Question 1

One example of a customer loyalty program is

Accepted Answer

A)   a frequent diner card at a restaurant, offering a free appetizer for every $100 in food purchases.
B)   a quantity discount offered for large purchases at an office supply store.
C)   seasonal sales on top selling items.
D)   an everyday low price policy on all products at a grocery store.
E)   an extensive customer service training program for new employees at a hair salon.F) A) and E)
G) A) and B)

Question 2

Suppose that you and a friend decide to turn your favorite sports activity--inline skating--into a business. You plan to design a line of fashionable clothing that integrates elbow and kneepads. For each of the four macro strategies, briefly describe the most important thing your company should do if you intend to focus on that strategy. Your answers should be specific to the inline skating business.

Accepted Answer

There are many correct answers; here is ...

Question 3

The metrics used to evaluate a firm vary depending on the level of the organization at which the decision is made, and

Accepted Answer

A)   the corporate consciousness of the firm.
B)   the profit realized on the merchandise.
C)   the resources the manager controls.
D)   the internal structure of the company.
E)   external factors, such as the economy and the cost of materials.F) A) and B)
G) C) and D)

Question 4

A mission statement describes the specific actions a firm will take to achieve its goals.

Accepted Answer

A) True 
 B)False

Question 5

To determine how attractive a particular market is, using the BCG portfolio analysis, __________________ is established as one axis.

Accepted Answer

A)   competitive intensity
B)   sales dollars
C)   market size
D)   market growth rate
E)   market profit potentialF) D) and E)
G) B) and C)

Question 6

The idea of value-based marketing requires firms to charge a price that

Accepted Answer

A)   covers costs and generates a modest profit.
B)   includes the value of the effort the firm put into the product or service.
C)   captures the value customers perceive that they are receiving.
D)   prioritizes customer excellence above operational excellence.
E)   matches competitors' prices.F) B) and C)
G) A) and E)

Question 7

Which of the following factors, listed in a situation analysis for a major U.S. auto manufacturer, is the best example of an opportunity?

Accepted Answer

A)   The factory that manufactures a new, popular car cannot build enough vehicles to meet the demand, while other factories have excess capacity.
B)   Recent consumer studies have indicated that Chinese consumers prefer American cars.
C)   A New York law firm has filed a $10 million class action suit against the company on behalf of car owners whose gas tanks exploded.
D)   Due to outdated engine technology, the company's cars get lower gas mileage than those of major competitors.
E)   The company has lower manufacturing costs than its key competitors, allowing it to sell its cars at low prices.F) A) and B)
G) A) and C)

Question 8

Heather has been assessing a number of her firm's products using, the Boston Consulting Group approach to portfolio analysis. She has been trying to assess the strength in a particular market and is looking at the sales of the product and the overall market as well as the sales of competitors. Heather is trying to determine:

Accepted Answer

A)   the product's relative market share.
B)   the market growth rate.
C)   a source of competitive advantage.
D)   the impact of population shifts on future demand.
E)   cash equivalent values for each product.F) C) and D)
G) B) and D)

Question 9

Many of today's college graduates will make their living providing goods and services to baby boomers, the large group of Americans born in the period after World War II. Baby boomers are a _________________ market segment.

Accepted Answer

A)   psychological
B)   behavioral
C)   social
D)   product-based
E)   demographicF) A) and E)
G) A) and B)

Question 10

Even when large discount retailers enter a market, a few small, local retailers survive and prosper. These small retailers have probably developed a(n)  ________ that allows them to survive.

Accepted Answer

A)   advertising campaign
B)   plan to evaluate results
C)   sustainable competitive advantage
D)   set of performance metrics
E)   SWOT analysisF) C) and E)
G) None of the above

Question 11

A __________ growth strategy employs the existing marketing offering to reach new market segments.

Accepted Answer

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

Question 12

After defining the business mission, what should a firm do next to develop a marketing plan?

Accepted Answer

A)   Conduct an STP analysis.
B)   Perform a situation analysis.
C)   Develop a positioning strategy.
D)   Select a target market.
E)   Implement the four Ps.F) C) and D)
G) A) and D)

Question 13

Value creation through place decisions for a consumer product involves

Accepted Answer

A)   putting the product in the front of the store.
B)   designing creative displays to capture consumers' attention.
C)   pricing products differently at different stores.
D)   making sure the product is available in the stores where customers will want to find it, and that it is always in stock so they can buy it when they want to.
E)   focusing exclusively on Internet sales to reduce supply chain costs.F) A) and C)
G) C) and E)

Question 14

You and your friend Alison work in different parts of a large firm. In a recent analysis, your area was labeled a cash cow and hers was labeled a question mark. What things would you do differently in your area than Alison would do in hers?

Accepted Answer

There are many possible answer...

Question 15

When pursuing a market development strategy, expanding into international markets is generally

Accepted Answer

A)   more risky than expansion in domestic markets.
B)   impossible due to negative attitudes about American products.
C)   executed with the help of international trade subsidies.
D)   simplified by creating new products for export markets.
E)   the only option offering substantial opportunities for growth.F) A) and D)
G) A) and C)

Question 16

Which of the following actions, if it actually happened, would be the most likely to support and enhance an operational excellence macro strategy?

Accepted Answer

A)   Singapore Airlines, installing more comfortable seats in the economy-class cabins of its airplanes.
B)   3M Corporation, implementing new software to improve communication with its suppliers.
C)   adidas, inviting customer suggestions to guide the design of the next generation of Air Jordan shoes.
D)   Nike, opening hundreds of new company stores in high-traffic shopping areas.
E)   McDonald's, lowering prices on its coffee drinks.F) C) and D)
G) A) and B)

Question 17

As the text states, "Firms typically are most successful when they focus on opportunities that build on their strengths relative to those of their competition." Using the automobile industry in the United States, describe an example of this type of positioning strategy.

Accepted Answer

Answers will vary and change over time, ...

Question 18

Singapore Airlines seeks to differentiate itself from competing airlines, in part through innovative design of its airplane seats and in-flight entertainment systems. Through continuous innovation in these areas, Singapore Airlines is pursuing a(n)  __________ macro strategy.

Accepted Answer

A)   customer excellence
B)   global excellence
C)   locational excellence
D)   operational excellence
E)   product excellenceF) D) and E)
G) A) and E)

Question 19

In 2007, Apple Computer introduced its new iPhone, adding a cellular telephone, a camera, and Internet access to its iPod. The company was pursuing a(n)  __________ strategy.

Accepted Answer

A)   market development
B)   market penetration
C)   operational excellence
D)   customer excellence
E)   product developmentF) A) and B)
G) C) and D)

Question 20

__________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive understanding of what a product does or represents in comparison with competing products.

Accepted Answer

A)   Targeting
B)   Market segmentation
C)   A sustainable competitive advantage
D)   Positioning
E)   A customer excellence strategyF) None of the above
G) All of the above

Exam 2: Developing Marketing Strategies and a Marketing Plan

In 2007, Apple Computer introduced its new iPhone, adding a cellular telephone, a camera, and Internet access to its iPod. The company was pursuing a(n) __________ strategy.

Correct Answer
verified

A __________ growth strategy employs the existing marketing offering to reach new market segments.

Correct Answer
verified

When pursuing a market development strategy, expanding into international markets is generally

Correct Answer
verified

Correct Answer
verified
There are many correct answers; here is ...
View Answer

The metrics used to evaluate a firm vary depending on the level of the organization at which the decision is made, and

Correct Answer
verified

__________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive understanding of what a product does or represents in comparison with competing products.

Correct Answer
verified

Which of the following factors, listed in a situation analysis for a major U.S. auto manufacturer, is the best example of an opportunity?

Correct Answer
verified

Singapore Airlines seeks to differentiate itself from competing airlines, in part through innovative design of its airplane seats and in-flight entertainment systems. Through continuous innovation in these areas, Singapore Airlines is pursuing a(n) __________ macro strategy.

Correct Answer
verified

Value creation through place decisions for a consumer product involves

Correct Answer
verified

As the text states, "Firms typically are most successful when they focus on opportunities that build on their strengths relative to those of their competition." Using the automobile industry in the United States, describe an example of this type of positioning strategy.

