Marketing Quiz 1

A ____ is a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats a. situation analysis/SWOT analysis b. Marketing audit c. Competitive benefits review d. Strategic alternative selection e. trend analysis

A. situation analysis/SWOT analysis

In the Boston Consulting Group's Growth-Share Matrix, a business unit that has low growth potential and a small market share is called a a. widow b. dog c. bust d. question mark e. problem child

B. dog

T/F A market penetration strategy entails the creation of new products for current customers

False

T/F The four P's of the marketing mix are product, price, planning, and promotion

False

Customer values it the relationship between benefits and the sacrifice necessary to obtain those benefits

True

T/F According to the American Marketing Association, marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

True

T/F Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets

True

T/F The marketing concept states that the social and economic justification for an organization's existence is the satisfaction of customers' wants and needs while meeting organizational objectives

True

T/F The societal marketing concept considers society's long-term best interests along with the satisfaction of customers' wants and needs

True

T/F a competitive advantage is some unique aspect of a firm's offering, or of the firm itself, that causes target customers to patronize the firm rather than its competition

True

In Ansoff's Opportunity Matrix, _____ is a strategy of increasing market share for present products in existing markets a. market penetration b. product development c. market development d. diversification e. product penetration

a. market penetration

The ______ is the unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market a. marketing mix b. product mix c. product line d. market portfolio

a. marketing miz

A company that sets its goals and strategies based on what is current equipment can product, what products engineering can desing, and what the company itself can do best has a _____ orientation a. production b. marketplace c. exchange d. sales e. market

a. production

In Boston Consulting Group's Growth-Share Matrix, which of the following categories in the portfolio matrix is a market leader and growing fast? a. star b. proliferator c. cash cow d. meteor e. dog

a. star

Which marketing management philosophy focuses on the question, "What do customers want and need?" a. sales b. market c. product d. production e. internal

b. market

Subgroups of a single business or collection of related businesses within a larger organization are referred to as: a. business segments b. strategic business units c. strategic subgroups d. departments e. small business units

b. strategic business units

_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities a. tactical management b. strategic planning c. the market audit d. target marketing e. environmental scanning

b. strategic planning

The set of unique features of a company and its products that are perceived by the target market as a significant and superior to the competition is knows as a. consideration set b. experience curve c. competitive advantage d. market segment e. strategic business unit

c. competitive advantage

All of the following are marketing management philosophies EXCEPT: a. Product orientation b. sales orientation c. profitability orientation d. societal marekting orientation e. market orientation

c. profitability orientation

In Ansoff's Opportunity Matrix, _______ is the strategy of increasing sales by introducing new products into new markets a. product penetration b. product development c. market penetration d. market development e. diversification

e. diversification

In the Boston Consulting Group's Growth-Share Matrix, which of the following represents a business unit that shows rapid growth but poor profit margins? a. proliferator b. loss leader c. cash cow d. star e. problem child/question mark

e. problem child/question mark

In Ansoff's Opportunity Matrix, _____ is a marketing strategy that creates new products for present markets a. product penetration b. market penetration c. diversification d. market development e. product development

e. product development

The ______ orientation assumes people will buy more if aggressive selling techniques are use a. customer b. market c. production d. exchange e. sales

e. sales