Question 1

In marketing,an offering refers to

Accepted Answer

A)  the formal designation of a publicly-traded stock for a specific product,service or idea.
B)  a form of currency used by buyer and seller to minimize the tax burden for both parties.
C)  a product,service,or idea that creates value for both the organization and its customers by satisfying their needs and wants.
D)  the manufacturer's suggested retail price of a product or service to the general public or the wholesale price to distributors and retailers.
E)  the service suppliers and distributors provide to help manufacturers bring a product to market.F) B) and D)
G) All of the above

Question 2

Social entrepreneurs like Teach for America and SightLife are usually structured as __________ rather than business firms.

Accepted Answer

A)  business agencies
B)  nonprofit organizations
C)  subchapter S corporations
D)  cooperatives
E)  social service agenciesF) B) and E)
G) None of the above

Question 3

A(n)  __________ is a product,service,or idea that creates value for both the organization and its customers by satisfying their needs and wants.

Accepted Answer

A)  organization
B)  business firm
C)  nonprofit
D)  offering
E)  industryF) A) and B)
G) A) and C)

Question 4

Today's visionary organization uses three key elements: (1) specify its foundation; (2) set a direction; and (3) __________.

Accepted Answer

A)  set financial goals
B)  assign job responsibilities
C)  formulate strategies
D)  establish production parameters
E)  establish detailed marketing tacticsF) A) and B)
G) A) and C)

Question 5

When the company Netflix first began,it wasn't as successful as expected.This may have been because

Accepted Answer

A)  the program wasn't subscription-based.
B)  too many customers failed to return the VHS cassettes.
C)  the price of postage increased dramatically and ate into profits.
D)  too many free movies were now available through on-demand cable TV and streaming via the Internet.
E)  the primary target market,consisting of young people aged 18 to 24 years old,had declining interest in movies and was spending more time listening to music and playing video games.F) D) and E)
G) A) and D)

Question 6

The strategic business unit level

Accepted Answer

A)  works most directly with the organization's target customers.
B)  directs the overall strategy for the organization.
C)  is most likely to change substantially over time.
D)  provides more end-user analysis in order to design more customer-directed products.
E)  is the level at which managers set a more specific strategic direction for their businesses to exploit value-creating opportunities.F) A) and E)
G) A) and D)

Question 7

When a firm recognizes the critical importance of its employees by attempting to provide good conditions and opportunities,it sets an employee __________ goal.

Accepted Answer

A)  satisfaction
B)  responsibility
C)  compensation
D)  core value
E)  welfareF) A) and D)
G) B) and E)

Question 8

Ben & Jerry's is founded on and dedicated to a sustainable corporate concept of linked prosperity.Its mission consists of three interrelated parts: Ben & Jerry's product mission is to make,distribute,and sell the finest quality all natural ice cream and euphoric concoctions with

Accepted Answer

A)  milk obtained exclusively from large nationally certified dairies that use bovine growth hormone.
B)  the intent of making modest profits without sacrificing high product quality standards.
C)  ingredients that are all completely organic and are available only in Vermont to ensure freshness and contribute to the local economy.
D)  a commitment to incorporating wholesome,natural ingredients and promoting business practices that respect the earth and the environment.
E)  ingredients that come exclusively from developed countries promoting Fair Trade practices.F) A) and D)
G) C) and D)

Question 9

The actions taken during the evaluation phase of the strategic marketing process include: (1) compare results with plans to identify deviations and (2) __________.

Accepted Answer

A)  find points of difference
B)  execute the marketing program
C)  track sales and revenues and compare with competitors
D)  develop the budget by estimating revenues,expenses,and profits
E)  correct negative deviations and exploit positive onesF) C) and D)
G) B) and E)

Question 10

Those characteristics of a product that make it superior to competitive substitutes are referred to as __________.

Accepted Answer

A)  core benefit propositions
B)  marketing mix elements
C)  marketing attributes
D)  points of difference
E)  product protocolsF) A) and E)
G) A) and D)

Question 11

The actions taken during the implementation phase of the strategic marketing process include: (1) obtain resources; (2) __________; (3) develop schedules; and (4) execute the marketing program.

Accepted Answer

A)  select target markets
B)  design marketing organization
C)  position the product
D)  find points of difference
E)  develop the budget by estimating revenues,expenses,and profitsF) B) and D)
G) B) and C)

Question 12

Each strategic business unit has marketing and other specialized activities (e.g.,finance,manufacturing,or research and development) at the __________ level,where groups of specialists actually create value for the organization.

Accepted Answer

A)  strategic
B)  corporate
C)  functional
D)  business unit
E)  compartmentalF) C) and D)
G) B) and E)

Question 13

Social entrepreneurs are usually structured as __________.

Accepted Answer

A)  business firms
B)  subchapter S corporations
C)  nonprofit organizations
D)  governmental agencies
E)  501 (c) 3 for profit organizationsF) B) and C)
G) B) and D)

Question 14

The third phase of the strategic marketing process is the __________.

Accepted Answer

A)  tactics phase
B)  strategic phase
C)  planning phase
D)  implementation phase
E)  evaluation phaseF) None of the above
G) All of the above

Question 15

At the functional level,the marketing department

Accepted Answer

A)  solicits talent from all levels of the organization for strategic corporate planning sessions.
B)  promotes its goals to the organization's stakeholders.
C)  looks outward,in part by listening to customers.
D)  develops the corporate culture.
E)  defines the overall strategic direction of the organization.F) A) and C)
G) A) and E)

Question 16

Which of the following statements regarding an organization's core values is most accurate?

Accepted Answer

A)  Core values are developed by cross-functional teams for all levels of an organization.
B)  Core values are important to the founders but rarely motivate a firm's stakeholders.
C)  Core values change as an organization's offerings change.
D)  Core values guide the organization's conduct.
E)  Core values cannot be separated from the financial realities of an organization.F) A) and C)
G) B) and C)

Question 17

A __________ is a nongovernmental organization that serves its customers but does not have profit as an organizational goal.

Accepted Answer

A)  business firm
B)  subchapter S corporation
C)  service agency
D)  cooperative
E)  nonprofit organizationF) D) and E)
G) All of the above

Question 18

To move an SBU from its current position on a BCG business portfolio analysis,a manager should concentrate mostly on

Accepted Answer

A)  influencing the relative market share.
B)  enhancing employee motivation to move a low valued SBU to a higher one.
C)  adding a variety of new SBUs that will force out older ones.
D)  influencing the market growth rate.
E)  simplifying its offerings by removing features.F) C) and D)
G) A) and E)

Question 19

Large organizations are extremely complex,and usually consist of __________ organizational levels whose strategies are linked to marketing.

Accepted Answer

A)  two
B)  three
C)  five
D)  six
E)  seven or moreF) None of the above
G) B) and D)

Question 20

All of the following are components of the implementation phase of the strategic marketing process EXCEPT:

Accepted Answer

A)  developing planning schedules.
B)  executing the marketing program.
C)  designing the marketing organization.
D)  conducting R&D.
E)  obtaining resources.F) None of the above
G) A) and E)

Exam 2: Developing Successful Marketing and Organizational Strategies

A __________ is a nongovernmental organization that serves its customers but does not have profit as an organizational goal.

Correct AnswerverifiedShow Answer

Social entrepreneurs are usually structured as __________.

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Those characteristics of a product that make it superior to competitive substitutes are referred to as __________.

Correct AnswerverifiedShow Answer

At the functional level,the marketing department

Correct AnswerverifiedShow Answer

Each strategic business unit has marketing and other specialized activities (e.g.,finance,manufacturing,or research and development) at the __________ level,where groups of specialists actually create value for the organization.

Correct AnswerverifiedShow Answer

The strategic business unit level

Correct AnswerverifiedShow Answer

All of the following are components of the implementation phase of the strategic marketing process EXCEPT:

Correct AnswerverifiedShow Answer

To move an SBU from its current position on a BCG business portfolio analysis,a manager should concentrate mostly on

Correct AnswerverifiedShow Answer

The actions taken during the implementation phase of the strategic marketing process include: (1) obtain resources; (2) __________; (3) develop schedules; and (4) execute the marketing program.

Correct AnswerverifiedShow Answer

Which of the following statements regarding an organization's core values is most accurate?

Correct AnswerverifiedShow Answer

In marketing,an offering refers to

Correct AnswerverifiedShow Answer

Ben & Jerry's is founded on and dedicated to a sustainable corporate concept of linked prosperity.Its mission consists of three interrelated parts: Ben & Jerry's product mission is to make,distribute,and sell the finest quality all natural ice cream and euphoric concoctions with

Correct AnswerverifiedShow Answer

The third phase of the strategic marketing process is the __________.

Correct AnswerverifiedShow Answer

When the company Netflix first began,it wasn't as successful as expected.This may have been because

Correct AnswerverifiedShow Answer

A(n) __________ is a product,service,or idea that creates value for both the organization and its customers by satisfying their needs and wants.

Correct AnswerverifiedShow Answer

Large organizations are extremely complex,and usually consist of __________ organizational levels whose strategies are linked to marketing.

Correct AnswerverifiedShow Answer

When a firm recognizes the critical importance of its employees by attempting to provide good conditions and opportunities,it sets an employee __________ goal.

Correct AnswerverifiedShow Answer

The actions taken during the evaluation phase of the strategic marketing process include: (1) compare results with plans to identify deviations and (2) __________.

Correct AnswerverifiedShow Answer

Social entrepreneurs like Teach for America and SightLife are usually structured as __________ rather than business firms.

Correct AnswerverifiedShow Answer

Today's visionary organization uses three key elements: (1) specify its foundation; (2) set a direction; and (3) __________.

Correct AnswerverifiedShow Answer

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