Question 1

Figure 22-3
 
-In Porter's generic business strategies shown in Figure 22-3 above,which box represents a cost leadership strategy?

Accepted Answer

A)  Box A
B)  Box B
C)  Box C
D)  Box D
E)  This is not one of Porter's strategies.F) C) and E)
G) A) and E)

Question 2

Synergy analysis refers to

Accepted Answer

A)  identifying a company's potential strengths,weaknesses,opportunities,and threats.
B)  relating the expense of marketing effort to the marketing results obtained.
C)  using percentage points of market share as the common basis of comparison to allocate marketing resources effectively for different product lines within the same firm.
D)  using a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization.
E)  seeking opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.F) B) and E)
G) All of the above

Question 3

The strategic marketing process involves three phases: planning,implementation,and

Accepted Answer

A)  review.
B)  execution.
C)  evaluation.
D)  goal revision.
E)  correction.F) A) and E)
G) B) and C)

Question 4

One of Porter's generic business strategies that requires a product to have significant points of difference to charge a higher price while targeting a broad array of market segments is referred to as a

Accepted Answer

A)  differentiation focus strategy.
B)  cost focus strategy.
C)  cost leadership strategy.
D)  differentiation strategy.
E)  supply focus strategy.F) A) and B)
G) B) and C)

Question 5

Which of the following statements regarding marketing failures is most accurate?

Accepted Answer

A)  Marketing failures are due to a lack of a program champion who is willing to make decisions and act on them.
B)  Marketing failures are due to a lack of financial support.
C)  Marketing failures are due to a lack of originality.
D)  Marketing failures are due to poorly communicated plans.
E)  Marketing failures are due to a poor plan and strategy,poor implementation,or both.F) A) and E)
G) C) and E)

Question 6

Disruptive innovations cause havoc for an organization's

Accepted Answer

A)  short-term marketing plans.
B)  marketing research plans.
C)  SWOT analysis.
D)  long-range marketing plans.
E)  environmental scanning.F) None of the above
G) A) and B)

Question 7

Synergy analysis seeks opportunities by finding the optimum balance between

Accepted Answer

A)  the needs of the manufacturer versus the needs of the consumer.
B)  the desire for profit versus responsibility to society as a whole.
C)  the expense of marketing effort versus the marketing results obtained.
D)  a firm's market segments and its product groupings.
E)  marketing efficiencies versus R&D-manufacturing efficiencies.F) None of the above
G) B) and D)

Question 8

Which of the following statements best reflects the guideline for making marketing plans controllable and flexible?

Accepted Answer

A)  The firm ensures that people at all levels in the firm understand what,when,and how they are to accomplish their tasks.
B)  The firm's marketing plan has all the key marketing mix factors and is supported by resources.
C)  The firm's marketing plan enables results to be compared with planned targets,using precise marketing metrics.
D)  The firm insists on ownership of the marketing plan by team members and stakeholders.
E)  The firms ensures that the right person to implement plans is heavily involved in making the plans.F) A) and D)
G) A) and E)

Question 9

Developing a program schedule involves which of the following?

Accepted Answer

A)  selecting a product champion
B)  assigning people the responsibilities to complete each task
C)  defining specific market segments
D)  creating marketing metrics to evaluate the results
E)  scheduling a follow-up meeting to evaluate the resultsF) B) and E)
G) A) and B)

Question 10

Which of the following pieces of information is used in market-product focus and goal setting,the second step of the planning phase of the strategic marketing process?

Accepted Answer

A)  marketing return on investment
B)  perceptual maps and positioning statements
C)  revenues associated with each point of market share
D)  possible cannibalization effects on other products in the line
E)  trends for industry and competitorsF) B) and C)
G) D) and E)

Question 11

A differentiation strategy refers to one of Porter's generic business strategies that

Accepted Answer

A)  involves controlling expenses and,in turn,lowering product prices targeted at a narrow range of markets segments.
B)  requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments.
C)  focuses on reducing expenses and,in turn,lowers product prices,while targeting a broad array of market segments.
D)  requires products to have significant points of difference to target one or only a few market segments.
E)  seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.F) D) and E)
G) A) and B)

Question 12

Figure 22-3
 
-In Porter's generic business strategies shown in Figure 22-3 above,which box represents a cost focus strategy?

Accepted Answer

A)  Box A
B)  Box B
C)  Box C
D)  Box D
E)  This is not one of Porter's strategies.F) C) and D)
G) A) and E)

Question 13

In the early 1900s,Henry Ford revolutionized the automobile industry by developing production lines and mass-producing the Ford Model T automobile.By heavily reducing production costs,Ford made the Model T affordable for the average American family.What generic business strategy did Ford use to gain a competitive advantage in the automobile market?

Accepted Answer

A)  a cost leadership strategy
B)  a differentiation strategy
C)  a cost focus strategy
D)  a differentiation focus strategy
E)  a limited production strategyF) A) and D)
G) C) and D)

Question 14

Which of the following statements best reflects the guideline for working toward consensus-building when developing marketing plans?

Accepted Answer

A)  The firm's marketing plans enable results to be compared with planned targets,using precise marketing metrics.
B)  The firm insists on ownership of the marketing plan by team members and stakeholders.
C)  The firms ensures that the right person to implement plans is heavily involved in making the plans.
D)  To motivate people,the firm sets achievable goals.
E)  The firm ensures that people at all levels in the firm understand what,when,and how they are to accomplish their tasks.F) B) and C)
G) B) and D)

Question 15

One of Porter's generic business strategies that involves controlling expenses and,in turn,lowering product prices targeted at a narrow range of markets segments is referred to as a ________ strategy.

Accepted Answer

A)  cost focus
B)  cost leadership focus
C)  differentiation focus
D)  differentiation
E)  profit enhancementF) B) and D)
G) B) and E)

Question 16

General Mills is concerned with both selling its products and brands in countries around the world and obtaining ideas for new products from anyone anywhere who has a great product or technology.You can submit your great new-product or technology idea to General Mills online if the product or technology can

Accepted Answer

A)  fit into the General Mills or Nestlé distribution systems.increases the chances for its success.
B)  be copyrighted or patented in North America and Western Europe.
C)  uniquely meet a large unmet consumer need.
D)  be a totally new product category outside of General Mills' existing product lines.
E)  facilitate the new General Mills diversification strategy by being a product or technology unrelated to consumer foods.F) None of the above
G) All of the above

Question 17

As the marketing manager for Acme Products Inc. ,you just became the new program leader for Baubles,a product Acme introduced last year.Initial sales far exceeded expectations.In response,the previous program leader decided to reduce the profit margins for channel members to more quickly recover the high costs incurred in the development of the Baubles product and its marketing program.Unfortunately,sales of Acme Baubles declined by 5 percent while its market share declined by 7 percent as new competitors entered the market.After conducting a customer survey,you concluded that customers were generally satisfied with Acme's Baubles.However,Baubles were not as readily accessible as they were the previous year.Furthermore,after conducting a survey among the leading wholesalers and retailers of Acme Baubles,you discovered they were not pleased with the reduced margins.Moreover,because Acme's principal competitors offered them greater margins,they gave their products better service and shelf space than Acme's.This is an example of

Accepted Answer

A)  good planning and good implementation.
B)  good planning and poor implementation.
C)  poor planning and good implementation.
D)  poor planning and poor implementation.
E)  poor evaluation.F) B) and D)
G) All of the above

Question 18

A trend likely to influence the strategic marketing process in the future that incorporates concerns for ethics,integrity,employee health and safety,and environmental safeguards with more common corporate values such as growth,profitability,customer service,and quality is referred to as

Accepted Answer

A)  stakeholder value.
B)  value-based planning.
C)  marketing ROI.
D)  value-driven strategies.
E)  value-added marketing.F) A) and D)
G) D) and E)

Question 19

Which of the following statements best reflects the guideline for having complete and feasible marketing plans?

Accepted Answer

A)  The firm insists on having good marketing research.
B)  To motivate people,the firm sets achievable goals.
C)  The firm ensures that people at all levels in the firm understand what,when,and how they are to accomplish their tasks.
D)  The firm's marketing plan has all the key marketing mix factors and is supported by resources.
E)  The firm's marketing plan enables results to be compared with planned targets,using precise marketing metrics.F) A) and E)
G) C) and E)

Question 20

What are the two types of innovation metrics used in analyzing the performance of new-product development?

Accepted Answer

A survey of 800 executives led several r...

Exam 22: Pulling It All Together: the Strategic Marketing Process

Which of the following statements best reflects the guideline for making marketing plans controllable and flexible?

Correct Answer
verified

Figure 22-3 -In Porter's generic business strategies shown in Figure 22-3 above,which box represents a cost leadership strategy?

Correct Answer
verified

Which of the following statements regarding marketing failures is most accurate?

Correct Answer
verified

Which of the following statements best reflects the guideline for working toward consensus-building when developing marketing plans?

Correct Answer
verified

Synergy analysis seeks opportunities by finding the optimum balance between

Correct Answer
verified

Which of the following statements best reflects the guideline for having complete and feasible marketing plans?

Correct Answer
verified

One of Porter's generic business strategies that involves controlling expenses and,in turn,lowering product prices targeted at a narrow range of markets segments is referred to as a ________ strategy.

Correct Answer
verified

A differentiation strategy refers to one of Porter's generic business strategies that

Correct Answer
verified

Figure 22-3 -In Porter's generic business strategies shown in Figure 22-3 above,which box represents a cost focus strategy?

Correct Answer
verified

What are the two types of innovation metrics used in analyzing the performance of new-product development?

Correct Answer
verified
A survey of 800 executives led several r...
View Answer

Correct Answer
verified

One of Porter's generic business strategies that requires a product to have significant points of difference to charge a higher price while targeting a broad array of market segments is referred to as a

Correct Answer
verified

Synergy analysis refers to

Correct Answer
verified

Correct Answer
verified

Disruptive innovations cause havoc for an organization's

Correct Answer
verified

The strategic marketing process involves three phases: planning,implementation,and

Correct Answer
verified

Correct Answer
verified

Which of the following pieces of information is used in market-product focus and goal setting,the second step of the planning phase of the strategic marketing process?

Correct Answer
verified

Developing a program schedule involves which of the following?

Correct Answer
verified

A trend likely to influence the strategic marketing process in the future that incorporates concerns for ethics,integrity,employee health and safety,and environmental safeguards with more common corporate values such as growth,profitability,customer service,and quality is referred to as

Correct Answer
verified

Exam 22: Pulling It All Together: the Strategic Marketing Process

Which of the following statements best reflects the guideline for making marketing plans controllable and flexible?

Correct AnswerverifiedShow Answer

Figure 22-3 -In Porter's generic business strategies shown in Figure 22-3 above,which box represents a cost leadership strategy?

Correct AnswerverifiedShow Answer

Which of the following statements regarding marketing failures is most accurate?

Correct AnswerverifiedShow Answer

Which of the following statements best reflects the guideline for working toward consensus-building when developing marketing plans?

Correct AnswerverifiedShow Answer

Synergy analysis seeks opportunities by finding the optimum balance between

Correct AnswerverifiedShow Answer

Which of the following statements best reflects the guideline for having complete and feasible marketing plans?

Correct AnswerverifiedShow Answer

One of Porter's generic business strategies that involves controlling expenses and,in turn,lowering product prices targeted at a narrow range of markets segments is referred to as a ________ strategy.

Correct AnswerverifiedShow Answer

A differentiation strategy refers to one of Porter's generic business strategies that

Correct AnswerverifiedShow Answer

Figure 22-3 -In Porter's generic business strategies shown in Figure 22-3 above,which box represents a cost focus strategy?

Correct AnswerverifiedShow Answer

What are the two types of innovation metrics used in analyzing the performance of new-product development?

Correct AnswerverifiedA survey of 800 executives led several r...View AnswerShow Answer

Correct AnswerverifiedShow Answer

One of Porter's generic business strategies that requires a product to have significant points of difference to charge a higher price while targeting a broad array of market segments is referred to as a

Correct AnswerverifiedShow Answer

Synergy analysis refers to

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Disruptive innovations cause havoc for an organization's

Correct AnswerverifiedShow Answer

The strategic marketing process involves three phases: planning,implementation,and

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following pieces of information is used in market-product focus and goal setting,the second step of the planning phase of the strategic marketing process?

Correct AnswerverifiedShow Answer

Developing a program schedule involves which of the following?

Correct AnswerverifiedShow Answer

A trend likely to influence the strategic marketing process in the future that incorporates concerns for ethics,integrity,employee health and safety,and environmental safeguards with more common corporate values such as growth,profitability,customer service,and quality is referred to as

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
A survey of 800 executives led several r...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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