Question 1

The Boston Consulting Group's model serves as a diagnostic tool to spotlight strategic business units that have an opportunity to grow rather than as a guide for making strategy prescriptions.

Accepted Answer

The Boston Consulting Group's model is primarily used to identify growth opportunities and allocate resources, rather than prescribing specific strategies.

Question 2

Marketing managers can classify a firm's products into four basic types: stars, cash cows, dogs, and question marks.

Accepted Answer

This statement is true. Marketing managers often use the BCG matrix to classify a firm's products into these four categories based on their market growth rate and relative market share. Stars are high-growth products with a large market share, cash cows are low-growth products with a large market share, dogs are low-growth products with a small market share, and question marks are high-growth products with a small market share.

Question 3

A strategic business unit is not self-supporting in terms of sales, markets, production, and other resources.

Accepted Answer

A strategic business unit is a self-contained business entity within a larger organization. It has its own strategy, objectives, and resources, including sales, markets, production, and other resources. It is expected to operate as a profit center and contribute to the overall performance of the organization.

Question 4

A competitive advantage is created when a company matches its core competency to the opportunities it has discovered in the market.

Accepted Answer

A competitive advantage is achieved when a company efficiently and effectively matches its distinctive and unique core competencies to the needs and wants of the target market. By doing so, the company can gain an edge over its competitors and stand out in the market.

Question 5

Marketing objectives should be stated in such a way that the degree of accomplishment can be measured accurately.

Accepted Answer

Marketing objectives should be specific, measurable, achievable, relevant, and time-bound (SMART), which means the degree of accomplishment can be measured accurately. This helps in evaluating the success of marketing campaigns and making necessary adjustments for future marketing efforts.

Question 6

An organization's goals focus on the ends or results that the firm seeks.

Accepted Answer

An organization's goals are focused on the ends or results that the firm seeks, whether it is profitability, growth, customer satisfaction, or some other outcome.

Question 7

The analysis of strengths and weaknesses focuses on internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

Accepted Answer

The analysis of strengths and weaknesses is an internal analysis that looks at factors within the organization that can impact its ability to meet its target markets' needs. Therefore, the statement is true.

Question 8

The strategic planning process begins with a detailed analysis of the organization's strengths and weaknesses and the identification of opportunities and threats within the marketing environment.

Accepted Answer

The answer of The strategic planning process begins with a...

Question 9

A market is a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.

Accepted Answer

This is the definition of market as defined in marketing literature.

Question 10

Corporate strategic planners focus on dimensions such as competition, diversification, differentiation, environmental focus, and interrelationships among SBUs.

Accepted Answer

This is true. Corporate strategic planners consider these dimensions when developing a company's overall strategic plan.

Question 11

Marketing strategies should be established before marketing objectives are decided.

Accepted Answer

Marketing objectives should be established first as they define what the business wants to achieve, guiding the development of strategies to meet those objectives.

Question 12

A core competency is something a firm does extremely well-sometimes so well that it gives the company an advantage over its competition.

Accepted Answer

This is the definition of a core competency.

Question 13

A firm's organizational mission should be derived from its goals.

Accepted Answer

A firm's goals should be derived from its organizational mission, as the mission outlines the company's purpose and direction, which then informs its specific goals.

Question 14

Corporate strategy determines the means for utilizing resources in the functional areas of business to reach the organization's goals.

Accepted Answer

This statement is true. Corporate strategy provides direction and guidance for how resources in functional areas such as marketing, finance, and operations should be utilized in order to achieve the overall goals of the organization.

Question 15

The Boston Consulting Group approach is based on a philosophy that a product's market growth rate and its market share relative to competition should be helpful in determining its marketing strategy.

Accepted Answer

The Boston Consulting Group approach, also known as the BCG matrix, is based on the premise that a product's market growth rate and its market share relative to competition are key factors in determining its marketing strategy.

Question 16

Stars are profitable products that usually generate more cash than is required to maintain share.

Accepted Answer

The answer of Stars are profitable products that usually generate...

Question 17

A marketing objective need not be consistent with the firm's overall objectives.

Accepted Answer

A marketing objective should be consistent with the firm's overall objectives to ensure that all aspects of the business are aligned towards achieving the same goals.

Question 18

A marketing strategy is a written document that specifies the activities to be performed to implement and control a firm's marketing activities.

Accepted Answer

The answer of A marketing strategy is a written document...

Question 19

Marketing objectives state what is to be accomplished through marketing activities.

Accepted Answer

Marketing objectives are specific goals and targets that a company sets for itself in order to accomplish through its marketing activities.

Question 20

A long-term view, or vision, of what the organization wants to become is called a mission proclamation.

Accepted Answer

A long-term view, or vision, of what the organization wants to become is called a vision statement. A mission statement typically outlines the purpose, values, and objectives of the organization.

Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies