Question 1

A mission statement _______.

Accepted Answer

Defines the scope of activities a firm plans to undertake.

Question 2

Which of the following are the primary strategies used to achieve product excellence? 1 Investing in your brand 2 Strong supplier relations 3 Effective positioning 4 Loyalty programs

Accepted Answer

1 & 3

Question 3

With _____, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue, and finally decides how it should best position its product or service. 1 SWOT 2 The marketing mix 3 STP 4 The Four P\'s

Accepted Answer

3

Question 4

Firms achieve operational excellence through which of the following? 1 Efficient operations 2 Excellent supply chain management 3 Focusing on Human Resources as little as possible 4 Strong relationships with suppliers

Accepted Answer

1 & 2 & 4

Question 5

______ is the element of the 4 P\'s responsible for communicating value to customers.

Accepted Answer

Promotion

Question 6

What are the actions organizations have take ignorer to achieve these macro strategies? 1 Operational Excellence 2 Product Excellence 3 Locational Excellence

Accepted Answer

1 - Excellent supply chain management, strong supplier relations, and human resource management 2 - Effective branding and positioning 3 - High density of stores and closer proximity to customer

Question 7

Some commonly used financial performance metrics include which of the following: 1 Mission Statements 2 Loyalty programs 3 Profits 4 Sales Revenue

Accepted Answer

3 & 4

Question 8

When a company focuses on having _______ excellence it may also focus on having good Internet presence.

Accepted Answer

Locational

Question 9

A(n) ______ competitive advantage is an advantage over the competition that is not easily copied and can be maintained over a long period of time.

Accepted Answer

Sustainable

Question 10

Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential _____. These refer to internal attributes during a SWOT analysis.

Accepted Answer

Strengths

Question 11

Identify the following terms included in a SWOT analysis: 1 Sustainability 2 Threats 3 Opportunities 4 Weaknesses

Accepted Answer

2 & 3 & 4

Question 12

________ is the quantity of a market comprised by a specific entity.

Accepted Answer

Market Share

Question 13

Loyalty programs _______. 1 Are part of the locational excellence element of the marketing strategy 2 Are offered only by airlines 3 Give firms the opportunity to learn more about their customers 4 Create little or no emotional attachment toward a certain firm

Accepted Answer

3

Question 14

Step 5 in the marketing plan process is when a firm ______ the results of the strategy and implementation process.

Accepted Answer

Evaluates

Question 15

A company that has successfully built a wall around its position in the market, making it hard for competitors outside the wall to enter the market and compete, is an example a company that has established _______.

Accepted Answer

Competitive Advantage

Question 16

Brand ______ means that customers are reluctant to patronize competing firms.

Accepted Answer

Loyalty

Question 17

A _________ is a written document that includes the current marketing situation, specified objective and strategies action programs, and projected income statements.

Accepted Answer

Marketing Plan

Question 18

A market penetration strategy employs the existing marketing mix and focuses the firm\'s efforts on __________. 1 Diversifying 2 Increasing sales to current customers 3 Developing a new market 4 Reaching new focus group I a new area

Accepted Answer

2

Question 19

True or False? Organization is one of the three major phases of the marketing plan.

Accepted Answer

False. The three phases are: - Planning - Control - Implementation

Question 20

What does \"weaknesses\" refer to in SWOT analysis?

Accepted Answer

Negative attributes internal to the firm.

Question 21

Why do firms use metrics? 1 To explain why things happen 2 To help stakeholders understand their mission statement 3 To make it possible to compare results across regions, product liens, and time periods 4 To make appropriate adjustments to performance

Accepted Answer

1 & 3 & 4

Question 22

Step 5 of the marketing plan is part of which phase?

Accepted Answer

Control Phase

Question 23

A ______ strategy introduces a new product or service to a new market segment, one that currently the firm has not targeted.

Accepted Answer

Diversification

Question 24

Which of the following are true regarding price? 1 It should be based on the value that the customer perceives. 2 It will not generate much volume if it is too high 3 It should always be based on competitors\' prices. 4 It may result in higher-than-necessary margins and profits if it is too low

Accepted Answer

1 & 2

Question 25

In a SWOT analysis, _______ refer to the positive internal attributes of the firm.

Accepted Answer

Strengths

Question 26

Step 3 in the marketing planning process ________.

Accepted Answer

Involves segmentation, targeting, and positioning (STP).

Question 27

Some commonly used financial performance metrics include _______.

Accepted Answer

Sales revenue and profits.

Question 28

In Step 2 of the marketing planning process, a firm ____________.

Accepted Answer

Assesses how various players, both in and outside the organization, affect the firm\'s potential for success.

Question 29

Marketers strive for official operations to provide their customers with all of the following EXCEPT _________. 1 A lower delivered cost than their competitors 2 The merchandise they want 3 The correct quantity 4 Low-quality products

Accepted Answer

4

Question 30

When conducting a SWOT analysis, adverse economic conditions and intense competition are examples of potential _______ for firms.

Accepted Answer

Threats

Question 31

A market segment consists of ______ who respond similarly to a firm\'s marketing efforts.

Accepted Answer

Customers

Question 32

Step 4 of the marketing planning process ________.

Accepted Answer

is the point at which a firm implements the four P\'s.

Question 33

Market ________ is the process of diving the market into groups of customers according to their needs, wants, or characteristics.

Accepted Answer

Segmentation

Question 34

In a SWOT analysis, _________ pertain to positive aspects of the external environment.

Accepted Answer

Opportunities

Question 35

A firm needs a marketing plan _________. 1 To implement the marketing mix 2 To explain how overall objectives will be met 3 To clearly state its overall objectives 4 To explain past financial objectives

Accepted Answer

1 & 2 & 3

Question 36

After a firm has identified a group of market segments, it does all of the following EXCEPT __________. 1 Evaluating each segment\'s attractiveness 2 Determining which segments to pursue 3 Re-assigning the segments 4 Using a process known as targeting

Accepted Answer

3

Question 37

A _________ is a measuring system that quantifies a trend, dynamic, or characteristic.

Accepted Answer

Metric

Question 38

A ______ strategy introduces a new product or service to a new market segment, one that currently the firm has not targeted.

Accepted Answer

Diversification

Question 39

STP works through each of the following except ______. 1 Planning a marketing strategy 2 Determining which subgroups should be pursued 3 Dividing the marketplace into subgroups 4 Position its products and services to meet the needs of the chosen targets

Accepted Answer

1

Question 40

In Step 1 of the planning phase, a firm ________.

Accepted Answer

Defines the mission and/or vision of the business.

Question 41

At each level of an organization, the ______ should be held accountable only for the revenues, expenses, and profits they can control.

Accepted Answer

Business Unit Managers

Question 42

A firm can begin to implement the marketing mix immediately after which of the following steps?

Accepted Answer

It has finished segmentation, targeting, and positioning (STP).

Question 43

A diversification strategy introduces a ______ product or service to a new market segment.

Accepted Answer

New

Question 44

A strategy that employs the existing marketing mix and focuses the firm\'s efforts on increasing sales to current customers is called _______.

Accepted Answer

Market Penetration

Question 45

True or False: Using multiple strategies to build a sustainable competitive advantage is rarely employed of enduring success.

Accepted Answer

False

Question 46

In portfolio analysis, the _______ measures how attractive a particular market is.

Accepted Answer

Market Growth Rate

Question 47

A market development strategy employs the existing product offering to ______.

Accepted Answer

Reach new market segments

Question 48

______ is the only marketing activity that actually brings in money.

Accepted Answer

Pricing

Question 49

Product excellence _______.

Accepted Answer

Occurs by having products with high perceived value and effective branding and positioning.

Question 50

A ______ ________ is a group of products that consumers perceive as similar in some way and that the firm regards as group.

Accepted Answer

Product Line

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