Question 1

In SWOT analysis, which of the following refers to factors in the external environment?

Accepted Answer

Opportunities are factors in the external environment that can potentially benefit the organization, such as market trends, new technologies, or changes in regulations. Strengths, weaknesses, and strategies are all internal factors. Situations is not a term typically used in SWOT analysis.

Question 2

Columbia Sportswear makes nylon activewear. Its marketing manager set a goal to use greater promotional efforts to increase by 12 percent over the next three years the sales of the company's line of comfortable, lightweight clothing for people who fish. Columbia Sportswear's marketing manager is engaged in ________.

Accepted Answer

Tactical planning involves setting short-term actions and plans to achieve specific goals, such as increasing sales by a certain percentage over a defined period.

Question 3

A SWOT analysis would most likely be used during which component of the marketing planning process?

Accepted Answer

A SWOT analysis is typically used during a marketing audit, which is the process of evaluating and analyzing an organization's current marketing situation, including internal and external factors that could impact the success of their marketing efforts. The SWOT analysis helps to identify the company's strengths, weaknesses, opportunities, and threats, which can inform the development of the marketing plan and strategy. While some aspects of the SWOT analysis may also be relevant for other components of the marketing planning process (such as setting objectives or creating the marketing mix), it is most commonly associated with conducting a marketing audit.

Question 4

A film company has a high market share in the market of children's films. However, the children's film market is a relatively stable, low growth market. This film company would be classified as a(n) ________ using the BCG matrix.

Accepted Answer

The company has a high market share in a stable and low-growth market, which indicates that the company's products are generating significant cash flow. Therefore, it would be classified as a cash cow in the BCG matrix.

Question 5

In a basic SWOT analysis, the "S" stands for ________.

Accepted Answer

The "S" in SWOT stands for strengths, referring to the internal positive factors of a business or organization.

Question 6

When the makers of a line of ballpoint pens state they are in the communication equipment business, they are defining their mission too ________.

Accepted Answer

Defining their mission as being in the "communication equipment" business rather than specifically mentioning "ballpoint pens" allows for a broader interpretation of their business scope, potentially encompassing various forms of communication tools beyond just pens.

Question 7

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

Accepted Answer

Harris has conducted a SWOT analysis which involves analyzing the strengths, weaknesses, opportunities, and threats of a company's internal and external factors. A portfolio analysis involves assessing a company's product portfolio, a balanced scorecard is a performance management tool, a marketing plan is a written document outlining a company's marketing strategies, and a marketing mix involves the 4Ps of marketing (product, price, promotion, and place).

Question 8

Monsanto operates in many businesses, including pharmaceuticals and food products. The company declares it wants to create "abundant food and a healthy environment." This statement is an example of a ________.

Accepted Answer

The statement "wanting to create abundant food and a healthy environment" is an example of a business mission, which outlines the overall purpose and values of the company. It goes beyond a mere marketing strategy or business plan, as it speaks to the company's overarching goal and reason for existence. While Monsanto may operate in multiple industries, this mission statement serves as a unifying principle for all their efforts.

Question 9

Serengeti makes lightweight sunglasses with 100 percent UV protection for hunters, hikers, and cyclists. Serengeti's long-term plans include the development of lenses for people who fish. These new lenses will have effective water-sheeting action to reduce lens spotting. Serengeti believes it can use its reputation as a sunglasses manufacturer for specialized markets to enter this new market of people who fish professionally and recreationally. Serengeti's plan is an example of ________.

Accepted Answer

Serengeti's plan is an example of strategic planning, which involves the formulation of long-term plans and objectives to guide an organization's activities. Serengeti's plan to develop lenses for people who fish is a new market opportunity that aligns with the company's expertise in manufacturing specialized sunglasses for various outdoor activities.

Question 10

In a SWOT analysis, which of the following would be considered a strength?

Accepted Answer

A strength in a SWOT analysis refers to an internal resource or capability that gives the company a competitive advantage over others. Therefore, the best choice would be E, which refers to internal resources. Internal limitations (A) and factors that challenge the company's performance (D) would be considered weaknesses, while trends in the market (B) and favorable factors in the environment (C) would be considered opportunities.

Question 11

A ________ strategy identifies how a business communicates product or service benefits and value to its target market.

Accepted Answer

Promotion refers to the communication strategy used by a business to promote its products or services to its target market. Place refers to the distribution channels used to make products or services available to customers, pricing refers to the pricing strategy used by a business for its products or services, product refers to the actual product or service being offered, and position refers to the overall image or perception of the business in the minds of consumers.

Question 12

The pharmaceuticals division of Omni Healthcare holds low market share in a high growth market. In order to increase the pharmaceuticals division's market share, managers would be most likely to decide which of the following?

Accepted Answer

In order to increase market share in a high growth market, the pharmaceuticals division of Omni Healthcare can use money from a cash cow to promote the division. This investment in promotional activities can help the division gain more visibility and market share, leading to increased sales and revenue. Holding the division's share or maintaining relevance may not necessarily result in increased market share, while selling off or divesting the division would not help in achieving the objective of increasing market share.

Question 13

Which of the following measures the impact of specific marketing activities on business performance?

Accepted Answer

ROMI (Return on Marketing Investment) is a specific measure that calculates the impact of marketing activities on business performance by comparing the revenue generated from the marketing campaign to the cost of the campaign. It helps determine the success of a marketing campaign by measuring the return on investment. A, B, C and E are not specific measures to determine the impact of marketing activities.

Question 14

The vice president of marketing for a software development company wants "to increase new business customers by 20 percent within the next two years." This is an example of a ________.

Accepted Answer

The statement outlines a specific goal for the marketing department, making it a marketing objective. It is not a vision or mission statement for the company as a whole, nor is it a strategic plan or a marketing audit.

Question 15

ROMI stands for ________.

Accepted Answer

ROMI stands for "return on marketing investment," which measures the effectiveness of marketing campaigns by evaluating the revenue generated in comparison to the cost of the campaign.

Question 16

In a basic SWOT analysis, the "T" stands for ________.

Accepted Answer

The "T" in SWOT stands for "Threats," which refers to external factors that could potentially harm or hinder the organization's performance or goals. This can include factors such as economic downturns, competition, and regulatory changes. It is important for organizations to identify and address these threats in order to minimize their impact and plan for potential risks.

Question 17

A ________ is a document that includes an assessment of the marketing situation, marketing objectives, marketing strategy, and marketing initiatives.

Accepted Answer

A marketing plan is a comprehensive document that includes an assessment of the marketing situation, marketing objectives, marketing strategy, and marketing initiatives. It outlines an organization's overall approach to promoting its products or services and is essential for the success of any business. A business mission and vision can be a part of a marketing plan, but they don't cover all aspects of a marketing plan. A marketing audit is a review of an organization's marketing strategies and practices, and a SWOT analysis is a tool used to evaluate an organization's strengths, weaknesses, opportunities, and threats.

Question 18

Which of the following would a company most likely use to conduct a marketing audit?

Accepted Answer

The Five Forces of Competitive Position Model is a comprehensive tool used to analyze a company's competitive environment, which is a key component of a marketing audit.

Question 19

The market for two-way radios is rapidly shrinking. A company that has a small share of the two-way radio market would be considered a(n) ________ in terms of the BCG growth-market matrix.

Accepted Answer

In the BCG growth-market matrix, a company with a small share of a shrinking market is considered a "dog." Dogs have low market growth and low market share, making them unattractive opportunities for investment or growth.

Question 20

Archetype is a Unilever company that successfully markets a number of different tea brands around the world. Each brand appeals to the taste and emotions of local tea markets. Which of the following is the most accurate classification for the marketing Archetype does to create and promote specific products for the more than 100 countries in which its products are sold?

Accepted Answer

The answer of Archetype is a Unilever company that successfully...

Quiz 3: Planning and Marketing in an Organization