Question 1

Because of its highly efficient and low-cost distribution system, Walmart has a ____ advantage over Kmart.

Accepted Answer

The question is asking for a type of advantage that Walmart has over Kmart, and the answer choices all relate to different types of advantages. The best choice is E, sustainable competitive advantage, because Walmart's efficient and low-cost distribution system is a unique and valuable resource that is difficult for competitors to replicate, giving Walmart a long-term advantage over Kmart.

Question 2

Which of the following is not a component of a marketing plan?

Accepted Answer

Product is not a component of a marketing plan; it is rather the subject of the plan. A marketing plan typically includes an analysis of the environment, strategies, implementation plans, and an executive summary, but the product itself is what these components are designed to promote and sell.

Question 3

Emma is responsible for developing and implementing the marketing plan for a new type of walking shoe targeted toward older women. Her responsibility includes making sure that the production and deliveries to the retail stores are coordinated for this new product. In order for the marketing implementation to be successful, Emma should be sure the needs of ____ customers are met.

Accepted Answer

Emma's responsibility is to ensure that the marketing plan for the walking shoe is properly executed, which includes coordinating production and delivery to retail stores. This requires meeting the needs of both internal stakeholders (such as her team members) as well as external stakeholders (such as the target customers of the product). Therefore, the needs of both internal and external customers should be met for the marketing implementation to be successful. The planned and realized customers are not relevant to this question.

Question 4

Sayed's employer is currently developing a new marketing strategy. The top managers have developed the marketing strategy and have given it to Sayed so that he can now develop an implementation plan. Sayed's company will most likely end up with which type of strategy?

Accepted Answer

The fact that top managers developed the marketing strategy and then passed it on to Sayed to develop an implementation plan suggests a centralized strategy, where decision-making power is concentrated at the top level of the organization.

Question 5

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

Accepted Answer

According to the Boston Consulting Group matrix, products with a dominant share of the market and good prospects for growth are considered "stars." They are high-growth, high-market share products, and require significant investment to maintain their position.

Question 6

Business decisions made in creating a marketing mix

Accepted Answer

Business decisions made in creating a marketing mix must be based on the organization's understanding of the needs and preferences of the target market. If the organization's understanding of the market is inaccurate, the marketing mix will be less effective. It is crucial to continually evaluate and adjust the marketing mix based on feedback from the target market.

Question 7

The Texas Pitt Barbecue Corporation has conducted a SWOT analysis of its competition and sees a marketing opportunity for its new Texas Pit Barbecue restaurant. It has developed its marketing plan to include the type of products it will sell, the location for the restaurant, and the pricing it will use. Their plan includes a marketing objective to make a profit of 5% the first year of operation. So far, the owners of the restaurant have eliminated a key piece of the marketing plan, which is ____.

Accepted Answer

The owners have not specified how they will achieve their marketing objective of making a profit of 5% in the first year. Without a plan outlining specific actions and strategies to reach the objective, it will be difficult to determine if the objective is achievable or not.

Question 8

High Gliding Air Academy is developing its marketing mix for the coming year. Its managers know that they must first select ____ which may be the most important decision they make in the planning process.

Accepted Answer

Selecting a target market is the most important decision in the planning process as it determines the other elements of the marketing mix such as promotional strategy, distribution method, pricing strategy, and desired profit margin. The target market also helps to ensure that the marketing efforts are focused and effective.

Question 9

All marketing mix decisions must have two characteristics: ____ and ____.

Accepted Answer

All marketing mix decisions must have consistency in order to build a strong brand identity and message, but they must also have flexibility to adapt to changes in the market and consumer preferences. Thus, the right answer is A.

Question 10

Hallaway's Corp.'s new shampoo, VS2, is faltering badly in the market. Hallaway's marketing personnel are unsure who is responsible for various marketing tasks, when these tasks are to be completed, or what resources have been allocated. Hallaway Marketing Director Carolyn Willis said that the problem is that VS2 has the most poorly written ____ she has ever seen.

