Question 1

A comprehensive check of the company's current marketing activities is called:&#10;A) The marketing review.&#10;B) The marketing audit.&#10;C) The marketing balance sheet.

Accepted Answer

The marketing audit is the correct term for a comprehensive check of a company's marketing activities, strategies, and goals to evaluate its effectiveness and align it with the company's objectives.

Question 2

A problem which has no single solution, and for which attempted solutions create more problems, is called:&#10;A) A complex problem.&#10;B) An insoluble problem.&#10;C) A wicked problem.

Accepted Answer

A wicked problem is characterized by its complexity, the lack of a clear solution, and the tendency for attempted solutions to lead to further complications, making it distinct from merely complex or insoluble problems.

Question 3

Competency is derived from:&#10;A) Combining resources effectively.&#10;B) Training staff effectively.&#10;C) Developing a suitable strategy.

Accepted Answer

Competency is derived from combining resources effectively.

Question 4

Which of the following is NOT a tangible resource?&#10;A) Machinery.&#10;B) Employees.&#10;C) Work in progress.

Accepted Answer

Tangible resources are physical assets that a company uses to create its value proposition. Employees, while valuable assets to a company, are considered intangible resources because they are not physical objects. Machinery and work in progress, on the other hand, are physical and therefore tangible resources.

Question 5

Which of the following is NOT part of the resource audit?&#10;A) Physical resources.&#10;B) Human resources.&#10;C) Government regulations.

Accepted Answer

Government regulations are not considered a part of the resource audit. A resource audit typically focuses on evaluating the physical and human resources available to an organization, not the regulatory environment.

Question 6

What is tacit knowledge?&#10;A) Knowledge which is difficult or impossible to codify, and which resides in the heads of employees.&#10;B) Knowledge which everyone in the company takes for granted.&#10;C) Knowledge which everyone assumes is common, but which in fact is not.

Accepted Answer

Tacit knowledge refers to the know-how or skills that individuals possess but find difficult to articulate or codify, often residing in their experience or practice rather than in documented form.

Question 7

A system of using a limited set of measures, derived form the success factors for the industry is called:&#10;A) Factor analysis.&#10;B) Balanced scorecard.&#10;C) Measure allocation.

Accepted Answer

The Balanced Scorecard is a strategic planning and management system that organizations use to communicate what they are trying to accomplish, align the day-to-day work that everyone is doing with strategy, prioritize projects, products, and services, and measure and monitor progress towards strategic targets. It typically includes financial measures (to track the financial performance) and non-financial measures (to track operational performance indicators) derived from an organization's success factors.

Question 8

In the event of a discrepancy between the plan and reality, what should the managers do?&#10;A) Recast the plan in its entirety.&#10;B) Formulate a second plan to bring the company back to where it should be.&#10;C) Amend the existing plan to move towards the original target.

Accepted Answer

Amending the existing plan to move towards the original target is typically the most efficient approach, as it allows for adjustments based on current realities without discarding the entire plan or creating unnecessary complexity with multiple plans.

Question 9

Control exercised by workmates through the corporate culture is called:&#10;A) Administrative control.&#10;B) Social control.&#10;C) Self-control.

Accepted Answer

Social control refers to the influence that is exerted by a group or society upon individuals and the way in which it can shape, conform, or direct individuals' behavior. In the context of a workplace, this means the control or influence exerted by coworkers and the prevailing corporate culture over an individual's behavior.

Question 10

Knowledge which is written down or otherwise recorded is called:&#10;A) Tacit knowledge.&#10;B) Public knowledge.&#10;C) Explicit knowledge.

Accepted Answer

Explicit knowledge is knowledge that is documented and easily shared with others.

Deck 17: Marketing Planning, Implementation and Control