Chapter 2 Quiz

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How do the individual components of a SWOT analysis work together to determine the status of a​ company?

By ascertaining a​ company's strengths, relating them to​ opportunities, minimizing​ weaknesses, and identifying threats to growth and development

Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the​ company's niche product - ​premium, organic dog and cat food - and contracted to sell it in several​ high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do​ now?

Create a promotion strategy to increase customer awareness

Which of the following is at the center of marketing strategy and​ programs?

Customer​ Engagement, Value, & Relationships

When a company starts the strategic planning process at the corporate​ level, it begins by​ _____________________________.

Defining its overall purpose and mission

A​ company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually​ improve?

Examine how well each group performs its work of adding customer value.

​Stars, cash​ cows, question​ marks, and dogs are the four types of strategic business units​ (SBUs) defined in which of the​ following?

Growth-share Matrix

The goal of a market development growth strategy is to do which of the​ following?

Identify and develop new markets for current products of a​ company's market

In analyzing a​ company's current business​ portfolio, what is​ management's first​ step?

Identify strategic business units

A value chain consists of which of the​ following?

Internal departments and other companies that carry out​ value-creating activities

Which of the following is a valid concern when it comes to the four Ps​ concept?

It may omit or underemphasize certain important activities.

After creating a​ company's mission and​ objectives, the executive team must then plan​ ____________ by keeping in mind the best fit for its​ strengths, weaknesses, and opportunities in the environment.

Its business portfolio

Denim Blue Jean Corporation is a growing company located in Washington​ State, but it is beginning to develop a presence in the surrounding states as well. It sells only one product - blue jeans - but it has 12 different lines of jeans that cater to​ men, women,​ children, babies,​ toddlers, and teens. Which type of marketing department organization would BEST suit Denim Blue Jean​ Corporation?

Market Management Organization

When consumers respond in a similar way to a given set of marketing​ efforts, they can be referred to as a​ _________.

Market Segment

A marketing dashboard is used to do which of the​ following?

Monitor strategic marketing performance

Sanchez Hispanic Foods and Seasonings has started to grow larger than the Sanchez family could ever have imagined. The company is having a hard time keeping track of all of the​ business' marketing activities. They know that they are going to need help to keep the business growing and are looking for solutions. Which of the following potential hires is likely the best decision for the Sanchez​ family?

Noah​ Lopez, a marketing specialist and expert who would be hired as the Sanchez​ family's new chief marketing officer

Which of the following is NOT one of the marketing management​ functions?

Promoting

Which of the following is NOT a step in the strategic planning​ process?

Set revenue & financial goals

Which of the following actions helps a company find the game plan for​ long-run survival and growth that makes the most sense given its specific​ situation, opportunities,​ objectives, and​ resources?

Strategic Planning

Which of the following is NOT part of an overall SWOT analysis evaluation of a​ company?

Strategy

Using the BCG​ growth-share matrix as a​ guide, Masumura Technologies identified question marks in its business portfolio but is currently maintaining its market share. At a recent meeting with the​ company's senior management​ team, the CEO of Masumura and her team members decided to allocate all of the​ company's profits toward the growth and expansion of these question​ marks, in order to cause the question marks to become stars. What is likely to happen to this​ company?

The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star.

Why is marketing return on investment​ (ROI) so difficult to​ measure?

There is no consistent definition.

What is the purpose of the marketing mix as part of the overall marketing​ strategy?

To produce a response that influences a demand for the product from the customers the company is targeting

To create value for​ customers, marketers must improve the performance of the​ ______________, which includes partnering with​ suppliers, distributors, and customers.

Value Delivery Network

A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new​ company?

We will help customers​ build, invigorate,​ restore, refurbish, or completely redesign their homes or businesses

What are stars in the​ growth-share matrix?

​High-growth, high-share businesses or products


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