Question 1

A competitive advantage exists when a
A)firm matches a core competency to opportunities it has discovered in the marketplace.
B)firm does marketing better than its competitors.
C)combination of circumstances and timing allow a firm to reach an attractive target market.
D)firm observes a fit between the key requirements of a market and its own capabilities.
E)firm has a strong marketing plan.

Accepted Answer

A competitive advantage exists when a firm is able to match a core competency (i.e. a unique set of skills or resources) to opportunities it has discovered in the marketplace. This allows the firm to differentiate itself from competitors and create value for its customers. Choices B, C, D, and E are not necessarily indicative of a competitive advantage, as many firms may have strong marketing plans, good timing, or an attractive target market, but lacking a unique core competency or strategy that sets them apart from competitors.

Question 2

Which of the following is a characteristic of a marketing objective?
A)It is consistent with both business-unit and corporate strategy.
B)It is a verbal agreement, not in writing.
C)It is not written in measurable terms.
D)It does not specify a time frame for its accomplishment.
E)It clearly identifies how marketing strategy will be implemented.

Accepted Answer

Marketing objectives are designed to be aligned with the broader goals of the business unit and the overall corporate strategy, ensuring that marketing efforts support the company's general direction and objectives.

Question 3

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.
A)market opportunity
B)market requirement
C)competitive advantage
D)strategic window
E)competitive opportunity

Accepted Answer

A competitive advantage is created when a company matches its core competency to opportunities it has discovered in the marketplace. This allows the company to differentiate itself from competitors and potentially gain a larger share of the market. A market opportunity refers to a gap or need in the market that a company can fulfill, while a market requirement refers to an essential characteristic or feature that a company must possess in order to compete in the market. A strategic window refers to a limited period of time during which a company can take advantage of a particular opportunity in the market. A competitive opportunity is a term that is not commonly used in business and does not have a clear definition.

Question 4

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of
A)a competitive advantage.
B)a well-defined mission statement.
C)good strategic planning.
D)a market opportunity.
E)opportunistic behavior.

Accepted Answer

The creation of the low-fat, low-carb pizza product was a response to consumer concerns, indicating that there was a market opportunity for this type of product.

Question 5

In response to the increase in demand for organic foods, Wegmans, Inc., a regional supermarket, recently created organic food departments within their large stores. The creation of these departments was a result of
A)a core competency
B)a market opportunity
C)its sales orientation
D)its distribution plan
E)a competitive advantage

Accepted Answer

The increase in demand for organic foods represents a market opportunity that Wegmans, Inc. has responded to by creating organic food departments in their stores.

Question 6

Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____.
A)opportunities; core competencies
B)core competencies; strengths
C)opportunities; strengths
D)strengths; core competencies
E)strengths; opportunities

Accepted Answer

Successful business organizations should aim to turn their weaknesses into strengths and threats into opportunities for growth and development. This answer option correctly identifies the conversion of weaknesses into strengths as a key goal for businesses. Additionally, the conversion of threats into opportunities is essential for businesses to stay competitive and adaptable in changing markets. The other answer options do not fully align with this concept.

Question 7

Realizing an increase in both the number of consumers who are environmentally-conscious and the number of consumers who are seeking vehicles that use less gasoline, several car manufacturers have developed hybrid automobiles. This is an example of identifying and capitalizing on a ____ while the strategic window is open.
A)marketing mix
B)market opportunity
C)objective
D)requirement
E)goal

Accepted Answer

The development of hybrid automobiles is an example of identifying and capitalizing on a market opportunity while the strategic window is open. The increasing number of consumers who are environmentally conscious and seeking vehicles that use less gasoline create a market opportunity for hybrid cars, which car manufacturers have developed to meet the demand.

Question 8

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a
A)market objective.
B)market requirement.
C)strategic market plan.
D)market opportunity.
E)corporate objective.

Accepted Answer

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a market opportunity.

Question 9

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's
A)strengths.
B)opportunities.
C)weaknesses.
D)threats.
E)strategies.

Accepted Answer

John Deere's strong name recognition and solid customer demand are both internal factors that are positive attributes of the company, hence they are strengths.

Question 10

An organization's business goals should be derived from its
A)mission statement.
B)strategic plan.
C)strategic business plan.
D)marketing plan.
E)marketing strategy.

Accepted Answer

The answer of An organization's business goals should be derived...

Question 11

When Disney World wants to have at least 90 percent of its customers indicating they had a memorable and satisfying experience at the park hotels, this is an example of
A)implementing the marketing mix
B)maintaining their corporate identity
C)a marketing objective
D)a strategic plan
E)a mission statement

Accepted Answer

This is a clear example of a marketing objective - a specific goal that a company wants to achieve through its marketing efforts. In this case, Disney World's marketing objective is to have a high percentage of satisfied customers who had a memorable experience at their hotels.

