Question 1

The strategic business unit (SBU)concept is best identified as a:

Accepted Answer

The SBU concept is a marketing planning tool that best suits the needs of large, diversified organizations. It is designed to help corporations effectively manage a portfolio of product lines or related businesses, each with its own unique market, competition, and growth potential. It is not primarily used to separate marketing costs from production expenses, nor is it appropriate for small enterprises producing a single product.

Question 2

Which of the following best represents a mission statement?

Accepted Answer

A mission statement should clearly state the organization's purpose and goals. Option B does so by highlighting Bass Pro Shop's aim to be the best at selling outdoor recreational products while also encouraging environmental preservation. The other options, on the other hand, don't fully convey the intended purpose and goals of their respective organizations.

Question 3

According to the BCG market share/market growth matrix,the SBU that produces strong cash flows which can be used to finance the growth of other SBUs is the:

Accepted Answer

According to the BCG matrix, cash cow SBUs have high market share in a low-growth or mature industry, meaning that they generate substantial cash flows. This makes them ideal candidates for financing the growth of other SBUs. Dogs have low market share and low market growth and therefore do not generate significant cash flows. Question marks and laggards may require significant investment and do not have proven track records of generating cash, making them less desirable for financing growth.

Question 4

A company can modify a strategy when its actual performance is not in line with expected results by:

Accepted Answer

When a company's actual performance is not aligned with expected results, it is important to put the marketing strategy into action and monitor its performance. This helps identify the areas where the strategy is not effective and makes it possible to modify the strategy accordingly. Redefining the firm's mission, focusing exclusively on long-range strategic issues, and interpreting the mission, vision, and values of the company differently may not directly address the performance issues and may not necessarily lead to improved outcomes.

Question 5

​As you plan to expand your children's clothing line internationally,you realize the necessity of considering the marketing environment.In particular,you are worried about potential new trade restrictions that could be imposed by other countries.Your concern primarily involves which dimension of the marketing environment?

Accepted Answer

The concern about potential new trade restrictions relates to the political-legal dimension of the marketing environment, as governmental policies can have a significant impact on international trade.

Question 6

Bell Weddings was the company that pioneered the wedding planning industry.The owners realized that customizing weddings to the wishes of the families,taking charge of the responsibilities,and creating a day that is memorable for clients was an incredible business venture.The case of Bell Weddings illustrates the value of _____.

Accepted Answer

The case of Bell Weddings illustrates the value of the first-mover strategy whereby they were the first to pioneer the wedding planning industry.

Question 7

​Based on your understanding of Porter's Five Forces,you have identified potential new entrants as the key threat to your florist business.Choose the most accurate reason(s)for this situation.

Accepted Answer

The Internet has reduced barriers to entry by making it easier for new florist businesses to establish an online presence and reach customers. This increases competition in the industry and poses a threat to existing florist businesses. The other options are not directly related to the threat of new entrants.

Question 8

A good marketing plan revolves around an efficient,flexible,and adaptable ____________.​

Accepted Answer

The answer of A good marketing plan revolves around an...

Question 9

Preparation of quarterly and semiannual plans by personnel such as the general sales manager or advertising director would be classified as _____ planning.

Accepted Answer

Preparation of quarterly and semiannual plans by personnel such as the general sales manager or advertising director would be classified as tactical planning, which involves developing specific tactics and actions to achieve the overall strategic goals of the organization. Tactical planning is focused on short-term goals and typically involves middle-level managers.

Question 10

Relationship marketing refers to a firm's effort to develop long-term,cost-effective links with individual customers and suppliers.Many companies:

Accepted Answer

Many companies include relationship-building goals and strategies in their larger plans for the organization, recognizing the benefits that come with developing long-term, cost-effective links with individual customers and suppliers. While there may not be immediate evidence of the effectiveness of relationship marketing initiatives, they can lead to increased customer loyalty, repeat purchases, and positive word-of-mouth recommendations, all of which can drive long-term profitability. As a result, relationship marketing is widely viewed as a critical part of modern marketing strategy.

Question 11

You are the head of market strategies for a large media company,and you are responsible for leading the enterprise through its annual marketing planning process.Which one of the following statements is true about this process?​

Accepted Answer

The answer of You are the head of market strategies...

