Question 1

What are the three elements that today's visionary organization must do to be forward looking and successful within its marketing environment? What is the purpose of each of these elements?

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Question 2

One of the most recognized approaches to business portfolio analysis is the Boston Consulting Group's growth-share matrix. Describe this tool and the four quadrants of the matrix.

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Question 3

Apple, a multimarket, multiproduct firm, manufactures and markets Apple Watch, iPods, iPhones, and iPads as a portfolio of businesses. At what organizational level does Apple set the strategic direction for these businesses to create customer value?

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Question 4

Identify and describe the three phases of the strategic marketing process.

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Question 5

Explain what a visionary organization is and the three questions (why, what, and how) that need to be answered to achieve success.

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Question 6

What is an organization's mission? What are some elements of a well-written mission statement?

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Question 7

Identify and explain each of the four market-product strategies represented by each quadrant in the diversification analysis matrix.

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Question 8

The logistics industry has sales of $800 billion per year. If a third-party logistics provider had sales of $8 billion, what would its market share be? Be sure to define market share and show your work in your answer.

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Question 9

In 25 words or less, write a mission statement for a local community college.

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Question 10

Identify and describe the four factors in a SWOT analysis and give examples for Ben & Jerry's Ice Cream that help identify the critical strategy-related factors that could impact the firm.

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Question 11

The American railroad industry faced a serious decline in the 20th century. What business did rail executives believe they were in at that time? What business is a railroad company really in? Why is the difference important?

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Question 12

List the three steps of the planning phase of the strategic marketing process. Briefly describe what goes on during each of the three steps.

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Question 13

Name and briefly describe the seven types of organizational goals or objectives.

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Question 14

The Boston Consulting Group's business portfolio analysis model can be used to analyze a firm's strategic business units. How is it used and what can it tell you?

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Question 15

What is a cross-functional team and how is it used?

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Question 16

Explain the difference between competencies and competitive advantage in an organizational setting.

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Question 17

The marketing plan for IBM's "Let's Put Smart to Work" strategy includes which of the following marketing tactics?
A) Handing out "Let's Put Smart to Work" T-shirts on select college campuses throughout the world
B) Providing samples of new hard drives to Fortune 500 businesses
C) Advertising in Outdoor magazine
D) Sponsoring the Masters golf tournament
E) Garnering a celebrity endorsement from Trevor Noah, the host of "The Daily Show"

Accepted Answer

IBM's "Let's Put Smart to Work" strategy included sponsoring high-profile events like the Masters golf tournament to reach a broad and influential audience.

Question 18

Briefly describe the four levels in a hierarchical organizational structure, including the three that are strategic in nature.

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Question 19

Marketing professionals at IBM use which word to describe their marketing practices and methodologies?
A) honest
B) innovative
C) customized
D) relevant
E) agile

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Agile marketing is a marketing methodology that emphasizes adaptability, customer focus, and continuous improvement. It is designed to help businesses respond quickly to changing market conditions and customer needs. IBM is a global technology company that has been using agile marketing practices for several years.

Question 20

Define marketing dashboard and marketing metric and explain how these terms are related.

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Quiz 2: Developing Successful Organizational and Marketing Strategies