Question 1

In the Boston Consulting Group approach,provides a measure of market attractiveness.
A)market growth rate
B)market penetration
C)relative market share
D)market development
E)market segmentation

Accepted Answer

The Boston Consulting Group approach uses the market growth rate as a measure of market attractiveness. This is because a high growth rate indicates potential for profitability and market expansion, while a low growth rate may not be worth investing in or may require a different strategy.

Question 2

For Hyundai Corporation,customers who care about the price of a car and its operating economy make up one .
A)market position
B)value chain
C)value network
D)customer extension
E)market segment

Accepted Answer

Customers who care about the price of a car and its operating economy represent a distinct group with similar needs and preferences. This group can be identified as a market segment. Therefore, the best choice is E, market segment.

Question 3

In SWOT analysis,which of the following refers to factors in the external environment?
A)strengths
B)opportunities
C)weaknesses
D)strategies
E)trends

Accepted Answer

The answer of In SWOT analysis,which of the following refers...

Question 4

Which of the following is NOT a step in the marketing control process?
A)taking corrective action
B)setting goals
C)defining the mission
D)evaluating the causes of gaps between expected and actual performance
E)measuring performance

Accepted Answer

Defining the mission is not a step in the marketing control process. The marketing control process involves setting goals, measuring performance, evaluating the causes of gaps between expected and actual performance, and then taking corrective action. However, defining the mission is typically done at the beginning of the planning process.

Question 5

Your new employer has asked you,as a new marketing graduate,to develop a group of potential customers who might respond in a similar way to a given set of marketing efforts.You have been asked to develop a(n).
A)market segment
B)undefined niche
C)market strategy
D)target market
E)market

Accepted Answer

Market segmentation involves dividing a broad consumer or business market into sub-groups of consumers based on some shared characteristics, which allows for more targeted marketing efforts.

Question 6

Ensuring that the company achieves the sales,profits,and other goals set out in its annual marketing plan is the purpose of .
A)ROMI
B)a marketing audit
C)strategic control
D)operating control
E)marketing control

Accepted Answer

Operating control involves monitoring ongoing performance against the annual plan and taking corrective action to ensure that the company achieves its sales, profits, and other goals.

Question 7

Which of the following most accurately identifies a difference between a weakness and a threat in SWOT analysis?
A)A company is more able to change a weakness than a threat.
B)A company can be more negatively affected by a threat than by a weakness.
C)A company can be more negatively affected by a weakness than by a threat.
D)A company can more easily identify threats than weaknesses.
E)A company is more able to change a threat than a weakness.

Accepted Answer

Weaknesses are internal factors that a company can address or improve, while threats are external factors that are typically outside the company's control.

Question 8

Which of the following is the process of dividing a market into distinct groups of buyers with different needs,characteristics,or behaviors?
A)market segmentation
B)differentiation
C)marketing strategy
D)market targeting
E)positioning

Accepted Answer

Market segmentation is the process of dividing a market into distinct groups of buyers with different needs, characteristics or behaviors. This helps in creating a targeted marketing strategy, as it allows businesses to tailor their offerings and messages to specific groups within their target market. Differentiation, marketing strategy, market targeting, and positioning are related concepts, but they are not the same as market segmentation.

Question 9

Acme,Inc.has slightly modified the production processes of its widgets and gadgets in order to tap into the Eastern European market.Acme is likely following a _ strategy.
A)diversification
B)harvesting
C)product development
D)market development
E)market penetration

Accepted Answer

Acme, Inc. has modified its production processes to tap into the Eastern European market, which means that it is expanding its existing product line (widgets and gadgets) into new geographic markets. This signifies Market Development strategy.

Question 10

Your firm is attempting to divide up the total market to determine the best segments it can serve.Which is the correct order of doing so?
A)market targeting then differentiation
B)market segmentation then positioning
C)positioning then differentiation
D)differentiation then market targeting
E)market segmentation then market targeting

Accepted Answer

The correct order is first to segment the market to identify distinct groups of customers with different needs and preferences, and then target one or more of these segments based on the company's capabilities and objectives. Therefore, market segmentation should always come before market targeting.

Question 11

According to the textbook,your boss is most likely referring to when she mentions "doing things right."
A)planning
B)implementation
C)efficiency
D)strategy
E)objectives

Accepted Answer

"Doing things right" typically refers to the implementation phase, or the actual execution of a plan or strategy.

Question 12

According to your text,which department in a company carries the primary responsibility for achieving profitable growth?
A)product development
B)operations
C)accounting
D)human resources
E)marketing

Accepted Answer

Marketing is responsible for promoting products and services, identifying target markets, and developing branding strategies that ultimately lead to increased sales and profitability. Product development, operations, and accounting all play important roles in a company's growth, but marketing carries the primary responsibility for achieving profitable growth. Human resources is not directly responsible for revenue generation or growth.

Question 13

Which of the following is a useful tool for identifying growth opportunities?
A)the product/market expansion grid
B)the BCG matrix
C)the value delivery network
D)the business portfolio
E)the value chain

Accepted Answer

The product/market expansion grid is a tool that helps identify growth opportunities by visually illustrating different product and market combinations that are available for a business to pursue. It allows a company to consider different strategies such as market penetration, market development, product development, or diversification. The BCG matrix, business portfolio, and value chain are also useful tools but are more focused on analyzing a company's current operations and assets rather than identifying new growth opportunities. The value delivery network is a broader concept that refers to the entire network of suppliers, intermediaries, and customers involved in delivering value to the end consumer.

Question 14

The main section of the marketing plan presents a detailed analysis of the current marketing situation.
A)who,when,where
B)competitor
C)when,where,how
D)economic
E)SWOT

Accepted Answer

The SWOT analysis is a detailed analysis of the current marketing situation, including strengths, weaknesses, opportunities, and threats. It takes into account both internal and external factors that affect the company's marketing strategy. This analysis helps to identify areas where the company can improve and opportunities it can capitalize on while avoiding potential threats. Therefore, it is the most suitable choice for the main section of the marketing plan.

Question 15

Which of the four Ps describes the goods- and- services combination the company offers to the target market?
A)package
B)price
C)place
D)promotion
E)product

Accepted Answer

Product describes the goods and services offered by the company to the target market, including features, design, quality, brand name, packaging, and other attributes that make up the offering.

Question 16

The best- known product portfolio planning method was developed by .
A)James P.Hess
B)the SWOT Consulting Group
C)the Boston Consulting Group
D)the SRI Consulting Firm
E)Philip Kotler

Accepted Answer

The best-known product portfolio planning method is the Boston Consulting Group (BCG) matrix, which was developed in the 1970s. It is a widely used tool for analyzing a company's product portfolio and making strategic decisions about resource allocation and investment. James P. Hess, the SWOT Consulting Group, SRI Consulting Firm, and Philip Kotler are also notable figures in the field of marketing, but they did not develop the BCG matrix.

Question 17

The pharmaceuticals division of Omni Healthcare holds low market share in a high- growth market.In order to increase market share,managers would be most likely to decide which of the following?
A)implement a harvest strategy
B)diversify the pharmaceutical division
C)use money from a cash cow to promote the pharmaceuticals division
D)hold the pharmaceuticals division's share
E)divest the SBU

Accepted Answer

Using money from a cash cow to promote the pharmaceuticals division would be the most effective way to increase market share. This would allow the division to engage in additional marketing and promotion efforts, which could lead to increased sales and market share. Implementing a harvest strategy or holding the pharmaceuticals division's share would not help increase market share. Diversifying the pharmaceutical division or divesting the SBU may also not be the best course of action, as the division may have potential for growth in the current market.

Question 18

A marketing plan begins with a(n)_ ,which quickly overviews goals and recommendations.
A)action program
B)ROI
C)SWOT analysis
D)executive summary
E)marketing dashboard

Accepted Answer

An executive summary is a brief overview of the marketing plan that outlines the goals and recommendations. It usually appears at the beginning of the plan and provides an outline of the document's content. The other options listed are not appropriate for quickly summarizing the plan. A SWOT analysis is a tool used to analyze the company's internal and external environment, while an action program is a detailed outline of the steps that will be taken to achieve the plan's objectives. ROI (return on investment) and marketing dashboard are metrics used to measure the success of a marketing plan, but they do not summarize the plan itself.

Question 19

Which of the following entails reducing the business portfolio by eliminating products that no longer fit the company's overall strategy?
A)the BCG approach
B)product line extension
C)market redesign
D)market segmentation
E)downsizing

Accepted Answer

Downsizing involves reducing the size of a company's operations, which can include eliminating products or services that are no longer profitable or do not fit the company's overall strategy.

Question 20

Refer to the scenario below to answer the following questions.
Fun- Spot Fun Park began as a small amusement park in 1985.With nothing more than a merry- go- round,a slide,pony rides,and an ice cream stand,Fun- Spot grew into a popular family attraction with 20 rides,a restaurant,and an outdoor performing arts theater.
"My wife,Gail,and I didn't know what we were getting into," commented Ron Hart,the owner."We just knew that weekenders coming to the lakes in our rural area represented an untapped market."
Today,thousands of visitors flock to Fun- Spot: families,children of all ages,and even senior citizens who enjoy strolling through the gardens and arbor.
"There's something here for everyone," Gail Hart said with a smile."Dozens of companies hold annual company picnics here.We have welcomed class field trips.And we even had one wedding here at the park!"
"Here's the funny thing," Ron chimed in."We really don't know why we've been so successful.There is nothing else like Fun- Spot Fun Park in the area.We were just lucky."
"I think it's the ambience of the park that has brought so many visitors," Gail added."We provide a 'total package' of entertainment.Plus,we try to change our rides and various attractions from time to time for variety"
Ron and Gail Hart admitted that making every visitor happy is a priority."That has always been our philosophy," they said."Like it says on the entrance to the park,'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."
-Which of the following would be classified as an opportunity in a SWOT analysis of Fun- Spot?
A)Fun- Spot employees tend to be enthusiastic and young,projecting an image of fun and vitality at Fun- Spot.
B)A rival amusement park announces plans to open three new rides next season.
C)A new luxury hotel is being constructed in the area,with the aim of luring more high- spending families on vacation.
D)Fun- Spot plans to further diversify its offerings by beginning a two- week summer camp for elementary school students.
E)Gail and Ron have paid off the mortgage on Fun- Spot,significantly reducing their monthly expenses.

Accepted Answer

A new luxury hotel being constructed in the area represents an opportunity for Fun-Spot as it could attract more high-spending families, potentially increasing the park's visitor numbers and revenue.

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

In the Boston Consulting Group approach,provides a measure of market attractiveness.

For Hyundai Corporation,customers who care about the price of a car and its operating economy make up one .

In SWOT analysis,which of the following refers to factors in the external environment?

Which of the following is NOT a step in the marketing control process?

Your new employer has asked you,as a new marketing graduate,to develop a group of potential customers who might respond in a similar way to a given set of marketing efforts.You have been asked to develop a(n) .

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

Which of the following most accurately identifies a difference between a weakness and a threat in SWOT analysis?

Which of the following is the process of dividing a market into distinct groups of buyers with different needs,characteristics,or behaviors?

Acme,Inc.has slightly modified the production processes of its widgets and gadgets in order to tap into the Eastern European market.Acme is likely following a _ strategy.

Your firm is attempting to divide up the total market to determine the best segments it can serve.Which is the correct order of doing so?

According to the textbook,your boss is most likely referring to when she mentions "doing things right."

According to your text,which department in a company carries the primary responsibility for achieving profitable growth?

Which of the following is a useful tool for identifying growth opportunities?

The main section of the marketing plan presents a detailed analysis of the current marketing situation.

Which of the four Ps describes the goods- and- services combination the company offers to the target market?

The best- known product portfolio planning method was developed by .

The pharmaceuticals division of Omni Healthcare holds low market share in a high- growth market.In order to increase market share,managers would be most likely to decide which of the following?

A marketing plan begins with a(n) _ ,which quickly overviews goals and recommendations.

Which of the following entails reducing the business portfolio by eliminating products that no longer fit the company's overall strategy?