Question 1

A competitive advantage refers to

Accepted Answer

A)  the cluster of benefits that an organization promises customers to satisfy their needs.
B)  those characteristics of a product that make it superior to competitive substitutes.
C)  a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.
D)  actions taken by a firm with the sole intent of putting a competitor out of business.
E)  the added value given to a product beyond the functional benefits provided.F) All of the above
G) A) and B)

Question 2

A marketing plan refers to

Accepted Answer

A)  the long-term decisions made to implement the marketing program and the monitoring of those decisions.
B)  a technique that marketing managers use to quantify performance measures and growth targets to analyze their firm's strategic business units (SBUs)  as though they were a collection of separate investments.
C)  a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.
D)  the detailed day-to-day operational decisions essential to the overall success of marketing strategies.
E)  a road map for the entire organization for a specified future period of time, such as one year or five years.F) A) and C)
G) All of the above

Question 3

Compared to marketing strategies, marketing tactics generally involve actions that

Accepted Answer

A)  are detailed day-to-day operational decisions.
B)  are long-term rather than short-term.
C)  involve upper levels of management rather than front-line managers.
D)  are general rather than specific in nature.
E)  have been successfully implemented in the past.F) A) and C)
G) A) and E)

Question 4

Objectives refer to

Accepted Answer

A)  the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program designed to reach it.
B)  criteria or standards used in evaluating proposed solutions to a marketing problem.
C)  statements of an accomplishment of a task to be achieved, often by a specific time.
D)  a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.
E)  the detailed day-to-day operational decisions essential to the overall success of marketing strategies.F) A) and D)
G) A) and B)

Question 5

Which of the following statements regarding organizational culture is most accurate?

Accepted Answer

A)  Organizational culture exists only at the corporate level of an organization.
B)  Organizational culture involves communicating and connecting with all of the firm's stakeholders.
C)  Organizational culture is best used only at the functional level for the most effective results.
D)  Organizational culture cannot be learned or taught.
E)  Organizational culture is a statement of the organization's function in society.F) C) and D)
G) B) and E)

Question 6

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products is referred to as __________.

Accepted Answer

A)  diversification analysis
B)  business portfolio analysis
C)  a market-product grid framework
D)  synergy analysis
E)  market segmentationF) A) and D)
G) B) and D)

Question 7

Which of the marketing strategies for expanding sales revenue below presents the most risk for an organization?

Accepted Answer

A)  product development
B)  product-market evolution
C)  market development
D)  market penetration
E)  diversificationF) A) and E)
G) All of the above

Question 8

In the context of organizational direction, a business refers to

Accepted Answer

A)  the daily operational decisions that must be implemented for an organization to remain viable.
B)  exchange transactions between seller and buyer in order for the seller to make sales and earn profits.
C)  the clear, broad, underlying industry or market sector of an organization's offering.
D)  an organization that develops an offering.
E)  the objectives of a firm and the strategies and tactics that will allow it to achieve them.F) C) and D)
G) A) and C)

Question 9

Within the strategic marketing process, the __________ is the result of the planning phase that proceeds to the implementation phase where it is carried out.

Accepted Answer

A)  marketing tactics
B)  business plan
C)  product protocol
D)  marketing plan
E)  marketing strategyF) None of the above
G) B) and D)

Question 10

In a typical manufacturing firm, the structure of its marketing department is typically organized from top to bottom as follows:

Accepted Answer

A)  CEO to CFO to Product Manager.
B)  CEO to CMO to Product Manager.
C)  Product Manager to Marketing Research Manager to Sales Manager to Promotion Manager.
D)  Industry Manager to Market Manager to Product Manager.
E)  Product Manager to CMO to Sales Manager.F) B) and C)
G) B) and D)

Question 11

The Boston Consulting Group (BCG)  uses business portfolio analysis to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs)

Accepted Answer

A)  as if each were a separate investment.
B)  to establish their worth to society at large.
C)  to determine which would be suited for a SWOT analysis.
D)  to determine which units are candidates for diversification analysis.
E)  to determine which units can be divided into smaller, tactical business units (TBUs) .F) None of the above
G) B) and C)

Question 12

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)  points of difference
D)  marketing attributes
E)  product protocolsF) A) and C)
G) A) and D)

Question 13

A marketing dashboard refers to

Accepted Answer

A)  a "report card" prepared by the marketing department regarding its performance in terms of environmental and social responsibility.
B)  the display of information found on a car's dashboard.
C)  an "app" that uses a car navigation device metaphorically to indicate the specific direction in which a company wishes to grow based on its annual marketing plan.
D)  information about an organization's marketing metrics presented orally so marketers can quickly spot deviations from plans and take corrective actions.
E)  the visual computer display of the essential information related to achieving a marketing objectivF) A) and D)
G) B) and E)

Question 14

"To contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health, and extend life" is Medtronic's __________.

Accepted Answer

A)  core value proposition
B)  corporate culture
C)  functional goal
D)  sustainability doctrine
E)  mission statementF) A) and B)
G) A) and E)

Question 15

Marketers at Volkswagen in Istanbul created a little digital flip film out of some 200 photos to tout the prowess of their new truck, the Amarok, hoping it would be a clever way to get people to engage. This action is an example of Volkswagen's marketing

Accepted Answer

A)  tactics.
B)  missions.
C)  visions.
D)  strategies.
E)  customer values.F) C) and D)
G) A) and D)

Question 16

Market segmentation is a part of what step in the strategic marketing process?

Accepted Answer

A)  situation analysis
B)  market-product focus and goal setting
C)  marketing program
D)  implementation
E)  evaluationF) None of the above
G) B) and C)

Question 17

Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it is referred to as __________.

Accepted Answer

A)  tactical planning
B)  market planning
C)  goal setting
D)  environmental scanning
E)  situation analysisF) D) and E)
G) A) and B)

Question 18

What are the marketing mix elements that comprise a cohesive marketing program?

Accepted Answer

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

Question 19

__________ argued that senior managers of 20th century American railroads defined their business too narrowly, thus failing to create strategies to compete with airlines, barges, pipelines, and trucks.

Accepted Answer

A)  Earl Bakken
B)  Mark Zuckerberg
C)  Reed Hastings
D)  Theodore Levitt
E)  Steve JobsF) All of the above
G) C) and D)

Question 20

The Boston Consulting Group (BCG)  business portfolio analysis requires an organization to locate the position for each of its strategic business units (SBUs)  on a growth-share matrix. The horizontal axis of this matrix indicates

Accepted Answer

A)  the annual rate of growth of the SBU's industry.
B)  the relative dollar ($)  market share of the largest competitor.
C)  the annual rate of growth of the firm's largest competitor.
D)  the relative unit (#)  market share of the smallest competitor.
E)  the annual rate of growth of the firm itself.F) A) and E)
G) A) and D)

Exam 2: Developing Successful Organizational and Marketing Strategies

Which of the marketing strategies for expanding sales revenue below presents the most risk for an organization?

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A marketing dashboard refers to

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Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it is referred to as __________.

Correct AnswerverifiedShow Answer

"To contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health, and extend life" is Medtronic's __________.

Correct AnswerverifiedShow Answer

What are the marketing mix elements that comprise a cohesive marketing program?

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

In the context of organizational direction, a business refers to

Correct AnswerverifiedShow Answer

Within the strategic marketing process, the __________ is the result of the planning phase that proceeds to the implementation phase where it is carried out.

Correct AnswerverifiedShow Answer

Marketers at Volkswagen in Istanbul created a little digital flip film out of some 200 photos to tout the prowess of their new truck, the Amarok, hoping it would be a clever way to get people to engage. This action is an example of Volkswagen's marketing

Correct AnswerverifiedShow Answer

Objectives refer to

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The Boston Consulting Group (BCG) business portfolio analysis requires an organization to locate the position for each of its strategic business units (SBUs) on a growth-share matrix. The horizontal axis of this matrix indicates

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Compared to marketing strategies, marketing tactics generally involve actions that

Correct AnswerverifiedShow Answer

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products is referred to as __________.

Correct AnswerverifiedShow Answer

In a typical manufacturing firm, the structure of its marketing department is typically organized from top to bottom as follows:

Correct AnswerverifiedShow Answer

A competitive advantage refers to

Correct AnswerverifiedShow Answer

Which of the following statements regarding organizational culture is most accurate?

Correct AnswerverifiedShow Answer

A marketing plan refers to

Correct AnswerverifiedShow Answer

Market segmentation is a part of what step in the strategic marketing process?

Correct AnswerverifiedShow Answer

__________ argued that senior managers of 20th century American railroads defined their business too narrowly, thus failing to create strategies to compete with airlines, barges, pipelines, and trucks.

Correct AnswerverifiedShow Answer

The Boston Consulting Group (BCG) uses business portfolio analysis to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs)

Correct AnswerverifiedShow Answer

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Figure 2-8 in the textbook illustrates t...
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__________ argued that senior managers of 20^th century American railroads defined their business too narrowly, thus failing to create strategies to compete with airlines, barges, pipelines, and trucks.

Correct Answer
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Correct Answer
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