Question 1

Figure 22-4
 
-In Figure 22-4 above,the market-product grid labeled C illustrates which of the following market-product strategies?
A)market specialization
B)selective specialization
C)market-product concentration
D)full coverage
E)product specialization

Accepted Answer

Market specialization is a strategy where several products are offered to one market segment.

Question 2

A differentiation focus strategy refers to one of Porter's generic business strategies that
A)involves controlling expenses and,in turn,lowering product prices targeted at a narrow range of markets segments.
B)focuses on reducing expenses and,in turn,lowers product prices,while targeting a broad array of market segments.
C)requires products to have significant points of difference to target one or only a few market segments.
D)requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments.
E)seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

Accepted Answer

Key term definition-differentiation focus strategy.

Question 3

One of Porter's four generic business strategies that requires products to have significant points of difference to target one or only a few market segments is referred to as a ________ strategy.
A)cost focus
B)differentiation
C)cost leadership
D)profit enhancement
E)differentiation focus

Accepted Answer

Key term definition-differentiation focus strategy.

Question 4

Hard Candy is a cosmetics company that markets the Palm Palette-all the makeup a "girl-on-the-go" needs without a cumbersome makeup bag.It comes in three shades-glam,funky,and girlies.Hard Candy targets women who are 20-somethings.Which one of Porter's generic business strategies is Hard Candy most likely using?
A)differentiation focus
B)cost focus
C)differentiation
D)cost leadership
E)profit enhancement

Accepted Answer

According to Porter's four generic business strategies framework,a differentiation focus strategy requires products to have significant points of difference to target one or only a few market segments-the situation with Hard Candy.

Question 5

Synergy analysis seeks opportunities by finding the optimum balance between
A)the needs of the manufacturer versus the needs of the consumer.
B)the desire for profit versus responsibility to society as a whole.
C)the expense of marketing effort versus the marketing results obtained.
D)a firm's market segments and its product groupings.
E)marketing efficiencies versus R&D-manufacturing efficiencies.

Accepted Answer

Synergy analysis seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

Question 6

The five alternative marketing strategies that can be identified by market-product grids include which of the following?
A)diversification
B)selective distribution
C)product reorientation
D)full coverage
E)new-product introduction

Accepted Answer

The five alternative marketing strategies that can be identified by market-product grids are market-product concentration,market specialization,product specialization,selective specialization,and full coverage.

Question 7

Synergy analysis refers to
A)identifying a company's potential strengths,weaknesses,opportunities,and threats.
B)relating the expense of marketing effort to the marketing results obtained.
C)using percentage points of market share as the common basis of comparison to allocate marketing resources effectively for different product lines within the same firm.
D)using a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization.
E)seeking opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

Accepted Answer

Key term definition-synergy analysis.

Question 8

Figure 22-4
 
-In Figure 22-4 above,the market-product grid labeled B illustrates which of the following market-product strategies?
A)market specialization
B)selective specialization
C)market-product concentration
D)full coverage
E)product specialization

Accepted Answer

Product specialization is a strategy where one product is offered to several market segments.

Question 9

Office Max provides low product prices for products strictly classified as office supplies.In terms of Porter's generic business strategy,Office Max is most likely using a ________ strategy.
A)differentiation focus
B)cost focus
C)differentiation
D)revenue leadership
E)profit enhancement

Accepted Answer

According to Porter's four generic business strategies model,a cost focus strategy involves controlling expenses and,in turn,lowering prices in a narrow range of markets.Retail chains that target only a few market segments in a narrow group of products-such as Office Max in office supplies-use a cost focus strategy successfully.

Question 10

Figure 22-4
 
-In Figure 22-4 above,the market-product grid labeled E illustrates which of the following market-product strategies?
A)market specialization
B)selective specialization
C)market-product concentration
D)full coverage
E)product specialization

Accepted Answer

Market-product concentration is a strategy where one product is offered to one market segment.

Question 11

Based on a market-product grid framework,which marketing strategy involves developing a single product for a single market?
A)full coverage
B)market-product concentration
C)market specialization
D)product specialization
E)selective specialization

Accepted Answer

Key term definition-market product concentration.

Question 12

Figure 22-4
 
-In Figure 22-4 above,the market-product grid labeled D illustrates which of the following market-product strategies?
A)market specialization
B)selective specialization
C)market-product concentration
D)full coverage
E)product specialization

Accepted Answer

Selective specialization is a strategy that offers a unique product to a unique market segment.

Question 13

Figure 22-4
 
-In Figure 22-4 above,the market-product grid labeled A illustrates which of the following market-product strategies?
A)market specialization
B)selective specialization
C)market-product concentration
D)full coverage
E)product specialization

Accepted Answer

A full coverage strategy offers multiple products to multiple market segments.

Question 14

A cost focus strategy refers to one of Porter's generic business strategies that
A)focuses on reducing expenses and,in turn,lowers product prices,while targeting a broad array of market segments.
B)requires products to have significant points of difference to target one or only a few market segments.
C)requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments.
D)involves controlling expenses and,in turn,lowering product prices targeted at a narrow range of market segments.
E)seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

Accepted Answer

Key term definition-cost focus strategy.

Question 15

Volkswagen achieved spectacular success in the late 1990s by targeting the "nostalgia" segment,35- to 54-year-old baby boomers,with its technology-laden New Beetle.Which of Porter's generic business strategies did Volkswagen most likely use to launch the New Beetle?
A)differentiation focus
B)cost leadership
C)differentiation
D)cost focus
E)marketing focus

Accepted Answer

A differentiation focus strategy requires products to have significant points of difference to target one or only a few market segments-the situation with Volkswagen.

Question 16

Synergy analysis incorporates two business analysis tools,which are diversification analysis and
A)Porter's generic business strategy framework.
B)the market-product grid framework.
C)SWOT analysis.
D)Porter's competitive advantage.
E)share point analysis.

Accepted Answer

Using diversification analysis from Chapter 2 and the market-product grid framework from Chapter 9,we can see two kinds of synergy that are critical in developing corporate and marketing strategies: (1)marketing synergy and (2)R&D-manufacturing synergy.

Question 17

Loving Care Pets manufactures dog food specifically created for puppies under three months of age.In terms of the market-product grid framework,Loving Care Pets is a small firm without sustainable comparative advantages in marketing or production efficiencies.Loving Care Pets is using a ________ strategy.
A)market-product concentration
B)market specialization
C)product specialization
D)selective specialization
E)full coverage

Accepted Answer

Loving Care Pets markets a single product to a single market segment and therefore uses a market-product concentration strategy.

Question 18

All of the following are among the five alternative marketing strategies that can be identified by market-product grids except which?
A)diversification
B)selective specialization
C)market-product concentration
D)full coverage
E)product specialization

Accepted Answer

The five alternative marketing strategies that can be identified by market-product grids are market-product concentration,market specialization,product specialization,selective specialization,and full coverage.

Question 19

Hyundai Motor America (HMA)became the first automaker to offer consumers an Internet parts ordering system.The system was targeted only to current Hyundai owners and gave Hyundai the ability to collect a vast amount of customer data about people who buy its cars.Which of Porter's generic business strategies did Hyundai most likely use when it launched its Internet parts website?
A)cost leadership
B)differentiation focus
C)differentiation
D)cost focus
E)marketing focus

Accepted Answer

A differentiation focus strategy requires products to have significant points of difference to target one or only a few market segments-the situation with Hyundai.

Question 20

Seeking opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies is referred to as
A)differentiation analysis.
B)synergy analysis.
C)SWOT analysis.
D)sales response analysis.
E)competitive grid analysis.

Accepted Answer

Key term definition-synergy analysis.

Quiz 22: Pulling It All Together: the Strategic Marketing Process

Figure 22-4 -In Figure 22-4 above,the market-product grid labeled C illustrates which of the following market-product strategies?

A differentiation focus strategy refers to one of Porter's generic business strategies that

One of Porter's four generic business strategies that requires products to have significant points of difference to target one or only a few market segments is referred to as a ________ strategy.

Synergy analysis seeks opportunities by finding the optimum balance between

The five alternative marketing strategies that can be identified by market-product grids include which of the following?

Synergy analysis refers to

Figure 22-4 -In Figure 22-4 above,the market-product grid labeled B illustrates which of the following market-product strategies?

Office Max provides low product prices for products strictly classified as office supplies.In terms of Porter's generic business strategy,Office Max is most likely using a ________ strategy.

Figure 22-4 -In Figure 22-4 above,the market-product grid labeled E illustrates which of the following market-product strategies?

Based on a market-product grid framework,which marketing strategy involves developing a single product for a single market?

Figure 22-4 -In Figure 22-4 above,the market-product grid labeled D illustrates which of the following market-product strategies?

Figure 22-4 -In Figure 22-4 above,the market-product grid labeled A illustrates which of the following market-product strategies?

A cost focus strategy refers to one of Porter's generic business strategies that

Volkswagen achieved spectacular success in the late 1990s by targeting the "nostalgia" segment,35- to 54-year-old baby boomers,with its technology-laden New Beetle.Which of Porter's generic business strategies did Volkswagen most likely use to launch the New Beetle?

Synergy analysis incorporates two business analysis tools,which are diversification analysis and

All of the following are among the five alternative marketing strategies that can be identified by market-product grids except which?

Seeking opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies is referred to as