Question 1

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 strategy of using funds generated by the packaging tape unit to support a venture in another market indicates that the packaging tape unit is a cash cow. The unit is likely generating significant profits, which can be reinvested in other areas of the company.

Question 2

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 3

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 4

According to the text,a market is defined as

Accepted Answer

A market is a group of individuals and/or organizations with the ability, willingness, and authority to purchase products in a particular product class. It is not necessarily a physical place, and it encompasses both buyers and potential buyers. It is also broader than just the specific group of customers a company focuses its marketing efforts on.

Question 5

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 of the target market. The marketing mix is a set of controllable tactical marketing tools that the firm blends to produce the response it wants in the target market. These decisions are not unchangeable and can be adjusted based on the feedback and response from the market. They are also not made before the target market is identified, but rather after thorough market research and analysis. Strategic windows may influence these decisions, but they are not the sole determining factor. The marketing mix must also be consistent with the firm's strengths and weaknesses, as well as external opportunities and threats.

Question 6

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 7

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 strategic business unit (SBU) is a profit center that is self-supporting in terms of sales, markets, production, and other resources. It is a separately managed division or unit of a company that operates as an independent business. It has its own strategy, goals, and objectives and is responsible for generating its profits. It allows a company to focus on specific product lines, markets, or customer groups, and to allocate resources more effectively to achieve its goals.

Question 8

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

Accepted Answer

Marketing mix decisions must be consistent with the overall marketing strategy and brand identity, but they must also be flexible enough to adapt to changing market conditions and customer needs. It is important to balance these two characteristics to ensure that the marketing mix remains effective and relevant over time.

Question 9

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 the target market is the most important decision in the planning process as it will impact all other aspects of the marketing mix such as promotional strategy, distribution method, pricing strategy, and desired profit margin. The target market is the group of customers who are most likely to purchase the company's products or services and, through market research, a company can determine how to effectively reach and appeal to this group.

Question 10

____ 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

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

Question 11

Rollins Steel Corporation,a leader in industrial supplies,has identified its auto battery unit as having a dominant market share;however,it has low prospects for growth.The unit currently generates more cash for Rollins Steel than is required to maintain its market share.According to the Boston Consulting Group,the auto battery unit would be classified as a _____

Accepted Answer

The auto battery unit of Rollins Steel Corporation is classified as a cash cow, as it has a dominant market share and generates more cash than required to maintain its market share.

Question 12

According to the Boston Consulting Group,question marks are characterized as products

Accepted Answer

Question marks are products with a small market share in a growing market, so they require significant investment to build market share. This is reflected in their high cash requirements.

Question 13

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's total sales that is generated by a particular company or product. It is a measure of how well a company is doing compared to its competitors in the same market.

Question 14

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 15

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

Accepted Answer

The Boston Consulting Group classifies products as dogs, question marks, stars, and cash cows. There is no classification called "cash contributors."

Question 16

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, products with a dominant share of the market and good prospects for growth are categorized as stars. This means that they have a high market share and are in a growing market, making them attractive for investment and expansion. Dogs have low market share and low growth prospects, cash cows have high market share but low growth, question marks have low market share but high growth prospects, and pigs are products that are not profitable for the company.

Question 17

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

Accepted Answer

This statement is incorrect because a marketing mix should always be adaptable and can be changed as required to better suit the needs of the target market. In fact, regularly updating and revising the marketing mix can help a company remain competitive and stay relevant in the market.

Question 18

Kinko's partnership with FedEx has given it a _______ in the printing,faxing,and delivery market.Since this partnership can't be easily copied by the competition,it also represents a(an)____ advantage.

Accepted Answer

Kinko's partnership with FedEx has given them a competitive advantage in the market. The partnership cannot be easily copied by competitors, and it is sustainable as long as Kinko's and FedEx maintain their partnership.

Question 19

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

Authority refers to the legal right to make a purchase. In this case, since Jason is underage, he does not have the legal authority to purchase cigarettes, even if he has the ability and willingness to do so.

Question 20

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

The company's efforts to ensure consistent image and proper display around the world suggests a need for consistency, while the decision to lower prices indicates flexibility in adapting to market competition. Therefore, the company's marketing mix is both consistent and flexible.

Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies

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

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

According to the text,a market is defined as

Business decisions made in creating a marketing mix

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.

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

All marketing mix decisions must have two characteristics: and .

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.

____ 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.

According to the Boston Consulting Group,question marks are characterized as products

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

The Boston Consulting Group's matrix is based on the

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

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

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

Kinko's partnership with FedEx has given it a ___ in the printing,faxing,and delivery market.Since this partnership can't be easily copied by the competition,it also represents a(an) advantage.

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.

Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies

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

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

According to the text,a market is defined as

Business decisions made in creating a marketing mix

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.

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

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

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.

____ 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.

According to the Boston Consulting Group,question marks are characterized as products

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

The Boston Consulting Group's matrix is based on the

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

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

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

Kinko's partnership with FedEx has given it a _______ in the printing,faxing,and delivery market.Since this partnership can't be easily copied by the competition,it also represents a(an) ____ advantage.

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.

All marketing mix decisions must have two characteristics: and .

Kinko's partnership with FedEx has given it a ___ in the printing,faxing,and delivery market.Since this partnership can't be easily copied by the competition,it also represents a(an) advantage.