Question 1

A firm's marketing department must partner with other company departments to produce superior value for customers.

Accepted Answer

Marketing alone cannot create value for customers. It needs to collaborate with other departments like product development, operations, finance, and customer service to ensure that customer needs are met and exceeded.

Question 2

Marketing department actions can increase purchasing costs, disrupt production schedules, increase inventories, and create budget headaches. Thus, other departments may the marketing department's efforts.
A) resist
B) encourage
C) support
D) develop
E) favour

Accepted Answer

Other departments may resist the marketing department's efforts because these actions can lead to increased costs, disrupted schedules, and budget issues, which can negatively impact their operations.

Question 3

refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
A) Market diversification
B) Market positioning
C) Market targeting
D) Market mixing
E) Market divesting

Accepted Answer

Market targeting involves evaluating the attractiveness of each market segment and selecting one or more segments to enter.

Question 4

Marketing needs to identify, evaluate, and select market opportunities and lay down strategies for capturing them.

Accepted Answer

Marketing involves analyzing market opportunities, assessing their potential, and developing strategies to effectively capture and capitalize on these opportunities to achieve business goals.

Question 5

Many companies have dropped formal strategic planning models like the BCG because they can be difficult, time consuming, and costly to implement.

Accepted Answer

Many companies have indeed dropped formal strategic planning models like the BCG because they can be difficult, time consuming, and costly to implement.

Question 6

The product/market expansion grid, like the BCG matrix, is used to identify growth opportunities.

Accepted Answer

The product/market expansion grid is a tool used to identify growth opportunities by analyzing the potential of existing and new products in existing and new markets. It is similar to the BCG matrix in that it helps companies identify areas for growth and investment.

Question 7

Which of the following best describes product positioning?
A) evaluating each market segment's attractiveness and selecting one or more segments to enter
B) arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products
C) identifying consumer needs and creating a product to meet those needs
D) dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviours
E) differentiating a market offering to create superior customer value

Accepted Answer

Product positioning involves arranging for a product to occupy a clear, distinctive, and desirable place in the minds of target consumers relative to competing products.

Question 8

Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market?
A) price
B) place
C) position
D) promotion
E) product

Accepted Answer

The "product" component of the marketing mix refers to the goods-and-services combination a company offers to its target market.

Question 9

A company's customer value delivery network does not include members external to the organization.

Accepted Answer

A company's customer value delivery network includes both internal (employees, departments) and external members (suppliers, distributors, partners, customers).

Question 10

Explain the term "value delivery network."

Accepted Answer

The answer of Explain the term "value delivery network."...

Question 11

Ferrari sells only 2,200 of its very high-performance cars in North America each year at very high prices. The company is appealing to a specific _.
A) business portfolio
B) market position
C) market segment
D) value delivery network
E) value chain

Accepted Answer

Ferrari targets a specific market segment by focusing on high-performance cars for a niche group of affluent customers in North America.

Question 12

Differentiate between the BCG matrix and the product/market expansion grid.

Accepted Answer

The answer of Differentiate between the BCG matrix and the...

Question 13

Companies must develop not only strategies for growing their business portfolios but also strategies for downsizing them.

Accepted Answer

Companies need to adapt to changing market conditions, which may require downsizing to focus on core areas, reduce costs, or eliminate underperforming segments.

Question 14

According to the Boston Consulting Group approach, how can a company classify its SBUs on a growth-share matrix?

Accepted Answer

The answer of According to the Boston Consulting Group approach,...

Question 15

A _ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.
A) value chain
B) value delivery network
C) growth-share matrix
D) business portfolio
E) shareholder network

Accepted Answer

A value delivery network is a system where a company, its suppliers, distributors, and customers work together to enhance the overall performance and efficiency of the entire system.

Question 16

True Value Hardware relies on its to coordinate and carry out activities that provide shoppers with the hardware and home improvement products they need at affordable prices along with top-notch customer service.
A) suppliers
B) internal value chain
C) distributors
D) internal supply chain
E) portfolio network

Accepted Answer

The internal value chain refers to the series of processes within a company that are involved in producing and delivering a product or service, ensuring efficiency and quality in meeting customer needs.

Question 17

Traxx is a newly emerging shoe manufacturing company. After extensive market research, Traxx divides its market into professional athletes, "hobbyists" or amateur players, and people who wear shoes as part of their casual attire. Each category has its own needs, traits, and marketing goals. In this scenario, Traxx has engaged in market _ .
A) segmentation
B) penetration
C) positioning
D) development
E) diversification

Accepted Answer

Traxx has divided its market into distinct groups based on different needs and characteristics, which is an example of market segmentation.

Question 18

Which of the following best describes market segmentation?
A) arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
B) dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviours
C) evaluating each market segment's attractiveness and selecting one or more segments to enter
D) differentiating a market offering to create superior customer value
E) identifying consumer needs and creating a product to meet those needs

Accepted Answer

Market segmentation involves dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.

Question 19

What is a business portfolio? How does a company typically conduct a portfolio analysis?

Accepted Answer

The answer of What is a business portfolio? How does...

Question 20

Which of the following best describes the value chain of a company?
A) touchpoints at which a company or brand interacts with its consumers
B) profits earned by the cash cows and stars in the company's business portfolio
C) the collection of businesses and products that make up the company
D) a network made up of the company, its suppliers, and its distributors working together to deliver customer value
E) the series of departments that design, produce, market, deliver, and support the company's products

Accepted Answer

The answer of Which of the following best describes the...

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

A firm's marketing department must partner with other company departments to produce superior value for customers.

Marketing department actions can increase purchasing costs, disrupt production schedules, increase inventories, and create budget headaches. Thus, other departments may the marketing department's efforts.

refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Marketing needs to identify, evaluate, and select market opportunities and lay down strategies for capturing them.

Many companies have dropped formal strategic planning models like the BCG because they can be difficult, time consuming, and costly to implement.

The product/market expansion grid, like the BCG matrix, is used to identify growth opportunities.

Which of the following best describes product positioning?

Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market?

A company's customer value delivery network does not include members external to the organization.

Explain the term "value delivery network."

Ferrari sells only 2,200 of its very high-performance cars in North America each year at very high prices. The company is appealing to a specific _.

Differentiate between the BCG matrix and the product/market expansion grid.

Companies must develop not only strategies for growing their business portfolios but also strategies for downsizing them.

According to the Boston Consulting Group approach, how can a company classify its SBUs on a growth-share matrix?

A _ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.

True Value Hardware relies on its to coordinate and carry out activities that provide shoppers with the hardware and home improvement products they need at affordable prices along with top-notch customer service.

Which of the following best describes market segmentation?

What is a business portfolio? How does a company typically conduct a portfolio analysis?

Which of the following best describes the value chain of a company?