Question 12

A strategic window is
A)the right combination of circumstances and timing that permit an organization to take action to reach a particular target market.
B)what determines the factors that are most important in making a market attractive or strong.
C)customers' requirements or desired benefits.
D)a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.
E)the process that seeks information about events and relationships in a company's outside environment.

Accepted Answer

A strategic window is a temporary period in which an organization has a favorable fit between its critical resources and the key requirement of a market. This alignment allows the organization to take advantage of an opportunity in the market and gain a competitive advantage.

Question 13

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called
A)strengths.
B)market strategies.
C)market niches.
D)threats.
E)opportunities.

Accepted Answer

Opportunities are specifically favorable conditions in the marketplace that can lead to potential rewards for the organization if the organization takes the right action to capitalize on them. Therefore, E is the correct answer.

Question 14

A firm's unique symbols, personalities, and philosophies comprise its
A)corporate persona.
B)corporate identity.
C)corporate character.
D)CEO's identity.
E)ethics.

Accepted Answer

Corporate identity refers to the unique symbols, personalities and philosophies that differentiate a firm from others. It includes the firm's name, logo, design, values, culture, and communications. Corporate persona refers to the public image or reputation of the company, while corporate character refers to the underlying values and ethical principles that guide its actions. CEO's identity and ethics are more specific to an individual or group within the company, rather than the overall corporate identity.

Question 15

Which of the following statements is incorrect?
A)Of the three levels of planning, corporate strategy is the broadest.
B)Business-unit strategy should be consistent with the corporate strategy.
C)Marketing strategy should be consistent with both the business-unit and corporate strategies.
D)Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels.
E)Strategic planning begins at the corporate level and proceeds through business-unit and marketing levels.

Accepted Answer

Strategic planning typically begins at the corporate level and then proceeds down to the business-unit and marketing levels.

Question 16

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.
A)opportunities and threats
B)market opportunities
C)strengths and weaknesses
D)activities and responsibilities
E)organizational resources

Accepted Answer

An analysis of strengths and weaknesses examines the internal factors of an organization, including its resources, capabilities, and processes, to determine its competitive advantages and disadvantages in meeting the needs of its target markets. This analysis is an important part of the SWOT analysis, which also includes an assessment of opportunities and threats in the external environment. Option A, opportunities and threats, focuses on external factors, while options B, D, and E do not provide a comprehensive analysis of the organization's internal factors.

Question 17

The reputation and well-known brand name of Rolex watches represents a ____ for Rolex.
A)competitive advantage
B)core competency
C)market opportunity
D)strategic window
E)pricing strategy

Accepted Answer

The answer of The reputation and well-known brand name of...

Question 18

Resource deployment and coordination of functional areas of business are determined by
A)the mission statement.
B)corporate strategy.
C)business-unit strategy.
D)marketing strategy.
E)the marketing mix.

Accepted Answer

Resource deployment and coordination of functional areas of business are determined by corporate strategy, which provides overarching direction and guidance for the entire organization. The mission statement, business-unit strategy, marketing strategy, and marketing mix are all important components of a company's overall strategy, but they are more specific to individual areas of the business and do not dictate resource deployment and coordination for the organization as a whole.

Question 19

Amazon's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers.
A)organizational opportunity advantage
B)strategic window
C)market requirement
D)market opportunity
E)competitive advantage

Accepted Answer

Amazon's pricing, service, and investment in improving its website provide it with a competitive advantage over other retailers.

Question 20

____ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals.
A)Corporate
B)Business-unit
C)Marketing
D)Mission statement
E)Marketing mix

Accepted Answer

The answer of ____ strategy determines the means for utilizing...

Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies

A competitive advantage exists when a

Which of the following is a characteristic of a marketing objective?

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of

In response to the increase in demand for organic foods, Wegmans, Inc., a regional supermarket, recently created organic food departments within their large stores. The creation of these departments was a result of

Successful business organizations should take actions to convert internal weaknesses into and external threats into .

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's

An organization's business goals should be derived from its

When Disney World wants to have at least 90 percent of its customers indicating they had a memorable and satisfying experience at the park hotels, this is an example of

A strategic window is

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

A firm's unique symbols, personalities, and philosophies comprise its

Which of the following statements is incorrect?

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

The reputation and well-known brand name of Rolex watches represents a ____ for Rolex.

Resource deployment and coordination of functional areas of business are determined by

Amazon's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers.

____ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals.