Question 1

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 2

Jason, a 17-year-old high school student, wants to buy a pack of Marlboro Lights. 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 buy.

Accepted Answer

The lack of authority to purchase tobacco products is a common barrier for minors attempting to buy cigarettes. Although Jason has the ability to purchase the cigarettes and may have the willingness to do so, he does not have the legal authority due to his age. Therefore, option C, authority, is the correct answer.

Question 3

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 4

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

Accepted Answer

The Boston Consulting Group's product portfolio analysis classifies products as "dogs," "question marks," "stars," and "cash cows," but not "cash contributors."

Question 5

A strategic window is

Accepted Answer

A strategic window is a temporary period of optimal fit between the key requirements of a market and the particular capabilities of a firm competing in that market. It is an opportunity for an organization to take advantage of favorable circumstances and make a strategic move.

Question 6

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

Accepted Answer

A self-supporting profit center that operates independently within a larger business organization is known as a strategic business unit (SBU). It is responsible for its own profits, markets, and resources and is categorized as a separate entity within the larger organization. SBUs help in promoting accountability and autonomy while also aggregating resources and expertise, allowing for economies of scale.

Question 7

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

Accepted Answer

Opportunities refer to favorable conditions in the marketplace that can produce business rewards for the organization if acted upon properly. This includes emerging markets, changes in consumer preferences, advances in technology, and other external factors that can benefit the organization.

Question 8

Kraft purchased the Duracell Battery Company and now operates this division as a separate profit center within the firm. In this example, Duracell is a(n) ____ unit of Kraft.

Accepted Answer

Duracell, as a separate profit center, is a strategic business unit (SBU) within Kraft. SBUs are individual company divisions that are responsible for their own profits and have their own business strategy, allowing the parent company to diversify and manage risk.

Question 9

An organization's business goals should be derived from its

Accepted Answer

The mission statement outlines the organization's purpose and core values, which serve as the foundation for setting business goals.

Question 10

The Boston Consulting Group's matrix is based on the

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 11

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

Accepted Answer

Successful business organizations should strive to turn their internal weaknesses into strengths and external threats into opportunities. This approach is known as SWOT analysis, where strengths and weaknesses are the internal factors, and opportunities and threats are the external factors that affect a business. By identifying these factors and taking appropriate actions, a company can improve its competitive position, manage risks, and capitalize on market trends. Therefore, the best option is E.

Question 12

____ 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.

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 13

A firm's unique symbols, personalities, and philosophies comprise its

Accepted Answer

A firm's unique symbols, personalities, and philosophies make up its corporate identity, which distinguishes it from its competitors and creates a distinctive brand image. A corporate persona is a term used to describe an organization's perceived character by its stakeholders, such as customers, employees, and investors. Corporate character refers to the set of values, beliefs, and ethics that a business embodies. The CEO's identity is separate from the corporate identity and reflects the personal characteristics and traits of the company's top executive. Ethics are the principles and values that guide a business's decision-making processes and behavior.

Question 14

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

The statement highlights the positive qualities of John Deere, indicating that it has strengths such as strong name recognition and customer demand for its products.

Question 15

According to the text, a market is defined as

Accepted Answer

The definition of a market provided in the text 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 those products." This describes a market as a group of potential customers who are able and willing to purchase a certain type of product.

Question 16

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 effectively matches its core competencies (unique strengths and capabilities) to market opportunities, resulting in a superior performance compared to its competitors. This can include things like better technology, better customer service, lower costs, or unique expertise in a certain area that gives the company an edge in the market.

Question 17

Which of the following statements is incorrect?

Accepted Answer

The statement "Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels" is incorrect. Strategic planning actually begins at the corporate level and then cascades down through the business-unit and marketing levels.

Question 18

A group that has the willingness, ability, and authority to buy a product is a

Accepted Answer

A market is defined as a group of individuals or organizations that have the desire (willingness), financial capacity (ability), and legal power (authority) to purchase goods or services.

Question 19

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 specifically identifies the internal factors of an organization that contribute to its ability or inability to meet the needs of its target markets. Opportunities and threats refer to external factors, market opportunities and organizational resources may factor into SWOT analysis, but do not specifically address internal strengths and weaknesses. Activities and responsibilities are not appropriate terms for a SWOT analysis.

Question 20

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 combination of low prices, efficient service, and continual enhancement of its platform with more offerings has resulted in a competitive advantage over its competitors. This implies that it can attract and retain more customers, resulting in increased revenue and market share.

Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies