Question 1

Which of the following statements reflects the key elements in developing a marketing strategy for L. M. Schofield, Inc., a company that produces specialized concrete surfaces for heavily trafficked areas such as retail outlets and amusement parks?

Accepted Answer

A)  Buy ads in all the major trade journals that explain the variety of surfaces available and what uses each has.
B)  Communicate using direct mail about the various walking surfaces Schofield can create for contractors who are building riding and walking paths.
C)  Design a sample ad and test it using visitors at a trade show.
D)  Hire six new sales representatives for the Midwest regional office and train them on all aspects of concrete surfaces.
E)  Conduct a focus group to decide on which surface to use for a theme park in Brazil.F) None of the above
G) A) and B)

Question 2

St. Jude Medical makes cardiovascular medical devices, including the world's most widely used mechanical heart valve. Its products include tissue heart valves, pacemakers, and implantable cardiovascular defibrillators. St. Jude's innovation in cardiac devices helps it outperform rivals, and thus provides it with a

Accepted Answer

A)  competitive advantage.
B)  set of core values.
C)  core benefit proposition.
D)  marketing edge.
E)  viable mission.F) C) and D)
G) D) and E)

Question 3

-What is the name of the tool shown in Figure 2-10 above that is the basis for the scheduling techniques used today in marketing?

Accepted Answer

A)  a market-product grid
B)  a Gantt chart
C)  a project schedule
D)  a sales response function
E)  a Plan-A-GramF) A) and D)
G) A) and C)

Question 4

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 raise capital as well as focus and direct their efforts to accomplish their goals.F) A) and B)
G) A) and E)

Question 5

A(n)  __________ is a legal entity that consists of people who share a common mission.

Accepted Answer

A)  department
B)  organization
C)  SBU
D)  industry
E)  marketF) B) and E)
G) All of the above

Question 6

-All of the following retailers are principal or direct competitors to Lands' End EXCEPT:

Accepted Answer

A)  Amazon.com
B)  Sears
C)  L.L. Bean
D)  Target
E)  Pierre CardinF) A) and E)
G) A) and B)

Question 7

Medtronic is the world leader in producing heart pacemakers and other medical devices. Earl Bakken, Medtronic's founder, wrote its mission statement when he launched the firm over a half century ago. Summarize Medtronic's mission statement and comment as to why it is a good one.

Accepted Answer

Medtronic's mission statement reads: "To...

Question 8

To develop a successful marketing plan for a soft drink soda, the process of __________ would most likely be used to group consumers on the basis of whether they wanted sugar-free and caffeine-free soda, caffeine-free sugared soda, or regular soda with sugar and caffeine.

Accepted Answer

A)  market aggregation
B)  product segmentation
C)  customer grouping
D)  mass marketing
E)  market segmentationF) None of the above
G) A) and B)

Question 9

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 E)
G) A) and B)

Question 10

__________ applies innovative approaches to organize, create, and manage a venture to solve the practical needs of society and is usually structured as a nonprofit organization.

Accepted Answer

A)  Corporate welfare
B)  A social entrepreneur
C)  Sustainable development
D)  Cause marketing
E)  Societal capitalismF) All of the above
G) A) and C)

Question 11

-Consider the Lands' End ad above. Lands' End communicates a remarkable commitment to its __________ with these unconditional words: "We accept any return, for any reason. Guaranteed. Period."

Accepted Answer

A)  competitive advantage
B)  core values
C)  core benefit proposition
D)  customers
E)  mission statementF) A) and E)
G) A) and B)

Question 12

People in the finance and the human resources departments traditionally operate at what organizational level?

Accepted Answer

A)  corporate level
B)  top management level
C)  strategic business unit level
D)  functional level
E)  stakeholder levelF) B) and E)
G) D) and E)

Question 13

Apple launched its revolutionary iPhone in 2007 as the first smartphone that used a multi-touch user interface. iPhone unit sales were explosive at first but have now leveled off, leaving Apple with just 15 percent market share compared to Samsung's 41 percent. Through 2017, the smartphone market is expected to remain healthy and grow at a compound annual rate of 13 percent due to dropping prices. Apple's iPod SBU appears to be a __________.

Accepted Answer

A)  question mark
B)  raptor
C)  hedgehog
D)  cash cow
E)  dogF) B) and C)
G) A) and C)

Question 14

-In Figure 2-1 above, E represents the __________ operating at the lowest strategic level.

Accepted Answer

A)  board of directors
B)  corporate level
C)  departments
D)  executives
E)  strategic business unit levelF) A) and B)
G) A) and E)

Question 15

Businesses sometimes pursue a(n)  __________ goal to balance the conflicting goals of stakeholders to promote their overall welfare, even at the expense of profits.

Accepted Answer

A)  customer satisfaction
B)  shareholder
C)  profit minimization
D)  social responsibility
E)  employee welfareF) A) and B)
G) C) and E)

Question 16

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

Accepted Answer

A Gantt chart is a graphical representat...

Question 17

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 propositionF) A) and B)
G) A) and C)

Question 18

Social entrepreneurs are usually structured as __________.

Accepted Answer

A)  business firms
B)  subchapter S corporations
C)  nonprofit organizations
D)  governmental agencies
E)  501 (c)  3 for profit organizationsF) A) and B)
G) B) and C)

Question 19

Step 1 in the planning phase of the strategic marketing process involves __________.

Accepted Answer

A)  establishing the budget
B)  developing the marketing program
C)  setting goals
D)  auditing the marketing plan
E)  conducting a situation (SWOT)  analysisF) B) and C)
G) D) and E)

Question 20

All of the following are marketing actions that can be taken as a result of a SWOT analysis EXCEPT:

Accepted Answer

A)  exploit an opportunity.
B)  correct a weakness.
C)  avoid a disaster-laden threat.
D)  build on a strength.
E)  secure the necessary resources (financial, human, technological)  to fund new SBUs.F) B) and D)
G) B) and E)

Exam 2: Developing Successful Organizational and Marketing Strategies

-In Figure 2-1 above, E represents the __________ operating at the lowest strategic level.

Correct Answer
verified

To develop a successful marketing plan for a soft drink soda, the process of __________ would most likely be used to group consumers on the basis of whether they wanted sugar-free and caffeine-free soda, caffeine-free sugared soda, or regular soda with sugar and caffeine.

Correct Answer
verified

Social entrepreneurs are usually structured as __________.

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

Which of the following statements about strategy is most accurate?

Correct Answer
verified

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

Correct Answer
verified
A Gantt chart is a graphical representat...
View Answer

-Consider the Lands' End ad above. Lands' End communicates a remarkable commitment to its __________ with these unconditional words: "We accept any return, for any reason. Guaranteed. Period."

Correct Answer
verified

Step 1 in the planning phase of the strategic marketing process involves __________.

Correct Answer
verified

All of the following are marketing actions that can be taken as a result of a SWOT analysis EXCEPT:

Correct Answer
verified

__________ applies innovative approaches to organize, create, and manage a venture to solve the practical needs of society and is usually structured as a nonprofit organization.

Correct Answer
verified

A(n) __________ is a legal entity that consists of people who share a common mission.

Correct Answer
verified

Businesses sometimes pursue a(n) __________ goal to balance the conflicting goals of stakeholders to promote their overall welfare, even at the expense of profits.

Correct Answer
verified

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

Correct Answer
verified

Medtronic is the world leader in producing heart pacemakers and other medical devices. Earl Bakken, Medtronic's founder, wrote its mission statement when he launched the firm over a half century ago. Summarize Medtronic's mission statement and comment as to why it is a good one.

Correct Answer
verified
Medtronic's mission statement reads: "To...
View Answer

Correct Answer
verified

-All of the following retailers are principal or direct competitors to Lands' End EXCEPT:

Correct Answer
verified

-What is the name of the tool shown in Figure 2-10 above that is the basis for the scheduling techniques used today in marketing?

Correct Answer
verified

Correct Answer
verified

Which of the following statements reflects the key elements in developing a marketing strategy for L. M. Schofield, Inc., a company that produces specialized concrete surfaces for heavily trafficked areas such as retail outlets and amusement parks?

Correct Answer
verified

People in the finance and the human resources departments traditionally operate at what organizational level?

Correct Answer
verified

Exam 2: Developing Successful Organizational and Marketing Strategies

-In Figure 2-1 above, E represents the __________ operating at the lowest strategic level.

Correct AnswerverifiedShow Answer

To develop a successful marketing plan for a soft drink soda, the process of __________ would most likely be used to group consumers on the basis of whether they wanted sugar-free and caffeine-free soda, caffeine-free sugared soda, or regular soda with sugar and caffeine.

Correct AnswerverifiedShow Answer

Social entrepreneurs are usually structured as __________.

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

Which of the following statements about strategy is most accurate?

Correct AnswerverifiedShow Answer

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

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

-Consider the Lands' End ad above. Lands' End communicates a remarkable commitment to its __________ with these unconditional words: "We accept any return, for any reason. Guaranteed. Period."

Correct AnswerverifiedShow Answer

Step 1 in the planning phase of the strategic marketing process involves __________.

Correct AnswerverifiedShow Answer

All of the following are marketing actions that can be taken as a result of a SWOT analysis EXCEPT:

Correct AnswerverifiedShow Answer

__________ applies innovative approaches to organize, create, and manage a venture to solve the practical needs of society and is usually structured as a nonprofit organization.

Correct AnswerverifiedShow Answer

A(n) __________ is a legal entity that consists of people who share a common mission.

Correct AnswerverifiedShow Answer

Businesses sometimes pursue a(n) __________ goal to balance the conflicting goals of stakeholders to promote their overall welfare, even at the expense of profits.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Medtronic is the world leader in producing heart pacemakers and other medical devices. Earl Bakken, Medtronic's founder, wrote its mission statement when he launched the firm over a half century ago. Summarize Medtronic's mission statement and comment as to why it is a good one.

Correct AnswerverifiedMedtronic's mission statement reads: "To...View AnswerShow Answer

Correct AnswerverifiedShow Answer

-All of the following retailers are principal or direct competitors to Lands' End EXCEPT:

Correct AnswerverifiedShow Answer

-What is the name of the tool shown in Figure 2-10 above that is the basis for the scheduling techniques used today in marketing?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following statements reflects the key elements in developing a marketing strategy for L. M. Schofield, Inc., a company that produces specialized concrete surfaces for heavily trafficked areas such as retail outlets and amusement parks?

Correct AnswerverifiedShow Answer

People in the finance and the human resources departments traditionally operate at what organizational level?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
A Gantt chart is a graphical representat...
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
Medtronic's mission statement reads: "To...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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