Question 1

Zest Sports Inc.manufactures sports goods and recently introduced a new line of sportswear for children between the ages of seven and ten years.The marketing team envisions an entirely new marketing strategy to create exchange for its new line of sportswear.This best exemplifies _____.

Accepted Answer

The scenario mentions a company introducing a new line of sportswear, which falls under product marketing.

Question 2

Which of the following is the principle task of an organization with a market orientation?

Accepted Answer

The principle task of an organization with a market orientation is to find effective and efficient means to satisfy the interests of customers. This means that the organization is customer-focused and works towards understanding and meeting the needs and preferences of its target market, rather than manipulating them or focusing solely on making products without considering customer needs. This approach ultimately leads to better customer satisfaction, loyalty, and long-term profitability for the organization. Option A is incorrect as it suggests manipulation of customers, which is not ethical and sustainable. Option B is incorrect as it suggests a product-focused approach and does not take into account customer needs. Option D is incorrect as it suggests an employee-focused approach, which may not always align with customer needs and interests.

Question 3

Formulating a strategy based on distinctive competencies provides an organization with a unique benefit that allows it to _____.

Accepted Answer

Formulating a strategy based on distinctive competencies allows an organization to gain an advantage over its competitors by leveraging its unique strengths and abilities. By focusing on its distinctive competencies, the organization can differentiate itself from competitors and offer something that no one else can, leading to increased customer loyalty and market share. Retaining a product-oriented focus, relying on the past, or focusing on selling rather than customer satisfaction are not necessarily tied to distinctive competencies and may not lead to a competitive advantage.

Question 4

_____ includes all the activities that lead to the development of a clear organizational mission,organizational objectives,and appropriate strategies to achieve the objectives for an entire organization.

Accepted Answer

Strategic planning is a process that involves developing a clear organizational mission, setting objectives, and defining appropriate strategies to achieve those objectives. Marketing planning, on the other hand, is a subset of strategic planning that specifically focuses on developing plans for achieving marketing objectives. The marketing mix is a tactical tool used to promote products and services, and the marketing concept is a philosophy that focuses on customer needs and satisfaction. Therefore, the best choice is C, strategic planning, as it encompasses all the activities mentioned in the question.

Question 5

Mealtimes was started as a fine-dining restaurant serving the most exotic European dishes in the city.The meals ran into several courses,and the restaurant was frequented by people looking for a fancy and leisurely meal.However,with changing times and needs of consumers,the restaurant altered its offerings to incorporate fast food like pizzas,burgers,and hot dogs.The company had to venture into new and different markets to maintain profitability.These new conditions and a redundant mission statement would most likely make the restaurant a _____.

Accepted Answer

The restaurant's change of offerings and need to venture into new markets suggest a lack of clear direction and a shifting focus, indicating that the restaurant would most likely be a drifting organization.

Question 6

Which of the following changes in an organization's environment will most likely result in the organization becoming a drifting organization?

Accepted Answer

Manufacturing low-cost products instead of luxury products could indicate a significant change in the organization's strategy and mission. This could result in a shift away from the organization's core values and mission, causing it to become a drifting organization.

Question 7

According to the marketing concept,the customer will be more satisfied and the firm will be more profitable when the:

Accepted Answer

The marketing concept emphasizes on building long-term relationships with customers by understanding their needs and wants and delivering superior value to them. By doing so, the customers become more satisfied and loyal, which leads to repeat purchase and positive word-of-mouth. This, in turn, makes the firm more profitable as it incurs lower acquisition costs and higher customer lifetime value. Therefore, option A is the best choice. Option B, C, and D are not aligned with the marketing concept and are less likely to result in long-term profitability and customer satisfaction.

Question 8

The things that an organization does so well that they give it an advantage over similar organizations represent that organization's _____.

Accepted Answer

Distinctive competencies are the things that an organization does so well that they give it an advantage over similar organizations. Competitive parity refers to the capability of an organization to perform at the same level as its competitors. External opportunities refer to the environmental factors that an organization can take advantage of, such as market trends or technological advancements. Vendor analysis variables refer to the factors used by an organization to evaluate potential suppliers.

Question 9

Midas Corporation is a sporting goods manufacturer.Most of its energies and resources are devoted to manufacturing and selling a line of sports shoes that has been a reasonable hit in the past.The company rarely undertakes any marketing research studies to assess consumer wants and needs and seldom devises new advertising or promotional strategies.Midas Corporation is exhibiting _____.

Accepted Answer

Midas Corporation is exhibiting a production orientation, which means the company is mainly focused on producing and selling its products rather than researching and understanding consumer needs and wants. The company does not prioritize marketing research or new advertising strategies, which are crucial elements of a market or customer-oriented approach.

