Question 1

Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____.

Accepted Answer

Successful business organizations aim to convert internal weaknesses into strengths, making the organization more robust internally. Similarly, they strive to turn external threats into opportunities, allowing the organization to capitalize on external challenges and potentially gain a competitive advantage.

Question 2

A market opportunity results from

Accepted Answer

A market opportunity results from the right combination of circumstances and timing that permits an organization to take action to reach a particular target market. This includes changes in consumer needs and preferences, advancements in technology, shifts in the competitive landscape, and other environmental factors that create a favorable opening for a company to introduce a new product, enter a new market, or otherwise expand its operations. Effective market opportunity analysis requires a deep understanding of these factors and the ability to take advantage of them before competitors do.

Question 3

A strategic window is

Accepted Answer

A strategic window is a temporary period of time during which a company has a unique opportunity to capitalize on a particular market by leveraging its specific capabilities or strengths to meet the market's key requirements or needs. This window of opportunity typically arises due to changes or shifts in the market or industry, and it's important for companies to act quickly and decisively to take advantage of it.

Question 4

Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a

Accepted Answer

Safeway is developing a marketing strategy by identifying and analyzing a target market and then creating a marketing mix to satisfy individuals in that market to gain long-term competitive advantages.

Question 5

Managers at the Hightop Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called

Accepted Answer

The process described involves multiple levels of planning, including the revision of the organization's mission and goals, development of corporate strategy, and eventually, development of a marketing plan. This aligns with the definition of strategic planning which involves a comprehensive process of assessing an organization's current situation and developing strategies to achieve its long-term goals.

Question 6

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

Accepted Answer

A competitive advantage is created when a company is able to leverage its core competency (unique strengths and capabilities) to gain an edge over its competitors in the marketplace. This allows the company to better meet customer needs and achieve greater success. Matching core competency to market opportunities is an essential aspect of creating a competitive advantage.

Question 7

When conducting a SWOT analysis, Walmart's massive distribution network should be classified as an opportunity.

Accepted Answer

Walmart's massive distribution network is considered a strength because it is an internal capability that gives the company a competitive advantage.

Question 8

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

Accepted Answer

"Favorable conditions in the marketplace environment" suggest that there are opportunities that the organization can take advantage of. Therefore, the correct answer is opportunities (choice E).

Question 9

CyberCycle Inc. is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the

Accepted Answer

The written document specifying the activities to be performed to implement and control marketing activities is called a marketing plan. Choices A, B, C, and D all refer to broader business or strategic plans that may include a marketing plan as a component.

Question 10

Apple has made a success from anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition.

Accepted Answer

Core competency refers to a unique strength or capability that an organization possesses and enables it to differentiate from competitors. Apple's success in anticipating consumer needs and creating innovative, user-friendly products is a core competency that has given the company a sustainable competitive advantage.

Question 11

Amazon's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers.

Accepted Answer

Amazon's pricing, service, and investment in website improvements give it a competitive advantage over other retailers, meaning it has an edge in the marketplace that sets it apart from its competitors.

Question 12

After determining that consumers had concerns about fat and carbohydrates, Piada's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of

Accepted Answer

The creation of a low-fat, low-carb pizza product was in response to a market opportunity, as consumers had expressed concerns about fat and carbohydrates. Piada's Pizza saw a gap in the market and developed a product to meet consumer demand.

Question 13

When managers at Solutions Inc.are developing their strategic plan, they use a market orientation as a guide to ensure that ____ is an integral part of the process.

Accepted Answer

A market orientation focuses on understanding and meeting the needs and wants of customers. Therefore, ensuring customer satisfaction is an integral part of the strategic planning process.

Question 14

An organization's business goals should be derived from its

Accepted Answer

The answer of An organization's business goals should be derived...

Question 15

The marketing plan is

Accepted Answer

The marketing plan is a written document that outlines the activities to be performed to implement and control marketing actions. It is focused specifically on marketing strategies and tactics.

Question 16

Which of the following is a characteristic of a marketing objective?

Accepted Answer

Marketing objectives are designed to be aligned with the broader goals of the business unit and the overall corporate strategy, ensuring that marketing efforts support the company's general direction and objectives.

Question 17

The reputation and well-known brand name of Rolex watches represents a ____ for Rolex.

Accepted Answer

The answer of The reputation and well-known brand name of...

Question 18

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

Accepted Answer

An analysis of strengths and weaknesses involves examining the internal factors such as operations, resources, personnel, and other aspects of the organization that may affect its ability to serve the target market. This analysis helps to identify areas where the organization excels and areas where improvement is needed, which is important for developing strategic plans and making informed decisions.

Question 19

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's

Accepted Answer

John Deere's strong name recognition and solid customer demand are internal factors that are considered strengths for the company.

Question 20

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

Accepted Answer

A market opportunity occurs when the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market. It is a favorable situation for a company to enter a new market, introduce new products, or expand its customer base.

Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies

Successful business organizations should take actions to convert internal weaknesses into and external threats into .