Question 1

Which of the following statements about the marketing mix is incorrect?
A)The selection of the target market serves as the basis for the creation of the marketing mix.
B)The elements of the marketing mix are sometimes referred to as marketing mix variables.
C)Each element of the marketing mix must be precisely matched with the needs of the target market.
D)Once a marketing mix has been created for a particular target market, it cannot be changed until a new strategic window opens.
E)Each element of the marketing mix must be precisely matched with the other elements of the marketing mix.

Accepted Answer

Once a marketing mix has been created for a particular target market, it can be modified or changed if necessary. The marketing mix is not a fixed concept and needs to be adaptable according to changes in the market, consumer needs, and business goals. Therefore, statement D is incorrect.

Question 2

A long-term view, or vision, of what the organisation wants to become is called a mission proclamation.

Accepted Answer

A long-term view, or vision, of what the organisation wants to become is called a vision statement, not a mission proclamation.

Question 3

The fact that Virgin Australia Airlines has a history of being able to retain its employees is a(n) __________ in its SWOT analysis.
A)weakness
B)strength
C)threat
D)opportunity
E)comparative advantage

Accepted Answer

The ability to retain employees is a positive aspect of the company and adds to its competitive advantage, making it a strength in the SWOT analysis.

Question 4

The analysis of opportunities and threats focuses on internal factors that give an organisation certain advantages and disadvantages in meeting the needs of its target markets.

Accepted Answer

The analysis of opportunities and threats actually focuses on external factors, such as market trends, competition, and economic conditions, that may impact an organization's success in meeting the needs of its target markets.

Question 5

The strategic planning process begins with a detailed analysis of an organisation's strengths and weaknesses and the identification of opportunities and threats within the marketing environment.

Accepted Answer

This is the correct statement about the strategic planning process. The analysis of strengths, weaknesses, opportunities, and threats is commonly known as a SWOT analysis and is an important component of strategic planning.

Question 6

The most specific and detailed type of business strategy is a __________ strategy.
A)business-unit
B)marketing
C)corporate
D)customer service
E)tactical

Accepted Answer

The answer of The most specific and detailed type of...

Question 7

A core competency is something a firm does extremely well - sometimes so well that it gives the company an advantage over its competition.

Accepted Answer

This statement accurately describes what a core competency is.

Question 8

Maintaining the current culture of 'fun' for Virgin Australia Airlines' employees is most likely a(n):
A)marketing strategy.
B)marketing objective.
C)organisation resource.
D)environmental force.
E)overall organisational objective.

Accepted Answer

Maintaining a culture of 'fun' is an overall organisational objective as it relates to the internal environment and employee satisfaction, which can impact the company's performance and success.

Question 9

Through the process of strategic planning, a firm establishes an organisational mission and goals, corporate strategy, marketing objectives, marketing strategy and a marketing plan.

Accepted Answer

Through the process of strategic planning, all of these elements are established by a firm to guide their overall operations and achieve their desired outcomes.

Question 10

Virgin's low fares, dependability and its on-time flights represent its:
A)competitive advantage.
B)marketing opportunity.
C)marketing plan.
D)marketing objectives.
E)total quality management.

Accepted Answer

Virgin's low fares, dependability, and on-time flights are the factors that give it an advantage over its competitors in the market, making it its competitive advantage.

Question 11

A marketing strategy is a written document that specifies the activities to be performed to implement and control a firm's marketing activities.

Accepted Answer

The answer of A marketing strategy is a written document...

Question 12

Products that have a relatively low market share and low prospects for growth are considered to be __________ by the Boston Consulting Group.
A)dogs
B)cash cows
C)stars
D)cash contributors
E)question marks

Accepted Answer

Products with low market share and low growth prospects are referred to as "dogs" by the Boston Consulting Group.

Question 13

According to the Boston Consulting Group, question marks are characterised as products that:
A)have a small share of a growing market and require large amounts of cash to build market share.
B)generate more cash than is required to maintain share.
C)exist at a cost disadvantage and offer few opportunities for growth at a reasonable cost.
D)have substantial reported profits but need a lot of cash to finance the rate of growth.

Accepted Answer

According to the Boston Consulting Group, question marks are products with a small share of a growing market, indicating potential for growth, but require large amounts of cash to build market share.

Question 14

The analysis of strengths and weaknesses focuses on external factors that give an organisation certain advantages and disadvantages in meeting the needs of its target markets.

Accepted Answer

The analysis of strengths and weaknesses focuses on internal factors within the organization, rather than external factors.

Question 15

In Virgin Australia Airlines' SWOT analysis, rising petrol prices are a(n) __________.The fact that other airlines are charging for all checked luggage may create a(n) __________,
A)threat; strength
B)weakness; strength
C)threat; opportunity
D)weakness; opportunity
E)opportunity; strength

Accepted Answer

Rising petrol prices are a threat to Virgin Australia Airlines as it can increase the operating cost of the airline. However, the fact that other airlines are charging for all checked luggage creates an opportunity for Virgin Australia Airlines to differentiate itself by offering complimentary checked baggage, thereby attracting more customers.

Question 16

A mission statement is a long-term view, or vision, of what the organisation wants to become.

Accepted Answer

A mission statement is a statement of the organization's purpose, what it wants to accomplish in the larger environment. It outlines the organization's overall strategy, intended audience, and goals for the future.

Question 17

Toyota's __________ for its Yaris is aimed at 18-34-year-olds.Toyota has strived to give the compact car a mischievous personality to complement its quirky styling and promotes them wherever Generation Y consumers could be found: Facebook and other social media, a user-generated-content website and 'mobisodes' (short episodes for mobile devices) of TV shows.
A)promotional strategy
B)distribution method
C)pricing strategy
D)target market
E)desired profit margin

Accepted Answer

The question asks for Toyota's target market for its Yaris, which is 18-34-year-olds. A, B, C, and E are not relevant to the target market.

Question 18

A strategic window results from the right combination of circumstances and timing, allowing a firm to take action to reach a particular target market.

Accepted Answer

The answer of A strategic window results from the right...

Question 19

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

Accepted Answer

A competitive advantage is gained when a company identifies and applies its core competency to meet the needs and opportunities of the market. This alignment allows the company to outperform its competitors and gain a stronger market position.

Question 20

Marketing strategies should be established before marketing objectives are decided.

Accepted Answer

Marketing objectives should be established first as they define what the business wants to achieve, guiding the development of strategies to reach those goals.

Quiz 3: Planning, Implementing and Evaluating Marketing Strategy

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

A long-term view, or vision, of what the organisation wants to become is called a mission proclamation.

The fact that Virgin Australia Airlines has a history of being able to retain its employees is a(n) __________ in its SWOT analysis.

The analysis of opportunities and threats focuses on internal factors that give an organisation certain advantages and disadvantages in meeting the needs of its target markets.

The strategic planning process begins with a detailed analysis of an organisation's strengths and weaknesses and the identification of opportunities and threats within the marketing environment.

The most specific and detailed type of business strategy is a __________ strategy.

A core competency is something a firm does extremely well - sometimes so well that it gives the company an advantage over its competition.

Maintaining the current culture of 'fun' for Virgin Australia Airlines' employees is most likely a(n) :

Through the process of strategic planning, a firm establishes an organisational mission and goals, corporate strategy, marketing objectives, marketing strategy and a marketing plan.

Virgin's low fares, dependability and its on-time flights represent its:

A marketing strategy is a written document that specifies the activities to be performed to implement and control a firm's marketing activities.

Products that have a relatively low market share and low prospects for growth are considered to be __________ by the Boston Consulting Group.

According to the Boston Consulting Group, question marks are characterised as products that:

The analysis of strengths and weaknesses focuses on external factors that give an organisation certain advantages and disadvantages in meeting the needs of its target markets.

In Virgin Australia Airlines' SWOT analysis, rising petrol prices are a(n) .The fact that other airlines are charging for all checked luggage may create a(n) ,

A mission statement is a long-term view, or vision, of what the organisation wants to become.

A strategic window results from the right combination of circumstances and timing, allowing a firm to take action to reach a particular target market.

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

Marketing strategies should be established before marketing objectives are decided.