Question 1

Which of the following is the place a product occupies in the consumer's mind relative to competition?

Accepted Answer

The place a product occupies in the consumer's mind relative to competition is known as its position. It is a key element of a product's marketing strategy and helps in differentiating the product from its competitors. Options A, B, D, and E are not the correct choices as they do not refer to the concept of a product's position.

Question 2

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained is called .

Accepted Answer

The described process refers to marketing control, which involves monitoring and adjusting marketing programs to ensure they are achieving their objectives. Choices A, B, C, and D do not specifically address this process.

Question 3

When the makers of a ballpoint pen state they are in the communication equipment business,they are defining their mission too _ .

Accepted Answer

By defining themselves as part of the communication equipment business, the makers of a ballpoint pen are taking a broad approach that encompasses a wide range of products and technologies related to communication. This allows them to have a larger scope and potentially pursue a variety of avenues for growth and innovation.

Question 4

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

Accepted Answer

Developing and maintaining a strategic fit between goals and capabilities is a key aspect of strategic planning. Business portfolio planning involves analyzing and managing a company's portfolio of businesses, while mission planning and values planning are more focused on defining a company's mission and values. Operations planning deals with the day-to-day management of an organization's functions and activities.

Question 5

Which of the following is the marketing logic by which a company hopes to achieve profitable customer relationships?

Accepted Answer

Marketing strategy is the overall plan or approach to finding, attracting, and retaining customers that will result in profitable customer relationships. Differentiation, a consistent product mix, the value delivery network, and price are all elements that may be included in the marketing strategy, but they are not the overarching logic or approach.

Question 6

In SWOT analysis,which of the following would be considered a strength?

Accepted Answer

Strengths are considered internal factors that contribute positively to a company's performance. Internal resources such as a highly skilled and motivated workforce, strong brand recognition, or innovative products and technologies can be considered strengths in a SWOT analysis. Option A refers to external factors that may be opportunities, while B, D, and E are weaknesses, opportunities, and threats, respectively.

Question 7

The BCG growth- share matrix classifies four types of SBUs.They are _,_ , ,and .

Accepted Answer

The BCG growth- share matrix classifies SBUs as stars, cash cows, question marks, and dogs based on their market growth rate and relative market share. Option A, B, and D are not applicable to the BCG matrix. Option E refers to Ansoff's Product-Market Growth Matrix which is different from the BCG matrix.

Question 8

A common practice among marketers is to identify and develop new markets for their existing products.This practice is called _.

Accepted Answer

Market development is the process of identifying and developing new markets for existing products. This is done to increase sales and profits by reaching new customer segments or geographic markets. Market skimming, product development, and dual adaptation all involve modifying existing products to fit different markets or customer needs. Market penetration involves increasing market share in an existing market.

Question 9

Multinationals like Honda Motor Co.and Walmart stores have designed programs to work closely with their suppliers to help them reduce their costs and improve quality.This illustrates the importance of an efficient .

Accepted Answer

An efficient value delivery network involves collaboration between a company and its suppliers to enhance performance and deliver better value to customers, as illustrated by Honda and Walmart's programs.

Question 10

Which of the following would NOT be useful in determining marketing ROI?

Accepted Answer

SWOT analysis is a strategic planning tool used to identify strengths, weaknesses, opportunities, and threats. While it can provide valuable insight into a company's overall situation, it is not specifically focused on determining marketing ROI. The other options listed (market share, customer equity, brand awareness, marketing dashboard) are all useful metrics for measuring the effectiveness of marketing efforts and determining ROI.

Question 11

Kimball Gardens is a company that operates as two distinct businesses: one that sells lawn and garden products and one that markets booklets.Each business is called a _ .

Accepted Answer

Kimball Gardens has two separate and distinct businesses, each of which requires its own strategy and management. To address this, it has organized each business as a strategic business unit (SBU) within its overall portfolio. This allows for specific attention and resources to be allocated to each SBU as needed.

Question 12

Business portfolio planning involves two steps: and .

Accepted Answer

Business portfolio planning involves analyzing the current business portfolio, which includes assessing the performance of existing strategic business units (SBUs) and identifying areas for improvement. The next step is shaping the future business portfolio by reallocating resources to more promising SBUs and divesting poorly performing ones.

Question 13

Which of the following is the most common approach to marketing organization?

Accepted Answer

The functional approach is the most common approach to marketing organization, where functions such as sales, advertising, market research, and customer service are grouped together based on their common skills and expertise. This allows for greater focus and efficiency in each specific area of marketing.

Question 14

Paul Pendergraff has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product.Paul has identified a(n).

Accepted Answer

Paul has identified a group of potential customers who respond similarly to the advertisements, indicating that he has identified a market segment. A target market is a specific group of consumers that a company aims to reach and serve with its product or service. Market position refers to how a company's product or service is perceived in relation to competitors' offerings. A market refers to the overall demand for a particular product or service. An undefined niche is not relevant to this scenario as Paul has already identified a specific group of potential customers.

Question 15

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

Accepted Answer

Paul Pierce is engaged in portfolio analysis, which involves evaluating the products and businesses of a company in order to determine which ones to invest in, maintain, or divest.

Question 16

Which of the following does NOT accurately reflect a problem with the BCG matrix approach?

Accepted Answer

The BCG matrix approach does focus on planning for the future, so choice D does not accurately reflect a problem with the approach. Choices A, B, C, and E all accurately reflect potential problems with the approach.

Question 17

The current mission statement of the Girl Scouts of America is to build "girls of courage,confidence,and character,who make the world a better place." The organization's former mission statement had read "to prepare young girls for motherhood and wifely duties." This change reflects the guideline that mission statements should be _ .

Accepted Answer

The change in the mission statement reflects a shift from a traditional, role-specific focus to a broader, market-oriented approach that aligns with contemporary values and societal needs.

Question 18

In a basic SWOT analysis,the "S" stands for .

Accepted Answer

In a basic SWOT analysis, the "S" stands for strengths. The SWOT acronym stands for Strengths, Weaknesses, Opportunities, and Threats. It is a tool used to analyze the internal and external factors that may affect a business or organization.

Question 19

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

Accepted Answer

Defining the company's mission is the first step in strategic planning because it sets the foundation for all future decision-making and goal-setting. This step helps to identify the purpose of the organization and what it hopes to achieve in the long-term. The other options may come later in the strategic planning process.

Question 20

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.

Accepted Answer

The mission needs to be translated into supporting objectives that provide specific goals and directions for each level of the company to achieve the overall mission.

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