Question 1

When firms successfully implement poor strategies (perhaps due to good luck)or do a poor job of implementing good strategies,it can be difficult to:

Accepted Answer

Evaluating performance and making adjustments is difficult when firms implement poor strategies successfully or do a poor job of implementing good strategies. In such scenarios, it is important to identify the root cause of success or failure and make necessary adjustments to improve performance. This may require a re-evaluation of the firm's goals, strategies, processes, and culture. Without proper evaluation and adjustment, firms may continue to operate with suboptimal strategies or processes, which can lead to long-term negative consequences. Thus, option B is the best choice.

Question 2

Allen is in the marketing department of a mid-sized firm that develops and sells communications systems.He is proud of the Human Resources area in the company that provides the firm with excellent employees.Allen himself really enjoys his work,but he knows the work of HR helps create an advantage for the firm because:

Accepted Answer

All of the given options point towards the importance of having a strong and committed workforce in the success of a firm. Knowledgeable employees can provide better service to customers, employees play a major role in the success of a firm, communication and inspiration towards the customer relies on the belief of employees in the firm's mission, and building customer loyalty is heavily dependent on a committed workforce. Therefore, all the given options are valid reasons why the work of HR helps create an advantage for the firm.

Question 3

After performing an STP analysis,marketers implement ____________ for each target market.

Accepted Answer

After performing an STP analysis, marketers implement pricing strategies, promotion strategies, place strategies, and product strategies for each target market. Therefore, all of these options are correct.

Question 4

Starbucks has developed a number of metrics beyond purely financial metrics.Knowing the importance of perceptions and knowing the importance of developing ways to demonstrate its activity,Starbucks tries to find clear ways to:

Accepted Answer

Starbucks' development of metrics beyond financial metrics aims to address multiple aspects, including building brand equity, demonstrating corporate social responsibility, addressing concerns of opponents at different levels, and helping consumers feel better about their purchases. Therefore, all of the choices are correct.

Question 5

Marketers want their firms to develop efficient operations because this kind of efficiency:

Accepted Answer

Developing efficient operations can lead to lower costs, which can result in lower prices or greater pricing flexibility, as well as allow firms to offer greater value to customers. It also makes it easier to get products to customers when they want them, which can lead to improved margins. Therefore, all of the choices are correct.

Question 6

Portfolio analysis is a useful and powerful tool,but firms often need to take a more balanced approach because:

Accepted Answer

Measures for portfolio analysis can be difficult to obtain and project, leading to potential errors in analysis. Additionally, classifications can become self-fulfilling prophecies and strengths and weaknesses may be distorted. It is important for firms to consider substitute approaches that may offer different insights, rather than relying solely on portfolio analysis. Therefore, a more balanced approach is recommended.

Question 7

Brad is reviewing the performance of his Subway sandwich store.As a franchisee,he has access to comparative data from other stores.Brad will likely look at ____________ data for other stores to help him to evaluate his performance.

Accepted Answer

To accurately evaluate his performance, Brad will need to look at sales, gross margin, number of customers, and coupon redemption data from other Subway sandwich stores. This will give him a comprehensive view of how his store stacks up against others in terms of revenue, profitability, customer traffic, and marketing effectiveness. Looking at just one of these factors in isolation would not give him a complete picture of his store's performance.

Question 8

A competitive advantage based on location is often sustainable because:

Accepted Answer

A competitive advantage based on location is not easily duplicated, as it is dependent on physical factors such as proximity to resources, transportation routes, and target market. This makes it more sustainable compared to advantages that can be easily replicated, such as discounts or promotions that can be matched by competitors.

Question 9

The goal of a customer excellence strategy is to gain loyal customers.Customer loyalty can be developed through:

Accepted Answer

All three options - having a strong brand, offering unique merchandise, and providing superior customer service - contribute to gaining loyal customers. A strong brand can make customers feel emotionally connected to the company, offering unique merchandise gives customers a reason to choose the company over competitors, and providing superior customer service ensures that customers have a positive experience and will want to return. Therefore, having all of these strategies in place will increase the likelihood of gaining loyal customers.

Question 10

Four companies dominate the cereal industry.These firms produce in large volumes,promote heavily,and control access to the supermarket shelves through "slotting allowances," which are payments to retailers in return for shelf space.Combined,these four firms have:

Accepted Answer

These four companies have a sustainable competitive advantage because they have established strong control over the market through high production volumes, heavy promotion, and strategic control over shelf space, making it difficult for new competitors to enter the market.

Question 11

In 2007,Apple Computer Company introduced its new iPhone,adding a cellular telephone,a camera,and Internet access to its iPod.The company was pursuing a(n)__________ strategy.

Accepted Answer

The introduction of new features to the iPod, such as cellular telephone, a camera, and Internet access, indicates that the company was pursuing a product development strategy. The focus was on enhancing and expanding the existing product to meet the changing needs of customers.

Question 12

Value creation through Place decisions for a consumer product involves:

Accepted Answer

Value creation through Place decisions involves making sure the product is available in the stores where customers will want to find it, and that it is always in stock so they can buy it when they want to. This ensures customer satisfaction and loyalty, which in turn, drives sales and revenue for the company. While the other options, such as designing creative displays and pricing products differently at different stores, can also contribute to value creation, making sure the product is available and easily accessible to customers is the most important factor in Place decisions. Focusing exclusively on internet sales may also limit the company's reach and potential customer base.

Question 13

Greta is the marketing director for the Pump-N-Slurp convenience store chain.She recently developed a marketing plan for the firm and presented it to company executives.Which of the following did Greta probably include in Pump-N-Slurp's marketing plan?

Accepted Answer

A comprehensive marketing plan would typically include specific plans for each of the four Ps, marketing objectives, opportunities for the firm, and perceived weaknesses of the firm. Therefore, Greta may have included all of these in Pump-N-Slurp's marketing plan.

Question 14

Which of the following factors,listed in a situation analysis for a major U.S.auto manufacturer,is the best example of an opportunity?

Accepted Answer

Recent consumer studies indicating a preference for American cars among Chinese consumers represent an external market opportunity for the U.S. auto manufacturer to expand or increase its market share in China.

Question 15

In recent years,cellular (mobile)service providers have worked hard to eliminate "dead zones," providing customers with service wherever they traveled.By working to make the network available in more locations,cellular service companies were focusing on __________ value creation.

Accepted Answer

By extending their network coverage to more locations, cellular service providers are focusing on creating value in terms of place. This refers to the convenience and accessibility of the product/service to the customer, and is an important aspect of value creation for mobile service providers.

Question 16

When choosing marketing communication methods,the most effective and efficient option depends on:

Accepted Answer

The most effective and efficient marketing communication method depends on all of these factors - the target audience (customers), the value that the product/service offers, and the message that is being conveyed. It is important to align the communication method with the target audience, ensure that the value proposition is clear and prominent, and craft the message in a way that resonates with the audience. Only by considering these factors in combination can a truly effective and efficient communication method be chosen.

Question 17

Which of the following factors,listed in a situation analysis for a major auto manufacturer,is the best example of a threat?

Accepted Answer

A class action lawsuit against the company is a threat because it could lead to financial losses and damage to the company's reputation. The other options do not present immediate or direct threats to the company's operations or profits.

Question 18

When Nike,the prominent athletic shoe manufacturer,branched out from selling only athletic shoes to also offering athletic clothing and gym bags,what type of growth strategy did this represent?

Accepted Answer

Nike expanding its product line from athletic shoes to athletic clothing and gym bags represents a product development growth strategy, as it is expanding its product offerings within its current market.

Question 19

Which of the following is the best way to build a sustainable competitive advantage using product excellence?

Accepted Answer

By positioning the product using a clear, distinctive brand image, a company can build a sustainable competitive advantage. This helps to differentiate their product from competitors and create a loyal customer base. Being the first to offer desired features or having the most features on each model may be easily copied by competitors. Focusing on being cutting edge may require continual investment and may also alienate customers who prefer older features. Copying the market leader's features at a lower cost may result in lower quality and may not provide a sustainable advantage.

Question 20

Which of the following actions,if it actually happened,would be the most likely to support and enhance an operational excellence macro strategy?

Accepted Answer

Implementing new software to improve communication with suppliers would support and enhance an operational excellence macro strategy by increasing efficiency in the supply chain, reducing costs and improving quality control.

Quiz 2: Developing Marketing Strategies and a Marketing Plan

When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies,it can be difficult to: