Question 1

A competitive advantage refers to

Accepted Answer

A)  the cluster of benefits that an organization promises customers to satisfy their needs.
B)  those characteristics of a product that make it superior to competitive substitutes.
C)  a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.
D)  actions taken by a firm with the sole intent of putting a competitor out of business.
E)  the added value given to a product beyond the functional benefits provided.F) B) and D)
G) B) and C)

Question 2

Netflix is a company that rents DVD movies and television either by mail or streaming over the Internet. It jumped into an industry where there were many competitors, both local and national video stores. Initially, it established a loyal clientele by providing a service that was not available-reliable and fast shipment. Its delivery system created Netflix's

Accepted Answer

A)  viable mission.
B)  competitive advantage.
C)  tactical innovation.
D)  core benefit.
E)  sales orientation.F) B) and C)
G) D) and E)

Question 3

What are the three steps involved in the planning phase of the strategic marketing process?

Accepted Answer

A)  Step 1: situation (SWOT)  analysis; Step 2: market-product focus and goal setting; and Step 3: the marketing program
B)  Step 1: analysis; Step 2: planning; and Step 3: implementation
C)  Step 1: set market and product goals; Step 2: select target markets and find points of difference; and Step 3: position the product
D)  Step 1: identify industry trends; Step 2: analyze competitors; and Step 3: assess own organization
E)  Step 1: Why do we exist?; Step 2: What will we do?; and Step 3: How will we do it?F) C) and D)
G) A) and B)

Question 4

St. Jude Medical makes cardiovascular medical devices, including the world's most widely used mechanical heart valve. Its products include tissue heart valves, pacemakers, and implantable cardiovascular defibrillators. St. Jude's innovation in cardiac devices helps it outperform rivals, and thus provides it with a

Accepted Answer

A)  competitive advantage.
B)  set of core values.
C)  core benefit proposition.
D)  marketing edge.
E)  viable mission.F) A) and D)
G) A) and C)

Question 5

Explain what a planning gap is and what is used to close it.

Accepted Answer

A planning gap is the difference between...

Question 6

According to Mark Zuckerberg, founder and CEO of Facebook, "We have a saying: 'Move fast and break things.' The idea is that if you never break anything, you're probably not moving fast enough." Moving fast to build more things and learn faster is one of Facebook's

Accepted Answer

A)  sustainability doctrines.
B)  goals and objectives.
C)  core values.
D)  moral imperatives.
E)  functional strategy.F) D) and E)
G) B) and C)

Question 7

Within the strategic marketing process, the __________ is the result of the planning phase that proceeds to the implementation phase where it is carried out.

Accepted Answer

A)  marketing tactics
B)  business plan
C)  product protocol
D)  marketing plan
E)  marketing strategyF) B) and E)
G) D) and E)

Question 8

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as

Accepted Answer

A)  market aggregation.
B)  market segmentation.
C)  product sorting.
D)  product grouping.
E)  mass marketing.F) A) and D)
G) A) and B)

Question 9

The key steps of planning, implementation, and evaluation are part of

Accepted Answer

A)  gap analysis.
B)  the strategic marketing process.
C)  situational analysis.
D)  synergy analysis.
E)  diversification analysis.F) B) and D)
G) C) and D)

Question 10

Strategy refers to

Accepted Answer

A)  an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.
B)  an organization's corporate tactical or action plan.
C)  statement of an accomplishment of a task to be achieved by a certain time.
D)  a statement of the organization's function in society, often identifying its customers, markets, product, and technologies.
E)  a road map for the entire organization for a specified future period of time, such as one or five years.F) A) and C)
G) A) and E)

Question 11

Step 1 in the planning phase of the strategic marketing process involves

Accepted Answer

A)  establishing the budget.
B)  developing the marketing program.
C)  setting goals.
D)  auditing the marketing plan.
E)  conducting a situation (SWOT)  analysis.F) A) and D)
G) D) and E)

Question 12

When using a __________ strategy, there is no change in either the basic product line or the markets served. Instead, increased sales are generated by selling either more products through better promotion or distribution or the same number of products at a higher price.

Accepted Answer

A)  product development
B)  market development
C)  diversification
D)  market saturation
E)  market penetrationF) A) and D)
G) C) and D)

Question 13

A nonprofit organization is

Accepted Answer

A)  a nongovernmental organization that serves its customers but does not have profit as an organizational goal.
B)  a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit.
C)  a publicly owned organization that serves the general population.
D)  a group of people united through contractual or corporate ownership.
E)  a privately owned organization that serves its customers to earn a profit so that it can survive.F) A) and E)
G) A) and B)

Question 14

The clear, broad, underlying industry or market sector of an organization's offerings is referred to as its

Accepted Answer

A)  business.
B)  commerce.
C)  marketing.
D)  competitive set.
E)  product grouping.F) A) and B)
G) B) and E)

Question 15

Introducing a heart pacemaker at medical conventions across Asia to demonstrate its many beneficial features is an example of a medical device firm's

Accepted Answer

A)  market segmentation and targeting strategy.
B)  price strategy.
C)  place strategy.
D)  promotion strategy.
E)  product/service strategy.F) A) and E)
G) C) and D)

Question 16

One of the strengths inherent in the use of the BCG business portfolio analysis is that it

Accepted Answer

A)  is based solely on company perception rather than actual data.
B)  considers all factors that might impact an SBU's value to an organization.
C)  acts as a strong motivational tool for employees in SBUs that have been labeled "dogs" or "question marks."
D)  forces a firm to place each of its SBUs in the growth-share matrix, which in turn suggests which SBUs will be cash producers or cash users in the future.
E)  identifies specific marketing strategies and marketing tactics on how to solve SBU shortcomings.F) B) and E)
G) All of the above

Question 17

A marketing metric refers to

Accepted Answer

A)  a measure of the quantitative value or trend of a marketing activity or result.
B)  a form of linear trend analysis used to project future profits based on existing marketing plans.
C)  one of a series of mathematical formulas used to calculate potential profits based upon different scenarios of the forces in the marketing environment.
D)  information about an organization's core values and code of ethics so marketers can quickly spot deviations and take corrective actions.
E)  the value of a product in terms of its contribution to employee welfare.F) A) and C)
G) C) and D)

Question 18

The ________ represent(s)  the "why" element of a visionary organization.

Accepted Answer

A)  organizational foundation
B)  organizational tactics
C)  organizational mission
D)  organizational direction
E)  organizational strategiesF) A) and E)
G) B) and C)

Question 19

A strategic business unit (SBU)  refers to

Accepted Answer

A)  a single product or service identification code used to identify items for strategic marketing planning purposes.
B)  a small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals.
C)  a strategic product that has a unique brand, size, or price.
D)  a privately owned franchise under the auspices of a larger group or organization bearing the same name.
E)  a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.F) D) and E)
G) A) and B)

Question 20

Teach for America works to solve which societal problem?

Accepted Answer

A)  It provides new college graduates as teachers in urban and rural public schools in the United States.
B)  It works to end corneal blindness worldwide by finding cornea donors and creating tissue banks.
C)  It provides education and small business loans to women in impoverished areas so that they can help themselves.
D)  It offers free rehabilitation services for injured U.S. veterans returning from overseas conflict.
E)  It offers tax credits to small businesses to employ at-risk youth in their communities.F) A) and B)
G) C) and D)

Exam 2: Developing Successful Organizational and Marketing Strategies

A marketing metric refers to

Correct Answer
verified

A competitive advantage refers to

Correct Answer
verified

The ________ represent(s) the "why" element of a visionary organization.

Correct Answer
verified

One of the strengths inherent in the use of the BCG business portfolio analysis is that it

Correct Answer
verified

The clear, broad, underlying industry or market sector of an organization's offerings is referred to as its

Correct Answer
verified

Correct Answer
verified

Step 1 in the planning phase of the strategic marketing process involves

Correct Answer
verified

According to Mark Zuckerberg, founder and CEO of Facebook, "We have a saying: 'Move fast and break things.' The idea is that if you never break anything, you're probably not moving fast enough." Moving fast to build more things and learn faster is one of Facebook's

Correct Answer
verified

The key steps of planning, implementation, and evaluation are part of

Correct Answer
verified

Within the strategic marketing process, the __________ is the result of the planning phase that proceeds to the implementation phase where it is carried out.

Correct Answer
verified

What are the three steps involved in the planning phase of the strategic marketing process?

Correct Answer
verified

A nonprofit organization is

Correct Answer
verified

When using a __________ strategy, there is no change in either the basic product line or the markets served. Instead, increased sales are generated by selling either more products through better promotion or distribution or the same number of products at a higher price.

Correct Answer
verified

Strategy refers to

Correct Answer
verified

Teach for America works to solve which societal problem?

Correct Answer
verified

Introducing a heart pacemaker at medical conventions across Asia to demonstrate its many beneficial features is an example of a medical device firm's

Correct Answer
verified

Correct Answer
verified

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as

Correct Answer
verified

A strategic business unit (SBU) refers to

Correct Answer
verified

Explain what a planning gap is and what is used to close it.

Correct Answer
verified
A planning gap is the difference between...
View Answer

Exam 2: Developing Successful Organizational and Marketing Strategies

A marketing metric refers to

Correct AnswerverifiedShow Answer

A competitive advantage refers to

Correct AnswerverifiedShow Answer

The ________ represent(s) the "why" element of a visionary organization.

Correct AnswerverifiedShow Answer

One of the strengths inherent in the use of the BCG business portfolio analysis is that it

Correct AnswerverifiedShow Answer

The clear, broad, underlying industry or market sector of an organization's offerings is referred to as its

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Step 1 in the planning phase of the strategic marketing process involves

Correct AnswerverifiedShow Answer

According to Mark Zuckerberg, founder and CEO of Facebook, "We have a saying: 'Move fast and break things.' The idea is that if you never break anything, you're probably not moving fast enough." Moving fast to build more things and learn faster is one of Facebook's

Correct AnswerverifiedShow Answer

The key steps of planning, implementation, and evaluation are part of

Correct AnswerverifiedShow Answer

Within the strategic marketing process, the __________ is the result of the planning phase that proceeds to the implementation phase where it is carried out.

Correct AnswerverifiedShow Answer

What are the three steps involved in the planning phase of the strategic marketing process?

Correct AnswerverifiedShow Answer

A nonprofit organization is

Correct AnswerverifiedShow Answer

When using a __________ strategy, there is no change in either the basic product line or the markets served. Instead, increased sales are generated by selling either more products through better promotion or distribution or the same number of products at a higher price.

Correct AnswerverifiedShow Answer

Strategy refers to

Correct AnswerverifiedShow Answer

Teach for America works to solve which societal problem?

Correct AnswerverifiedShow Answer

Introducing a heart pacemaker at medical conventions across Asia to demonstrate its many beneficial features is an example of a medical device firm's

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as

Correct AnswerverifiedShow Answer

A strategic business unit (SBU) refers to

Correct AnswerverifiedShow Answer

Explain what a planning gap is and what is used to close it.

Correct AnswerverifiedA planning gap is the difference between...View AnswerShow Answer

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A planning gap is the difference between...
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