Question 1

In terms of an organization's business, railroads lost market share in the 20th century because they

Accepted Answer

A)  had less flexible routes than trucking.
B)  defined their business too narrowly.
C)  tried to create a business that appealed equally to all people.
D)  priced their services too high.
E)  were simply an outmoded form of transportation.F) A) and E)
G) B) and D)

Question 2

If Dr. Pepper plans to grow its proportion of the flavors segment of carbonated soft drink industry to 45%, it has set a(n)  __________ goal.

Accepted Answer

A)  sales proportionality
B)  company sales
C)  industry potential
D)  contribution margin
E)  market shareF) D) and E)
G) A) and D)

Question 3

Market segmentation refers to

Accepted Answer

A)  identifying small groups of customers with dissimilar needs.
B)  aggregating prospective buyers into groups and selecting only those whose needs cannot be met by competitors' products.
C)  aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.
D)  aggregating different products into more reasonable product groupings to better serve consumers' needs.
E)  those characteristics of a product that make it superior to competitive substitutes.F) A) and E)
G) B) and D)

Question 4

Profit refers to

Accepted Answer

A)  the point at which a company's assets equal its liabilities plus shareholder equity.
B)  the difference between the list and final price of a product or service.
C)  the money earned when the economic order quantity is minimized.
D)  the money left over after a business firm's total expenses are subtracted from its total revenues.
E)  the total amount of revenue accrued through product sales or service distribution.F) D) and E)
G) B) and E)

Question 5

A marketing __________ is defined as the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it.

Accepted Answer

A)  plan
B)  tactic
C)  strategy
D)  concept
E)  actionF) B) and C)
G) A) and B)

Question 6

All of the following are examples of stakeholders EXCEPT:

Accepted Answer

A)  government.
B)  competitors.
C)  shareholders.
D)  suppliers.
E)  customers.F) A) and B)
G) C) and D)

Question 7

SBUs with a low share of high-growth markets that may require large cash injections of cash just to maintain market share are referred to as __________.

Accepted Answer

A)  dogs
B)  cash cows
C)  question marks
D)  stars
E)  hedgehogsF) A) and D)
G) A) and E)

Question 8

Today's visionary organization uses three key elements to specify its foundation, set a direction, and __________.

Accepted Answer

A)  set financial goals
B)  assign job responsibilities
C)  formulate strategies
D)  establish production parameters
E)  establish detailed marketing tacticsF) A) and C)
G) B) and E)

Question 9

Cross-functional teams refer to

Accepted Answer

A)  members of an organization who have been trained in multiple disciplines so they can easily move from one job to another as needed.
B)  situations where two departments within the same company have opposing views about how a product should be developed and managed.
C)  departments within an organization that carry out multiple functions due to financial constraints within the company.
D)  a small number of people from different departments in an organization who are mutually accountable to accomplish a task or a common set of performance goals.
E)  departments within an organization who manage the same product with distinctly different marketing programs to reach different target markets.F) D) and E)
G) A) and E)

Question 10

Market penetration refers to the marketing strategy of

Accepted Answer

A)  selling current products to new markets.
B)  selling new products to new markets.
C)  selling new products to current markets.
D)  selling the same brands in both current and new markets.
E)  increasing sales of current products in current markets.F) B) and E)
G) D) and E)

Question 11

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in Latvia, it would be using a __________ strategy.

Accepted Answer

A)  product development
B)  market development
C)  market penetration
D)  diversification
E)  market saturationF) D) and E)
G) A) and D)

Question 12

A measure of the quantitative value or trend of a marketing activity or result is referred to as

Accepted Answer

A)  trend analysis.
B)  a marketing measurement.
C)  a marketing dashboard.
D)  a marketing metric.
E)  value analysis.F) A) and E)
G) B) and E)

Question 13

The marketing program - step 3 in the strategic planning process - answers which question?

Accepted Answer

A)  who
B)  what
C)  when
D)  why
E)  howF) All of the above
G) D) and E)

Question 14

Large organizations are extremely complex, and usually consist of __________ organizational levels whose strategies are linked to marketing.

Accepted Answer

A)  two
B)  three
C)  five
D)  six
E)  seven or moreF) A) and E)
G) A) and D)

Question 15

The BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Stars are SBUs that are classified as having

Accepted Answer

A)  high market growth rates and high relative market shares.
B)  low market growth rates but high relative market shares.
C)  low market growth rates and low relative market shares.
D)  high market growth rates but low relative market shares.
E)  medium market growth rates and medium relative market shares.F) A) and B)
G) A) and E)

Question 16

All of the following form the foundation upon which a firm builds its marketing program during the strategic marketing process EXCEPT:

Accepted Answer

A)  research the organization's present and prospective customers.
B)  determine what business the organization is in.
C)  assess the organization itself.
D)  identify trends in the organization's industry.
E)  analyze the organization's competitors.F) B) and C)
G) B) and D)

Question 17

When a firm recognizes the critical importance of its employees by attempting to provide good conditions and opportunities, it sets an employee __________ goal.

Accepted Answer

A)  satisfaction
B)  responsibility
C)  compensation
D)  core value
E)  welfareF) A) and E)
G) A) and D)

Question 18

SBUs with dominant shares of slow-growth markets that provide cash to cover the organization's overhead and to invest in other SBUs are referred to as __________.

Accepted Answer

A)  cash cows
B)  stars
C)  question marks
D)  dogs
E)  hedgehogsF) All of the above
G) C) and E)

Question 19

An organization's __________ are the fundamental, passionate, and enduring principles that guide its conduct over time.

Accepted Answer

A)  goals
B)  culture
C)  strategies
D)  core values
E)  mission statementsF) B) and C)
G) B) and D)

Question 20

Step 3 in the planning phase of the strategic marketing process consists of

Accepted Answer

A)  diversification analysis.
B)  the situation (SWOT)  analysis.
C)  the marketing program.
D)  the market-product focus and goal setting.
E)  business portfolio analysis.F) A) and B)
G) A) and C)

Exam 2: Developing Successful Organizational and Marketing Strategies

In terms of an organization's business, railroads lost market share in the 20th century because they

Correct AnswerverifiedShow Answer

Market segmentation refers to

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Step 3 in the planning phase of the strategic marketing process consists of

Correct AnswerverifiedShow Answer

All of the following are examples of stakeholders EXCEPT:

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Today's visionary organization uses three key elements to specify its foundation, set a direction, and __________.

Correct AnswerverifiedShow Answer

When a firm recognizes the critical importance of its employees by attempting to provide good conditions and opportunities, it sets an employee __________ goal.

Correct AnswerverifiedShow Answer

If Dr. Pepper plans to grow its proportion of the flavors segment of carbonated soft drink industry to 45%, it has set a(n) __________ goal.

Correct AnswerverifiedShow Answer

The BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Stars are SBUs that are classified as having

Correct AnswerverifiedShow Answer

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in Latvia, it would be using a __________ strategy.

Correct AnswerverifiedShow Answer

Profit refers to

Correct AnswerverifiedShow Answer

SBUs with a low share of high-growth markets that may require large cash injections of cash just to maintain market share are referred to as __________.

Correct AnswerverifiedShow Answer

A marketing __________ is defined as the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it.

Correct AnswerverifiedShow Answer

An organization's __________ are the fundamental, passionate, and enduring principles that guide its conduct over time.

Correct AnswerverifiedShow Answer

The marketing program - step 3 in the strategic planning process - answers which question?

Correct AnswerverifiedShow Answer

SBUs with dominant shares of slow-growth markets that provide cash to cover the organization's overhead and to invest in other SBUs are referred to as __________.

Correct AnswerverifiedShow Answer

Market penetration refers to the marketing strategy of

Correct AnswerverifiedShow Answer

All of the following form the foundation upon which a firm builds its marketing program during the strategic marketing process EXCEPT:

Correct AnswerverifiedShow Answer

Large organizations are extremely complex, and usually consist of __________ organizational levels whose strategies are linked to marketing.

Correct AnswerverifiedShow Answer

A measure of the quantitative value or trend of a marketing activity or result is referred to as

Correct AnswerverifiedShow Answer

Cross-functional teams refer to

Correct AnswerverifiedShow Answer

In terms of an organization's business, railroads lost market share in the 20^th century because they

Correct Answer
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