Question 1

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

Accepted Answer

A competitive advantage is created when a company is able to leverage its core competency or strength in a way that gives it an edge over its competitors in the marketplace. This is achieved by identifying opportunities in the market that match the company's strengths, and then leveraging those strengths to create a unique position or advantage that sets the company apart from others in the same space. The other options listed are related concepts but do not necessarily capture the same idea as a competitive advantage.

Question 2

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a
A) market objective.
B) market requirement.
C) strategic market plan.
D) market opportunity.
E) corporate objective.

Accepted Answer

A market opportunity is a favorable combination of circumstances that allows an organization to take action toward a specific target market. It is an opening in the market that a company can capitalize on.

Question 3

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of
A) a competitive advantage.
B) a well-defined mission statement.
C) good strategic planning.
D) a market opportunity.
E) opportunistic behavior.

Accepted Answer

The creation of a low-fat, low-carb pizza product was a response to a specific market opportunity - consumers' concerns about fat and carbohydrates. This shows that Sardino's Pizza identified a gap in the market and developed a product to meet the needs of their target audience.

Question 4

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's
A) strengths.
B) opportunities.
C) weaknesses.
D) threats.
E) strategies.

Accepted Answer

John Deere's strong name recognition and solid customer demand are internal factors that are considered as strengths for the company.

Question 5

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.
A) opportunities and threats
B) market opportunities
C) strengths and weaknesses
D) activities and responsibilities
E) organizational resources

Accepted Answer

A SWOT analysis examines both internal (strengths and weaknesses) and external (opportunities and threats) factors that affect an organization. However, in the given question, only the internal factors are being asked about, so the answer is C, which specifically focuses on the analysis of an organization's strengths and weaknesses.

Question 6

Which of the following statements is incorrect?
A) Of the three levels of planning, corporate strategy is the broadest.
B) Business-unit strategy should be consistent with the corporate strategy.
C) Marketing strategy should be consistent with both the business-unit and corporate strategies.
D) Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels.
E) Strategic planning begins at the corporate level and proceeds through business-unit and marketing levels.

Accepted Answer

Strategic planning typically begins at the corporate level and then proceeds through the business-unit and marketing levels. This ensures that marketing strategy is aligned with business-unit strategy, which in turn is aligned with the overall corporate strategy. Option D incorrectly states that strategic planning begins at the marketing level and then goes up to business-unit and corporate levels.

Question 7

An organization's business goals should be derived from its
A) mission statement.
B) strategic plan.
C) strategic business plan.
D) marketing plan.
E) marketing strategy.

Accepted Answer

The answer of An organization's business goals should be derived...

Question 8

The reputation and well-known brand name of Rolex watches represents a ____ for Rolex.
A) competitive advantage
B) core competency
C) market opportunity
D) strategic window
E) pricing strategy

Accepted Answer

The answer of The reputation and well-known brand name of...

Question 9

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

Accepted Answer

The correct answer is E because in order to be successful, organizations must capitalize on their strengths and leverage them to take advantage of opportunities. At the same time, they must work to overcome their weaknesses and minimize the impact of external threats. Converting external threats into opportunities is not optimal as threats are events that could have a negative impact on the organization. Likewise, converting internal weaknesses into core competencies may not be possible or practical. Therefore, the best option is to convert weaknesses into strengths and threats into opportunities.

Question 10

A firm's unique symbols, personalities, and philosophies comprise its
A) corporate persona.
B) corporate identity.
C) corporate character.
D) CEO's identity.
E) ethics.

Accepted Answer

Corporate identity refers to a firm's unique symbols, personalities, and philosophies which distinguish it from others.

Question 11

When Disney World wants to have at least 90 percent of its customers indicating they had a memorable and satisfying experience at the park hotels, this is an example of
A) implementing the marketing mix
B) maintaining their corporate identity
C) a marketing objective
D) a strategic plan
E) a mission statement

Accepted Answer

A marketing objective is a specific goal that a company sets to achieve for its marketing efforts. In this case, Disney World has set a specific goal of having at least 90 percent of its customers indicating they had a memorable and satisfying experience at the park hotels.

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.
A) Corporate
B) Business-unit
C) Marketing
D) Mission statement
E) Marketing mix

Accepted Answer

The answer of ____ strategy determines the means for utilizing...

Question 13

A competitive advantage exists when a
A) firm matches a core competency to opportunities it has discovered in the marketplace.
B) firm does marketing better than its competitors.
C) combination of circumstances and timing allow 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. This means that the firm has strengths or abilities that are valuable in a specific market and can be leveraged to create a distinct advantage over competitors. Simply being good at marketing or having a strong marketing plan does not necessarily create a competitive advantage. It is the combination of a firm's unique capabilities and the needs of the market that create the advantage.

Question 14

Resource deployment and coordination of functional areas of business are determined by
A) the mission statement.
B) corporate strategy.
C) business-unit strategy.
D) marketing strategy.
E) the marketing mix.

Accepted Answer

Resource deployment and coordination of functional areas of business are determined by corporate strategy, which includes decisions on how resources will be allocated and how functional areas will work together to achieve the company's goals. The other options are important components of overall strategy, but do not specifically address resource deployment and coordination.

Question 15

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. Opportunities are areas where an organization could potentially capitalize on to generate business rewards. These conditions could be new trends or developments in the industry, changes in consumer preferences or behavior, advancements in technology, or market gaps that could be addressed. How an organization responds to these opportunities could determine its success and growth.

Question 16

In response to the increase in demand for organic foods, Wegmans, Inc., a regional supermarket, recently created organic food departments within their large stores. The creation of these departments was a result of
A) a core competency
B) a market opportunity
C) its sales orientation
D) its distribution plan
E) a competitive advantage

Accepted Answer

The increase in demand for organic foods represents a market opportunity for Wegmans to capitalize on. Creating organic food departments allows Wegmans to meet the needs of customers who are looking specifically for organic options, which can help to attract and retain these customers.

Question 17

Which of the following is a characteristic of a marketing objective?
A) It is consistent with both business-unit and corporate strategy.
B) It is a verbal agreement, not in writing.
C) It is not written in measurable terms.
D) It does not specify a time frame for its accomplishment.
E) It clearly identifies how marketing strategy will be implemented.

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 18

Realizing an increase in both the number of consumers who are environmentally-conscious and the number of consumers who are seeking vehicles that use less gasoline, several car manufacturers have developed hybrid automobiles. This is an example of identifying and capitalizing on a ____ while the strategic window is open.
A) marketing mix
B) market opportunity
C) objective
D) requirement
E) goal

Accepted Answer

This scenario describes a market opportunity, which is a favorable situation in the market that allows a company to pursue a particular strategy or product. The increase in environmentally-conscious and fuel-efficient-seeking consumers is a trend that presents an opportunity for car manufacturers to develop and market hybrid automobiles. The strategic window refers to the limited time period during which this opportunity is available, so the company must take action quickly to capitalize on it. The other choices (marketing mix, objective, requirement, goal) do not accurately reflect the situation described.

Question 19

A strategic window is
A) the right combination of circumstances and timing that permit 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) customers' requirements or desired benefits.
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 outside 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. During this period, the organization can take advantage of the opportunity to reach a specific target market by offering a product or service that fulfills the market's needs better than other competitors.

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.
A) organizational opportunity advantage
B) strategic window
C) market requirement
D) market opportunity
E) competitive advantage

Accepted Answer

Amazon's pricing, service, and investment in improving its website with additional product offerings are factors that give it a competitive advantage over many other retailers. A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices.

Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies

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

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

Which of the following statements is incorrect?

An organization's business goals should be derived from its

The reputation and well-known brand name of Rolex watches represents a ____ for Rolex.

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

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

When Disney World wants to have at least 90 percent of its customers indicating they had a memorable and satisfying experience at the park hotels, this is an example of

____ 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.

A competitive advantage exists when a

Resource deployment and coordination of functional areas of business are determined by

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

In response to the increase in demand for organic foods, Wegmans, Inc., a regional supermarket, recently created organic food departments within their large stores. The creation of these departments was a result of

Which of the following is a characteristic of a marketing objective?

A strategic window is

Amazon's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers.