Question 1

The specialists within an organization who actually create value are usually a member of the

Accepted Answer

A)   strategic business unit level.
B)   functional level.
C)   corporate level.
D)   board of directors.
E)   CMO.F) None of the above
G) B) and C)

Question 2

Explain the difference between competencies and competitive advantage in an organizational setting.

Accepted Answer

An organization's core competencies are ...

Question 3

Explain what a Gantt chart is and how it is used.

Accepted Answer

A Gantt chart is a graphical representat...

Question 4

Figure 2-4
-In Figure 2-4, a representation of the BCG business portfolio analysis, SBUs found in quadrant B would be called

Accepted Answer

A)   cash cows.
B)   stars.
C)   question marks.
D)   dogs.
E)   hedgehogs.F) D) and E)
G) A) and B)

Question 5

A situation analysis requires a firm to consider the external forces and trends that affect it. Some of these may be favorable to the organization while others may be unfavorable. Which of the following is an example of an external force?

Accepted Answer

A)   The firm buys its own fleet of trucks, so it no longer needs to hire a trucking company for distribution.
B)   A hiring freeze is put into place. Although no one is fired, no one can be hired.
C)   A goal is set to close the gap between production costs and profits.
D)   A city government bans plastic straws inside all restaurants and bars in the city limits.
E)   Shareholders are rewarded with a sizable dividend check.F) A) and B)
G) D) and E)

Question 6

One of the strengths inherent in the use of the BCG business portfolio analysis is that it

Accepted Answer

A)   is based solely on company perception rather than actual data.
B)   considers all factors that might impact an SBU's value to an organization.
C)   acts as a strong motivational tool for employees in SBUs that have been labeled "dogs" or "question marks."
D)   forces a firm to place each of its SBUs in the growth-share matrix, which in turn suggests which SBUs will be cash producers or cash users in the future.
E)   identifies specific marketing strategies and marketing tactics on how to solve SBU shortcomings.F) C) and D)
G) A) and B)

Question 7

The actions taken during the implementation phase of the strategic marketing process include which of these?

Accepted Answer

A)   obtain resources
B)   select target markets
C)   position the product
D)   find points of difference
E)   correct deviations from expected outcomesF) A) and C)
G) A) and B)

Question 8

What are the three steps involved in the planning phase of the strategic marketing process?

Accepted Answer

A)   Step 1: situation (SWOT)  analysis; Step 2: market-product focus and goal setting; and Step 3: the marketing program
B)   Step 1: analysis; Step 2: planning; and Step 3: implementation
C)   Step 1: set market and product goals; Step 2: select target markets and find points of difference; and Step 3: position the product
D)   Step 1: identify industry trends; Step 2: analyze competitors; and Step 3: assess own organization
E)   Step 1: Why do we exist?; Step 2: What will we do?; and Step 3: How will we do it?F) C) and D)
G) D) and E)

Question 9

A firm's ________ are timeless, capturing its heart and soul, and serve to inspire and motivate its stakeholders.

Accepted Answer

A)   core values
B)   strategic goals
C)   offerings
D)   corporate culture
E)   corporate ethosF) A) and E)
G) A) and D)

Question 10

Ben & Jerry's has earned B-Corp certification from B-Lab, which means it has

Accepted Answer

A)   reached the goal of generating enough revenue to be a completely nonprofit organization.
B)   a sustainable financial basis of profitable growth, increasing value for stakeholders and expanding opportunities for development and career growth for employees.
C)   the goal of making profits for selected charitable organizations such as Fair Trade.
D)   been recognized for its efforts to use the power of business to solve social and environmental problems.
E)   been instrumental in expanding into international markets by creating dairies for developing nations.F) All of the above
G) B) and E)

Question 11

What are the marketing mix elements that make up a cohesive marketing program?

Accepted Answer

Figure 2-8 in the textbook illustrates t...

Question 12

A marketing plan is developed during which phase of the strategic marketing process?

Accepted Answer

A)   implementation
B)   control
C)   development
D)   planning
E)   evaluationF) C) and E)
G) B) and D)

Question 13

Figure 2-3
-Figure 2-3 is an example of

Accepted Answer

A)   a marketing gauge.
B)   an output report.
C)   a marketing dashboard.
D)   an information monitor.
E)   a data interface.F) C) and D)
G) All of the above

Question 14

Because an organization has limited influence on market growth rate, its main alternative for moving an SBU on the portfolio analysis matrix is to try to change its relative market share. The most likely way for a company to turn a question mark into a star rather than a dog is to

Accepted Answer

A)   divert funds to other SBUs.
B)   reduce advertising for it.
C)   inject cash into it.
D)   reduce the feature set for it.
E)   decrease the market growth rate.F) A) and B)
G) B) and C)

Question 15

A ________ is a federal, state, county, or city unit that provides a specific service to its constituents.

