Question 1

The firm's annual marketing effort,such as advertising,personal selling,sales promotion,direct marketing,and public relations expenses is ________ in a sales response function graph.

Accepted Answer

The resource allocation principle is inherent in the sales response function that can be graphed.The firm's annual marketing effort,such as advertising,personal selling,sales promotion,direct marketing,and public relations expenses,is plotted on the horizontal (X)axis.As the annual marketing effort increases,so does the resulting annual sales revenue,which is plotted on the vertical (Y)axis.

Question 2

Reflecting on the research study of over 200 management tools and techniques,which of the following companies is an example of a firm that excels based on a devising and maintaining a "clearly stated,focused strategy"?

Accepted Answer

Researchers concluded that four basic business and management practices are what matter: (1)strategy,(2)execution,(3)culture,and (4)structure.Costco is known for devising and maintaining a clearly stated,focused strategy: Sell a limited selection of branded high-end merchandise at low prices.Because of this strategy,Costco is the largest membership warehouse club chain in the United States.

Question 3

The mathematical function that relates the expense of marketing effort to the marketing results obtained is referred to as

Accepted Answer

Key term definition-sales response function.

Question 4

Lockheed Martin's Skunk Works is a leader in delivering world-class aircraft.About 50 engineers and designers and 100 expert machinists closely follow this guideline for organizational structure and implementation: Use a small number of good people who

Accepted Answer

Lockheed's Skunk Works is a leader in delivering world-class aircraft.About 50 engineers and designers and 100 expert machinists closely follow this guideline for organizational structure and implementation: Use a small number of good people who can talk to anyone in the organization to solve a problem.

Question 5

Four basic business and management practices are what matter-"what really works," to use the phrase of the researchers who studied more than 200 management tools and techniques.All of the following are included except which?

Accepted Answer

Researchers concluded that four basic business and management practices are what matter: (1)strategy,(2)execution,(3)culture,and (4)structure.

Question 6

Toyota is generally acknowledged as the best in the world in revolutionizing the design and manufacture of autos.Toyota managers created the doctrine of ________,or continuous improvement.

Accepted Answer

Toyota managers created the doctrine of kaizen,or continuous improvement.

Question 7

Reflecting on the research study of over 200 management tools and techniques,which of the following companies is an example of a firm that excels in terms of operational execution?

Accepted Answer

Researchers concluded that four basic business and management practices are what matter: (1)strategy,(2)execution,(3)culture,and (4)structure.Toyota is generally acknowledged as the best in the world in revolutionizing the design and manufacture of autos.Toyota managers created the doctrine of kaizen,or continuous improvement.By developing and maintaining flawless operational execution,Toyota continues to be a market leader.

Question 8

As the annual marketing effort increases in a sales response function graph,so does the resulting annual sales revenue,which is

Accepted Answer

The resource allocation principle is inherent in the sales response function that can be graphed.The firm's annual marketing effort,such as advertising,personal selling,sales promotion,direct marketing,and public relations expenses,is plotted on the horizontal (X)axis.As the annual marketing effort increases,so does the resulting annual sales revenue,which is plotted on the vertical (Y)axis.

Question 9

Recently,General Mills launched all of the following products except which?

Accepted Answer

In light of these consumer trends and the intense competition it faces in the consumer packaged foods industry,General Mills is offering a variety of new products,among them:  Very Berry Cheerios,Nature Valley Granola Cups,Annie's Popcorn,and Yoplait Dippers.

Question 10

The relationship of annual marketing effort to annual sales revenue is assumed to be ________ of the sales response function.

Accepted Answer

The sales response function relates the expense of marketing effort to the marketing results obtained.The relationship is assumed to be S-shaped,showing that an incremental increase of marketing effort results in far greater increases of sales revenue in the midrange of the curve than at either end.

Question 11

Reflecting on the research study of over 200 management tools and techniques,which of the following companies is an example of a firm that excels based on its organizational structure?

Accepted Answer

Researchers concluded that four basic business and management practices are what matter: (1)strategy,(2)execution,(3)culture,and (4)structure.Lockheed Martin's Skunk Works built and maintains a fast,flexible,flat organization that relies on a small team of engineers,designers,and machinists who are able to cut through the red tape that slows decision making.

Question 12

Four basic business and management practices are what matter-"what really works," to use the phrase of the researchers who studied more than 200 management tools and techniques.Which of the following is one of these?

Accepted Answer

Researchers concluded that four basic business and management practices are what matter: (1)strategy,(2)execution,(3)culture,and (4)structure.

Question 13

The launch of a new cereal typically costs up to $30 million and usually involves

Accepted Answer

The launch of a new cereal typically costs up to $30 million and usually involves replacing one of more than 300 competing breakfast cereals already on retailers' shelves.

Question 14

Reflecting on the research study of over 200 management tools and techniques,which of the following companies is an example of a firm that excels based on a performance-oriented culture?

Accepted Answer

Researchers concluded that four basic business and management practices are what matter: (1)strategy,(2)execution,(3)culture,and (4)structure.For the sixth consecutive year Google was ranked number one on Fortune's list of the 100 Best Companies to Work For.Its culture is based on several key principles including: "Focus on the user and all else will follow," "You can make money without doing evil," and "Great just isn't good enough." The performance results are high employee job satisfaction,22 percent growth in sales,and 29 percent growth in profits.

Question 15

In a five-year study,researchers conducted in-depth analysis of 160 companies and more than 200 management tools and techniques.What was their principal finding?

Accepted Answer

In a five-year study,researchers conducted in-depth analysis of 160 companies and more than 200 management tools and techniques.Their findings? Individual management tools and techniques had no direct relationship to superior business performance in the companies.

Question 16

What is the assumed shape of the graph of the sales response function?

Accepted Answer

The resource allocation principle is inherent in the sales response function that can be graphed.The firm's annual marketing effort,such as sales and advertising,personal selling,sales promotion,direct marketing,and public relations expenses,is plotted on the horizontal (X)axis.As the annual marketing effort increases,so does the resulting annual sales revenue,which is plotted on the vertical (Y)axis.The relationship is assumed to be S-shaped,showing that an additional $1 of marketing effort,from $3 million to $4 million at Point A,results in far greater increases of sales revenue in the midrange ($20 million)of the curve than at either end.This is because at the left end of the S-curve,the cost of the marketing effort to gain new customers is high for they must be made aware of the product.In contrast,at the right end of the S-curve,the easy-to-get customers are already buying the product and getting every new one is again very costly.

Question 17

To overcome the problem that occurs during product development when consumers say one thing in a market research study and do another when facing a supermarket shelf,the Warm Delights team ran marketing experiments that involved all of the following except which?

Accepted Answer

To overcome the problem that occurs during product development when consumers say one thing in a market research study and do another when facing a supermarket shelf,the Warm Delights team ran marketing experiments that involved putting a prototype dessert in a store,measuring the results,improving the prototype,and repeating the process.The special packaging is based on the team's research that showed extending the black microwavable bowl outside the edges of the Warm Delights package communicated its cooking convenience to prospective buyers.

Question 18

Economists would most likely recommend that marketing managers allocate the firm's marketing resources to the markets and products where

Accepted Answer

When the excess of incremental revenues over incremental costs is greatest for one product or market compared to others,it will provide the greatest addition to profit.

Question 19

Toyota is generally acknowledged as the best in the world in revolutionizing the design and manufacture of autos.Toyota managers created the doctrine of kaizen,or

Accepted Answer

Toyota is generally acknowledged as the best in the world in revolutionizing the design and manufacture of autos.Toyota managers created the doctrine of kaizen,or continuous improvement.

Question 20

Which of the following statements about the four basic business and management practices that researchers identified is most accurate?

Accepted Answer

Researchers concluded that four basic business and management practices are what matter: (1)strategy,(2)execution,(3)culture,and (4)structure.Firms with excellence in all four of these areas are likely to achieve superior business performance.The researchers concluded that which of these a firm chooses to use is less important than flawless execution of the one(s)it does use.

Quiz 22: Pulling It All Together: the Strategic Marketing Process