Correct Answer
verified
Answers will vary and change over time, ...
View Answer

Which of the following actions, if it actually happened, would be the most likely to support and enhance an operational excellence macro strategy?

Correct Answer
verified

Correct Answer
verified

You and your friend Alison work in different parts of a large firm. In a recent analysis, your area was labeled a cash cow and hers was labeled a question mark. What things would you do differently in your area than Alison would do in hers?

Correct Answer
verified
There are many possible answer...
View Answer

Even when large discount retailers enter a market, a few small, local retailers survive and prosper. These small retailers have probably developed a(n) ________ that allows them to survive.

Correct Answer
verified

A mission statement describes the specific actions a firm will take to achieve its goals.

Correct Answer
verified

The idea of value-based marketing requires firms to charge a price that

Correct Answer
verified

To determine how attractive a particular market is, using the BCG portfolio analysis, __________________ is established as one axis.

Correct Answer
verified

One example of a customer loyalty program is

Correct Answer
verified

After defining the business mission, what should a firm do next to develop a marketing plan?

Correct Answer
verified

Many of today's college graduates will make their living providing goods and services to baby boomers, the large group of Americans born in the period after World War II. Baby boomers are a _________________ market segment.

Correct Answer
verified

Exam 2: Developing Marketing Strategies and a Marketing Plan

In 2007, Apple Computer introduced its new iPhone, adding a cellular telephone, a camera, and Internet access to its iPod. The company was pursuing a(n) __________ strategy.

Correct AnswerverifiedShow Answer

A __________ growth strategy employs the existing marketing offering to reach new market segments.

Correct AnswerverifiedShow Answer

When pursuing a market development strategy, expanding into international markets is generally

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThere are many correct answers; here is ...View AnswerShow Answer

The metrics used to evaluate a firm vary depending on the level of the organization at which the decision is made, and

Correct AnswerverifiedShow Answer

__________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive understanding of what a product does or represents in comparison with competing products.

Correct AnswerverifiedShow Answer

Which of the following factors, listed in a situation analysis for a major U.S. auto manufacturer, is the best example of an opportunity?

Correct AnswerverifiedShow Answer

Singapore Airlines seeks to differentiate itself from competing airlines, in part through innovative design of its airplane seats and in-flight entertainment systems. Through continuous innovation in these areas, Singapore Airlines is pursuing a(n) __________ macro strategy.

Correct AnswerverifiedShow Answer

Value creation through place decisions for a consumer product involves

Correct AnswerverifiedShow Answer

As the text states, "Firms typically are most successful when they focus on opportunities that build on their strengths relative to those of their competition." Using the automobile industry in the United States, describe an example of this type of positioning strategy.

Correct AnswerverifiedAnswers will vary and change over time, ...View AnswerShow Answer

Which of the following actions, if it actually happened, would be the most likely to support and enhance an operational excellence macro strategy?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

You and your friend Alison work in different parts of a large firm. In a recent analysis, your area was labeled a cash cow and hers was labeled a question mark. What things would you do differently in your area than Alison would do in hers?

Correct AnswerverifiedThere are many possible answer...View AnswerShow Answer

Even when large discount retailers enter a market, a few small, local retailers survive and prosper. These small retailers have probably developed a(n) ________ that allows them to survive.

Correct AnswerverifiedShow Answer

A mission statement describes the specific actions a firm will take to achieve its goals.

Correct AnswerverifiedShow Answer

The idea of value-based marketing requires firms to charge a price that

Correct AnswerverifiedShow Answer

To determine how attractive a particular market is, using the BCG portfolio analysis, __________________ is established as one axis.

Correct AnswerverifiedShow Answer

One example of a customer loyalty program is

Correct AnswerverifiedShow Answer

After defining the business mission, what should a firm do next to develop a marketing plan?

Correct AnswerverifiedShow Answer

Many of today's college graduates will make their living providing goods and services to baby boomers, the large group of Americans born in the period after World War II. Baby boomers are a _________________ market segment.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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There are many correct answers; here is ...
View Answer

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Correct Answer
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Correct Answer
verified
Answers will vary and change over time, ...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
verified
There are many possible answer...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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