Lesson 2

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

Threats Opportunities Weaknesses

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

market segments

Wine connoisseurs, antique collectors, and video game enthusiasts are all examples of different Blank______. Multiple choice question. SWOT analyses competitive advantages mass markets market segments

market segments

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. mission statement market statement marketing strategy marketing metric

marketing strategy

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

metrics

Firms should emphasize the importance of consistently good customer service to its employees so that good customer service becomes part of the Blank______. Multiple choice question. marketing structure promotional program organizational culture customer retention management program

organizational culture

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

penetration

In the last step of the marketing planning process, the purpose of a(n) BLANK evaluation is to figure out problem areas.

performance

Which process is part of market positioning? Multiple choice question. Clarifying marketing mix variables to provide a basis for consumers' evaluation of a product Maximizing threats to the competition in order to minimize consumers' perception of a product's value Establishing clear and efficient managerial hierarchies within marketing divisions Evaluating and targeting external companies for potential internal partnership

Clarifying marketing mix variables to provide a basis for consumers' evaluation of a product

Which scenario is an example of loyalty to a company in a consumer's daily life? Multiple choice question. 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 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

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

What are loyalty programs an aspect of? Multiple choice question. Operational excellence Product development Customer relationship management Supply chain management

Customer relationship management

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

After a firm has identified a group of market segments, it does which of the following? (Choose every correct answer.) Multiple select question. Evaluates each segment's attractiveness Determines which segments to pursue Uses the targeting process Identifies which groups will respond similarly to its marketing efforts

Evaluates each segment's attractiveness Determines which segments to pursue Uses the targeting process

True or false: A loyal customer of a firm is enthusiastic about buying from that firm's competitors.

False

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

False

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

False

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 Defining the business mission Identifying and evaluating opportunities Implementing the marketing mix

Implementing the marketing mix

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

Implementing the marketing mix

Which of the following are true regarding market share? (Choose every correct answer.) Multiple select question. It is what defines profitability. It is the percentage of a market accounted for by a specific entity. It defines a product's strength in a particular market. It is responsible for inventory of the product.

It is the percentage of a market accounted for by a specific entity. It defines a product's strength in a particular market.

What are outcomes of setting prices too high or too low? (Choose every correct answer.) Multiple select question. High volume Less-than-optimal profits Optimal profits Low volume

Less-than-optimal profits Low volume

Which of the following involves the process of defining the marketing mix variables so that target consumers have a clear, distinctive, and desirable understanding of what the product does or represents in comparison with competing products? Multiple choice question. Market positioning Strategic planning Market targeting Market behavior

Market positioning

______ is the percentage of a market held by a specific entity. Multiple choice question. Market segment Market share The BCG matrix Portfolio analysis

Market share

The mission of most businesses has traditionally focused on which of the following? Multiple choice question. Reducing their carbon footprint Maximizing stockholders' wealth Expressing the CEO's political position Treating employees equitably

Maximizing stockholders' wealth

Which macro strategy is achieved in part through efficient supply chain management? Multiple choice question. Locational excellence Operational excellence Product excellence Customer excellence

Operational excellence

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

Planning Implementation Control

What is the last step of STP? Multiple choice question. Positioning Providing Procuring Posing

Positioning

What is the last step of STP? Multiple choice question. Procuring Positioning Posing Providing

Positioning

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

Positioning Segmentation

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 Market penetration Market development Product development

Product development

With BLANK, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue, and finally decides how it should best position its product or service. Multiple choice question. the four Ps SWOT STP the marketing mix

STP

With Blank______, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue, and finally decides how it should best position its product or service. Multiple choice question. STP SWOT the four Ps the marketing mix

STP

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

Sales revenue Profits

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

Segmentation Positioning (Targeting is the third one)

Firms can achieve operational efficiencies by developing which of the following? Multiple choice question. Strong relationships with vendors More uniquely segmented markets Inconsistent distribution and information systems Superior market positioning

Strong relationships with vendors

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 economic downturn An inadequate sales force Poor implementation of a sales strategy

Successful competition An economic downturn

Select all that apply Marketers strive for efficient operations to provide their customers with which of the following? (Choose every correct answer.) Multiple select question. The products they want The correct quantity of merchandise Products with lower costs than those of competitors' Low-quality merchandise

The products they want The correct quantity of merchandise Products with lower costs than those of competitors'

What is the purpose of evaluating performance during the last step of the marketing plan process? Multiple choice question. To identify and explain performance above or below expectations 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

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

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

True or false: Market segmentation is the process of dividing the market into groups of customers based on their needs, wants, and characteristics.

True

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

Using only a single strategy

A market segment consists of Blank______ who respond similarly to a firm's marketing efforts. Multiple choice question. advertisers competitors consumers resellers

consumers

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. product development market penetration market development diversification

diversification

Positioning

involves the process of defining the marketing mix variables after the targets have been identified.

Segmentation

involves the process of dividing the market into groups of customers.

A competitive advantage based on location BLANK. Multiple choice question. 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 is unsustainable because customer service is more important

is sustainable when real estate is difficult or expensive to obtain

Brand Blank______ means that customers are reluctant to patronize competing firms. Multiple choice question. sustainability strategy penetration loyalty

loyalty

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

market development

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

planning, implementation, and control

Firms that maintain their sustainable competitive advantage through Blank______ excellence have often done so by investing in their brand and constantly reinforcing their image though their merchandise. Multiple choice question. customer locational operational product

product

Firms that maintain their sustainable competitive advantage through Blank______ excellence have often done so by investing in their brand and constantly reinforcing their image though their merchandise. Multiple choice question. locational operational product customer

product

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

related

Customer excellence is focused on BLANK. Multiple choice question. effective branding and positioning having a good physical location and Internet presence efficient operations and human resource management retaining loyal customers and offering excellent customer service

retaining loyal customers and offering excellent customer service

Market Blank______ is the process of dividing the market into groups of consumers according to their needs, wants, or characteristics. Multiple choice question. positioning targeting segmentation planning

segmentation

Relative market share is used to provide managers with a product's relative Blank______ compared with that of the largest firm in the industry. Multiple choice question. mix threats weakness strength

strength

One key to long-term financial performance is to establish a BLANK. Multiple choice question. promotional plan pricing discount structure new product line sustainable competitive advantage

sustainable competitive advantage

One key to long-term financial performance is to establish a Blank______. Multiple choice question. promotional plan new product line pricing discount structure sustainable competitive advantage

sustainable competitive advantage

The process of deciding which specific market segment(s) to pursue is known as Blank______. Multiple choice question. diversifying positioning targeting segmenting

targeting