Accepted Answer

A)   business firm
B)   subchapter S corporation
C)   government agency
D)   cooperative
E)   nonprofit organizationF) A) and C)
G) A) and D)

Question 16

An example of a nonprofit organization is

Accepted Answer

A)   the Food and Drug Administration.
B)   CVS Pharmacies.
C)   the medical technology company Medtronic, Inc.
D)   the pharmaceutical company Pfizer, Inc.
E)   the American Red Cross.F) A) and D)
G) A) and E)

Question 17

Market share is the ratio of sales revenue of the firm to the total sales revenue of all ________, including the firm itself.

Accepted Answer

A)   firms in the industry
B)   firms in the competitive set
C)   firms in the WTO
D)   product groupings
E)   domestic firms in a countryF) C) and E)
G) D) and E)

Question 18

Quadrant C in Figure 2-5 represents the marketing strategy of

Accepted Answer

A)   product development.
B)   market penetration.
C)   market development.
D)   product penetration.
E)   diversification.F) D) and E)
G) C) and D)

Question 19

The Boston Consulting Group (BCG)  has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Stars are located in which quadrant of the BCG growth-share matrix?

Accepted Answer

A)   upper left quadrant
B)   upper right quadrant
C)   center of the four quadrants
D)   lower right quadrant
E)   lower left quadrantF) A) and C)
G) C) and E)

Question 20

Swipe Out Hunger is an organization that encourages college students to donate unused meal points to help feed community members in need. With chapters on 23 campuses, it has distributed more than 1.2 million meals. Swipe Out Hunger is an example of

Accepted Answer

A)   a cooperative.
B)   an industry.
C)   a nonprofit organization.
D)   a business firm.
E)   a government agency.F) A) and C)
G) A) and E)

Exam 2: Developing Successful Organizational and Marketing Strategies

Because an organization has limited influence on market growth rate, its main alternative for moving an SBU on the portfolio analysis matrix is to try to change its relative market share. The most likely way for a company to turn a question mark into a star rather than a dog is to

Correct AnswerverifiedShow Answer

Quadrant C in Figure 2-5 represents the marketing strategy of

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What are the marketing mix elements that make up a cohesive marketing program?

Correct AnswerverifiedFigure 2-8 in the textbook illustrates t...View AnswerShow Answer

Figure 2-4 -In Figure 2-4, a representation of the BCG business portfolio analysis, SBUs found in quadrant B would be called

Correct AnswerverifiedShow Answer

One of the strengths inherent in the use of the BCG business portfolio analysis is that it

Correct AnswerverifiedShow Answer

A marketing plan is developed during which phase of the strategic marketing process?

Correct AnswerverifiedShow Answer

An example of a nonprofit organization is

Correct AnswerverifiedShow Answer

Market share is the ratio of sales revenue of the firm to the total sales revenue of all ________, including the firm itself.

Correct AnswerverifiedShow Answer

Figure 2-3 -Figure 2-3 is an example of

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Explain what a Gantt chart is and how it is used.

Correct AnswerverifiedA Gantt chart is a graphical representat...View AnswerShow Answer

A ________ is a federal, state, county, or city unit that provides a specific service to its constituents.

Correct AnswerverifiedShow Answer

The Boston Consulting Group (BCG) has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Stars are located in which quadrant of the BCG growth-share matrix?

Correct AnswerverifiedShow Answer

What are the three steps involved in the planning phase of the strategic marketing process?

Correct AnswerverifiedShow Answer

Explain the difference between competencies and competitive advantage in an organizational setting.

Correct AnswerverifiedAn organization's core competencies are ...View AnswerShow Answer

The actions taken during the implementation phase of the strategic marketing process include which of these?

Correct AnswerverifiedShow Answer

A firm's ________ are timeless, capturing its heart and soul, and serve to inspire and motivate its stakeholders.

Correct AnswerverifiedShow Answer

A situation analysis requires a firm to consider the external forces and trends that affect it. Some of these may be favorable to the organization while others may be unfavorable. Which of the following is an example of an external force?

Correct AnswerverifiedShow Answer

Ben & Jerry's has earned B-Corp certification from B-Lab, which means it has

Correct AnswerverifiedShow Answer

Swipe Out Hunger is an organization that encourages college students to donate unused meal points to help feed community members in need. With chapters on 23 campuses, it has distributed more than 1.2 million meals. Swipe Out Hunger is an example of

Correct AnswerverifiedShow Answer

The specialists within an organization who actually create value are usually a member of the

Correct AnswerverifiedShow Answer

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Figure 2-8 in the textbook illustrates t...
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A Gantt chart is a graphical representat...
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An organization's core competencies are ...
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