Question 12

Comcast's NBC division acquired Universal Studios and the highest executive who approved this acquisition was most likely Comcast's CEO.This decision is the direct result of _____ planning process at Comcast.

Accepted Answer

The acquisition of Universal Studios by Comcast's NBC division is a major decision that would have a long-term impact on the company's growth and direction, making it a strategic planning process. This decision involves the highest level of the organization, which is the CEO, and requires a thorough analysis of the potential benefits and risks involved in the acquisition. Tactical planning focuses on specific actions and objectives to achieve short-term goals, operational planning deals with day-to-day activities, and technological planning involves the development and implementation of technology solutions. None of these options are applicable to the acquisition of Universal Studios.

Question 13

​You are responsible for writing the statements of organizational goals to be included in the mission statement of your retail company.Choose the goal(s)that are not stated appropriately for this purpose.

Accepted Answer

While creating an aura of prestige may be a desired outcome, it is not a specific and measurable goal that can be included in a mission statement. The other options are specific and measurable goals that can be included.

Question 14

The basic objectives or goals of an organization are derived from its:

Accepted Answer

The mission statement outlines the purpose and values of the organization, and serves as the foundation for setting objectives and goals. Standard operating procedures and operational plans are more specific and detailed, and are derived from the organization's goals and objectives. Supervisory management strategy refers to the approach and tactics used by managers to achieve organizational goals, but is not the source of the goals themselves.

Question 15

Core competencies are capabilities that customers value and competitors:

Accepted Answer

Core competencies are unique capabilities or strengths that are difficult for competitors to duplicate or imitate. They provide a competitive advantage and are valued by customers. Option A is incorrect because core competencies are difficult for competitors to copy. Option B and D are incorrect because competitors do not overestimate or undervalue core competencies – they recognize their worth and strive to develop their own.

Question 16

Decisions involving transportation,warehousing,inventory control,and order processing relate to the _____ strategy component.

Accepted Answer

Decisions involving transportation, warehousing, inventory control, and order processing are all related to the distribution component of a company's strategy. This component focuses on getting the product to the customer in the most efficient and effective way possible. The other options (pricing, competitive, and product) do not directly relate to these types of operational decisions.

Question 17

The _____ is the organizational program for selecting a target market and satisfying customers in that market through the marketing mix.

Accepted Answer

The marketing strategy is the specific plan developed by an organization to target a particular market and meet the needs of that market through the marketing mix (product, price, promotion, and place). An operational plan is a detailed plan that outlines specific actions and activities needed to achieve organizational goals in the short-term, while a relationship marketing approach focuses on building long-term relationships with customers. A short-term plan typically refers to a plan that covers a short period of time, such as a few months.

Question 18

A SWOT analysis is designed to reveal,among other things,a firm's core competencies,which reflect its:

Accepted Answer

SWOT analysis is a strategic planning tool that helps businesses to identify their strengths (core competencies), weaknesses (vulnerabilities), opportunities, and threats. The purpose of this analysis is to help the business to develop strategies based on its strengths to overcome weaknesses, capitalize on opportunities, and deal with threats. Therefore, the best choice is B - strengths, as it reflects the core competencies of a firm.

Question 19

YOU Inc.,a radio cassette manufacturer,sold its business due to poor market shares.According to the BCG Matrix,the firm sold its business because the business had become a _____ as seen in its poor prospects and performance.

Accepted Answer

According to the BCG Matrix, a "dog" is a business with low market share in a low-growth market, leading to poor prospects and performance. As the radio cassette market has been shrinking due to the rise of digital music and streaming, it is likely that YOU Inc.'s business in this area had become a dog. Thus, the best choice is option D.

Question 20

The concept of _________________ refers to the ways that marketers make sure their customers get the right amount of products at the right time and place.​

Accepted Answer

Distribution strategy involves the management of getting the right product, at the right time to the right place in the most efficient way possible. This includes decisions about transportation, warehousing, and inventory management.

Quiz 2: Strategic Planning in Contemporary Marketing

The strategic business unit (SBU) concept is best identified as a:

Which of the following best represents a mission statement?

