Question 1

An approach whereby an organization allocates its marketing mix resources to reach its target markets and achieve a competitive advantage is

Accepted Answer

The strategic marketing process involves allocating marketing mix resources to reach target markets and achieve a competitive advantage.

Question 2

Figure 2-5
-Quadrant D in Figure 2-5 above represents the marketing strategy of

Accepted Answer

Quadrant D typically represents diversification, which involves introducing new products to new markets.

Question 3

Figure 2-5
-Quadrant A in Figure 2-5 above represents the marketing strategy of

Accepted Answer

Market penetration is a strategy aimed at increasing sales of existing products in existing markets, which is typically represented in the first quadrant of strategic planning models like the Ansoff Matrix.

Question 4

During Super Bowl 50, Taco Bell unveiled a new offering for the U.S. market, the "quesalupa," a hybrid of a quesadilla and a chalupa. Here, Taco Bell was using a ________ strategy.

Accepted Answer

Taco Bell was using a product development strategy by introducing a new product, the "quesalupa," to its existing market.

Question 5

The strategic marketing process

Accepted Answer

The answer of The strategic marketing process
...

Question 6

The marketing strategy of developing new products and selling them in new markets is referred to as

Accepted Answer

Diversification involves creating new products and selling them in new markets, which is different from expanding existing products into new markets or developing new products for existing markets.

Question 7

An organization uses the strategic marketing process to answer all of the following questions except which?

Accepted Answer

The answer of An organization uses the strategic marketing process...

Question 8

Figure 2-5
-The image depicted in Figure 2-5 above represents what strategic analysis technique?

Accepted Answer

The answer of  Figure 2-5
-The image depicted in Figure...

Question 9

Figure 2-5
-Quadrant C in Figure 2-5 above represents the marketing strategy of

Accepted Answer

Quadrant C represents market development, which involves selling existing products in new markets.

Question 10

Within the strategic marketing process, the ________ is the result of the planning phase that will be carried out in the implementation phase.

Accepted Answer

The marketing plan is the result of the planning phase and serves as a guide for the implementation phase in the strategic marketing process.

Question 11

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts in its stores targeting its ice cream customers in the United States, it would be using a ________ strategy.

Accepted Answer

The answer of If Ben & Jerry's sold a line...

Question 12

Diversification refers to the marketing strategy of

Accepted Answer

Diversification involves introducing new products to new markets, which is a strategy to spread risk and explore new opportunities.

Question 13

Figure 2-5
- Taco Bell sells Doritos Locos Tacos in the United States, with shells made out of Nacho Cheese Doritos. At introduction, the chain sold 100 million tacos in the first 10 weeks alone, its most popular product launch of all time. Considering Figure 2-5 above, this is an example of a ________ strategy that would be found in quadrant ________.

Accepted Answer

The answer of Figure 2-5
- Taco Bell sells Doritos Locos...

Question 14

Which two marketing strategies would be used if a firm were not willing to find new markets?

Accepted Answer

Product development and market penetration are two marketing strategies that can be used to increase sales without finding new markets. Product development involves creating new products or improving existing products, while market penetration involves increasing sales of existing products in existing markets.

Question 15

If Target opened a pop-up shop in the United Kingdom, where it currently has no stores, to sell Brexit memorabilia, it would be using a ________ strategy.

Accepted Answer

Diversification strategy involves entering a new market with a new product. Since Target is not currently in the UK and is selling a new product (Brexit memorabilia), this is a diversification strategy.

Question 16

Figure 2-5
-LEGO has traditionally been successful selling its classic construction sets to boys. Recently, LEGO introduced a line of building toys especially for girls called LEGO Friends. Although based on the same construction bricks and detailed instructions, the line included female characters, pink and purple theme colors, and allowed girls to construct more story-related pieces. Considering Figure 2-5 above, this is an example of a ________ strategy that would be found in quadrant ________.

Accepted Answer

LEGO Friends is a new product line that is targeted at a new market segment (girls). This is an example of a product development strategy, which is found in quadrant B.

Question 17

The key steps of planning, implementation, and evaluation are part of

Accepted Answer

The strategic marketing process involves planning, implementation, and evaluation to effectively reach marketing goals.

Question 18

Figure 2-5
- Quadrant B in Figure 2-5 above represents the marketing strategy of

Accepted Answer

The answer of  Figure 2-5
- Quadrant B in Figure...

Question 19

Which of the marketing strategies for expanding sales revenue presents the most risk for an organization?

Accepted Answer

Diversification presents the most risk because it involves entering new markets with new products, which can be unfamiliar and unpredictable for the organization.

Question 20

Which of the following is not one of the four principles that underlie the strategic marketing process?

Accepted Answer

The four principles that underlie the strategic marketing process are: customers are different, customers change, competitors change and react, and organizational resources are limited. Management changes is not one of these principles.

Quiz 2: Developing Successful Organizational and Marketing Strategies