SDSU FA 17 - Homework_CH_02 - B A 370
Once a marketer has earned a good service reputation, it can sustain this advantage for a long time b/c: (choose one) - customers are rarely loyal - customers will not have other options - a competitor is hard pressed to develop a comparable reputation - it will consistently offer the lowest price
a competitor is hard pressed to develop a comparable reputation
A marketing plan includes all of the following EXCEPT: (choose one) - a SWOT analysis - marketing objectives and strategy - a plan on how to pitch to your investors - an analysis of the current marketing situation
a plan on how to pitch to your investors (part of the business plan)
Which of the following is true regarding SBUs? (choose one) - the term refers to parent companies - the term SBU stands for "segmented business unit" - an SBU may have a different mission or objective from other divisions - SBU develop as cash stars
an SBU may have a different mission or objective from other divisions
In Step 2 of the five-step marketing planning process, a firm: (choose one) - assesses how various players, both in and outside the organization, affect the firm's potential success - evaluates its performance using marketing metrics - identifies and evaluates different opportunities through segmentation, targeting, and positioning - completes the control phase
assesses how various players, both in and outside the organization, affect the firm's potential success
Pricing is the only marketing activity that: (choose one) - requires an understanding of competitors - requires an understanding of customers - brings in money - must be done before product launch
brings in money
At each level of an organization, the __________ should be held accountable only for revenues, expenses, and profits they can control. (choose one) - consumers - corporate shareholders - business unit managers
business unit managers
Which of the following processes is most associated with market positioning? (choose one) - evaluating and targeting external companies for potential internal partnership - maximizing threat to the competitor in order to minimize customers' perception of a product's value - establishing clear and efficient managerial hierarchies within marketing divisions - clarifying marketing mix variables to provide a basis for customers' evaluation of a product
clarifying marketing mix variables to provide a basis for customers' evaluation of a product
When Singapore Airlines positions itself as a leader in technology, innovation, quality, and __________ service it ensures that competitors will have difficulty matching its standards. These strategies have helped Singapore Airlines remain profitable even as other airlines struggle to survive. (Remember to type only one word in the blank.)
customer
Identify which of the four strategies best describes operational excellence. (choose one) - focuses on excellent supply chain - focuses on effective positioning - focuses on retaining loyal customers - focuses on having a good physical location
focuses on excellent supply chain
Loyalty programs: (choose one) - are offered only by airlines - are part of the locational excellence element of the marketing strategy - create little or no emotional attachment toward a certain firm - give firms the opportunity to learn more about their customers
give firms the opportunity to learn more about their customers
One firm's competitive advantage makes it __________ for other firms to compete for the same target customers. (choose one) - neither harder nor easier - harder - easier
harder
In Step 3 of the five-step marketing planning process: (choose one) - involves segmentation, targeting, and positioning - is part of the planning phase - involves implementing the marketing mix - includes SWOT analysis
involves segmentation, targeting, and positioning
Step 4 of the five-step marketing planning process: (choose one) - identifies opportunities for a firm - is part of the planning phase - is the point at which a firm implements the four Ps - is part of the analysis phase
is the point at which a firm implements the four Ps
A sustainable competitive advantage: (choose one) - increase competition - is unrealistic for firms to attempt to achieve the same as competitors - is when a firm does consistently better than its competitors and it is not easily copied - is never a firm's key goal or objective
is when a firm does consistently better than its competitors and it is not easily copied
Marketers strive for efficient operations to provide their customers with all the following EXCEPT: (choose one) - the merchandise they want - low quality products - a lower delivered cost than their competitors - the correct quantity
low quality products
In portfolio analysis, the _________ measures how attractive a particular market is. (choose one) - relative market share - market growth rate - number of competitors - market size
market growth rate
__________ consist of consumers who respond similarly to a firm's marketing efforts. (choose one) - mass markets - strategic markets - market segments - niche segments
market segments
__________ is the quantity of a market comprised by a specific entity. (choose one) - the BCG matrix - portfolio analysis - market share - a market segment
market share
The macro strategies for developing customer value include each of the following EXCEPT: (choose one) - marketing excellence - product excellence - operational excellence - locational excellence
marketing excellence
A metric is a __________ that quantifies a trend, dynamic, or characteristic. (choose one) - promotional plan - marketing plan - measuring system - product or service
