question

Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?

answer

A) long-range planning B) short-range planning C) media planning D) strategic planning E) annual planning Answer: D

question

When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing ________.

answer

A) mission planning B) values planning C) strategic planning D) business-portfolio planning E) operations planning Answer: C

question

Which of the following is the first step in strategic planning?

answer

A) set objectives and goals B) develop the business portfolio C) define the company mission D) plan marketing strategies E) identify threats and weaknesses Answer: C

question

Which of the following is NOT a step in the strategic planning process?

answer

A) defining the company mission B) setting company objectives and goals C) designing the business portfolio D) planning marketing and other functional strategies E) evaluating all members of the value chain Answer: E

question

Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?

answer

A) objectives and goals B) a mission statement C) a business portfolio D) marketing and functional strategies E) operational strategies Answer: B

question

________ should be market oriented and defined in terms of ________.

answer

A) Annual plans; product needs B) Strategic plans; company needs C) Long-range plans; company needs D) Mission statements; customers' needs E) Objectives; competitors' threats Answer: D

question

A company's mission statement serves as a statement of ________.

answer

Purpose

question

Which of the following is NOT a market-oriented business definition?

answer

A) "to nourish lives by making them healthier, easier, and richer" B) "to sell tools and home repair and improvement items" C) "to deliver low prices every day" D) "to be the guardian of our customers' financial dreams" E) "to bring inspiration and innovation to every athlete in the world" Answer: B

question

All of the following are examples of product-oriented mission statements EXCEPT which one?

answer

A) "We are an online video service." B) "We run theme parks." C) "We sell shoes." D) "We sell lifestyle and self-expression; success and status; memories, hopes, and dreams." E) "We rent hotel rooms." Answer: D

question

Which of the following is the principle objective of a market-oriented mission statement?

answer

A) to satisfy basic customer needs B) to satisfy basic supplier needs C) to satisfy basic stockholder needs D) to satisfy basic owner needs E) to satisfy basic partnership needs Answer: A

question

All of the following are accurate guidelines for a company's mission statement EXCEPT which one?

answer

A) A mission statement should be realistic. B) A mission statement should be narrow. C) A mission statement should emphasize the company's strengths in the marketplace. D) A mission statement should be specific. E) A mission statement should motivate employees. Answer: B

question

Revlon has clearly defined its "mission" of selling lifestyle and self-expression. In order for the firm to launch its strategic plan, the mission needs to next be turned into detailed ________ that guide each level of the company.

answer

supporting objectives

question

The collection of businesses and products that make up a company is called its ________.

answer

business portfolio

question

Business portfolio planning involves two steps: ________ and ________.

answer

1. analyzing the current business portfolio; 2. shaping the future business portfolio.

question

Paul Pierce is busy working with other managers evaluating the products and businesses making up their company. Paul is engaged in ________.

answer

portfolio analysis

question

Which of the following can be a company division, a product line within a division, or sometimes a single product or brand?

answer

A) a market B) the BCG C) an SBU D) a PLC E) a value delivery network Answer: C

question

After management has identified the key businesses making up its company, what is the next step in portfolio analysis?

answer

assessing the attractiveness of its SBUs

question

The best-known product portfolio planning method was developed by ________.

answer

the Boston Consulting Group

question

Most portfolio analysis methods evaluate SBUs on two dimensions, namely ________ and ________.

answer

market or industry attractiveness; strength of the SBU's posintion

question

In the Boston Consulting Group approach, ________ provides a measure of market attractiveness.

answer

market growth rate

question

Amazon.com was the first company to use ________, which is technology that sorts through customer purchasing patterns to create personalized site content.

answer

collaborative filtering

question

What are the two main goals of direct marketing?

answer

to obtain an immediate response and build a lasting customer relationship

question

Modern direct marketers rely heavily on database technologies and the Internet, while early direct marketers primarily used direct mailers, telemarketing, and ________.

answer

catalogs

question

Amazon.com, eBay, and GEICO employ ________ as their only method of doing business with customers.

answer

direct marketing

question

Direct marketing is continuing to become more ________ oriented.

answer

web

question

All of the following are benefits of direct marketing for buyers EXCEPT ________.

answer

guaranteed low prices

question

All of the following are benefits of direct marketing for sellers EXCEPT ________.

answer

A) efficiency in reaching markets B) price and program flexibility C) mass reach and frequency D) lower cost-per-contact E) efficiency in order processing Answer: C

question

One of the advantages of direct marketing for sellers is that direct marketing ________.

answer

offers access to buyers outside local markets

question

Which of the following is essential for direct marketing to be effective?

answer

A) an online presence B) a good customer database C) a well-trained sales force D) inbound telephone marketing E) digital direct marketing technologies Answer: B

question

A typical customer database is an organized collection of geographic, demographic, psychographic, and ________ data about individual customers or prospects.

answer

behavioral

question

Information about a customer's age, income, and family makeup is in the ________ category of a customer database.

answer

demographic

question

Data about the recency, frequency, and monetary value of past purchases are included in the ________ category of a customer database.

answer

behavioral

question

Psychographic data in a customer database used by direct marketers includes information regarding a customer's ________ and ________.

answer

activities; opinions

question

All of the following are common uses for a direct marketing customer database EXCEPT ________.

answer

A) generating sales leads B) identifying prospective customers C) profiling customers based on previous purchases D) gathering marketing intelligence about competitors E) building long-term customer relationships Answer: D

question

How does database marketing benefit consumers?

answer

Companies match customer needs and interests with products and services.

question

All of the following are forms of direct marketing EXCEPT ________.

answer

A) personal selling B) public relations C) telemarketing D) direct-mail marketing E) kiosk marketing Answer: B

question

Which kind of marketing involves sending an offer, announcement, reminder, or other item to a person at a particular physical or virtual address?

answer

A) kiosk marketing B) digital direct marketing C) catalog marketing D) direct-mail marketing E) telephone marketing Answer: D

question

Catalogs, brochures, samples, and DVDs can all used in which type of marketing?

answer

A) direct-response marketing B) direct-mail marketing C) digital direct marketing D) kiosk marketing E) online marketing Answer: B

question

Which of the following reasons is LEAST likely to explain why direct-mail marketing drives more than a third of all U.S. direct marketing sales?

answer

A) less expensive than mass media ads per thousand people reached B) high target market selectivity C) ability to be personalized D) measurable results E) flexibility Answer: A

question

Which of the following is an individualized Web site that allows a customer to directly connect to a marketer?

answer

A) kiosk B) PURL C) DMA D) FTC E) spam Answer: B

question

Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do.

answer

competitive advantage

question

The first step in initiating competitive marketing strategies is to conduct ________.

answer

competitor analysis

question

Part two of a competitor analysis is assessing all of the following EXCEPT a company's ________.

answer

A) objectives B) employees C) strategies D) strengths and weaknesses E) reaction patterns Answer: B

question

Strategies that strongly position the company against competitors and that give the company the strongest possible strategic advantage are ________.

answer

competitive marketing strategies

question

________ involves first identifying and assessing competitors and then selecting which competitors to attack or avoid.

answer

competitor analysis

question

To plan effective marketing strategies, the company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotion with those of close competitors. This is an example of ________.

answer

competitor analysis

question

Companies can identify competitors from a ________ point of view by defining competitors as companies that are trying to satisfy the same customer need or build relationships with the same customer group.

answer

market

question

Companies can identify ________ from both the industry and market point of view.

answer

competitors

question

A company is guilty of ________ if the company forgets latent competitors and only focuses on current competitors.

answer

competitor myopia

question

From a(n) ________ point of view, Pepsi might see its competition as Coca-Cola, Dr Pepper, 7UP, and the makers of other soft drink brands. From a(n) ________ point of view, however, the customer really wants "thirst

answer

industry; market

question

Each competitor has a mix of objectives. The company wants to know the relative importance that a competitor places on all of the following EXCEPT ________.

answer

company history

question

A company that pursues ________ leadership will react much more strongly to a competitor's ________ manufacturing breakthrough than to the same competitor's advertising increase.

answer

low-cost; cost reducing

question

The more that one firm's strategy resembles another firm's strategy, the more likely the two firms are to ________.

answer

compete

question

Companies need to know each competitor's product quality, features, and mix; customer services; pricing policy; distribution coverage; sales force strategy; and advertising and sales promotion programs. These are all the dimensions that identify ________ groups within the industry.

answer

strategic

question

________ is the process of comparing the company's products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance.

answer

Benchmarking

question

Benchmarking has become a powerful tool for increasing a company's ________.

answer

competitiveness

question

Knowing how major competitors react gives the company clues on how best to ________ competitors or how best to ________ the company's current positions.

answer

attack; defend

question

Most companies prefer to aim competition against ________.

answer

weak competitors

question

A firm should compete with ________ competitors in order to sharpen its abilities. Succeeding against these competitors often provides greater returns.

answer

strong

question

Analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors' offers is known as ________.

answer

customer value analysis

question

________ calls for meeting the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

answer

sustainable marketing

question

All of the following are concepts that define the needs of consumers and/or businesses EXCEPT which one?

answer

A) marketing concept B) societal marketing concept C) strategic planning concept D) sustainable marketing concept E) consumer business concept Answer: E

question

The ________ is specifically focused on future company needs.

answer

strategic planning concept

question

The ________ is specifically focused on the future welfare of consumers.

answer

societal marketing concept

question

McDonald's "Plan to Win" strategy has added healthy food options to its menu, phased out traditional artery-clogging trans fats, launched a major multifaceted education campaign, and addressed environmental issues. "Plan to Win" best exemplifies which concept?

answer

sustainable marketing concept

question

Many critics charge that the American marketing system causes ________ to be higher than they would be under more "sensible" systems.

answer

prices

question

Critics charge that intermediaries ________.

answer

are inefficient

question

A long-standing charge against intermediaries is that they mark up prices beyond the ________.

answer

value of their services

question

Marketers respond to charges of high advertising and promotion costs that unnecessarily increase retail prices by arguing all of the following factors EXCEPT which one?

answer

A) Advertising and promotion make consumers feel wealthy. B) Advertising and promotion make consumers feel attractive. C) Advertising and promotion adds quality to the product. D) Advertising and promotion adds value by informing potential buyers of the availability and merits of a brand. E) Advertising and promotion is necessary for a firm to match competitors' efforts. Answer: C

question

Critics point out that in the drug industry, a pill that costs five cents to make may cost the consumer $2 to buy. This is an example of which of the following?

answer

excessive markups

question

Deceptive practices fall into three groups: deceptive ________, deceptive ________, and deceptive ________.

answer

pricing; promotion; packaging

question

Deceptive promotion differs from deceptive pricing in that deceptive promotion overstates the product's ________ or ________.

answer

features; performance

question

A major step in regulating "unfair or deceptive business acts and practices" was the enactment of the ________ in 1938.

answer

Wheeler-Lea Act

question

Advertising "puffery" is a term for ________.

answer

innocent exaggeration for effect

question

When critics claim that insurance, real estate, and used cars are sold, not bought, they are making accusations of the use of ________.

answer

high-pressure selling

question

________ persuades people to buy goods they had no thought of buying.

answer

High-pressure selling

question

In which of the following scenarios would high-pressure selling tactics typically be most advantageous for marketers?

answer

one-time selling situations

question

Critics have charged that some companies intentionally manufacture their products with materials or components that cause the product to need to be replaced before it actually should need replacement. What is this called?

answer

planned obsolescence

question

Planned obsolescence and perceived obsolescence might involve all of the following EXCEPT ________.

answer

A) the use of unsafe materials B) producers continually changing consumer styles C) the holding back of attractive functional features, then introducing them later to make older models obsolete D) the use of materials that will rust sooner than they should E) the use of components that will break soon after purchase Answer: A

question

Marketers respond to charges of planned obsolescence with all of the following EXCEPT which one?

answer

A) Consumers like change. B) No one is forced to buy the new product. C) The product will eventually wear out anyway. D) For most technical products, customers want the latest innovations. E) Companies do not want to lose customers to other brands. Answer: C

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