Question 1

"At Nike, we sell shoes" is a market-oriented business definition.

Accepted Answer

The answer of "At Nike, we sell shoes" is a...

Question 2

Juanita Castro is looking at whether her company's strategies are well matched to its opportunities. Juanita is utilizing ________.
A)marketing control
B)operating control
C)strategic control
D)SWOT analysis
E)marketing auditing

Accepted Answer

Juanita Castro is using strategic control, which focuses on ensuring that a company's strategies align with its opportunities and objectives. Marketing control involves monitoring and adjusting marketing plans and activities, while operating control involves monitoring day-to-day business activities. SWOT analysis is a tool used in strategic planning to assess a company's strengths, weaknesses, opportunities, and threats. Marketing auditing is a comprehensive review of a company's marketing environment, objectives, strategies, and activities to identify areas for improvement.

Question 3

Mission statements should be both meaningful motivating.

Accepted Answer

Mission statements should communicate the purpose and values of an organization and also inspire employees and stakeholders towards a common goal. Thus, they should be both meaningful and motivating.

Question 4

Emerson Studios, a chain of 25 portrait stores in five provinces and territories, has organized its marketing into different activities that are headed by specialists. What type of marketing organization is this?
A)geographic
B)product
C)organic
D)functional
E)market

Accepted Answer

Emerson Studios' marketing organization is functional, as it is structured around specialized functions such as advertising, sales promotion, and public relations, among others.

Question 5

Michelin is in the process of doing a SWOT Analysis. Which of the following most accurately identifies a difference between a weakness and a threat in SWOT analysis?
A)Michelin is more able to change a threat than a weakness.
B)Michelin is more able to change a weakness than a threat.
C)Michelin can be more negatively affected by a weakness than by a threat.
D)Michelin can be more negatively affected by a threat than by a weakness.
E)Michelin can more easily identify threats than weaknesses.

Accepted Answer

Weaknesses are internal factors that can be changed or improved with strategies and efforts from within the organization, whereas threats are external factors that are beyond the organization's control.

Question 6

Mission statements should be realistic and general in nature.

Accepted Answer

Mission statements should be realistic but also specific and clear in their goals and how they intend to achieve them, not general.

Question 7

Memories R Us specializes in serving market segments that major competitors overlook and ignore. Which of the following best describes Memories R Us'?
A)market follower
B)marketer challenger
C)market seeker
D)market nicher
E)full market coverer

Accepted Answer

Memories R Us is targeting a specific market segment that is being ignored by major competitors, which makes them a market nicher.

Question 8

AllPro Plastics is in the process of dividing a market into distinct groups of buyers with different needs, characteristics, and behaviors who might require separate products or marketing programs. Which of the following is this firm doing?
A)market development
B)market diversification
C)market penetration
D)market targeting
E)market segmentation

Accepted Answer

AllPro Plastics is segmenting the market, which is the process of dividing a market into distinct groups of buyers with different needs, characteristics, and behaviors who might require separate products or marketing programs. Market development involves selling existing products to new markets, market diversification involves creating new products for new markets, market penetration involves selling more existing products in existing markets, and market targeting involves selecting specific segments to target with marketing efforts.

Question 9

Environmental Service Company wants to practice effective positioning. To do so, the owners must ________ their marketing offering to give consumers more value than the services offered by competitors.
A)differentiate
B)promote
C)advertise
D)sell
E)represent

Accepted Answer

Effective positioning requires differentiation from competitors. By offering more value than the services offered by competitors, the company can distinguish itself in the market and attract more customers. Promotion, advertising, selling, and representing are all important aspects of marketing, but differentiation is the key to effective positioning.

Question 10

At Google, "we help you organize the world's information and make it universally accessible," is a product-oriented mission.

Accepted Answer

This statement is a customer-oriented mission because it focuses on the benefit to the user (making information universally accessible) rather than how Google's products are designed or function.

Question 11

Peter Cramer is constantly involved in evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained. Peter's current work is most accurately classified as ________.
A)marketing control
B)marketing planning
C)strategic planning
D)tactical planning
E)strategic control

Accepted Answer

Peter Cramer's work of evaluating the results of marketing strategies and taking corrective action to achieve objectives falls under marketing control.

Question 12

Marketing strategies must be developed to support marketing objectives.

Accepted Answer

Marketing strategies are the action plans that are designed to achieve the marketing objectives of an organization. Therefore, the statement "Marketing strategies must be developed to support marketing objectives" is true.

Question 13

Paul Pendergraff has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product. Paul has identified a(n)________.
A)target market
B)market segment
C)market
D)market position
E)undefined niche

Accepted Answer

Paul has identified a group of potential customers who respond in a similar way to the advertisements, which suggests that he has identified a market segment. A target market refers to a specific group of customers a company is aiming to sell its product or service to, and a market refers to all potential customers for a particular product or service. Market position refers to where a company's product or service stands in comparison to its competitors, and an undefined niche is a market segment that has not yet been identified or defined.

Question 14

Walmart relies on sound relationships with its low-cost suppliers in order to pass low prices on to consumers. Thus, forming a ________ is crucial to Walmart's success.
A)value delivery network
B)growth-share matrix
C)customer relationship management policy
D)market concept philosophy
E)diversification strategy

Accepted Answer

A value delivery network refers to a network of suppliers, distributors, and customers who work together to deliver value to customers. Walmart relies on a network of low-cost suppliers to keep its prices low, which is crucial to its success in attracting and retaining customers. Thus, forming a strong value delivery network is essential for Walmart to maintain its competitive advantage in the market.

Question 15

Of the following, it is most important for Nike to develop ________ for their products.
A)customer management organizations
B)unique market positions
C)market management organizations
D)marketing ROI data
E)marketing dashboards

Accepted Answer

Developing unique market positions for their products is the most important for Nike as it will help them differentiate themselves from their competitors and attract customers. Customer management organizations, market management organizations, marketing ROI data, and marketing dashboards are all useful tools, but they are not as crucial as having a strong market position.

Question 16

Paul Pendergraff is evaluating each market segment's attractiveness and is in the process of selecting one or more segments for his firm's product to enter. What is Paul doing?
A)market targeting
B)marketing segmenting
C)marketing
D)market positioning
E)market penetrating

Accepted Answer

Paul Pendergraff is evaluating the attractiveness of each market segment, which is a part of market targeting. Market targeting involves evaluating different segments and selecting one or more segments for a company's products. Therefore, the correct answer is A- market targeting.

Question 17

A firm's mission statement should be the basis for both its business and marketing objectives.

Accepted Answer

A firm's mission statement outlines its overall purpose and goals, which should guide all aspects of the business, including marketing objectives. Having aligned objectives ensures a cohesive strategy that supports the mission statement.

Question 18

Harris, the marketing manager at a small sports retail chain, has conducted a marketing analysis. He has investigated the company's internal resources and situational factors, as well as factors and trends in the competitive sports retail chain market. Which of the following has Harris completed?
A)SWOT analysis
B)business portfolio analysis
C)executive summary
D)marketing plan
E)marketing mix

Accepted Answer

Harris has completed a SWOT analysis which involves evaluating the company's Strengths, Weaknesses, Opportunities, and Threats. He investigated the internal resources (Strengths and Weaknesses) and situational factors (Opportunities and Threats) as well as competitive factors and trends in the market.

Question 19

ABC Financial Services has just developed a formal statement of its purpose. This firm has put together a mission statement.

Accepted Answer

A mission statement is a formal statement of a company's purpose or mission.

Question 20

Saturn is "a different kind of company, a different kind of a car"; the Hummer is "like nothing else." These statements reflect a firm's ________.
A)product portfolio
B)target markets
C)positioning
D)strategy
E)market niche

Accepted Answer

These statements reflect the firms' positioning, which refers to how the company creates a unique image and identity for its products in the minds of its target audience.

Quiz 2: Company and Marketing Strategy: Partnering to Build Customer Relationships

"At Nike, we sell shoes" is a market-oriented business definition.

Juanita Castro is looking at whether her company's strategies are well matched to its opportunities. Juanita is utilizing ________.

Mission statements should be both meaningful motivating.

Emerson Studios, a chain of 25 portrait stores in five provinces and territories, has organized its marketing into different activities that are headed by specialists. What type of marketing organization is this?

Michelin is in the process of doing a SWOT Analysis. Which of the following most accurately identifies a difference between a weakness and a threat in SWOT analysis?

Mission statements should be realistic and general in nature.

Memories R Us specializes in serving market segments that major competitors overlook and ignore. Which of the following best describes Memories R Us'?

AllPro Plastics is in the process of dividing a market into distinct groups of buyers with different needs, characteristics, and behaviors who might require separate products or marketing programs. Which of the following is this firm doing?

Environmental Service Company wants to practice effective positioning. To do so, the owners must ________ their marketing offering to give consumers more value than the services offered by competitors.

At Google, "we help you organize the world's information and make it universally accessible," is a product-oriented mission.

Peter Cramer is constantly involved in evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained. Peter's current work is most accurately classified as ________.

Marketing strategies must be developed to support marketing objectives.

Paul Pendergraff has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product. Paul has identified a(n) ________.

Walmart relies on sound relationships with its low-cost suppliers in order to pass low prices on to consumers. Thus, forming a ________ is crucial to Walmart's success.

Of the following, it is most important for Nike to develop ________ for their products.

Paul Pendergraff is evaluating each market segment's attractiveness and is in the process of selecting one or more segments for his firm's product to enter. What is Paul doing?

A firm's mission statement should be the basis for both its business and marketing objectives.

Harris, the marketing manager at a small sports retail chain, has conducted a marketing analysis. He has investigated the company's internal resources and situational factors, as well as factors and trends in the competitive sports retail chain market. Which of the following has Harris completed?

ABC Financial Services has just developed a formal statement of its purpose. This firm has put together a mission statement.

Saturn is "a different kind of company, a different kind of a car"; the Hummer is "like nothing else." These statements reflect a firm's ________.