Question 10

The purpose of the marketing concept is to rivet the attention of organizations on serving _____.

Accepted Answer

The marketing concept emphasizes on putting the customers' needs and wants at the forefront of an organization's decision-making process. This approach is essential in order to create products and services that best meet customer needs and ultimately drive sales and profits. A focus on supplier, employee, or management needs and wants may neglect the most critical aspect of a company's success - its customers.

Question 11

The Helen Mortimer Foundation is a nonprofit organization that develops marketing strategies to encourage people to stop smoking in an effort to reduce the incidence of lung cancer.This best exemplifies marketing for a(n)_____.

Accepted Answer

The Helen Mortimer Foundation is promoting a cause, which is to reduce the incidence of lung cancer by developing marketing strategies to encourage people to stop smoking. Therefore, this best exemplifies marketing for a cause.

Question 12

Run for the Cure is an annual marathon that raises money for conducting research on breast cancer.Marketers advertise through local media to attract participants and volunteers for the event.Which of the following types of marketing is depicted in this scenario?

Accepted Answer

This scenario depicts organization marketing, as it focuses on promoting the event and attracting participants and volunteers to support the organization's cause of raising money for breast cancer research.

Question 13

Which of the following defines the direction in which an organization is heading and is typically determined in the first stage of strategic planning?

Accepted Answer

A mission statement defines the purpose and overall goal of an organization, providing direction for its future strategies and plans. It is typically determined in the first stage of strategic planning. Employee manuals, annual plans, and codes of ethics may be important documents for organizations, but they do not define the overall direction of the organization in the same way that a mission statement does.

Question 14

The crux of the marketing concept is focusing on building long-term _____ in which an initial sale is only an early step in the relationship,not an end goal.

Accepted Answer

The marketing concept emphasizes building long-term customer relationships, rather than just attempting to make one-time sales. This approach involves understanding and meeting customer needs and desires, as well as creating value for customers over time.

Question 15

Which of the following is a difference between an organization with market orientation and an organization with production orientation in terms of interest in innovation?

Accepted Answer

An organization with market orientation focuses on locating new opportunities and adapting to changing customer needs and demands, which requires innovation. On the other hand, an organization with production orientation typically focuses on improving production efficiency and reducing costs, often through the use of established technology rather than innovation. Therefore, the focus of an organization with market orientation is on innovation, whereas the focus of an organization with production orientation is on technology and cost cutting. Options A, B, and D are incorrect because they do not accurately reflect the differences between market orientation and production orientation in terms of innovation.

Question 16

When completed,an effective mission statement will be primarily focused on the:

Accepted Answer

An effective mission statement should primarily focus on the markets and customers that the organization is serving, rather than the products or internal concerns of the organization. This ensures that the organization is centered on meeting the needs of its customers, which will ultimately lead to long-term success. A narrow class of employee needs should not be the main focus of a mission statement, as it does not encompass the larger purpose and goals of the organization.

Question 17

An organization's mission,objectives,strategies,and portfolio plan are the four major components of its _____.

Accepted Answer

An organization's mission, objectives, strategies, and portfolio plan are the major elements of its strategic plan, which outlines how the company will achieve its goals and remain competitive. The marketing mix refers to the tactical elements of a marketing plan (product, price, place, promotion), while a cooperative environment pertains to the relationships and collaborations among different organizations. A code of ethics, on the other hand, is a set of guiding principles that shape an organization's culture and behavior.

Question 18

Emergo International Company conducts market research to find out the interests and needs of its customers.Based on the research reports,the organization devises plans to meet the customers' needs and wants and manufactures products that are useful to them.Identify the marketing concept that Emergo International Company has adopted.

Accepted Answer

The Emergo International Company has adopted a market orientation concept where they conduct market research to understand customer needs and wants and then develop plans and manufacture products to meet those needs. This approach is customer-centric and focuses on understanding and satisfying customer demands.

Question 19

Run with Scissors Inc. ,a hair salon,advertises its trendy and affordable offerings primarily through the use of social media.The type of strategy the hair salon uses can best be classified as marketing for a(n)_____.

Accepted Answer

Since the hair salon is primarily offering hair cutting and styling services through social media, the strategy used can best be classified as marketing for a service.

Question 20

Which of the following is the first component of a strategic plan?

Accepted Answer

The organizational mission is the first component of a strategic plan because it sets the overall direction and purpose of the organization. It serves as the foundation for the development of objectives and strategies.

Quiz 1: Strategic Planning and the Marketing Management Process