Accepted Answer

The sentence mentions that the problem is with the "poorly written" plan, indicating that the issue lies with the marketing plan, rather than the other options.

Question 11

Harley-Davidson's Harley Owner's Group (HOG) helps to foster strong relationships between riders and their motorcycles, giving it a(n) ____ over other motorcycle manufacturers.

Accepted Answer

The Harley Owner's Group (HOG) helps to create a strong relationship between riders and their motorcycles, which cannot be easily replicated by competitors. This creates a sustainable competitive advantage for Harley-Davidson over other motorcycle manufacturers.

Question 12

Starbucks provides training and support to its employees, including health-care benefits. Through these ____ efforts Starbucks is better able to deliver quality products and service to its customers.

Accepted Answer

The sentence is describing how Starbucks provides training and support to its employees, including health-care benefits, in order to better serve its customers. This is an example of internal marketing, which focuses on promoting the company's values and culture to its employees in order to improve their job satisfaction and overall performance. Internal management (A) is a broader term that encompasses all aspects of managing a company, while extended marketing (B) and intended marketing (C) are not relevant in this context. External marketing (D) would be focused on promoting the company to external audiences, such as customers or potential investors, and is not mentioned in the sentence.

Question 13

Which of the following is not a purpose of the marketing plan?

Accepted Answer

A marketing plan is a comprehensive document that outlines a company's overall marketing efforts, objectives, strategies, and tactics. While a marketing plan aims to communicate with employees, assign tasks, specify resources, and monitor performance, it is not meant to serve as a contract with the customer. A contract is a legally binding agreement between a business and a customer, and it typically includes terms and conditions related to the purchase, delivery, payment, and use of a product or service.

Question 14

A marketing plan document usually begins with a(n)

Accepted Answer

The executive summary is typically the first section of a marketing plan document, summarizing the key points of the plan for readers.

Question 15

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's

Accepted Answer

Market share refers to the percentage of a market that a specific company actually sells to. It is a measure of a company's competitiveness and success within the market. The other options are not specific measures of a product's sales within a market.

Question 16

Which of the following is the most specific and detailed type of business strategy?

Accepted Answer

The answer of Which of the following is the most...

Question 17

The director of marketing for 3M tapes tells the rest of the management team, "When it comes to our transparent packaging tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the packaging tape unit falls into which one of the following classifications?

Accepted Answer

The director's statement indicates that the transparent packaging tape unit is generating funds, which is a characteristic of a cash cow. Additionally, the director plans to use those funds to support a different venture, which suggests that the packaging tape unit is a mature and stable business that can provide financial support to other units.

Question 18

Gucci Group, a marketer of high-fashion products, achieved a company turnaround by ensuring that its brand had the same image and proper display around the world. It also lowered prices on some items, like handbags, to be more competitive. This illustrates a company working to develop a marketing mix that is both ____ and ____.

Accepted Answer

Gucci Group's efforts to ensure that its brand had a consistent image and proper display around the world shows that the company is striving for consistency in its marketing mix. However, the decision to lower prices on some items demonstrates a flexibility in its approach, allowing the company to be more competitive in the market. Therefore, the best choice is A, consistent and flexible.

Question 19

A marketing plan

Accepted Answer

A marketing plan provides a framework for implementing and controlling marketing activities, which helps the marketing manager to achieve the desired results with efficient use of resources. It is not restricted to production-oriented firms or mass producers, nor does it always increase operating costs. The marketing plan can be both short-term and long-term in orientation, depending on the company's objectives. While it may require some trade-offs in terms of future options, the benefits of having a plan typically outweigh any constraints.

Question 20

Which of the following statements about the marketing mix is incorrect?

Accepted Answer

This statement is incorrect as marketing mix can be changed even after it has been created for a particular target market. The market conditions, competition, and customer preferences are continually evolving, and the marketing mix needs to be adjusted accordingly to remain effective.

Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies