MKTG McCoy smartbook chapters 2 and 3

The characteristics of a product that make it superior to competitive substitutes are called Blank______. a. comparative advantage points .b points of difference c. touchpoints d. core values

.b points of difference

Match the following forms of competition with the correct definitions. Oligopoly

A few companies control the majority of industry sales.

Match the following forms of competition with the correct definitions. Monopoly

A single seller of a product exists.

Which statement is true regarding market share? A. It represents the profitability of a specific market in which the product competes. B. It is equivalent to a unit sales goal. C. It is the percentage of sales of an industry accounted for by a specific firm. D. It is a strategic business unit.

C. It is the percentage of sales of an industry accounted for by a specific firm.

Diversification analysis and business portfolio analysis help managers develop ________ strategies and make resource allocation decisions. A. measurement B. innovation C. growth D. efficiency

C. growth

Match the form of competition with its correct example. Monopolistic competition

Coffee, tea, soft drinks

A marketing ________ is a road map for the marketing actions of an organization for a specific future time period. A. program B. objective C. mix D. plan

D. plan

Match the BCG (The Boston Consulting Group) name to the correct characteristics. Cash cows

Generate large amounts of cash which can be invested in other SBUs.

Match the following forms of competition with the correct definitions. Pure competition

Many sellers offering similar products in a marketplace in which they have little control of marketing elements.

Match the following forms of competition with the correct definitions. Monopolistic competition

Many sellers offering substitutable products within a price range.

Match the BCG (The Boston Consulting Group) name to the correct characteristics. Dogs

May generate enough cash to sustain themselves but are not considered current or future winners.

Match the BCG (The Boston Consulting Group) name to the correct characteristics. Question marks

Require cash to maintain market share, even though that share is small.

Match the BCG (The Boston Consulting Group) name to the correct characteristics. Stars

Require cash to sustain rapid growth but will likely generate cash when growth slows.

Match the form of competition with its correct example. Pure competition

Wheat, grains, and rice

Select all that apply Which of the following are included in culture? a. Attitudes b. Technology c. Values d. Ideas

a. Attitudes c. Values d. Ideas

Select all that apply Select the four principles that underlie the strategic marketing process. a. Competitors change and react. b. Customers change. c. Competitors are different. d. Organizations are different. e. Customers are different. f. Organizational resources are limited.

a. Competitors change and react. b. Customers change. e. Customers are different. f. Organizational resources are limited.

Select all that apply Which of the following are the broad categories that should be considered when analyzing the components of an environmental scan? a. Consumer income b. Political environment c. Exchange rates d. Macroeconomic conditions

a. Consumer income d. Macroeconomic conditions

______ is the generational cohort that includes Americans born between 1981 and 1996. a. Generation Y b. Generation Z c. Baby boomers d. Generation X

a. Generation Y

The post-millennial cohort is also referred to as ______. a. Generation Z b. the Facebook generation c. baby boomers d. echo-boomers

a. Generation Z

Because of the multitude of racial and ethnic identities in the U.S. consumer base, which of the following is necessary for successful multicultural marketing? a. In-depth marketing research b. Products with very broad appeal c. Uniform promotional materials d. Manufacturing strategies to bring down costs

a. In-depth marketing research

Select all that apply An effective customer value proposition meets which three criteria? a. It details points of difference. b. It lists strengths and weaknesses of the firm. c. It details specific benefits in clear terms. d. It outlines the process of segmenting the market. e. It is relevant.

a. It details points of difference. c. It details specific benefits in clear terms. e. It is relevant.

Select all that apply Which of the following are true of a threat faced by an organization performing a SWOT analysis? a. It is unfavorable. b. It is favorable. c. It is an internal factor. d. It is an external factor.

a. It is unfavorable. d. It is an external factor.

Select all that apply Which statements are true of portfolio analysis? a. Its purpose is to determine which SBU or offering generates cash and which one requires cash to fund the organization's growth opportunities. b. It helps evaluate a firm's various products and businesses. c. It helps develop the marketing mix for each SBU. d. It helps allocate resources to products based on growth opportunities. e. It is a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products.

a. Its purpose is to determine which SBU or offering generates cash and which one requires cash to fund the organization's growth opportunities. b. It helps evaluate a firm's various products and businesses. d. It helps allocate resources to products based on growth opportunities.

Which of the following environmental forces refers to inventions or innovations from applied science or engineering research? a. Technology b. Competitive c. Regulatory d. Economic

a. Technology

Select all that apply What are the newest forms of technological changes that are occurring now? a. blockchain b. Fax machines. c. wearable technology d. RFID tagging

a. blockchain c. wearable technology

Even when a product is well-suited for its intended targets, it won't be sold if ______. a. consumers don't have the necessary income b. discretionary income has increased c. the economy is ignored d. inflation has dropped

a. consumers don't have the necessary income

Technology is causing a change in the customer assessment of value because its cost is plummeting, resulting in ______. a. consumers focusing instead on quality, service, and relationships with the retailer b. recessionary cycles becoming more frequent and dramatic c. consumers feeling cheated when new versions of technology products are available too soon d. less free hardware or software offered to consumers, despite contracts

a. consumers focusing instead on quality, service, and relationships with the retailer

Organizational purpose serves as the basis for an organization's ______. Multiple select question. Select all that apply. a. core values b. mission c. hierarchy d. culture

a. core values b. mission d. culture

The term ______ indicates the characteristics of human populations and segments, especially those used to identify consumer markets. a. demographics b. economics c. multiculturalism d. psychographics

a. demographics

Aggregating prospective buyers into groups that have similar needs and will respond similarly to a marketing action is a process known as _______. a. market segmentation b. diversification c. SWOT analysis d. strategic marketing

a. market segmentation

Select three characteristics that describe Generation X? a. often called the "baby bust" generation b. wealthiest generation in U.S. history c. supportive of racial and ethnic diversity d. extravagant in their lifestyle and purchases e. born between 1965 and 1980

a. often called the "baby bust" generation c. supportive of racial and ethnic diversity e. born between 1965 and 1980

A ______ is described with demographics. a. population b. pricing strategy c. marketing channel d. product

a. population

Downturns in economic conditions and intense competition are examples of potential ______ for firms. a. threats b. strengths c. opportunities d. weaknesses

a. threats

Which of the following is NOT an example of a firm's strengths? a. A large market share b. An untapped overseas market c. A reputation for social responsibility d. A well-known brand name

b. An untapped overseas market

Select all that apply Which of the following are among the goals of environmental scanning? a. Implementing "green" activities internally b. Continually acquiring information on external events c. Focus solely on sales and promotion d. Interpreting and identifying trends

b. Continually acquiring information on external events d. Interpreting and identifying trends

________ incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group. a. Psychographics b. Culture c. Value consciousness d. Ethnic identify

b. Culture

Obtaining resources and defining tasks and deadlines are part of which phase in the strategic marketing process? a. Differentiation b. Implementation c. Evaluation d. Planning

b. Implementation

Business portfolio analysis and diversification analysis help an organization to answer what important strategic question? a. Where can we find new products? b. Where do we want to go for growth? c. What product characteristics indicate success? d. Where do competitors operate?

b. Where do we want to go for growth?

An example of ______, is the elimination of passwords based on facial or fingerprint recognition. a. blockchain b. authentication technology c. wearable technology d. automation

b. authentication technology

Points of difference are ______. a. ways that an organization differs from its competitors b. characteristics of a product that make it superior to competitive substitutes c. traits of an organization that allow it to achieve superior profitability compared to its competitors d. any way a product is different from competitive products, including both positive and negative aspects

b. characteristics of a product that make it superior to competitive substitutes

A cluster of benefits that an organization promises customers (or segments) to satisfy their needs is a ________. a. marketing tactic b. customer value proposition c. business portfolio analysis d. mission statement

b. customer value proposition

Social forces include _________ characteristics of the population and its culture. a. technology b. demographic c. competitive d. regulatory

b. demographic

Select all that apply Which two items are part of the implementation phase of the strategic marketing process? a. developing a SWOT analysis b. designing the marketing organization c. comparing results with plans d. obtaining resources

b. designing the marketing organization d. obtaining resources

The Generation Y cohort is also referred to as the ________. a. baby boomers b. echo-boomers c. greatest generation Fd. acebook generation

b. echo-boomers

When marketers ______, they take into account the fact that customers are different, customers change, competitors change and react, and organizational resources are limited. a. create a firm's mission statement b. enter into the strategic marketing process c. conduct a SWOT analysis d. develop a competitive advantage

b. enter into the strategic marketing process

Market penetration is a marketing strategy to ______. a. sell current products to new markets b. increase sales of current products in current markets c. sell new products to current markets d. develop new products and sell them in new markets

b. increase sales of current products in current markets

Unilever offers its Dove brand of body wash to several groups: one geared toward women, one for men, and one for babies. By taking the overall market and dividing it into smaller, similar groups, Unilever is engaged in ______. a. a SWOT analysis b. market segmentation c. a situation analysis d. a business portfolio analysis

b. market segmentation

A __________ is a visual display of the essential information related to achieving a marketing objective. a. positioning statement b. marketing dashboard c. marketing metric d. marketing mix

b. marketing dashboard

In searching for growth opportunities, organizations using diversification analysis consider both current and new options for which two items? a. portfolios b. markets c. metrics d. products

b. markets d. products

Consumer income is a Blank______ factor that is important to marketers. a. regulatory b. microeconomic c. competitive d. macroeconomic

b. microeconomic

Developing marketing programs that reflect the unique aspects of different races is known as Blank______. a. blended marketing b. multicultural marketing c. value consciousness d. multiracial initiative

b. multicultural marketing

Step 1 of the planning phase in the strategic marketing process involves ______. a. creating a mission statement b. performing a situation analysis using SWOT c. setting goals d. evaluating performance

b. performing a situation analysis using SWOT

The ______ strategy offers a new product or service to a firm's existing market. a. product expansion b. product development c. market penetration d. market development

b. product development

Business portfolio analysis is a technique used to ______. a. segment a market based on geographic variables b. quantify performance measures and growth targets to analyze SBUs c. evaluate the firm's strengths, weaknesses, opportunities and threats d. diversify product lines as a means to increase revenue

b. quantify performance measures and growth targets to analyze SBUs (strategic business units)

An information- and communication-based electronic exchange environment occupied by computer technologies and digitized offerings is called ______. a. an intranet b. the marketspace c. an extranet d. electronic commerce

b. the marketspace

An organization uses Blank______ to allocate its marketing mix resources to reach its target markets. a. a marketing dashboard b. the strategic marketing process c. a business portfolio analysis d. market segmentation

b. the strategic marketing process

Baby boomers are those people born between the years ______. a. 1930 and 1945 b. 1965 and 1976 c. 1946 and 1964. d. 1977 and 1994

c. 1946 and 1964. (ages 78 - 60)

Which environmental force refers to the alternative firms that could provide a product to satisfy a specific market's needs? a. Regulatory b. Consumerism c. Competition d. Rivalry

c. Competition

______ is the generational cohort that includes Americans born between 1997 and 2010. a. Generation X b. Generation Y c. Generation Z d. Baby boomers

c. Generation Z

Obtaining resources and defining tasks and deadlines are part of which phase in the strategic marketing process? a. Planning b. Evaluation c. Implementation d. Differentiation

c. Implementation

Which tool serves as an effective summary of a situation analysis? a. mission statement b. market segmentation c. SWOT analysis d. business portfolio analysis

c. SWOT analysis

The demographic characteristics of a population and its ______ comprise the social forces in the environment. a. legal system b. political system c. culture d. education system

c. culture

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products is called Blank______. a. situation analysis b. market share analysis c. diversification analysis d. business portfolio analysis

c. diversification analysis

Select all that apply Which two of the following are macroeconomic factors? a. gross income b. discretionary income c. gross domestic product d. inflation

c. gross domestic product d. inflation

In a SWOT analysis, strengths and weaknesses are ________, and opportunities and threats are ________. a. positive; negative b. simple; complex c. internal; external d. known; unknown

c. internal; external

A market-product strategy that requires no change in the basic product but instead seeks new buyers is known as ______. a. diversification b. product development c. market development d. market penetration

c. market development

A market-product strategy that requires no change in the basic product nor the markets served is known as ______. a. market development b. diversification c. market penetration d. product development

c. market penetration

Which step of the planning phase of the strategic marketing process involves developing a plan for how to satisfy customer needs, while the who and what aspects had been determined previously? a. evaluation b. situation analysis c. marketing program d. goal setting

c. marketing program

The product development strategy involves marketing a ______ product or service to a ______ market for the organization. a. current; new b. new; new c. new; current d. current; current

c. new; current

A clear expression of a firm's ______ will detail why an organization exists, what problems it wishes to solve, and who it wants to be to every person it touches through its work. a. target markets b. core values c. organizational purpose d. organizational culture

c. organizational purpose

Performing a SWOT analysis, setting market and product goals, and developing a marketing program are all steps in the ______ phase of the strategic marketing process. a. development b. evaluation c. planning d. implementation

c. planning

In ______ analysis, management evaluates a firm's various products and businesses and then allocates resources according to the firm's best growth opportunities. a. diversification b. contingency c. portfolio d. operations

c. portfolio

In ______ analysis, management evaluates a firm's various products and businesses and then allocates resources according to the firm's best growth opportunities. a. diversification b. operations c. portfolio d. contingency

c. portfolio

To get a comprehensive look at your competition, you should consider firms that a. are known by the consumer to offer low prices. b. provide a product indistinguishable from yours. c. provide a product that satisfies the same specific need as yours does. d. are known by the consumer to provide desirable products.

c. provide a product that satisfies the same specific need as yours does.

The majority of the competitive landscape in this country is made up of ______. a. foreign-owned firms b. U.S. multinational corporations c. small businesses d. nonprofit organizations

c. small businesses

Having a large prestigious, well-known brand is an example of a(n) ______ for an organization. a. weakness b. opportunity c. strength d. threat

c. strength

Select all that apply Select the three steps that make up the planning phase of the strategic marketing process. a. activity implementation b. evaluation c. the marketing program d. market-product focus e. situation analysis

c. the marketing program d. market-product focus e. situation analysis

Those born during the "baby bust" when the number of children born each year was declining are part of which generational cohort? a. Baby boomers b. The greatest generation c. Generation Y d. Generation X

d. Generation X

Which environmental force consists of restrictions state and federal laws place on business with regard to the conduct of its activities? a. Competitive b. Economic c. Legislative d. Regulatory

d. Regulatory

Which of the following environmental forces is most likely to result in replacement of existing products or companies? a. Competitive b. Regulatory c. Economic d. Technology

d. Technology

What is the final step in the planning phase of the strategic marketing process? a. Market-product focus b. Goal setting c. Situational analysis d. The marketing program

d. The marketing program

The planning gap is an example of ______. a. a reason that the planning process cannot be completed b. skipping the planning process and proceeding directly to implementation c. a resource that has not fully been exploited d. a comparison of projected sales for current plans and a new sales goal

d. a comparison of projected sales for current plans and a new sales goal

Because Pure Foods is the only provider of responsibly farmed, sustainable beef products in the Midwest, it has achieved: a. production control. b. market segmentation. c. a core value. d. a competitive advantage.

d. a competitive advantage

The marketspace is defined as ______. a. electronic communication used in the inventory, exchange, advertisement, distribution, or payment of products b. the alternative firms that could provide a product to satisfy a specific market's needs c. an Internet-based network used within the boundaries of an organization d. an electronic exchange environment with computer technologies and digitized offerings.

d. an electronic exchange environment with computer technologies and digitized offerings.

The performance of the __________ can be measured using the GDP, the rate of unemployment, or price changes. a. marketing manager b. government agency c. business firm d. economy

d. economy

A market development strategy can be defined as selling ______. a. new products to existing customers b. new products to international customers c. new products to new customers d. existing products to new customers

d. existing products to new customers

A good marketer can identify potential opportunities by paying close attention to environmental ________; it is important to continuously monitor the business environment in which a company operates. a. claims b. demands c. wants d. forces

d. forces

Environmental scanning is necessary for an organization to ______. a. advance its technological research and development b. realize its social responsibility goals c. identify the needs of its "green" suppliers and customers d. interpret trends that may be a source of opportunity

d. interpret trends that may be a source of opportunity

Culture incorporates the set of values, ideas, and attitudes that are ________ and shared among the members of a group. a. flexible b. written c. unidentifiable d. learned

d. learned

A market-product strategy that requires no change in the basic product but instead seeks new buyers is known as ______. a. market penetration b. product development c. diversification d. market development

d. market development

The ________ is the difference between the projection of the path to reach a new sales revenue goal and the projection of the path of a plan already in place. a. deviation effect b. marketing plan c. strategic alignment d. planning gap

d. planning gap

Planning, implementation, and evaluation are considered parts of the ______. a. SWOT analysis b. portfolio analysis c. marketing mix d. strategic marketing process

d. strategic marketing process

Developing the marketing mix and its budget are part of which step in the planning phase of the strategic marketing process? a. situational analysis b. goal setting c. market-product focus d. the marketing program

d. the marketing program

Using technology for the development of new products creates______ for customers. a. inflation b. superior service c. competition d. value

d. value

The ____________ is one of five components of an environmental scan because businesses are impacted by forces such as inflation, productivity, and consumer income. (one word)

economy

Match the BCG name to the correct combination of relative market share and market growth rate. stars

high relative market share, high market growth rate

Match the BCG name to the correct combination of relative market share and market growth rate. Cash Cows

high relative market share, low market growth rate

Match the BCG name to the correct combination of relative market share and market growth rate. Question marks

low relative market share, high market growth rate

Match the BCG name to the correct combination of relative market share and market growth rate. Dogs

low relative market share, low market growth rate