Marketing Homework Test Questions – Flashcards
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A firm's marketing strategy identifies a firm's target market(s), its four Ps, and _______. A) its relative market share B.) its promotion strategy C.) a method of pricing and producing its products D.) a method of obtaining a sustainable competitive advantage
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a method of obtaining a sustainable competitive advantage
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All of the following are macro strategies to develop customer value and build sustainable competitive advantages EXCEPT ________. A. customer excellence B. operational excellence C. market position excellence D. locational excellence
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Market position excellence
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Which of the following would be a factor in providing operational excellence? A. Strong supply chain management B.Excellent customer service C. A strong brand name D. Products with a high perceived value
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Strong supply chain management
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Many firms are developing websites and entering into e-commerce. This is to improve their _______ excellence. A. locational B.product C. operational D. customer
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Locational
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The three major phases of a marketing plan are _______. A. introduction, application, and execution B. development, planning, and application C. planning, implementation, and control D. planning, execution, and revision
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Planning, implementation, and control
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"Starbucks aims to inspire and nurture the human spirit—one person, one cup, and one neighborhood at a time." This reflects Starbuck's _______. A. marketing mix B.mission statement C. SWOT analysis D. marketing strategy
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Mission statement
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Performing a situation analysis (SWOT) occurs at which phase of a marketing plan? A. Planning B. Financial C. Implementation D. Control
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Planning
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Which of the following would NOT occur during the implementation phase of a marketing plan? A. Positioning B. Segmentation C. Identify the business mission D. Implement the marketing mix
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Identify the business mission
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To evaluate the effectiveness or performance of a marketing strategy, firms typically use ________. A. marketing metrics B. SWOT analyses C. customer surveys D. brainstorming
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marketing metrics
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Marriott Hotels recognizes that there are different groups of travelers with different needs, wants and characteristics in their choice of lodging. The process of dividing Marriott's market into these groups is ______. A. market segmentation B. market positioning C. value grouping D. market mixing
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market segmentation
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Most firms cannot cater to the needs of everyone. This is why it is important that marketers engage in ________ to find groups of consumers with different needs and wants they might serve. A. market mixing B. market segmentation C. positioning D. grouping
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Market segmentation
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Marriott developed Courtyard Inns specifically for the needs of business travelers. By pursuing this segment with a market offering, Marriott was engaged in _______. A. market servicing B. market positioning C. target marketing D. target mixing
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target marketing
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Many consumers understand and perceive that Lexus automobiles are of high quality and offer superior service. This is Lexus' market ______. A. mix B. target C. segment D. position
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position
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In the expanding e-reader market, consumers can access books online using products like Amazon's Kindle and Apple's iPad. This easy access to books represents _______ value. A. place B. product C. promotion D. price
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palce
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In setting a product's price, marketers must be careful not to set it too high, or too low. Ultimately, price is directly related to the ________; a customer has to feel he is getting a good deal if a company wants to win him over. A. firm's relative market share B. customer's perceived value C. customer's position in the market D. firm's market segment
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customer perceived value
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A firm wanting to measure sales growth compares monthly sales for a given month over the past several years. This type of comparison is referred to as a _______ metric. A. progress B. relative C. sales D. competitive
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relative
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Goodyear is organized by regions: North America, Europe, Middle East and Africa, Latin America and Asia Pacific. These divisions of Goodyear are called _______. A. strategic segments B. portfolios C. strategic business units D. departments
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strategic business units
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The BCG matrix uses two axes to classify product lines and SBUs. One axis is market growth rate and the other axis is _______. A. price per share B. relative market share C. profit per share D. relative cost per share
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relative market share
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In the BCG matrix, which types of products typically require heavy resource investment to fuel their rapid growth? A. Question marks B. Cash cows C. Stars D. Dogs
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Stars
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Which type of product in the BCG matrix typically has excess resources which can be used to support other products that need additional resources? A. Dogs B. Stars C. Question marks D. Cash cows
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Cash Cows
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Market penetration and product development strategies are both focused on a firm's _______ markets. A. new B. emerging C. untapped D. current
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Current
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A retail chain is increasing its advertising and offering discounts to increase sales among its current customers. This represents a ______ strategy. A. market penetration B. market development C. product development D. diversification
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market penetration
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McDonald's has found that when it enters new foreign markets, the company can still sell some of the same menu items it offers in the United States. So, to some extent, McDonald's is able to use a ______ strategy. A. market penetration B. product development C. market development D. diversification
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market development
