market. b. firm observes a fit between the key requirements of a market and its own capabilities. c. firm matches a core competency to opportunities it has discovered in the marketplace. d. firm has a strong marketing plan. e. firm does marketing better than its competitors.

c

A marketing plan document usually begins with a(n) Select one: a. introduction to the company's marketing objectives. b. opportunity and threat analysis c. executive summary. d. situation analysis. e. summary of current performance as compared with past performance.

d

A strategic window is Select one: a. customers' requirements or desired benefits. b. what determines the factors that are most important in making a market attractive or strong. c. 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. e. the right combination of circumstances and timing that permit an organization to take action to reach a particular target market.

e

According to the text, a market is defined as Select one: a. the buyers of the products that a company develops, promotes, prices, and distributes. b. a place to buy products. c. the percentage of a group of customers that actually buys a specific product from a specific company. d. the specific group of customers on whom an organization focuses its marketing efforts. e. 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.

a

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 Select one: a. a market opportunity. b. a competitive advantage. c. opportunistic behavior. d. a well-defined mission statement. e. a good strategic planning.

b

An expected level of performance against which actual performance can be compared is a Select one: a. standard performance. b. performance standard. c. standard of excellence. d. corrective standard. e. step in sales analysis.

a

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 a marketing mix that is both ___________ and ___________ . Select one: a. consistent; flexible b. formal; flexible c. consistent; formal d. consistent; rigid e. variable; flexible

e

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. Select one: a. the promotional strategy b. a pricing strategy c. a distribution method d. a desired profit margin e. a target market

e

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. Select one: a. marketing b. corporate c. dependent d. independent e. strategic business

b

Starbucks provides training and support to its employees, including health care benefits. Through these ___________ efforts Starbucks is better able to deliver quality products and service3 to its customers. Select one: a. internal management b. internal marketing c. intended marketing d. external marketing e. extended marketing

d

The Kingtel Corporation is expanding operations into countries outside the United States. To improve local managers' responsiveness to local conditions, Kingtel's senior management has decided to delegate decision-making authority further down the chain of command. Kingtel is Select one: a. building a marketing-oriented organization. b. centralizing. c. making a serious error. d. decentralizing. e. empowering employees.

e

The reputation and well-known brand name of Rolex watches represents a ___________ for Rolex. Select one: a. pricing strategy b. competitive advantage c. market opportunity d. strategic window e. core competency

c

To formulate a marketing strategy, one must Select one: a. develop plans for implementation and control. b. develop a statement of what is to be accomplished through marketing activities. c. identify and analyze a target market and develop a marketingt mix to satisfy individuals in that market. d. determine marketing objectives. e. develop an adequate marketing control process.

d

When Disney World wants to have at least 90 percent of its customers indicating they had a memorable and satisfying experience at the park hotels, this is an example of Select one: a. maintaining their corporate identity b. a strategic plan c. a mission statement d. a marketing objective e. implementing the marketing mix

c

When managers at Go Pro are developing their strategic plan, they use a market orientation as a guide to ensure that ________ is an integral part of the process. Select one: a. the marketing function b. the marketing mix c. customer satisfaction d. employee satisfaction e. the best use of their marketing resources

e

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 Select one: a. market requirement. b. corporate objective. c. strategic market plan. d. market objective. e. market opportunity.

d

Which of the following is not a purpose of the marketing plan? Select one: a. Specify the allocation of resources b. Assign tasks and responsibilities for implementation c. Monitor the performance of a marketing strategy d. Serve as a contract with the customer e. Communicate internally with employees