Question 1

Each department in a company can be thought of as a link in the company's internal value chain.

Accepted Answer

Each department in a company plays a role in the overall production or delivery of the company's products or services, thus contributing to the company's value chain.

Question 2

Which of the following is NOT part of a company's decision about which customers it will serve and how?
A) differentiation
B) targeting
C) budgeting
D) segmentation
E) positioning

Accepted Answer

Budgeting is a financial decision and is not directly related to a company's decision about which customers it will serve and how. The other options (differentiation, targeting, segmentation, and positioning) are all key components of a company's marketing strategy.

Question 3

Each department in a company that carries out value-creating activities can be thought of as a link in the company's ________.
A) channel of intermediaries
B) external value stream
C) demand chain
D) internal value chain
E) supplier chain

Accepted Answer

The internal value chain includes all the activities a company performs to create value for its customers, including all departments within the company that carry out value-creating activities. The other options (A, B, C, and E) refer to different concepts and do not accurately describe the relationship between departments within a company.

Question 4

What are the various components of the value delivery network of a company?

Accepted Answer

The answer of What are the various components of the...

Question 5

The marketing logic by which a company hopes to create customer value and achieve profitable customer relationships is referred to as the ________.
A) price
B) marketing implementation
C) value chain
D) marketing strategy
E) downsizing

Accepted Answer

The marketing logic by which a company hopes to create customer value and achieve profitable customer relationships is referred to as its marketing strategy. A marketing strategy outlines a company's target market, positioning, value proposition, and marketing mix. It is the foundation for all of a company's marketing efforts. The other options, such as price, marketing implementation, value chain, and downsizing, may be important elements or activities of a company's overall marketing strategy, but they do not represent the strategy itself.

Question 6

RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a(n) ________.
A) link in the company's internal value chain
B) separate organization
C) independent subsidiary of the company
D) separate market segment
E) SBU

Accepted Answer

The term "value chain" refers to the series of internal activities a company engages in to produce and deliver its products or services. Each department within RedFin is part of this value chain, contributing to the overall success of the company. Options B, C, D, and E imply that each department is a separate entity, which is not the case.

Question 7

What is a value delivery network?

Accepted Answer

The answer of What is a value delivery network?...

Question 8

What is a business portfolio? What are the steps involved in business portfolio planning?

Accepted Answer

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Question 9

Customers can be grouped and served in various ways based on several factors. These include all of the following EXCEPT ________ factors.
A) psychographic
B) behavioral
C) technological
D) demographic
E) geographic

Accepted Answer

The factors that can be used to group and serve customers include psychographic (personality, values, lifestyles), behavioral (buying habits, consumption patterns), demographic (age, gender, income), and geographic (region, country, city) factors. Technological factors are not typically used to group and serve customers.

Question 10

Which of the following is an element of the marketing mix?
A) place
B) education
C) needs
D) wants
E) esteem

Accepted Answer

Place, also known as distribution, is one of the 4Ps of marketing (product, price, promotion, place). It refers to the channels and locations through which products or services are made available to customers. Education, needs, wants, and esteem are not part of the traditional marketing mix.

Question 11

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.
A) channel intermediary
B) line extension
C) market segment
D) product attribute
E) brand personality

Accepted Answer

Teenagers represent a market segment, which is a group of consumers with similar needs, wants, and behavior patterns that a company can target with a focused marketing effort.

Question 12

What is a growth-share matrix? Discuss the BCG growth-share matrix.

Accepted Answer

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Question 13

Customer engagement and value are the key ingredients in the marketer's formula for success.

Accepted Answer

Customer engagement and value are crucial factors in building a strong relationship with customers and creating customer loyalty, which ultimately leads to business success for marketers.

Question 14

Marketing plays a key role in the company's strategic planning in all of these ways EXCEPT ________.
A) providing input to identify attractive market opportunities
B) designing new products from scratch
C) creating customer value and building profitable relationships with customer groups
D) designing strategies for reaching a unit's objective
E) providing a guiding philosophy

Accepted Answer

While marketing may be involved in the development and improvement of products, it is not typically responsible for designing new products from scratch. This is usually the role of product development or research and development teams.

Question 15

What factors determine the success of a company's value chain?

Accepted Answer

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Question 16

Market segmentation can be best described as the process of ________.
A) assigning specific human attributes to a given brand
B) dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing programs
C) evaluating each market segment's attractiveness and selecting one or more segments to enter
D) turning marketing plans into marketing actions to accomplish strategic marketing objectives
E) maintaining a strategic fit between organizational goals and changing marketing opportunities

Accepted Answer

Market segmentation involves dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing programs.

Question 17

Since companies want to work together to attract customers, marketers do not need to practice partner relationship management.

Accepted Answer

Marketers do need to practice partner relationship management in order to establish and maintain effective partnerships with other companies. This involves identifying potential partners, building relationships, setting goals, and collaborating on marketing strategies.

Question 18

What are some of the problems associated with matrix approaches?

Accepted Answer

The answer of What are some of the problems associated...

Question 19

Which of the following is NOT an element of the marketing mix?
A) place
B) purchase
C) product
D) price
E) promotion

Accepted Answer

The marketing mix consists of the four Ps: product, price, place, and promotion. "Purchase" is not an element of the marketing mix.

Question 20

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system is known as the ________.
A) business portfolio
B) supply chain
C) marketing mix
D) value delivery network
E) internal value chain

Accepted Answer

A value delivery network is a system where a company, its suppliers, distributors, and customers collaborate to improve the performance of the entire system, enhancing the value delivered to the end consumers.

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

Each department in a company can be thought of as a link in the company's internal value chain.

Which of the following is NOT part of a company's decision about which customers it will serve and how?

Each department in a company that carries out value-creating activities can be thought of as a link in the company's ________.

What are the various components of the value delivery network of a company?

The marketing logic by which a company hopes to create customer value and achieve profitable customer relationships is referred to as the ________.

RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a(n) ________.

What is a value delivery network?

What is a business portfolio? What are the steps involved in business portfolio planning?

Customers can be grouped and served in various ways based on several factors. These include all of the following EXCEPT ________ factors.

Which of the following is an element of the marketing mix?

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.

What is a growth-share matrix? Discuss the BCG growth-share matrix.

Customer engagement and value are the key ingredients in the marketer's formula for success.

Marketing plays a key role in the company's strategic planning in all of these ways EXCEPT ________.

What factors determine the success of a company's value chain?

Market segmentation can be best described as the process of ________.

Since companies want to work together to attract customers, marketers do not need to practice partner relationship management.

What are some of the problems associated with matrix approaches?

Which of the following is NOT an element of the marketing mix?

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system is known as the ________.