MKT 3010 Chapter 2 Quiz – Flashcards

The marketing program includes developing the marketing mix and a. evaluation criteria. b. core competencies. c. organizational culture. d. alternate target market. e. its budget.

When evaluation shows that actual performance differs from expectations, managers need to take immediate marketing actions a. exploiting positive deviations and correcting negative ones. b. enhancing positive deviations and reducing negative ones. c. revisiting the goal-setting phase. d. reexamining the implementation plan. e. reexamining the marketing plan.

With today's increased global competition, many organizations are rethinking their ____________, the strategies an organization develops to provide value to the customers it serves. a. social responsibility model b. market share model c. service quality model d. foundation model e. business model

A(n) __________ may have as its goals operational efficiency or client satisfaction; regardless, it also must receive sufficient funds above its expenses to continue operations. a. board of directors b. nonprofit organization c. business firm d. industry e. offering

American railroads may have defined their __________ too narrowly, which caused them to lose sight of who their customers were and what they needed. a. goals b. marketing metrics c. market penetration d. business e. culture

The __________ phase of the strategic marketing process usually results in a __________ that directs the marketing actions of an organization. a. evaluation; financial statement b. planning; marketing plan c. planning; competitor analysis d. evaluation; annual report e. implementation; target market

Traditional retailers are noticing a change in how consumers shop. Sometimes they visit a store and scan an item on their smartphones, only to find the same product at a less expensive online retailer such as Amazon.com. This turns the store into nothing more than a showroom for products. A SWOT analysis of Best Buy's marketing environment should consider this change in consumer shopping behavior a. a trend not to be concerned with for it will soon pass. b. a strength. c. an opportunity. d. a threat. e. a weakness.

Lockheed Martin develops action item lists within hours of its weekly program meetings. The purpose of these action item lists is to a. maintain secondary and backward-looking records. b. inform the planning phase. c. put strong pressure on people to achieve their designated tasks. d. support the strategic development phase. e. maintain efficient minute meeting notes.

When applying the diversification analysis technique, market development refers to the marketing strategy of a. developing new products and selling them in new markets. b. selling current products to new markets. c. selling new products to current markets. d. increasing sales of current products in current markets. e. acquiring other companies to develop new products.

Southwest Airlines' __________ is "To be dedicated to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride, and company spirit." a. mission b. core value c. competitive advantage d. organizational culture e. competency

The choice of which __________ to display on a marketing dashboard is critical for a busy marketing manager, who can be overwhelmed with irrelevant data. a. qualitative opinions b. marketing metrics c. points of difference d. financial statements e. human resource reports

When an organization is carefully monitoring the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm, it most likely has a __________ goal. a. sales revenue b. market share c. profit responsibility d. social responsibility e. unit sales

In BCG's business portfolio analysis, __________ may need extra cash to finance their own rapid future growth. a. cash cows b. stars c. rabbits d. hedgehogs e. lions

The actions that comprise a marketing program for an offering are known as which of the following? a. marketing tactics b. marketing strategy c. business plans d. marketing plans e. objectives

Determining which products will be directed toward which customers is often based on which of the following? a. market segmentation b. testing the market c. selecting target markets d. testing the product e. evaluating the marketing program

The final phase of the strategic marketing process is known as a. implementation. b. evaluation. c. financial analysis. d. functional-level strategy. e. the marketing program.

The marketing department is part of which strategic level in an organization? a. specialized level b. functional level c. board of directors d. strategic business unit level e. corporate level

When senior managers ask, "What do we do best?" the answer would involve an assessment of the organization's ___________________, which are its special capabilities that distinguish it from other organizations and provide customer value. a. points of distinction b. sustainable advantages c .product differentiation strategies d. core competencies e. competitive competencies

A visionary organization must specify its foundation, set a direction, and formulate a. mission. b. goals. c. functions. d. strategies. e. environment.

Each year a growing number of ___________________start new ventures and create new types of organizations to address important social needs and issues. a. "30 under 30" members b. chief executive officers c. non organizations d. boards of directors e. social entrepreneurs