Question 1

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in the United States, it would be using a __________ strategy.

Accepted Answer

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

Question 2

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 E)
G) A) and C)

Question 3

A set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization is referred to as its

Accepted Answer

A)  mission statement.
B)  core value proposition.
C)  organizational culture.
D)  corporate philosophy.
E)  core benefit proposition.F) A) and C)
G) D) and E)

Question 4

The top consumer complaint about bananas is how soon they start getting brown spots. Dole, a multinational agricultural company, most likely set __________ goal when it recently began adding stickers to bananas to promote the use of overripe bananas in the Yonanas machine (Dole owns 30 percent of the firm)  to make a creamy, guilt-free dessert.

Accepted Answer

A)  a profit
B)  a market share
C)  an employee welfare
D)  a customer satisfaction
E)  a social responsibilityF) A) and D)
G) C) and D)

Question 5

Ben & Jerry's mission to make the world a better place is linked to various organizational and marketing strategies, one of which is

Accepted Answer

A)  supporting farmers who agree to use sustainable farming practices, implementing fair working standards, and investing in local communities.
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 donating a percentage of profits to Teach for America.
E)  ingredients that come exclusively from developed countries promoting Fair Trade practices.F) C) and D)
G) A) and E)

Question 6

The corporate level refers to the level in an organization where top management

Accepted Answer

A)  develops marketing strategies and tactics for the marketing department to implement.
B)  directs overall strategy for the entire organization.
C)  executes all marketing program actions to ensure consistency of performance.
D)  develops overall sales projections not only for the short term but also for a period of at least two to five years.
E)  supervises the hiring, firing, and training of all marketing department personnel.F) None of the above
G) A) and C)

Question 7

The second phase of the strategic marketing process is the

Accepted Answer

A)  tactics phase.
B)  strategic phase.
C)  planning phase.
D)  implementation phase.
E)  evaluation phase.F) A) and C)
G) D) and E)

Question 8

The functional level in an organization is where

Accepted Answer

A)  groups of specialists actually create value for the organization.
B)  employees perform assigned tasks without actually having input into the decision making process.
C)  all financial outlays are made.
D)  all company hiring and firing occurs.
E)  the strategic planners in SBUs make all decisions regarding which product benefits will be promoted during a promotional campaign.F) B) and E)
G) B) and D) A

Question 9

Offering a branded heart pacemaker with only the features needed by Asian patients is an example of that firm's

Accepted Answer

A)  evaluation strategy.
B)  price strategy.
C)  place strategy.
D)  promotion strategy.
E)  product/service strategy.F) A) and D)
G) A) and B)

Question 10

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 good, 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) All of the above
G) A) and D)

Question 11

The two major aspects of the evaluation phase of the strategic marketing process are

Accepted Answer

A)  segmenting the market and selecting target markets.
B)  establishing a business mission and designing measurable goals and objectives.
C)  designing the marketing mix and setting the budget.
D)  comparing the results of the marketing program with the goals in the written plans to identify deviations and then to act on them.
E)  executing the marketing plan and designing the marketing organization.F) A) and E)
G) B) and C)

Question 12

The term used to identify an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals is referred to as a

Accepted Answer

A)  marketing strategy.
B)  policy.
C)  strategy.
D)  plan.
E)  tactic.F) C) and D)
G) A) and B)

Question 13

Market penetration refers to the marketing strategy of

Accepted Answer

A)  selling current products to new markets.
B)  selling new products to new markets.
C)  selling new products to current markets.
D)  selling the same brands in both current and new markets.
E)  increasing sales of current products in current markets.F) D) and E)
G) B) and C)

Question 14

All of the following are names the Boston Consulting Group (BCG)  has given to describe the four quadrants in its growth-share matrix except

Accepted Answer

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

Question 15

The logistics industry has sales of $800 billion per year. If a third party logistics provider had sales of $8 billion, what would its market share be? Be sure to define market share and show your work in your answer.

Accepted Answer

Market share is the ratio of sales reven...

Question 16

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 local government requires that all businesses within the city limits must recycle or be fined.
E)  Shareholders are rewarded with a sizable dividend check.F) A) and B)
G) C) and D)

Question 17

Identify and explain each of the four market-product strategies represented by each quadrant in the diversification analysis matrix.

Accepted Answer

There are four market-product strategies: (1) market penetration is a marketing strategy to increase sales of current products in current markets, either by selling more units or increasing the price of each unit, to current customers; (2) market development is a marketing strategy to sell current products to new markets; (3) product development is a marketing strategy of selling new products to current markets; and (4) diversification is a marketing strategy of developing new products and selling them in new markets.

Question 18

Which of the following statements regarding diversification analysis is most accurate?

Accepted Answer

A)  Companies should only use diversification analysis if they are well-established; new companies that use this process run the risk of trying to do too much too soon.
B)  For any product, there is both a current and a new market; for any market, there is both a current and a new product.
C)  Most companies discover that there is at least one product that is targeted to the wrong market.
D)  Diversification analysis is only effective for consumer products.
E)  Diversification analysis is used to forecast and calculate industry sales for new products.F) B) and E)
G) A) and B) B

Question 19

__________ convert an organization's mission and business into long- and short-term performance targets.

Accepted Answer

A)  Plans
B)  Tactics
C)  Strategies
D)  Goals
E)  VisionsF) All of the above
G) B) and C)

Question 20

In the BCG growth-share matrix, SBUs found in the high growth rate-low relative market share quadrant would be called

Accepted Answer

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

Exam 2: Developing Successful Organizational and Marketing Strategies

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in the United States, it would be using a __________ strategy.

Correct Answer
verified

At the functional level, the marketing department

Correct Answer
verified

A set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization is referred to as its

Correct Answer
verified

Correct Answer
verified

Ben & Jerry's mission to make the world a better place is linked to various organizational and marketing strategies, one of which is

Correct Answer
verified

The corporate level refers to the level in an organization where top management

Correct Answer
verified

The second phase of the strategic marketing process is the

Correct Answer
verified

The functional level in an organization is where

Correct Answer
verified
A

Offering a branded heart pacemaker with only the features needed by Asian patients is an example of that firm's

Correct Answer
verified

In marketing, an offering refers to

Correct Answer
verified

The two major aspects of the evaluation phase of the strategic marketing process are

Correct Answer
verified

The term used to identify an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals is referred to as a

Correct Answer
verified

Market penetration refers to the marketing strategy of

Correct Answer
verified

All of the following are names the Boston Consulting Group (BCG) has given to describe the four quadrants in its growth-share matrix except

Correct Answer
verified

The logistics industry has sales of $800 billion per year. If a third party logistics provider had sales of $8 billion, what would its market share be? Be sure to define market share and show your work in your answer.

Correct Answer
verified
Market share is the ratio of sales reven...
View 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 Answer
verified

Identify and explain each of the four market-product strategies represented by each quadrant in the diversification analysis matrix.

Which of the following statements regarding diversification analysis is most accurate?

Correct Answer
verified
B

__________ convert an organization's mission and business into long- and short-term performance targets.

Correct Answer
verified

In the BCG growth-share matrix, SBUs found in the high growth rate-low relative market share quadrant would be called

Correct Answer
verified

Exam 2: Developing Successful Organizational and Marketing Strategies

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in the United States, it would be using a __________ strategy.

Correct AnswerverifiedShow Answer

At the functional level, the marketing department

Correct AnswerverifiedShow Answer

A set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization is referred to as its

Correct AnswerverifiedShow Answer

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Ben & Jerry's mission to make the world a better place is linked to various organizational and marketing strategies, one of which is

Correct AnswerverifiedShow Answer

The corporate level refers to the level in an organization where top management

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The second phase of the strategic marketing process is the

Correct AnswerverifiedShow Answer

The functional level in an organization is where

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Offering a branded heart pacemaker with only the features needed by Asian patients is an example of that firm's

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In marketing, an offering refers to

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The two major aspects of the evaluation phase of the strategic marketing process are

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The term used to identify an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals is referred to as a

Correct AnswerverifiedShow Answer

Market penetration refers to the marketing strategy of

Correct AnswerverifiedShow Answer

All of the following are names the Boston Consulting Group (BCG) has given to describe the four quadrants in its growth-share matrix except

Correct AnswerverifiedShow Answer

The logistics industry has sales of $800 billion per year. If a third party logistics provider had sales of $8 billion, what would its market share be? Be sure to define market share and show your work in your answer.

Correct AnswerverifiedMarket share is the ratio of sales reven...View AnswerShow 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

Identify and explain each of the four market-product strategies represented by each quadrant in the diversification analysis matrix.

Which of the following statements regarding diversification analysis is most accurate?

Correct AnswerverifiedB

__________ convert an organization's mission and business into long- and short-term performance targets.

Correct AnswerverifiedShow Answer

In the BCG growth-share matrix, SBUs found in the high growth rate-low relative market share quadrant would be called

Correct AnswerverifiedShow Answer

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Market share is the ratio of sales reven...
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