Question 1

Customer excellence focuses on:
A)having a good physical location and Internet presence.
B)carrying out effective branding and positioning.
C)having products with high perceived value.
D)retaining loyal buyers and providing excellent service.
E)maintaining efficient operations and an excellent supply chain.

Accepted Answer

Customer excellence is all about creating loyal customers by providing great service and retaining them. This involves building strong relationships with customers, understanding their needs and wants, and addressing any concerns or issues they may have. It is important to focus on this aspect of the business as it can lead to repeat business, positive word-of-mouth referrals and ultimately, increased revenue. A and B may be important components but are not the main focus of customer excellence. C and E are important but do not necessarily guarantee customer loyalty and satisfaction.

Question 2

Lincoln introduced the new Lincoln Navigator, a large luxury SUV, to appeal to higher income families who do not desire to buy a minivan.The Navigator is a luxury 8-seater car, which has more power, and offer many more luxury features than traditional minivans.This is an example of .........
A)Market development
B)Market positioning
C)Situation analysis
D)Market segmentation
E)A strategic business unit

Accepted Answer

The introduction of Lincoln Navigator is an example of market positioning as it aimed to position the SUV as a more luxurious and powerful alternative to traditional minivans, appealing to higher income families who do not prefer minivans.

Question 3

The implementation phase of a marketing plan involves:
A)Identifying a business's mission and objectives.
B)Evaluating the performance of a marketing strategy.
C)Analyzing a market by using marketing metrics.
D)Identifying and evaluating different opportunities.
E)Evaluating the present situation of a business.

Accepted Answer

The implementation phase of a marketing plan involves identifying and evaluating different opportunities.

Question 4

Foodstar Corp., a chain of restaurants, has outlets in the major residential areas of a town.It ensures that its outlets are well placed and easily accessible.It also maintains a strong Internet presence by updating the details of each day's menu on its website.Given this information, which of the following strategies is used by Foodstar to achieve sustainable competitive advantage?
A)Locational excellence
B)Operational excellence
C)Product excellence
D)Customer excellence
E)Diversification excellence

Accepted Answer

Foodstar Corp. achieves sustainable competitive advantage through locational excellence by ensuring its outlets are well placed and easily accessible in major residential areas.

Question 5

Emily regularly chooses Argo Airlines for her travels.The company values her preference and rewards her with loyalty points.It would entitle Emily for reduced ticket rates for certain flights.Through this offer, the company succeeds in retaining a regular user.In this scenario, which of the following is used by Argo Airlines to achieve sustainable competitive advantage?
A)Operational excellence
B)Product excellence
C)Diversification excellence
D)Locational excellence
E)Customer excellence

Accepted Answer

Argo Airlines is using customer excellence to achieve sustainable competitive advantage by valuing Emily's preference and rewarding her with loyalty points that entitle her to reduced ticket rates for certain flights. This offer helps Argo Airlines in retaining a regular user, which can provide them with a consistent revenue stream. By prioritizing customer satisfaction and loyalty, Argo Airlines can differentiate themselves from their competitors, and this can give them a sustainable competitive advantage.

Question 6

Which of the following is NOT correct about segmentation:
A)A market can consists of several segments.
B)There are more than one way of segmenting a market
C)Market segment is a group of consumers who respond the same to a firm's marketing efforts
D)A company should understand and satisfy the needs of all the segments in the market.
E)Segmentation is a process of dividing the market into distinct groups of customers.

Accepted Answer

A company should not necessarily try to satisfy the needs of all the segments in the market. Instead, it should focus on the segments that are most attractive and profitable. Trying to satisfy the needs of all segments can lead to diluted marketing efforts and reduced effectiveness.

Question 7

Which of the following is an activity in the control phase of a marketing plan?
A)Developing and implementing a marketing mix
B)Identifying a business's mission and objectives
C)Evaluating the performance of a marketing strategy
D)Identifying the opportunities present in a market
E)Understanding a firm's competitive strengths and weaknesses

Accepted Answer

The control phase of a marketing plan involves evaluating the performance of the marketing strategy and making any necessary adjustments or corrections to achieve the desired outcomes. This is typically done through the use of various metrics and data analysis techniques to measure the effectiveness of the marketing tactics and identify areas for improvement. Developing and implementing a marketing mix, identifying a business's mission and objectives, identifying market opportunities, and assessing competitive strengths and weaknesses are typically activities that take place in earlier stages of the marketing planning process.

Question 8

The top managers of a firm prepare a marketing plan.They define the mission and objectives of the business and evaluate the present situation of the firm.Which of the following phases of the marketing plan includes these activities performed by the top managers?
A)Planning
B)Implementation
C)Control
D)Initiation
E)Design

Accepted Answer

The planning phase of the marketing plan includes defining the mission and objectives of the business, evaluating the present situation of the firm, and making decisions about how to allocate resources and develop strategies to achieve those objectives. This phase is typically led by top managers in the organization.

Question 9

Which of the following is NOT an activity in the planning phase of a marketing plan?
A)Developing a marketing mix
B)Setting business objectives
C)Defining the mission
D)Situation analysis
E)Observe consumer behaviour.

Accepted Answer

Observing consumer behaviour is typically considered part of the research phase. The planning phase typically involves setting business objectives, defining the mission, conducting situation analysis, and developing a marketing mix.

Question 10

Operational excellence is achieved by:
A)ensuring an excellent supply chain management and strong relationships with suppliers.
B)maintaining excellent customer service and excellent relationships with suppliers.
C)strong relationships with suppliers and retailing loyal buyers.
D)maintain efficient operations with the best location selection.
E)excellent supply chain management and differentiate the product offerings.

Accepted Answer

The answer of Operational excellence is achieved by:
A)ensuring an excellent...

Question 11

The board of directors of an organization meets to redefine the mission and objectives of the business.They set long-term objectives and form a new mission statement.Which of the following phases of developing a marketing plan do the actions by the board of directors constitute?
A)Initiation
B)Planning
C)Design
D)Control
E)Implementation

Accepted Answer

The actions by the board of directors to redefine the organization's mission and objectives and set long-term objectives are part of the planning phase of developing a marketing plan. The planning phase involves defining the organization's goals and objectives, identifying target markets and marketing strategies, and creating a marketing mix to achieve those objectives.

Question 12

Apple achieved success by providing customers with products that meet/exceed expectations, good customer service, convenient locations and online presence.Which of the following strategies is used by Apple to achieve sustainable competitive advantage?
A)Service excellence
B)Marketing excellence
C)Product excellence
D)Multiple source of advantage
E)Operational excellence

Accepted Answer

Apple has achieved sustainable competitive advantage by employing multiple sources of advantage. Their products are known for their design, quality, and innovation. They have a strong online presence and convenient locations for customers to purchase products. They also have excellent customer service, which adds to their competitive advantage. By combining these sources of advantage, Apple has created a strong position in the market that is difficult for competitors to replicate.

Question 13

Wine industry is a very competitive market.Some wineries invest in corporate social responsibility programs knowing that competitors cannot easily copy the programs.This is a good example of ______
A)defining the target market.
B)reducing the cost.
C)gaining competitive advantage.
D)increasing promotion.
E)providing outstanding customer services.

Accepted Answer

Investing in corporate social responsibility programs provides a unique selling proposition and can differentiate a winery from its competitors, thus gaining a competitive advantage.

Question 14

An organization appoints a marketing manager to study the effectiveness of the marketing plan that it has implemented.The manager analyzes organizational performance using various metrics and gives a final report.In the context of developing a marketing plan, the organization is in the phase of:
A)initiation.
B)planning.
C)design.
D)control.
E)implementation.

Accepted Answer

The appointment of a marketing manager to analyze the effectiveness of the marketing plan and provide a final report indicates that the organization is in the control phase. In this phase, the organization assesses its performance against the plan and makes necessary adjustments to ensure that objectives are met.

Question 15

Davison Associates Inc.manufactures office furniture.The management of the company believes that developing a strong brand name is the primary strategy to compete in the market.Hence, it invests a significant share of its resources to position its brands through promotions and service.Which of the following does the company use to achieve sustainable competitive advantage?
A)Diversification excellence
B)Product excellence
C)Customer excellence
D)Locational excellence
E)Operational excellence

Accepted Answer

The company focuses on developing a strong brand name and positioning its brands through promotions and service, which aligns with product excellence as a strategy for sustainable competitive advantage.

Question 16

Which of the following is true of situation analysis?
A)It is performed using a SWOT analysis
B)It is independent of political and demographic factors.
C)It overlooks the opportunities and threats to an organization.
D)It categorizes strengths and weaknesses as outside the control of a firm.
E)It is executed before creating the mission statement of an organization.

Accepted Answer

Situation analysis is often performed using a SWOT analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats. This method helps to identify internal strengths and weaknesses as well as external opportunities and threats to the organization.

Question 17

Tech Niche Corp., a provider of IT services, has recorded a decrease in sales and profit over the past few months.The managers of the firm review the situation and conduct a SWOT analysis of the firm.This provides new insights into the ways to improve sales.In the context of developing a marketing plan, the organization is in the phase of:
A)Implementation.
B)Control.
C)Planning.
D)Design.
E)Initiation.

Accepted Answer

The organization is currently in the planning phase of developing a marketing plan. Conducting a SWOT analysis is a key part of the planning process and indicates that the organization is still in the early stages of developing its marketing strategy.

Question 18

Which of the following strategies involves focusing on having an Internet presence?
A)Diversification excellence
B)Product excellence
C)Locational excellence
D)Operational excellence
E)Customer excellence

Accepted Answer

Locational excellence involves having a strong online presence as part of a strategy to ensure customers can easily find and access the business, enhancing its visibility and accessibility.

Question 19

Tectron Computers Inc., a manufacturer of desktop computers and peripherals, focuses on efficient coordination in every stage of production and delivery and ensures that customers' demands are met within the target time.This precision makes Tectron a favourite choice among customers.Given this information, which of the following does the company use to achieve sustainable competitive advantage?
A)Product excellence
B)Customer excellence
C)Operational excellence
D)Diversification excellence
E)Locational excellence

Accepted Answer

The company's focus on efficient coordination in every stage of production and delivery to ensure that customers' demands are met within the target time suggests that they are pursuing Operational excellence as a strategy. This helps them achieve sustainable competitive advantage by being more efficient and cost-effective than their competitors.

Question 20

Availability of new technology in the market can always be categorized as:
A)Strength or Weakness
B)Opportunity or Threat
C)Weakness or Threat
D)Threat
E)Strength or Opportunity

Accepted Answer

Availability of new technology in the market can always be categorized as a Strength or Opportunity.

Quiz 2: Developing Marketing Strategies and a Marketing Plan

Customer excellence focuses on:

Lincoln introduced the new Lincoln Navigator, a large luxury SUV, to appeal to higher income families who do not desire to buy a minivan.The Navigator is a luxury 8-seater car, which has more power, and offer many more luxury features than traditional minivans.This is an example of .........

The implementation phase of a marketing plan involves:

Which of the following is NOT correct about segmentation:

Which of the following is an activity in the control phase of a marketing plan?

The top managers of a firm prepare a marketing plan.They define the mission and objectives of the business and evaluate the present situation of the firm.Which of the following phases of the marketing plan includes these activities performed by the top managers?

Which of the following is NOT an activity in the planning phase of a marketing plan?

Operational excellence is achieved by:

The board of directors of an organization meets to redefine the mission and objectives of the business.They set long-term objectives and form a new mission statement.Which of the following phases of developing a marketing plan do the actions by the board of directors constitute?

Apple achieved success by providing customers with products that meet/exceed expectations, good customer service, convenient locations and online presence.Which of the following strategies is used by Apple to achieve sustainable competitive advantage?

Wine industry is a very competitive market.Some wineries invest in corporate social responsibility programs knowing that competitors cannot easily copy the programs.This is a good example of ______

An organization appoints a marketing manager to study the effectiveness of the marketing plan that it has implemented.The manager analyzes organizational performance using various metrics and gives a final report.In the context of developing a marketing plan, the organization is in the phase of:

Which of the following is true of situation analysis?

Which of the following strategies involves focusing on having an Internet presence?

Availability of new technology in the market can always be categorized as: