Question 1

Marketing objectives state what is to be accomplished through marketing activities.

Accepted Answer

Marketing objectives are specific goals that a company sets to achieve through its marketing efforts. These objectives can be related to sales, revenue, market share, customer acquisition, brand awareness, and more. They help to provide direction and focus to marketing campaigns and ensure that resources are allocated effectively to achieve desired outcomes.

Question 2

A strategic business unit is not self-supporting in terms of sales, markets, production, and other resources.

Accepted Answer

A strategic business unit is a self-contained entity that operates independently within a larger organization, with its own strategy, resources, and goals. It is expected to be self-supporting in terms of sales, markets, production, and other resources.

Question 3

Marketing objectives state what is to be accomplished through marketing activities.

Accepted Answer

Marketing objectives are specific, measurable goals that businesses set in order to increase brand awareness, generate leads, increase sales, and achieve other business outcomes through marketing activities.

Question 4

The decisions made in creating a marketing mix are only as good as the organization's understanding of the target market.

Accepted Answer

The marketing mix (product, price, promotion, and place) decisions should be made based on a thorough understanding of the target market. Failure to understand the needs, wants, and behavior of the target market can result in ineffective marketing strategies and poor sales performance.

Question 5

Marketing planning and implementation are inextricably linked in successful businesses.

Accepted Answer

Marketing planning sets the framework for achieving business goals and objectives, while implementation involves executing specific tactics in order to achieve those goals. These two processes are interconnected, and both are necessary for the success of a business's marketing efforts.

Question 6

The strategic planning process begins with a detailed analysis of the organization's strengths and weaknesses and the identification of opportunities and threats within the marketing environment.

Accepted Answer

This statement accurately reflects the typical starting point of the strategic planning process.

Question 7

Sometimes the information required to control marketing activities is available but too costly.

Accepted Answer

Sometimes obtaining the necessary information to control marketing activities can be expensive, making it too costly for some organizations to obtain.

Question 8

A sustainable competitive advantage is one that cannot be copied by a firm's competitors.

Accepted Answer

A sustainable competitive advantage is one that allows a firm to maintain its competitive edge over time and cannot be easily replicated or copied by competitors. It can come from various sources such as patents, proprietary technology, brand reputation, unique distribution channels, or economies of scale.

Question 9

Marketing strategies should be established before marketing objectives are decided.

Accepted Answer

Marketing objectives should be established first as they define what the business wants to achieve, guiding the development of strategies to reach those goals.

Question 10

A functional organization works effectively for large, decentralized companies.

Accepted Answer

The answer of A functional organization works effectively for large,...

Question 11

Internal management refers to the coordination of internal exchanges between the organization and its employees to achieve successful external exchanges between the organization and its customers.

Accepted Answer

The answer of Internal management refers to the coordination of...

Question 12

A marketing unit can be organized according to functions, products, regions, or customers.

Accepted Answer

A marketing unit can be organized according to functions (such as advertising, market research), products (such as cosmetics, electronics), regions (such as North America, Asia), or customers (such as B2B or B2C).

Question 13

Internal marketing may involve market segmentation, product development, research, distribution, public relations, and sales promotion.

Accepted Answer

Internal marketing is a comprehensive process that involves various elements such as market segmentation, product development, research, distribution, public relations, and sales promotion to create a strong customer-oriented culture within an organization.

Question 14

Each of the marketing mix elements must work together with the others.

Accepted Answer

The marketing mix elements (product, price, place, promotion) must work together in a coherent and cohesive manner to achieve marketing goals and objectives. Each element influences the others, and they all contribute to the overall success of the marketing strategy.

Question 15

Marketing mix decisions must have two characteristics: consistency and timeliness.

Accepted Answer

The answer of Marketing mix decisions must have two characteristics:...

Question 16

A market is a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.

Accepted Answer

This is the definition of a market.

Question 17

When properly implemented, a good marketing strategy enables a company to achieve its business-unit and corporate objectives.

Accepted Answer

A well-executed marketing strategy can align with the overall business goals of a company and help achieve them.

Question 18

Marketing plans may be developed for strategic business units, product lines, individual products or brands, or specific markets.

Accepted Answer

Marketing plans can be developed for various levels or aspects of a business, such as strategic business units, product lines, individual products or brands, or specific markets.

Quiz 2: Marketing Strategy and Understanding Competitors

Marketing objectives state what is to be accomplished through marketing activities.

A strategic business unit is not self-supporting in terms of sales, markets, production, and other resources.

Marketing objectives state what is to be accomplished through marketing activities.

The decisions made in creating a marketing mix are only as good as the organization's understanding of the target market.

Marketing planning and implementation are inextricably linked in successful businesses.

The strategic planning process begins with a detailed analysis of the organization's strengths and weaknesses and the identification of opportunities and threats within the marketing environment.

Sometimes the information required to control marketing activities is available but too costly.

A sustainable competitive advantage is one that cannot be copied by a firm's competitors.

Marketing strategies should be established before marketing objectives are decided.

A functional organization works effectively for large, decentralized companies.

Internal management refers to the coordination of internal exchanges between the organization and its employees to achieve successful external exchanges between the organization and its customers.

A marketing unit can be organized according to functions, products, regions, or customers.

Internal marketing may involve market segmentation, product development, research, distribution, public relations, and sales promotion.

Each of the marketing mix elements must work together with the others.

Marketing mix decisions must have two characteristics: consistency and timeliness.

A market is a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.

When properly implemented, a good marketing strategy enables a company to achieve its business-unit and corporate objectives.

Marketing plans may be developed for strategic business units, product lines, individual products or brands, or specific markets.