Question 1

The components of a SWOT analysis are strengths,weaknesses,opportunities,and tactics.

Accepted Answer

The components of a SWOT analysis are strengths, weaknesses, opportunities, and threats. The acronym SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Tactics are not a component of a SWOT analysis but may be developed as a result of the analysis.

Question 2

Product penetration is one of the four major growth strategies.

Accepted Answer

False

Question 3

Strong supplier relations and efficient supply chains help firms such as Walmart achieve operational excellence.

Accepted Answer

Strong supplier relations help ensure that Walmart has a reliable and consistent supply of goods, which is essential for operational excellence. Additionally, efficient supply chains help Walmart reduce costs, optimize inventory, and deliver products to customers quickly and accurately. Overall, supply chain management plays a critical role in Walmart's success.

Question 4

When Ramona,the keynote speaker at a major business leaders' conference,arrived in the middle of the night at the Ritz-Carlton,she was exhausted and her suit was wrinkled from her 10-hour plane trip.The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation.She has been a loyal Ritz-Carlton customer ever since.In this example,Ritz-Carlton demonstrated the macro strategy of
A) customer excellence.
B) operational excellence.
C) product excellence.
D) promotional excellence.
E) global excellence.

Accepted Answer

The Ritz-Carlton demonstrated customer excellence by going above and beyond to meet Ramona's needs, ensuring her loyalty through exceptional service.

Question 5

SanDisk's MP3 player product line (called the Sansa)has a low relative market share.The MP3 player market is expected to decline over the next few years.In Boston Consulting Group (BCG)portfolio analysis,the Sansa would be considered a dog.

Accepted Answer

According to the statement, the Sansa has a low relative market share and the MP3 player market is expected to decline, both of which are characteristics of a dog in BCG portfolio analysis.

Question 6

A mission statement describes the specific actions a firm will take to achieve its goals.

Accepted Answer

A mission statement outlines the overall purpose and values of a company, not specific actions.

Question 7

Price should be based on the value that the customer perceives.

Accepted Answer

Pricing based on customer perceived value is a common approach in marketing. It involves setting the price of a product or service based on how much the customer is willing to pay for it, based on their perception of its value. This approach aims to maximize revenue by setting a price that is acceptable to the customer and reflects the value they receive from the product or service.

Question 8

iTunes software is often credited with the success of the Apple iPod MP3 player,because it made the iPod easier to use than competing players,and was difficult for competitors to duplicate.This is an example of a sustainable competitive advantage.

Accepted Answer

The ease of use provided by iTunes software created a sustainable competitive advantage for the Apple iPod because it was difficult for competitors to duplicate, ultimately contributing to the success of the product.

Question 9

Relative market share is an example of a marketing metric.

Accepted Answer

Relative market share is a marketing metric used to assess a company's market share in comparison to its competitors. It helps the company to understand its position in the market and make strategic decisions accordingly.

Question 10

Duke's is a surfer-themed restaurant chain in Hawaii.Most of its customers are tourists.In a SWOT analysis for Duke's,the possibility that the recession might cut back on tourism in Hawaii would be considered a weakness.

Accepted Answer

In a SWOT analysis, the possibility that a recession might cut back on tourism in Hawaii would be considered an external threat, not a weakness. Weaknesses are internal factors that detract from the company's ability to achieve its objectives.

Question 11

Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages?
A) locational excellence
B) customer excellence
C) operational excellence
D) product excellence
E) planning excellence

Accepted Answer

Planning excellence is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages. The four strategies are locational excellence, customer excellence, operational excellence, and product excellence.

Question 12

Isaac is looking for ways to offer new goods and services to his existing customers.He is pursuing a market development strategy.

Accepted Answer

Isaac is pursuing a product development strategy, as he is looking to offer new goods and services to his existing customers. Market development involves entering new markets with existing products.

Question 13

If a firm wants to develop a sustainable competitive advantage,it should
A) begin an aggressive campaign to buy up competitors.
B) copy the innovative features of other firms that are attractive to customers.
C) examine its operations and customer relations to identify significant things competitors cannot easily copy.
D) increase its marketing budget so that it outspends its competitors.
E) arrange to meet with competitors to discuss how to avoid direct competition.

Accepted Answer

Developing a sustainable competitive advantage requires a firm to identify significant things that competitors cannot easily copy. This could be achieved by examining its operations and customer relations. Buying up competitors (A) may provide temporary benefits, but it does not guarantee long-term sustainability. Copying innovative features of other firms (B) may also provide a temporary advantage, but these features can easily be replicated by competitors. Increasing the marketing budget (D) may attract customers, but it does not create a sustainable advantage. Meeting with competitors to avoid direct competition (E) could lead to collusion and anti-competitive behavior, which is not ethical or sustainable.

Question 14

Geraldo manages the electrical turbine engine division of General Electric Corporation.He makes most decisions independently,without consulting headquarters.Geraldo manages a strategic business unit.

Accepted Answer

Geraldo manages a strategic business unit which gives him autonomy to make most decisions independently without consulting headquarters.

Question 15

The strategic planning process always proceeds sequentially through the five steps.

Accepted Answer

The strategic planning process can be iterative and may involve revisiting previous steps based on new information or changes in the organization's environment.

Question 16

It is not always necessary to go through all the steps in the marketing planning process.

Accepted Answer

Depending on the situation, the organization may skip or combine some steps in the marketing planning process. However, it is important to ensure that the necessary information is gathered, a thorough analysis is conducted, and an effective strategy is developed to achieve the intended goals.

Question 17

Firms are typically more successful when they focus on opportunities that build on their strengths relative to those of their competition.

Accepted Answer

Focusing on building on a firm's strengths relative to their competition can lead to a competitive advantage and more success.

Question 18

To build a sustainable competitive advantage,companies should focus on a single strategy.

Accepted Answer

Building a sustainable competitive advantage often requires a combination of strategies, such as product differentiation, cost leadership, and customer intimacy. A single strategy may not be sufficient to maintain a competitive edge in the long term.

Question 19

The "implement marketing mix" step of the strategic marketing planning process is part of the control phase.

Accepted Answer

The "implement marketing mix" step is part of the implementation phase, not the control phase. The control phase involves measuring and evaluating the results of the marketing strategies and plans and taking corrective action to ensure that objectives are achieved.

Question 20

STP refers to segmentation,testing,and promotion.

Accepted Answer

STP refers to segmentation, targeting, and positioning, not testing and promotion.

Quiz 2: Developing Marketing Strategies and a Marketing Plan