Question 1

__________ 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) B) and C)
G) B) and E)

Question 2

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) D) and E)
G) A) and B)

Question 3

If sales revenues for Starbucks VIA Ready Brew instant coffee sold to U.S. consumers increased as a result of a slight price increase of $0.25 per pack, it would be using a __________ strategy.

Accepted Answer

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

Question 4

An organization's core values are most effective when communicated to and supported by

Accepted Answer

A)  competitors.
B)  top management and employees.
C)  suppliers.
D)  resellers.
E)  government regulators.F) None of the above
G) B) and E)

Question 5

Explain what a visionary organization is and the three questions (why, what, and how) that need to be answered that formulate its strategies.

Accepted Answer

Management experts stress that to be suc...

Question 6

Customers' perceptions are of vital importance to an organization. Customer __________ can be measured with surveys or by the number of customer complaints an organization receives.

Accepted Answer

A)  satisfaction
B)  welfare
C)  lifetime benefit
D)  value
E)  responsibilityF) A) and D)
G) A) and C)

Question 7

Marketing tactics refer to the

Accepted Answer

A)  long-term decisions made to implement the marketing program and the monitoring of those decisions.
B)  detailed day-to-day operational decisions essential to the overall success of marketing strategies.
C)  steps taken to develop an effective marketing plan.
D)  development of marketing strategies to achieve the organization's marketing objectives.
E)  refinement of the organization's mission based on the results obtained from a marketing audit.F) A) and E)
G) B) and E)

Question 8

Organizational strategies vary in two ways, depending on

Accepted Answer

A)  the strategy's level in the organization and the offerings an organization provides to its customers.
B)  the corporate level and the SBU level in the organization.
C)  whether an offering is a product or a service.
D)  whether they are mission statements or core values.
E)  the organizational culture and its core values.F) C) and D)
G) B) and D)

Question 9

The third and final 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) B) and D)
G) A) and E)

Question 10

Identify and describe the four factors in a SWOT analysis and give examples for Ben & Jerry's Ice Cream that help it identify the critical strategy-related factors that could impact the firm.

Accepted Answer

A SWOT analysis is an acronym that descr...

Question 11

A nonprofit organization is

Accepted Answer

A)  a nongovernmental organization that serves its customers but does not have profit as an organizational goal.
B)  a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit.
C)  a publicly owned organization that serves the general population.
D)  a group of people united through contractual or corporate ownership.
E)  a privately owned organization that serves its customers to earn a profit so that it can surviveF) B) and D)
G) A) and B)

Question 12

According to the textbook, the terms firm, company, and organization

Accepted Answer

A)  refer to for-profits, non-profits, and government agencies respectively.
B)  refer to non-profits, government agencies, and for-profits respectively.
C)  refer to government agencies, for-profits, and non-profits respectively.
D)  refer to for-profits, government agencies, and non-profits respectively.
E)  can be used interchangeably to cover both profit and nonprofit organizations.F) B) and E)
G) A) and D)

Question 13

At the functional level, the organization's strategic direction becomes

Accepted Answer

A)  much more manageable since its offerings have been finalized.
B)  the most specific and most focused in terms of implementing the company's goals.
C)  broader since for less complex firms, the corporate and functional levels may merge.
D)  more general to avoid the "not invented here syndrome" that could result in missed opportunities.
E)  the sole responsibility of the CEO.F) B) and C)
G) All of the above

Question 14

An action item list refers to an aid to implement a marketing plan that consists of four columns: (1)  __________; (2)  the person responsible for completing that task; (3)  the date to finish the task; and (4)  what is to be delivered.

Accepted Answer

A)  the task
B)  the budget
C)  the product or service
D)  the points of difference
E)  the promotional messageF) B) and E)
G) All of the above

Question 15

A subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers is referred to as a

Accepted Answer

A)  strategic business unit.
B)  strategic industry level.
C)  private corporation.
D)  product grouping.
E)  marketing department.F) C) and D)
G) C) and E)

Question 16

The __________ element of the marketing mix includes channels and transportation.

Accepted Answer

A)  product
B)  price
C)  promotion
D)  place
E)  peopleF) A) and B)
G) A) and C)

Question 17

The planning gap refers to

Accepted Answer

A)  the difference between projected total costs and realized total revenues.
B)  the difference between projected total costs and net profits.
C)  the difference between marginal revenue and marginal cost.
D)  the percentage point difference between a firm and its next largest competitor in terms of market share.
E)  the difference between the projection of the path to reach a new goal and the projection of the path of the results of a plan already in placeF) B) and D)
G) A) and D)

Question 18

What is a mission?

Accepted Answer

By understanding its core values, an org...

Question 19

The __________ element of the marketing mix includes personal selling and sales promotion.

Accepted Answer

A)  product
B)  price
C)  promotion
D)  place
E)  peopleF) A) and D)
G) A) and E)

Question 20

A mission statement should be all of these EXCEPT:

Accepted Answer

A)  short-term.
B)  inspirational.
C)  clear.
D)  meaningful.
E)  conciseF) B) and D)
G) A) and D)

Exam 2: Developing Successful Organizational and Marketing Strategies

At the functional level, the organization's strategic direction becomes

Correct AnswerverifiedShow Answer

What is a mission?

Correct AnswerverifiedBy understanding its core values, an org...View AnswerShow Answer

Organizational strategies vary in two ways, depending on

Correct AnswerverifiedShow Answer

A nonprofit organization is

Correct AnswerverifiedShow Answer

Explain what a visionary organization is and the three questions (why, what, and how) that need to be answered that formulate its strategies.

Correct AnswerverifiedManagement experts stress that to be suc...View AnswerShow Answer

According to the textbook, the terms firm, company, and organization

Correct AnswerverifiedShow Answer

The __________ element of the marketing mix includes personal selling and sales promotion.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

An organization's core values are most effective when communicated to and supported by

Correct AnswerverifiedShow Answer

The __________ element of the marketing mix includes channels and transportation.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Identify and describe the four factors in a SWOT analysis and give examples for Ben & Jerry's Ice Cream that help it identify the critical strategy-related factors that could impact the firm.

Correct AnswerverifiedA SWOT analysis is an acronym that descr...View AnswerShow Answer

The planning gap refers to

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Marketing tactics refer to the

Correct AnswerverifiedShow Answer

An action item list refers to an aid to implement a marketing plan that consists of four columns: (1) __________; (2) the person responsible for completing that task; (3) the date to finish the task; and (4) what is to be delivered.

Correct AnswerverifiedShow Answer

If sales revenues for Starbucks VIA Ready Brew instant coffee sold to U.S. consumers increased as a result of a slight price increase of $0.25 per pack, it would be using a __________ strategy.

Correct AnswerverifiedShow Answer

A mission statement should be all of these EXCEPT:

Correct AnswerverifiedShow Answer

Customers' perceptions are of vital importance to an organization. Customer __________ can be measured with surveys or by the number of customer complaints an organization receives.

Correct AnswerverifiedShow Answer

A subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers is referred to as a

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
By understanding its core values, an org...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Management experts stress that to be suc...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A SWOT analysis is an acronym that descr...
View 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