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MTV is constantly adding new shows and programming to increase the amount of time its current viewers spend watching the channel. In doing this, MTV is using a _______ strategy. A. market penetration B> diversification C. market development D. product development
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product development
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In 1999 Coca-Cola developed Dasani bottled water to reach a new market for the company—bottled water drinkers. In doing this Coca-Cola pursued a _______ strategy. A. diversification B. product development C. market penetration D. market development
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diversification
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Staples offers quality customer service and its own brand of products to establish a ___________. A. competitive advantage B. large inventory C. fun environment D. marketing plan E. target market
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competitve advantage
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Ethnographic research takes place ________. B. in focus groups C. online only D. by measuring sales of items E. through surveys F. by human observation
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by human observation
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The Staples Mailmate is an example of how Staples offers value by providing consumers with _________. A. discount products B. innovative products C. the lowest possible prices D. large assortments E. products that copy the national brands
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innovation products
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A bundle pricing strategy means that the cost is lower when you buy _________. A. more styles of a product B. more items at once C. more often D. on a regular schedule E. an assortment of products
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more items at once
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Which is not one of Staples's promotional efforts? A. Quality service B. TV commercials C. The lowest prices of any competitor D. Circulars E. In-store displays
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The lowest prices of any competitor
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When Staples plans its store layout and designs its website, it wants to offer its customers __________. A. big cost savings B. luxury products C. ink and paper D. an easy experience E. a huge product selection
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an easy experience
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Marketers communicate the value proposition to their customers through a variety of media, such as television and the Internet. Which of the four Ps does this represent? A. Product B. Price C.Promotion D. People E. Place
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promotion
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The Goodyear Tire Company is organized by regions: North America, Europe, Middle East and Africa, Latin America, and Asia Pacific. These divisions of Goodyear are called A. segments. B. strategic business units. C. metrics. D. portfolios. E. marketing mixes.
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strategic business units
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According to the BCG matrix, which type of product typically has excess resources that can be used to support other products that need additional resources? A. Cash cows B. Stars C. Question marks D. Dogs E. Leaders
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cahs cows
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In an attempt to increase sales during a lagging economy, Macy's has increased its advertising and sales promotions for its current products to stimulate sales in its current markets. Which growth strategy is Macy's employing? A. product development B. market development C. market penetration D> diversification E. demarketing
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market penetration
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Which of the following is a marketing metric that might be used to evaluate the performance of a company's implementation of its marketing plan? A. Four Ps (price, product, promotion, place) B. SWOT analysis (strengths, weaknesses, threats, C. opportunities) C. STP (segmentation, targeting, positioning) D. GM (gross margin) E. SBU (strategic business unit)
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GM (gross margin)
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Which of the following represents the three major phases of a marketing plan? A. assessment, action, adjustment B. planning, implementation, control C. strategy, execution, regulation D. design, apply, manage E.forecasting, application, management
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planning, implementation, control
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What two metrics are used in the BCG portfolio analysis to evaluate the various products of a firm? A. relative market share and market growth rate B. production costs and profit potential C. market share and profit potential D. market growth rate and strength of product E. relative market share and profit potential
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relative market share and market growth
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To evaluate the effectiveness or performance of a marketing strategy, firms typically use A. a mission statement. B. customer surveys. C. marketing metrics. D. brainstorming. E. a SWOT analysis.
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market metrics
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The SWOT analysis is typically conducted during which of the following steps in the marketing planning process? A. defining the mission B. conducting a situation analysis C. identifying and evaluating opportunities D. implementing the marketing mix E. evaluating performance
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conducting a situation analysis
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Starbucks recently introduced Via, its brand of instant coffee, to exploit the growth opportunities for new products in current markets. As he prepared for the instant-coffee product's North American rollout, Chief Executive Howard Schultz called Starbucks Corporation's Via Ready Brew "perhaps the biggest opportunity" in company history. This is an example of which growth strategy? A. product development B. market development C. market penetration D. diversification E. demarketing
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product develpment
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When managers at General Motors evaluated all the firms' various divisions and then chose to close both the Saturn and Pontiac divisions, it was involved in A. product development. B. demarketing. C. diversification. D. portfolio analysis. E. franchise reevaluation.
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portfolio analysis
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Which of the following is one of the major considerations involved when a company develops its marketing strategy? A. analysis of human resource policies B. determination of sustainable business practices C. review of all corporate standards D. identification of target markets E. summary of executive compensation
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identification of target markets
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Which growth strategy is being used when a firm introduces a new product or service to a market segment that is currently not served by the firm? A.. product development B. market development C. market penetration D. diversification E. demarketing
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diversification
