Question 1

Which of the following statements about strategy is most accurate?

Accepted Answer

A)  An organization can be all things to all people because it has access to all the resources it needs to discover and satisfy the needs and wants of its target markets.
B)  The marketing department helps to both set an organization's direction and move it there.
C)  The American Marketing Association (AM
A)  recently has established the definition of strategy.
D)  Strategy is an organization's short-term course of action designed to deliver a specific customer experience while achieving its internal standards.
E)  Only start-up organizations must develop strategies to help them (1) raise capital and (2) focus and direct their efforts to accomplish their goals.F) A) and E)
G) B) and E)

Question 2

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 marketing department makes all decisions regarding which product benefits will be promoted during a promotional campaign.F) A) and B)
G) B) and E)

Question 3

__________ is(are) the reward to a business firm for the risk it undertakes in marketing its offerings.

Accepted Answer

A)  Shareholders' equity
B)  Profit
C)  Assets
D)  Contribution margin
E)  GoodwillF) B) and D)
G) C) and D)

Question 4

If Ben & Jerry's starts selling children's clothing in Brazil to try to capitalize on its brand name,this would be an example of __________.

Accepted Answer

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

Question 5

A small businesswoman was preparing her staff for the upcoming holiday season.Her women's apparel retail store has had a great year-sales and profits are up 20 percent.In a meeting with her sales staff before opening the store on Black Friday,the day after Thanksgiving,she said,"We want to move as much inventory as possible.Not only can we highlight our holiday items,why don't we mark down some of our other seasonal items while people are in a shopping mood?" From this statement,she is concerned with a __________ goal.

Accepted Answer

A)  profit
B)  sales
C)  market share
D)  customer satisfaction
E)  survivalF) D) and E)
G) C) and D)

Question 6

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 ration of sales reve...

Question 7

A firm may have a goal to offer its customers the highest __________,as Medtronic does with its implantable medical devices.

Accepted Answer

A)  innovation
B)  quality
C)  service
D)  value
E)  warrantyF) A) and C)
G) B) and D)

Question 8

The strategies an organization develops to provide value to the customers it serves is called a(n)

Accepted Answer

A)  mission statement.
B)  objective goal.
C)  vision statement.
D)  business model.
E)  protocol.F) A) and D)
G) B) and E)

Question 9

SBUs with a low share of high-growth markets that may require large cash injections of cash just to maintain market share are referred to as __________.

Accepted Answer

A)  dogs
B)  cash cows
C)  question marks
D)  stars
E)  hedgehogsF) A) and E)
G) A) and C)

Question 10

SBUs with a low share of slow-growth markets that may generate enough cash to sustain themselves but do not hold the promise of ever becoming real winners for the organization are referred to as __________.

Accepted Answer

A)  dogs
B)  cash cows
C)  stars
D)  question marks
E)  hedgehogsF) B) and D)
G) D) and E)

Question 11

A new company projects that its sales will exceed its expenses within the first year of operation.This is an example of which type of goal?

Accepted Answer

A)  dollar sales revenue
B)  profit
C)  market share
D)  unit sales
E)  qualityF) None of the above
G) A) and B)

Question 12

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

Question 13

The marketing strategy of developing new products and selling them in new markets is referred to as

Accepted Answer

A)  product penetration
B)  product development
C)  market development
D)  market penetration
E)  diversificationF) B) and C)
G) None of the above

Question 14

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 place.F) B) and C)
G) A) and C)

Question 15

The detailed day-to-day operational decisions essential to the overall success of marketing strategies are referred to as __________.

Accepted Answer

A)  marketing plans
B)  marketing programs
C)  marketing tactics
D)  marketing strategies
E)  marketing proceduresF) A) and D)
G) B) and C)

Question 16

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

Accepted Answer

A)  set financial goals
B)  specify its foundation
C)  establish detailed marketing tactics
D)  assign job responsibilities
E)  establish an organizational chartF) A) and E)
G) B) and E)

Question 17

In the Boston Consulting Group (BCG) model for analysis of a firm's strategic business units,or SBUs,the horizontal axis reflects __________.

Accepted Answer

A)  market growth rate
B)  marketing efficiencies
C)  industry attractiveness
D)  market segment size
E)  relative market shareF) None of the above
G) C) and D)

Question 18

Profit refers to

Accepted Answer

A)  the point at which a company's assets equal its liabilities plus shareholder equity.
B)  the difference between the list and final price of a product or service.
C)  the money earned when the economic order quantity is minimized.
D)  the money left over after a business firm's total expenses are subtracted from its total revenues.
E)  the total amount of revenue accrued through product sales or service distribution.F) A) and B)
G) A) and C)

Question 19

Part of the growth strategy for Yum! Brands,the parent company of KFC,Pizza Hut,and Taco Bell,is expansion of its fast food businesses into new markets in China,Russia,and India.This type of expansion would be a __________ strategy.

Accepted Answer

A)  product development
B)  market penetration
C)  diversification
D)  market development
E)  market saturationF) B) and E)
G) All of the above

Question 20

An organization's __________ are the fundamental,passionate,and enduring principles that guide its conduct over time.

Accepted Answer

A)  goals
B)  culture
C)  strategies
D)  core values
E)  mission statementsF) A) and B)
G) A) and C)

Exam 2: Developing Successful Marketing and Organizational Strategies

Correct Answer
verified

The marketing strategy of developing new products and selling them in new markets is referred to as

Correct Answer
verified

The detailed day-to-day operational decisions essential to the overall success of marketing strategies are referred to as __________.

Correct Answer
verified

The strategies an organization develops to provide value to the customers it serves is called a(n)

Correct Answer
verified

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

Correct Answer
verified

The functional level in an organization is where

Correct Answer
verified

Which of the following statements about strategy is most accurate?

Correct Answer
verified

Profit refers to

Correct Answer
verified

If Ben & Jerry's starts selling children's clothing in Brazil to try to capitalize on its brand name,this would be an example of __________.

Correct Answer
verified

A new company projects that its sales will exceed its expenses within the first year of operation.This is an example of which type of goal?

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 ration of sales reve...
View Answer

In the Boston Consulting Group (BCG) model for analysis of a firm's strategic business units,or SBUs,the horizontal axis reflects __________.

Correct Answer
verified

A firm may have a goal to offer its customers the highest __________,as Medtronic does with its implantable medical devices.

Correct Answer
verified

SBUs with a low share of high-growth markets that may require large cash injections of cash just to maintain market share are referred to as __________.

Correct Answer
verified

The planning gap refers to

Correct Answer
verified

Part of the growth strategy for Yum! Brands,the parent company of KFC,Pizza Hut,and Taco Bell,is expansion of its fast food businesses into new markets in China,Russia,and India.This type of expansion would be a __________ strategy.

Correct Answer
verified

__________ is(are) the reward to a business firm for the risk it undertakes in marketing its offerings.

Correct Answer
verified

SBUs with a low share of slow-growth markets that may generate enough cash to sustain themselves but do not hold the promise of ever becoming real winners for the organization are referred to as __________.

Correct Answer
verified

An organization's __________ are the fundamental,passionate,and enduring principles that guide its conduct over time.

Correct Answer
verified

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

Correct Answer
verified

Exam 2: Developing Successful Marketing and Organizational Strategies

Correct AnswerverifiedShow Answer

The marketing strategy of developing new products and selling them in new markets is referred to as

Correct AnswerverifiedShow Answer

The detailed day-to-day operational decisions essential to the overall success of marketing strategies are referred to as __________.

Correct AnswerverifiedShow Answer

The strategies an organization develops to provide value to the customers it serves is called a(n)

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The functional level in an organization is where

Correct AnswerverifiedShow Answer

Which of the following statements about strategy is most accurate?

Correct AnswerverifiedShow Answer

Profit refers to

Correct AnswerverifiedShow Answer

If Ben & Jerry's starts selling children's clothing in Brazil to try to capitalize on its brand name,this would be an example of __________.

Correct AnswerverifiedShow Answer

A new company projects that its sales will exceed its expenses within the first year of operation.This is an example of which type of goal?

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 ration of sales reve...View AnswerShow Answer

In the Boston Consulting Group (BCG) model for analysis of a firm's strategic business units,or SBUs,the horizontal axis reflects __________.

Correct AnswerverifiedShow Answer

A firm may have a goal to offer its customers the highest __________,as Medtronic does with its implantable medical devices.

Correct AnswerverifiedShow Answer

SBUs with a low share of high-growth markets that may require large cash injections of cash just to maintain market share are referred to as __________.

Correct AnswerverifiedShow Answer

The planning gap refers to

Correct AnswerverifiedShow Answer

Part of the growth strategy for Yum! Brands,the parent company of KFC,Pizza Hut,and Taco Bell,is expansion of its fast food businesses into new markets in China,Russia,and India.This type of expansion would be a __________ strategy.

Correct AnswerverifiedShow Answer

__________ is(are) the reward to a business firm for the risk it undertakes in marketing its offerings.

Correct AnswerverifiedShow Answer

SBUs with a low share of slow-growth markets that may generate enough cash to sustain themselves but do not hold the promise of ever becoming real winners for the organization are referred to as __________.

Correct AnswerverifiedShow Answer

An organization's __________ are the fundamental,passionate,and enduring principles that guide its conduct over time.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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verified
Market share is the ration of sales reve...
View Answer

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verified

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