Question 1

Which of the following statements is true of a marketing audit?

Accepted Answer

A)  It should be carried out on a regular schedule.
B)  It is normally conducted by an outside party and restricts an inside party of a firm.
C)  It covers just the trouble spots of an organization.
D)  It is a device to implement a marketing plan.E) C) and D)
F) B) and C)

Question 2

Discuss the process of implementing a marketing plan.

Accepted Answer

Answers will vary. Implementation is the...

Question 3

Discuss the general strategies for selecting target markets.

Accepted Answer

Answers will vary. Target markets can be...

Question 4

According to Ansoff's strategic opportunity matrix, which of the following factors is associated with market development?

Accepted Answer

A)  Limiting production
B)  Increasing the prices of products
C)  Adding new uses to products
D)  Limiting resources used for promotionE) B) and C)
F) C) and D)

Question 5

In the context of the Boston Consulting Group's (BCG's)  portfolio matrix, a _____ is a strategic business unit that generates more cash than it needs to maintain its market share.

Accepted Answer

A)  problem child
B)  dog
C)  star
D)  cash cowE) All of the above
F) B) and C)

Question 6

A company's skills include patents, copyrights, and technology that are superior to those of the competition.

Accepted Answer

A) True 
 B)False

Question 7

_____ is the strategy of preserving market share so that an organization can take advantage of very positive cash flow.

Accepted Answer

A)  Building
B)  Holding
C)  Harvesting
D)  DivestingE) A) and B)
F) A) and C)

Question 8

Marketers at Libra Electronics Inc. are developing promotional strategies to increase product sales. They want to promote the company's products among the public. In this case, which of the following is an effective promotional strategy that the marketers can follow to improve product/brand awareness among the public?

Accepted Answer

A)  They can limit the products' availability to a few retail stores in the city.
B)  They can raise the prices of the products to signify high quality.
C)  They can reduce frills or options from the products.
D)  They can print pamphlets that elaborate the products' features.E) A) and C)
F) A) and D)

Question 9

Magnira Inc. plans to implement a market penetration strategy to increase its market share. According to Ansoff's strategic opportunity matrix, which of the following scenarios is most likely to happen?

Accepted Answer

A)  Magnira Inc.will try to attract new customers to its products.
B)  Magnira Inc.will try to increase its market share among existing customers.
C)  Magnira Inc. will create new products for its existing customers.
D)  Magnira Inc. will move away from its core capabilities and diversify its business.E) B) and C)
F) C) and D)

Question 10

In the context of a marketing mix, which of the following business activities is closely associated with promotion?

Accepted Answer

A)  Usage of social media to increase products sales
B)  Deciding to increase prices of products
C)  Changing the appearance of the product packaging
D)  Ways to improve product qualityE) A) and B)
F) All of the above

Question 11

Market segments cannot be differentiated by ethnicity and multicultural aspects.

Accepted Answer

A) True 
 B)False

Question 12

Drafi Arts Corp. makes and sells original handicraft products. The management of the company has been successfully using a niche strategy for years. In this case, which of the following is most likely to be true of Drafi Arts Corp.?

Accepted Answer

A)  It serves only a limited geographic market.
B)  It offers products at a lower price than that of the competition.
C)  It develops products that are similar to those of its competitors.
D)  It lowers costs by removing frills and options from its products.E) B) and C)
F) None of the above

Question 13

When properly created, a strategic business unit (SBU) :

Accepted Answer

A)  has a specific target market.
B)  plans collaboratively with other SBUs of the company.
C)  has no competitors.
D)  shares the mission of its parent company.E) C) and D)
F) A) and B)

Question 14

A task force is a tightly organized unit under the direction of a manager who, usually, has broad authority.

Accepted Answer

A) True 
 B)False

Question 15

The strategy options to invest heavily to gain better market share, acquire competitors to get the necessary market share, or drop the SBU altogether are essential in maintaining _____ in high growth industries.

Accepted Answer

A)  cash cows
B)  stars
C)  dogs
D)  question marksE) All of the above
F) None of the above

Question 16

According to Ansoff's strategic opportunity matrix, both product development and diversification entail the creation of new products.

Accepted Answer

A) True 
 B)False

Question 17

By manipulating elements of the marketing mix, marketing managers can fine-tune the customer offering and achieve competitive success.

Accepted Answer

A) True 
 B)False

Question 18

The basic goal of _____ is to increase short-term cash return without increased concern for long-run impact.

Accepted Answer

A)  building
B)  holding
C)  harvesting
D)  divestingE) C) and D)
F) None of the above

Question 19

In the context of a marketing mix, promotion includes:

Accepted Answer

A)  public relations activities.
B)  pricing strategies.
C)  after-purchase service.
D)  storage and transportation of finished products.E) None of the above
F) A) and C)

Question 20

A diversification strategy is free of risk when a firm is entering unfamiliar markets.

Accepted Answer

A) True 
 B)False

Exam 2: Strategic Planning for Competitive Advantage

A task force is a tightly organized unit under the direction of a manager who, usually, has broad authority.

Correct Answer
verified

By manipulating elements of the marketing mix, marketing managers can fine-tune the customer offering and achieve competitive success.

Correct Answer
verified

The strategy options to invest heavily to gain better market share, acquire competitors to get the necessary market share, or drop the SBU altogether are essential in maintaining _____ in high growth industries.

Correct Answer
verified

Correct Answer
verified

In the context of a marketing mix, promotion includes:

Correct Answer
verified

In the context of the Boston Consulting Group's (BCG's) portfolio matrix, a _____ is a strategic business unit that generates more cash than it needs to maintain its market share.

Correct Answer
verified

According to Ansoff's strategic opportunity matrix, which of the following factors is associated with market development?

Correct Answer
verified

The basic goal of _____ is to increase short-term cash return without increased concern for long-run impact.

Correct Answer
verified

According to Ansoff's strategic opportunity matrix, both product development and diversification entail the creation of new products.

Correct Answer
verified

When properly created, a strategic business unit (SBU) :

Correct Answer
verified

Drafi Arts Corp. makes and sells original handicraft products. The management of the company has been successfully using a niche strategy for years. In this case, which of the following is most likely to be true of Drafi Arts Corp.?

Correct Answer
verified

A diversification strategy is free of risk when a firm is entering unfamiliar markets.

Correct Answer
verified

Discuss the general strategies for selecting target markets.

Correct Answer
verified
Answers will vary. Target markets can be...
View Answer

_____ is the strategy of preserving market share so that an organization can take advantage of very positive cash flow.

Correct Answer
verified

Market segments cannot be differentiated by ethnicity and multicultural aspects.

Correct Answer
verified

In the context of a marketing mix, which of the following business activities is closely associated with promotion?

Correct Answer
verified

A company's skills include patents, copyrights, and technology that are superior to those of the competition.

Correct Answer
verified

Magnira Inc. plans to implement a market penetration strategy to increase its market share. According to Ansoff's strategic opportunity matrix, which of the following scenarios is most likely to happen?

Correct Answer
verified

Which of the following statements is true of a marketing audit?

Correct Answer
verified

Discuss the process of implementing a marketing plan.

Correct Answer
verified
Answers will vary. Implementation is the...
View Answer

Exam 2: Strategic Planning for Competitive Advantage

A task force is a tightly organized unit under the direction of a manager who, usually, has broad authority.

Correct AnswerverifiedShow Answer

By manipulating elements of the marketing mix, marketing managers can fine-tune the customer offering and achieve competitive success.

Correct AnswerverifiedShow Answer

The strategy options to invest heavily to gain better market share, acquire competitors to get the necessary market share, or drop the SBU altogether are essential in maintaining _____ in high growth industries.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

In the context of a marketing mix, promotion includes:

Correct AnswerverifiedShow Answer

In the context of the Boston Consulting Group's (BCG's) portfolio matrix, a _____ is a strategic business unit that generates more cash than it needs to maintain its market share.

Correct AnswerverifiedShow Answer

According to Ansoff's strategic opportunity matrix, which of the following factors is associated with market development?

Correct AnswerverifiedShow Answer

The basic goal of _____ is to increase short-term cash return without increased concern for long-run impact.

Correct AnswerverifiedShow Answer

According to Ansoff's strategic opportunity matrix, both product development and diversification entail the creation of new products.

Correct AnswerverifiedShow Answer

When properly created, a strategic business unit (SBU) :

Correct AnswerverifiedShow Answer

Drafi Arts Corp. makes and sells original handicraft products. The management of the company has been successfully using a niche strategy for years. In this case, which of the following is most likely to be true of Drafi Arts Corp.?

Correct AnswerverifiedShow Answer

A diversification strategy is free of risk when a firm is entering unfamiliar markets.

Correct AnswerverifiedShow Answer

Discuss the general strategies for selecting target markets.

Correct AnswerverifiedAnswers will vary. Target markets can be...View AnswerShow Answer

_____ is the strategy of preserving market share so that an organization can take advantage of very positive cash flow.

Correct AnswerverifiedShow Answer

Market segments cannot be differentiated by ethnicity and multicultural aspects.

Correct AnswerverifiedShow Answer

In the context of a marketing mix, which of the following business activities is closely associated with promotion?

Correct AnswerverifiedShow Answer

A company's skills include patents, copyrights, and technology that are superior to those of the competition.

Correct AnswerverifiedShow Answer

Magnira Inc. plans to implement a market penetration strategy to increase its market share. According to Ansoff's strategic opportunity matrix, which of the following scenarios is most likely to happen?

Correct AnswerverifiedShow Answer

Which of the following statements is true of a marketing audit?

Correct AnswerverifiedShow Answer

Discuss the process of implementing a marketing plan.

Correct AnswerverifiedAnswers will vary. Implementation is the...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Answers will vary. Target markets can be...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Answers will vary. Implementation is the...
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