According to the BCG market share/market growth matrix,the SBU that produces strong cash flows which can be used to finance the growth of other SBUs is the:

A company can modify a strategy when its actual performance is not in line with expected results by:

Based on your understanding of Porter's Five Forces,you have identified potential new entrants as the key threat to your florist business.Choose the most accurate reason(s) for this situation.

A good marketing plan revolves around an efficient,flexible,and adaptable ____________.

Preparation of quarterly and semiannual plans by personnel such as the general sales manager or advertising director would be classified as _____ planning.

Relationship marketing refers to a firm's effort to develop long-term,cost-effective links with individual customers and suppliers.Many companies:

You are the head of market strategies for a large media company,and you are responsible for leading the enterprise through its annual marketing planning process.Which one of the following statements is true about this process?

Comcast's NBC division acquired Universal Studios and the highest executive who approved this acquisition was most likely Comcast's CEO.This decision is the direct result of _____ planning process at Comcast.

You are responsible for writing the statements of organizational goals to be included in the mission statement of your retail company.Choose the goal(s) that are not stated appropriately for this purpose.

The basic objectives or goals of an organization are derived from its:

Core competencies are capabilities that customers value and competitors:

Decisions involving transportation,warehousing,inventory control,and order processing relate to the _____ strategy component.

The _____ is the organizational program for selecting a target market and satisfying customers in that market through the marketing mix.

A SWOT analysis is designed to reveal,among other things,a firm's core competencies,which reflect its:

YOU Inc.,a radio cassette manufacturer,sold its business due to poor market shares.According to the BCG Matrix,the firm sold its business because the business had become a _____ as seen in its poor prospects and performance.

The concept of _________________ refers to the ways that marketers make sure their customers get the right amount of products at the right time and place.

Quiz 2: Strategic Planning in Contemporary Marketing

The strategic business unit (SBU) concept is best identified as a:

Which of the following best represents a mission statement?

According to the BCG market share/market growth matrix,the SBU that produces strong cash flows which can be used to finance the growth of other SBUs is the:

A company can modify a strategy when its actual performance is not in line with expected results by:

​Based on your understanding of Porter's Five Forces,you have identified potential new entrants as the key threat to your florist business.Choose the most accurate reason(s) for this situation.

A good marketing plan revolves around an efficient,flexible,and adaptable ____________.​

Preparation of quarterly and semiannual plans by personnel such as the general sales manager or advertising director would be classified as _____ planning.

Relationship marketing refers to a firm's effort to develop long-term,cost-effective links with individual customers and suppliers.Many companies:

You are the head of market strategies for a large media company,and you are responsible for leading the enterprise through its annual marketing planning process.Which one of the following statements is true about this process?​

Comcast's NBC division acquired Universal Studios and the highest executive who approved this acquisition was most likely Comcast's CEO.This decision is the direct result of _____ planning process at Comcast.

​You are responsible for writing the statements of organizational goals to be included in the mission statement of your retail company.Choose the goal(s) that are not stated appropriately for this purpose.

The basic objectives or goals of an organization are derived from its:

Core competencies are capabilities that customers value and competitors:

Decisions involving transportation,warehousing,inventory control,and order processing relate to the _____ strategy component.

The _____ is the organizational program for selecting a target market and satisfying customers in that market through the marketing mix.

A SWOT analysis is designed to reveal,among other things,a firm's core competencies,which reflect its:

YOU Inc.,a radio cassette manufacturer,sold its business due to poor market shares.According to the BCG Matrix,the firm sold its business because the business had become a _____ as seen in its poor prospects and performance.

The concept of _________________ refers to the ways that marketers make sure their customers get the right amount of products at the right time and place.​

Based on your understanding of Porter's Five Forces,you have identified potential new entrants as the key threat to your florist business.Choose the most accurate reason(s) for this situation.

A good marketing plan revolves around an efficient,flexible,and adaptable ____________.

You are the head of market strategies for a large media company,and you are responsible for leading the enterprise through its annual marketing planning process.Which one of the following statements is true about this process?

You are responsible for writing the statements of organizational goals to be included in the mission statement of your retail company.Choose the goal(s) that are not stated appropriately for this purpose.

The concept of _________________ refers to the ways that marketers make sure their customers get the right amount of products at the right time and place.