Question 1

Jason, a 17-year old high school student, wants to buy a pack of cigarettes. He has the money to purchase them, but he is still not considered to be a market for the product due to his lack of to purchase the cigarettes.
A) ability
B) willingness
C) authority
D) need
E) location

Accepted Answer

Jason lacks the legal authority to purchase cigarettes because he is underage.

Question 2

Anabell is willing to buy more goods from Ceres than the other retail stores because Ceres has been very successful in designing supply systems that link existing stores with its own website. This personalizes online shopping and provides a reliable delivery system. This unique capability that allows Ceres to achieve a competitive advantage over its rivals is called .
A) empowerment
B) a core competency
C) a benchmark
D) a strategic window
E) a marketing strategy

Accepted Answer

A core competency refers to a unique capability that gives a company a competitive advantage over its rivals, such as Ceres' ability to integrate its supply systems with its website effectively.

Question 3

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a:
A) non-profit sector.
B) strategic business unit.
C) marketing program.
D) small business.
E) diversified corporation.

Accepted Answer

A strategic business unit (SBU) is a profit center that focuses on product offerings and market segments, operating independently within a larger organization. It is self-supporting in terms of sales, markets, production, and other resources.

Question 4

A group of individuals or organizations that have needs for products in a product class and have the willingness, ability, and authority to purchase those products is called a(n):
A) strategic window.
B) industry.
C) strategic business unit.
D) exchange.
E) market.

Accepted Answer

A market consists of individuals or organizations with needs for products in a product class and the willingness, ability, and authority to purchase those products.

Question 5

The assessment of an organization's strengths, weaknesses, opportunities, and threats is called .
A) a SWOT analysis
B) benchmarking
C) total quality management
D) a PEST analysis
E) a portfolio analysis

Accepted Answer

SWOT analysis is a strategic planning tool used to evaluate the strengths, weaknesses, opportunities, and threats involved in a project or business venture.

Question 6

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called:
A) strengths.
B) market strategies.
C) market niches.
D) threats.
E) opportunities.

Accepted Answer

Favorable conditions in the marketplace environment are referred to as opportunities. An opportunity is a positive external factor that an organization can exploit to achieve its objectives. These opportunities may include changes in technology, changes in consumer behavior, or changes in the regulatory environment. By understanding and taking advantage of these opportunities, the organization can produce business rewards.

Question 7

Ferner Inc. is one of the largest manufacturers of agricultural machinery in the world. Ferner Inc.'s strong name recognition and solid customer demand for its farm and garden equipment are two elements of the company's _____.
A) weaknesses
B) opportunities
C) strengths
D) threats
E) strategies

Accepted Answer

Strong name recognition and solid customer demand are considered strengths of a company.

Question 8

The Boston Consulting Group's matrix is based on the:
A) idea that a firm's market share and market attractiveness are the important factors for a marketing strategy.
B) assumption that a firm's actions have a profitable impact on marketing strategy.
C) business position and market attractiveness of the firm.
D) philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy.
E) idea that a product's market growth rate and market attractiveness determine the marketing strategy.

Accepted Answer

The Boston Consulting Group's matrix, also known as the BCG matrix, categorizes products or business units based on their market growth rate and relative market share. This helps companies decide where to allocate resources for maximum profitability and growth potential.

Question 9

A is created when a company matches its core competency to opportunities it has discovered in the marketplace.
A) market opportunity
B) marketing objective
C) competitive advantage
D) strategic window
E) competitive opportunity

Accepted Answer

A competitive advantage is created when a company aligns its core competencies with opportunities in the marketplace, allowing it to outperform competitors.

Question 10

Successful business organizations should take actions to convert internal weaknesses into .
A) strategies
B) threats
C) opportunities
D) core competencies
E) strengths

Accepted Answer

Successful business organizations aim to convert internal weaknesses into strengths to improve their competitive position and overall performance.

Question 11

Trogan Co. is a multinational electronic commerce company. The company's pricing, service, and customer support enable it to generate more sales and retain more customers than its competition. In this scenario, what does Trogan Co. have over its competitors?
A) A subordinate share of the market
B) A strategic window
C) Empowerment
D) A market opportunity
E) A competitive advantage

Accepted Answer

Trogan Co.'s ability to generate more sales and retain more customers due to its superior pricing, service, and customer support indicates that it has a competitive advantage over its competitors.

Question 12

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are classified as:
A) dogs.
B) cash cows.
C) stars.
D) question marks.
E) problem children.

Accepted Answer

Stars are products with a dominant market share and high growth prospects according to the Boston Consulting Group's growth-share matrix.

Question 13

A outlines the scope of the business and such considerations as resource deployment, competitive advantages, and overall coordination of functional areas.
A) mission statement
B) corporate strategy
C) business-unit strategy
D) marketing strategy
E) marketing mix

Accepted Answer

Corporate strategy outlines the scope of the business, resource deployment, competitive advantages, and overall coordination of functional areas.

Question 14

The goals of any organization should derive from its:
A) mission statement.
B) strategic plan.
C) strategic business plan.
D) marketing plan.
E) marketing strategy.

Accepted Answer

The mission statement outlines the organization's purpose and core values, serving as the foundation from which goals are derived.

Question 15

A strategic window is:
A) the right combination of circumstances and timing that permits an organization to take action to reach a particular target market.
B) what determines the factors that are most important in making a market attractive or strong.
C) a long-term view, or vision, of what the organization wants to become.
D) a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.
E) the process that seeks information about events and relationships in a company's external environment.

Accepted Answer

A strategic window is a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.

Question 16

A determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals.
A) corporate strategy
B) business-unit strategy
C) marketing strategy
D) mission statement
E) marketing mix

Accepted Answer

Corporate strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals.

Question 17

Galaxo Hotels, an international chain of full service hotels, aims to have at least 90 percent of its customers express that they had memorable and satisfying experiences at the hotels. This is an example of .
A) implementing the marketing mix
B) maintaining corporate identity
C) a marketing objective
D) a marketing strategy
E) a mission statement

Accepted Answer

This is a marketing objective because it is a specific goal that Galaxo Hotels aims to achieve in terms of customer satisfaction.

Question 18

A competitive advantage exists when a:
A) firm matches a core competency to opportunities it has discovered in the marketplace.
B) firm compares the quality of its goods, services, or processes with that of its best-performing competitors.
C) combination of circumstances and timing allows a firm to reach an attractive target market.
D) firm observes a fit between the key requirements of a market and its own capabilities.
E) firm has a strong marketing plan.

Accepted Answer

A competitive advantage exists when a firm matches a core competency to opportunities it has discovered in the marketplace, allowing it to outperform competitors.

Question 19

Adocell Inc., a multinational electronics company, purchased Plutolyte Co., a battery company, and now operates this division as a separate profit center within the firm. In this example, Plutolyte Co. is a typical example of a _____.
A) strategic business unit
B) marketing program
C) non-profit sector
D) competitor
E) core competence

Accepted Answer

Plutolyte Co. is a typical example of a strategic business unit (SBU) because it operates as a separate profit center within Adocell Inc., allowing it to focus on its specific market and business objectives.

Question 20

According to the Boston Consulting Group, marketers may classify their products as all of the following except _____.
A) dogs
B) convenience products
C) question marks
D) stars
E) cash cows

Accepted Answer

The Boston Consulting Group (BCG) matrix classifies products into four categories: dogs, question marks, stars, and cash cows. Convenience products are not part of this classification.

Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies

Jason, a 17-year old high school student, wants to buy a pack of cigarettes. He has the money to purchase them, but he is still not considered to be a market for the product due to his lack of to purchase the cigarettes.

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a:

A group of individuals or organizations that have needs for products in a product class and have the willingness, ability, and authority to purchase those products is called a(n) :

The assessment of an organization's strengths, weaknesses, opportunities, and threats is called .

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

Ferner Inc. is one of the largest manufacturers of agricultural machinery in the world. Ferner Inc.'s strong name recognition and solid customer demand for its farm and garden equipment are two elements of the company's _____.

The Boston Consulting Group's matrix is based on the:

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

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

Trogan Co. is a multinational electronic commerce company. The company's pricing, service, and customer support enable it to generate more sales and retain more customers than its competition. In this scenario, what does Trogan Co. have over its competitors?

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are classified as:

A outlines the scope of the business and such considerations as resource deployment, competitive advantages, and overall coordination of functional areas.

The goals of any organization should derive from its:

A strategic window is:

A determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals.

Galaxo Hotels, an international chain of full service hotels, aims to have at least 90 percent of its customers express that they had memorable and satisfying experiences at the hotels. This is an example of .

A competitive advantage exists when a:

Adocell Inc., a multinational electronics company, purchased Plutolyte Co., a battery company, and now operates this division as a separate profit center within the firm. In this example, Plutolyte Co. is a typical example of a _____.

According to the Boston Consulting Group, marketers may classify their products as all of the following except _____.