Smartbook Chapter 2 Practice
Organizational purpose serves as the basis for an organization's Blank______. (Select all that apply) Multiple select question. core values mission culture hierarchy
core values mission culture
What is the final step in the planning phase of the strategic marketing process? Multiple choice question. The marketing program Market-product focus Goal setting Situational analysis
the marketing program
An organization uses ______ to allocate its marketing mix resources to reach its target markets. Multiple choice question. the strategic marketing process market segmentation a marketing dashboard a business portfolio analysis
the strategic marketing process
Downturns in economic conditions and intense competition are examples of potential ______ for firms. Multiple choice question. threats opportunities weaknesses strengths
threats
True or false: An organization's core values typically do not change much over time.
true
Which two of the following are components of a SWOT analysis? Multiple select question. target markets weaknesses segmentation opportunities
weaknesses opportunities
Place the following levels of organization in order. (Note: the highest level should be the top item on your list and the lowest level should be on the bottom.) Corporate level Strategic business unit level functional level
1. Corporate level 2. Strategic Business unit level 3. Functional level
Which of the following is a job title for the head of marketing in a large organization? Multiple choice question. Marketing manager Chief marketing officer Marketing director Chief executive officer
Chief Marketing officer
Select the four principles that underlie the strategic marketing process. Multiple select question. Customers are different. Organizational resources are limited. Competitors are different. Organizations are different. Customers change. Competitors change and react.
Customers are different. Organizational resources are limited. Customers change. Competitors change and react.
Which tool serves as an effective summary of a situation analysis? Multiple choice question. SWOT analysis mission statement market segmentation business portfolio analysis
SWOT analysis
An effective customer value proposition meets which three criteria? Multiple select question. It details specific benefits in clear terms. It details points of difference. It is relevant. It outlines the process of segmenting the market. It lists strengths and weaknesses of the firm.
It details specific benefits in clear terms. It details points of difference. It is relevant.
Which statement is true regarding market share? Multiple choice question. It is the percentage of sales of an industry accounted for by a specific firm. It represents the profitability of a specific market in which the product competes. It is equivalent to a unit sales goal. It is a strategic business unit.
It is the percentage of sales of an industry accounted for by a specific firm.
Which of the following are true of a threat faced by an organization performing a SWOT analysis? (Check all that apply.) Multiple select question. It is an internal factor. It is unfavorable. It is favorable. It is an external factor.
It is unfavorable. It is an external factor.
The planning gap is an example of ______. Multiple choice question. skipping the planning process and proceeding directly to implementation a reason that the planning process cannot be completed a comparison of projected sales for current plans and a new sales goal a resource that has not fully been exploited
a comparison of projected sales for current plans and a new sales goal
Which two are NOT part of the acronym "SWOT"? Multiple select question. Opportunities Timetables Sustainability Weaknesses
Timetables Sustainability
Identifying one's direct competition is a way to answer which question? Multiple choice question. What is our mission? Who are our customers? What business are we in? How achievable are our objectives?
What business are we in?
Business portfolio analysis and diversification analysis help an organization to answer what important strategic question? Multiple choice question. Where do competitors operate? Where do we want to go for growth? What product characteristics indicate success? Where can we find new products?
Where do we want to go for growth?
What three questions would a visionary organization seek to answer? Multiple select question. Why does it exist? How will it do it? Why should it do it? What will it do? How long will it take?
Why does it exist? How will it do it? What will it do?
Because Pure Foods is the only provider of responsibly farmed, sustainable beef products in the Midwest, it has achieved: Multiple choice question. market segmentation. production control. a competitive advantage. a core value.
a competitive advantage
If a company has a unique strength relative to its competitors, based on quality, time, cost, or innovation, then the company is said to have a ______. Multiple choice question. operational excellence a core value a competitive advantage a product threat
a competitive advantage
A goal can be defined as Blank______. Multiple choice question. a statement of the purpose of a firm the internal strengths of a firm the stakeholder needs of a firm a statement of a task to be achieved
a statement of a task to be achieved
A strategy can be defined as ______. Multiple choice question. an outline of a firm's competitive advantage a day-to-day blueprint for an organization an organization's long-term course of action allowing it to achieve its goals a summary of a firm's competition that helps it position itself in the marketplace
an organization's long-term course of action allowing it to achieve its goals
Which of the following is NOT an example of a firm's strengths? Multiple choice question. A large market share A well-known brand name A reputation for social responsibility An untapped overseas market
an untapped overseas market
The clear, broad, underlying industry category or market sector of an organization's offering defines its ______. Multiple choice question. business objectives culture shareholders
business
Points of difference are ______. Multiple choice question. characteristics of a product that make it superior to competitive substitutes traits of an organization that allow it to achieve superior profitability compared to its competitors any way a product is different from competitive products, including both positive and negative aspects ways that an organization differs from its competitors
characteristics of a product that make it superior to competitive substitutes
What are the three levels of strategy in organizations? Multiple select question. staff level corporate level operational level functional level strategic business unit level
corporate level functional level strategic business unit level
A cluster of benefits that an organization promises customers (or segments) to satisfy their needs is a ______. Multiple choice question. business portfolio analysis marketing tactic customer value proposition mission statement
customer value proposition
Which two items are part of the implementation phase of the strategic marketing process? Multiple select question. developing a SWOT analysis designing the marketing organization comparing results with plans obtaining resources
designing the marketing organization obtaining resources
Points of _____ are characteristics of a product that make it superior to competitive substitutes.
difference
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 ______. Multiple choice question. market share analysis diversification analysis business portfolio analysis situation analysis
diversification analysis
An organization's core values are best described as the _____. Multiple choice question. rules of engagement it subscribes to in terms of competition objectives it hopes to achieve in terms of company and societal benefits enduring principles that guide its conduct over time functions it hopes to fulfill in society in terms of products and markets
enduring principles that guide its conduct over time
When marketers ______, they take into account the fact that customers are different, customers change, competitors change and react, and organizational resources are limited. Multiple choice question. develop a competitive advantage conduct a SWOT analysis create a firm's mission statement enter into the strategic marketing process
enter into the strategic marketing process
A market development strategy can be defined as selling ______. Multiple choice question. new products to existing customers new products to new customers existing products to new customers new products to international customers
existing products to new customers
True or false: The purpose of a marketing strategy is to maximize short-term profits.
false
____ convert an organization's mission and business into long- and short-term performance targets. Multiple choice question. Goals Strategies Segments Tactics
goals
Diversification analysis and business portfolio analysis help managers develop ________ strategies and make resource allocation decisions. Multiple choice question. growth efficiency measurement innovation
growth
stars
high relative market share, high market growth rate
cash cows
high relative market share, low market growth rate
Obtaining resources and defining tasks and deadlines are part of which phase in the strategic marketing process? Multiple choice question. Differentiation Implementation Planning Evaluation
implementation
Market penetration is a marketing strategy to ______. Multiple choice question. increase sales of current products in current markets develop new products and sell them in new markets sell new products to current markets sell current products to new markets
increase sales of current products in current markets
Market penetration is a marketing strategy to ______. Multiple choice question. sell new products to current markets increase sales of current products in current markets sell current products to new markets develop new products and sell them in new markets
increase sales of current products in current markets
To help define its business, an organization can start by Blank______. Multiple choice question. expressing the fundamental and enduring principles that guide its conduct over time looking at the set of organizations that sell similar offerings determining what types of objectives are challenging yet attainable determining how employees share and learn information
looking at the set of organizations that sell similar offerings
question marks
low relative market share, high market growth rate
dogs
low relative market share, low market growth rate
A market-product strategy that requires no change in the basic product but instead seeks new buyers is known as ______. Multiple choice question. diversification market penetration market development product development
market development
A market-product strategy that requires no change in the basic product nor the markets served is known as ______. Multiple choice question. diversification product development market development market penetration
market penetration
Aggregating prospective buyers into groups that have similar needs and will respond similarly to a marketing action is a process known as Blank______. Multiple choice question. diversification market segmentation strategic marketing SWOT analysis
market segmentation
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 ______. Multiple choice question. a SWOT analysis a business portfolio analysis a situation analysis market segmentation
market segmentation
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 ______. Multiple choice question. a SWOT analysis a business portfolio analysis market segmentation a situation analysis
market segmentation
The ratio of sales revenue of a firm to the total sales revenue of all firms in the industry, including the firm itself is referred to as Blank______. Multiple choice question. profitability portfolio analysis return on investment market share
market share
Select the three steps that make up the planning phase of the strategic marketing process. Multiple select question. market-product focus evaluation situation analysis activity implementation the marketing program
market-product focus situation analysis the marketing program
A ______ is a visual display of the essential information related to achieving a marketing objective. Multiple choice question. marketing dashboard marketing mix positioning statement marketing metric
marketing dashboard
In searching for growth opportunities, organizations using diversification analysis consider both current and new options for which two items? Multiple select question. portfolios metrics markets products
markets products
The product development strategy involves marketing a ______ product or service to a ______ market for the organization. Multiple choice question. current; new new; current current; current new; new
new; current
A(n) ______ is a legal entity that consists of people who share a common mission. Multiple choice question. organization institution team industry
organization
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. Multiple choice question. core values organizational purpose target markets organizational culture
organizational purpose
Step 1 of the planning phase in the strategic marketing process involves ______. Multiple choice question. evaluating performance performing a situation analysis using SWOT setting goals creating a mission statement
performing a situation analysis using SWOT
A marketing ________ is a road map for the marketing actions of an organization for a specific future time period. Multiple choice question. objective program plan mix
plan
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. Multiple choice question. evaluation implementation development planning
planning
In ______ analysis, management evaluates a firm's various products and businesses and then allocates resources according to the firm's best growth opportunities. Multiple choice question. diversification portfolio operations contingency
portfolio
The ______ strategy offers a new product or service to a firm's existing market. Multiple choice question. market development product development product expansion market penetration
product development
Business portfolio analysis is a technique used to ______. Multiple choice question. segment a market based on geographic variables quantify performance measures and growth targets to analyze SBUs evaluate the firm's strengths, weaknesses, opportunities and threats diversify product lines as a means to increase revenue
quantify performance measures and growth targets to analyze SBUs
What are the three key elements of a visionary organization? Multiple select question. set a direction formulate strategies evaluate performance specify a foundation motivate employees
set a direction formulate strategies specify a foundation
Planning, implementation, and evaluation are considered parts of the Blank______. Multiple choice question. marketing mix strategic marketing process portfolio analysis SWOT analysis
strategic marketing process
Developing the marketing mix and its budget are part of which step in the planning phase of the strategic marketing process? Multiple choice question. situational analysis market-product focus goal setting the marketing program
the marketing program