Quiz 2

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

a. firm matches a core competency to opportunities it has discovered in the marketplace

According to the BCG, question marks are characterized as products a. having a small share of a growing market and requiring large amounts of cash to build market share b. generating more cash than is required to maintain share c. encompassing the greatest number of products d. existing at a cost disadvantage and revealing few opportunities for growth at a reasonable cost e. having substantial reported profits but needing a lot of cash to finance the rate of growth

a. having a small share of a growing market and requiring large amounts of cash to build market share

In response to the increase in demand for organic foods, Wegmans, Inc., a regional supermarket, recently created organic food departments within their large stores. The creation of these departments was a result of a. a core competency b. a market opportunity c. its sales orientation d. its distribution plan e. a competitive advantage

b. a market opportunity

The BCG classifies products that have a dominant market share but low prospects for growth and that generate more cash than is required to maintain market share as a. dogs b. cash cows c. stars d. question marks e. pigs

b. cash cows

A _____ is something that an organization does extremely well and may give a company an advantage over its competition a. benchmark b. sustainable competitive advantage c. core competency d. strategic vision e. marketing opportunity

c. core competencies

Based on the work by the BCG, products with a dominant share of the market and good prospect for growth are a. dogs b. cash cows c. stars d. question marks e. pigs

c. stars

Safeway Food Stores is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a a. corporate planning facilitation b. target design c. mix strategy d. marketing strategy e. marketing tactic

d. marketing strategy

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

The marketing plan is a. a plan of all aspects of an organization's business strategy b. identical for every SBU c. updated only periodically d. designed to specify not only marketing, but all other functional areas of business activities as well e. a written document detailing activities to be performed to implement and control marketing activities

e. a written document detailing activities to be performed to implement and control marketing activities

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