measuring system
What does "weaknesses" refer to in SWOT analysis? (choose one) - positive attributes internal to the firm - the positive aspects of the external environment - the negative aspects of the external environment - negative attributes internal to the firm
negative attributes internal to the firm
Product excellence: (choose one) - occurs by having products with high perceived value and effective branding and positioning - does not achieve competitive advantage - yields cost savings - is achieved through efficient operations and efficient production
occurs by having products with high perceived value and effective branding and positioning
In SWOT analysis, __________ pertain to positive aspects of the external environment. (choose one) - weaknesses - opportunities - threats - strengths
opportunities
Marketing Strategy
outlines the specific actions a firm intends to implement to appeal to potential customers
A marketing strategy: (choose one) - is the same thing as locational excellence - is a step-by-step blueprint for all functions of a firm, identifying specific actions to take - outlines what a firm plans to do to appeal to potential customers
outlines what a firm plans to do to appeal to potential customers
The three major phases of the marketing plan are: (choose one) - 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
In __________ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook. (choose one) - operations - contingency - growth options - portfolio
portfolio
__________ is the only marketing activity that actually brings in money. (choose one) - pricing - promotion - placement
pricing
Firms that maintain their sustainable competitive advantage through __________ excellence have often done so by investing in their brand and constantly reinforcing their image through their merchandise. - locational - customer - product - operational
product
__________ excellence is when a firm focuses on having high perceived value and effective branding.
product
__________, which includes services, constitutes the first of the four Ps. (choose one) - pricing - place - promotion - product
product
A __________ __________ is a group of products that consumers perceive as similar in some way and that the firm regards as group. (choose one) - marketing mix - product line - portfolio unit - product mix
product line
__________ is the element of the 4Ps responsible for communicating value to customers.
promotion
After a firm has identified a group of market segments, it does all of the following EXCEPT: (choose one) - using a process known as targeting - determining which segments to pursue - evaluating each segment's attractiveness - re-assigning the segments
re-assigning the segments*
Relative market share is used to provide managers with a product's: (choose one) - relative threats - relative weaknesses - relative mix - relative strength
relative strength
Customer excellence is focused on: (choose one) - effective branding and positioning - efficient operations and human resource management - having a good physical location and Internet presence - retaining loyal customers and offering excellent customer service
retaining loyal customers and offering excellent customer service
Market __________ is the process of dividing the market into groups of customers according to their needs, wants, or characteristics. (choose one) - planning - segmentation - positioning - targeting
segmentation
A marketing strategy identifies each of the following EXCEPT: - staffing requirements for the marketing department - a firm's target market - a related marketing mix - the bases upon which the firm plans to build a sustainable competitive advantage
staffing requirements for the marketing department
In a SWOT analysis, __________ refer to the positive internal attributes of the firm. (choose one) - threats - weaknesses - strengths - opportunities
strengths
Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential __________. These refer to internal attributes identified during SWOT analysis. (choose one) - opportunities - threats - strengths - weaknesses
strengths
The process of deciding which specific segment(s) to pursue is known as: (choose one) - segmenting - advertising - targeting - positioning
targeting
What do "threats" represent in SWOT analysis? (choose one) - a firm's positive attributes - the positive aspects of the company's external environment - the negative aspects of the company's external environment - a firm's negative attributes
the negative aspects of the company's external environment
Which of the following statements about strategic planning is true? (choose one) - the process can move back and forth between steps, depending on the situation - skipping a step of the process is fine, but the steps should not be performed out of order - the steps of the process must always be followed in order
the process can move back and forth between steps, depending on the situation
Assessing relative levels of sales and profits can be used for all of the following EXCEPT: (choose one) - to test how sensitive profit is to prices changes - to compare a firm's growth relative to other companies - to determine exactly what competitors will do next - as an addition to assessing absolute levels of sales and profits
to determine exactly what competitors will do next
What is the purpose of a performance evaluations? (choose one) - to identify potential layoffs with extreme precision - to highlight employee growth and achievement relative to the competitor - to establish and maintain concrete workplace hierarchies - to identify and explain performance above or below what anticipated levels
to identify and explain performance above or below what anticipated levels
True of false: A firm has achieved sustainable competitive advantage over the competition when it combines parts of the marketing mix that are not easily copied and that can be maintained over a long period of time
true
In a SWOT analysis, possible threats for firms can include each of the following EXCEPT: (choose one) - new regulations that restrict sales of the firm's products - competitive prices and product offerings - widespread market dominance by the firm - adverse economic conditions
widespread market dominance by the firm
Which of the following strategies are frequently used to achieve locational excellence? (check all that apply) - loyalty programs - closer proximity to customers - high density of stores - supply chain management
- closer proximity to customers - high density of stores
Which of the following are true regarding price? (check all that apply) - it should be based on the value that the customer perceives - it may result in higher-than-necessary margins and profits if it is too low - it should always be based on competitors' prices - it will not generate much volume if it is too high
- it should be based on the value that the customer perceives - it will not generate much volume if it is too high*
Which of the following are examples of strengths that might be identified in a SWOT analysis? (check all that apply) - relying heavily only on a product line - a change in laws - licensing of a brand - a strong network of retailers
- licensing of a brand - a strong network of retailers
STP includes which of the following? (check all that apply) - pricing - positioning - segmentation - strengths
- positioning - segmentation
Some commonly used financial performance metrics include: (check all that apply) - sales revenue - mission statements - profits - loyalty programs
- sales revenue - profits
Which of the following are the four components of the SWOT analysis? (check all that apply) - strengths - weaknesses - technology - work - segmentation - opportunities - threats - organization
- strengths - weaknesses - opportunities - threats
Firms achieve operational excellence through which of the following? (check all that apply) - focusing on human resources as little as possible - strong relationship with suppliers - excellent supply chain management - efficient operations
- strong relationship with suppliers - excellent supply chain management - efficient operations
Identify the following SWOT analysis? (check all that apply) - sustainability - threats - opportunities - weaknesses
- threats - opportunities - weaknesses
A firm needs a marketing plan: (check all that apply) - to explain how overall objectives will be met - to implement the marketing mix - to clearly state its overall objectives - to explain past financial objectives
- to explain how overall objectives will be met - to implement the marketing mix - to clearly state its overall objectives
A firm needs a marketing plan: (check all that apply) - to implement the marketing mix - to clearly state its overall objectives - to explain past financial objectives - to explain how overall objectives will be met
- to implement the marketing mix - to clearly state its overall objectives - to explain how overall objectives will be met
Match the macro strategies for developing customer value (on top) with the specific actions (on bottom) that organizations can take to achieve them. customer excellence: operational excellence: product excellence: locational excellence: - excellent supply chain management, strong supplier relations, and human resource management - loyalty programs and superior service - high density of stores and closer proximity to customers - effective branding and positioning
customer excellence: - loyalty programs and superior service operational excellence: - excellent supply chain management, strong supplier relations, and human resource management product excellence: - effective branding and positioning locational excellence: - high density of stores and closer proximity to customers
In Step 1 of the planning phase, a firm: (choose one) - defines the mission and/or vision of the business - implements the marketing mix - conducts a SWOT analysis - evaluates its marketing performance
defines the mission and/or vision of the business
A mission statement: (choose one) - maximizes profits and dividends - defines the scope of activities a firm plans to undertake - details how a firm can avoid risks - enhances the value of a firm's products
defines the scope of activities a firm plans to undertake
Place is the component of the four Ps responsible for __________ value. (choose one) - organizing - communicating - creating - delivering - capturing
delivering
Step 5 in the marketing plan is when a firm __________ the results of the strategy and implementation process.
evaluates
In Step 5 of the marketing plan, a firm: (choose one) - evaluates its performance using marketing metrics - conducts a SWOT analysis - implements the marketing strategy mix - identifies opportunities
evaluates its performance using marketing metrics
True and false: Marketing strategy is a tool that allows marketers to understand how forces in the environment will impact the organization in the future.
false
True or false: Loctional excellence is not very important to retailers and service providers.
false
True or false: a loyal customer of a firm is enthusiastic about buying from its competitors.
false
