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Marketing Practice Exam Chapter 2

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When a company engages in strategic planning, it must consider which of the following?
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how to take advantage of current business opportunities
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What is a business portfolio?
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a collection of businesses and products that make up a company
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A value chain consists of which of the following?
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the series of internal departments that carry out value-creating activities
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The goal of marketing is to do which of the following?
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determine the best way to create value for customers and develop relationships with customers that profit the company
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A marketing dashboard is used to do which of the following?
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measure the return of investment for a marketing strategy
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A brand-new hardware company is writing its mission statement. Which of the following is the best mission statement possible for the new company?
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We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses.
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NOP Company’s best-selling product for years was its portable CD player. However, in recent years, due to the development of MP3 players and iPods, sales have plummeted and are unlikely to rebound. Which is the best approach for NOP Company to take?
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Liquidate the CD player division and use the funds to support better-selling products.
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Teach-Me Tutoring Company, located in the city of Education, is known for its awesome teachers and cutting edge curriculum. Its marketing team has done a superb job in ensuring that everyone in Education is familiar with the company. However, the company is not prospering, and current customers are complaining about the company’s service. What is the next step for Teach-Me Tutoring, in order to help the company begin to show a profit?
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Examine its value delivery network.
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Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the company’s niche product – premium, organic, dog and cat food – and contracted to sell it in several high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do now?
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Create a promotion strategy to increase customer awareness.
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Denim Blue Jean Corporation is a growing company located in Washington State, but it is beginning to develop a presence in the surrounding states as well. It sells only one product – blue jeans – but it has 12 different lines of jeans that cater to men, women, children, babies, toddlers, and teens. Which marking organization would best suit Denim Blue Jean Corporation?
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market and customer organization
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How do company objectives and goals relate to the company mission statement?
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The goals and objectives outline the steps necessary to accomplish the company’s mission statement.
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Ice Cold Ice Cream Company currently has several question marks in its business portfolio, but it is currently maintaining its market share. At the most recent board meeting, the CEO of Ice Cold Ice Cream decided to allocate all of the company’s profits toward the growth and expansion of these question marks, in order to cause the question marks to become stars or cash cows. What is likely to happen to this company?
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The growth of the company will be uneven and sporadic, seeing as question marks are equally likely to succeed or fail.
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The key to a company’s success lies primarily in which of the following?
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the ability of the company to coordinate efforts effectively within the company and with other members of its supply chain in order to deliver products to customers
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What is the purpose of the marketing mix, as a part of the overall marketing strategy?
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to elicit a response that influences a demand for the product from the customers that the company is targeting
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How do the individual components of a SWOT analysis work together to determine the status of a company?
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by ascertaining a company’s strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development