Question 1

Many managers think that "doing things right," or ________, is as important as, or even more important than, "doing the right things."

Accepted Answer

Implementation refers to the process of executing plans and strategies in order to achieve desired results. Many managers prioritize doing things right in terms of successful implementation, rather than simply focusing on the planning or strategy aspects.

Question 2

Marketing control involves ________ steps.

Accepted Answer

Marketing control involves four steps which are setting goals and standards, measuring actual performance, comparing actual performance against standards, and taking corrective action.

Question 3

________ refer(s) to meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance.

Accepted Answer

Marketing dashboards are the tools used to display the meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance. They help marketers to keep an eye on the key performance indicators (KPIs) and better understand their marketing effectiveness. Field automation systems are the software tools used to automate a company's sales activities, Market segments refer to the subgroups of potential customers or markets, Market share is the percentage of total sales volume held by a company within a particular industry or market, and Line extensions refer to new products introduced by a company that are closely related to its existing products.

Question 4

Which of the following is a major advantage of the market organization?

Accepted Answer

The market organization is customer-centric and is focused on serving the needs of specific customer segments. This allows the company to tailor its products and services to meet the unique needs of its target audience, which can ultimately lead to increased customer satisfaction and loyalty.

Question 5

Mission statements should be market oriented and defined in terms of satisfying basic customer needs.

Accepted Answer

Mission statements should focus on the customer and their needs, not on the company's internal goals or objectives.

Question 6

Harris Brown, the marketing manager at a small retail chain, wants to assess his firm's strengths, opportunities, weaknesses, and threats. Which of the following would be best suited for his purpose?

Accepted Answer

SWOT analysis is specifically designed to assess an organization's strengths, weaknesses, opportunities, and threats. Cluster analysis, portfolio analysis, regression analysis, and Porter's five forces analysis do not provide the same level of insight into the specific areas that Harris Brown wants to assess.

Question 7

All of the following steps pertain to the marketing control process EXCEPT ________.

Accepted Answer

Defining the company's mission is not a part of the marketing control process. It is, however, a crucial step in the overall strategic planning process. The marketing control process includes setting goals, measuring performance, evaluating the causes of gaps between expected and actual performance, and taking corrective action as necessary.

Question 8

________ involves looking at whether a company's key action plans are well-matched to its opportunities.

Accepted Answer

Strategic control involves examining whether a company's strategy and action plans are well-suited to its opportunities and adjusting them accordingly. Operating control focuses on the day-to-day management of activities, benchmarking involves comparing a company's performance to competitors, regression analysis is a statistical technique, and portfolio analysis involves evaluating a company's product or service offerings.

Question 9

More and more companies are shifting their brand management focus toward ________.

Accepted Answer

The trend in brand management is moving towards customer management, with companies emphasizing the overall customer experience and building long-term relationships with them. This includes understanding customer needs and preferences, developing personalized marketing strategies, and utilizing customer feedback to improve products and services.

Question 10

A clear mission statement acts as an "invisible hand" that guides people in the organization.

Accepted Answer

A clear mission statement serves as a guide for people in an organization, directing them towards a common goal or purpose. It helps individuals within the organization to align their efforts and work towards a shared mission.

Question 11

A mission statement is a document embodying an organization's short-term goals.

Accepted Answer

A mission statement embodies an organization's overall purpose and values, and often includes long-term goals.

Question 12

________ refers to measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.

Accepted Answer

Marketing control refers to the process of setting performance standards, measuring and evaluating the results of marketing efforts, and taking corrective action to ensure that objectives are achieved. It involves monitoring the marketplace and taking corrective action to improve marketing performance. Marketing implementation refers to the process of executing the marketing strategy, while satisficing refers to accepting a satisfactory solution rather than an optimal one, and prospecting refers to searching for potential customers. Benchmarking refers to the process of comparing one's marketing performance with that of leading companies.

Question 13

Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people who love to hunt, hike, and ride bikes. The company's long-term plans include the development of lenses that, in addition to protecting users from UV rays, would help reduce lens spotting through effective water-sheeting methods. This new feature would be valuable to people who fish. Given the rising popularity of recreational fishing in the United States, Omega products clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a market ________.

Accepted Answer

Omega Inc. has recognized an opportunity in the market due to the rising popularity of recreational fishing in the United States and the potential for developing lenses that can reduce lens spotting through water-sheeting methods.

Question 14

The most common form of marketing organization is the ________ organization. Under this organization, different marketing activities are headed by an operational specialist.

Accepted Answer

The functional organization is the most common form of marketing organization. Under this organization, different marketing activities like advertising, sales promotion, public relations, and market research are headed by an operational specialist. This structure is efficient and allows for clear lines of responsibility and expertise in each area.

Question 15

________ measures the profits generated by investments in marketing activities.

Accepted Answer

Return on marketing investment (ROMI) is the measure of profits generated by investment in marketing activities. It provides valuable insights into the effectiveness and efficiency of a company's marketing strategies and tactics. ROMI helps in decision-making related to budget allocation and optimizing marketing investments for higher returns.

Question 16

Which of the following is true with regard to geographic organization?

Accepted Answer

The answer of Which of the following is true with...

Question 17

Emerson Studios has designed its marketing organization along the lines of a ________ organization in which different marketing activities are headed by operational specialists.

Accepted Answer

A functional organization is one in which different functions or activities are headed by operational specialists. This type of organization is based on the principle of specialization and helps in efficient utilization of resources. The other options (geographic, product, customer, market) are different types of organizational structures based on different criteria.

Question 18

The purpose of ________ is to ensure that the company achieves the sales, profits, and other goals set out in its annual marketing plan.

Accepted Answer

Operating control is the process of monitoring and adjusting ongoing marketing activities to ensure that they are consistent with the annual marketing plan and that the company achieves its sales, profits, and other goals. Benchmarking involves comparing the company's performance against that of other firms, strategic control involves monitoring and adjusting the overall strategic direction of the company, SWOT analysis is a tool used to analyze the company's strengths, weaknesses, opportunities, and threats, and a marketing audit involves a comprehensive review of the company's marketing activities and strategies.

Question 19

Ravenshaw Corp. assigns its sales and marketing people to specific countries, regions, and districts. Ravenshaw Corp. is most likely an example of a ________.

Accepted Answer

Ravenshaw Corp.'s organizational structure is based on geographic locations, indicating that it uses a geographic organization approach to manage its sales and marketing teams.

Question 20

Berman Electronics, a chain of appliance stores in North America, caters to a wide range of customers. It has a marketing organization in which different operational specialists head different marketing activities. Berman Electronics is a(n) ________.

Accepted Answer

Berman Electronics is a functional organization, as it has different operational specialists heading different marketing activities.

Quiz 2: Company and Marketing Strategy: Partnering to Build Customer Relationships