Question 1

Happy Feet shoe company's strategic policy states "Carry as limited a line of colors, styles, and sizes as will satisfy the target market." This policy best relates to which decision area of the marketing mix?

Accepted Answer

A)   People
B)   Place
C)   Promotion
D)   Price
E)   ProductF) None of the above
G) B) and C)

Question 2

Attractive opportunities are those that the firm has some chance of doing something about given its resources and objectives

Accepted Answer

A) True 
 B)False

Question 3

Cheese manufacturer, Ashe Mountain Corp., started a new chain of movie theaters called Ashe Mountain's Movie World. The theaters have been a major success and significantly increased the revenues of Ashe Mountain Corp. This is an example of:

Accepted Answer

A)   Diversification
B)   Market development
C)   Product penetration
D)   Differentiation
E)   Market penetrationF) C) and E)
G) B) and E)

Question 4

An office supplies producer sells a variety of office supplies to final consumers and businesses using its own mail order catalog. Here,

Accepted Answer

A)   there is no channel of distribution.
B)   there is no opportunity to apply target marketing.
C)   no promotion is involved.
D)   a production orientation is just as effective as a marketing orientation.
E)   None of the above is true.F) None of the above
G) A) and B)

Question 5

____ refers to offering new or improved products for present markets.

Accepted Answer

A)   Diversification
B)   Market development
C)   Differentiation
D)   Market penetration
E)   Product developmentF) B) and E)
G) None of the above

Question 6

A "breakthrough opportunity" is an opportunity that helps innovators develop long-term, hard-to-copy marketing strategies that will be very profitable.

Accepted Answer

A) True 
 B)False

Question 7

If Wendy's decides to test market a hot dog in several stores to determine if it can make more profit from this menu item than from a "Wendy's single," which market opportunity is Wendy's pursuing?

Accepted Answer

A)   Diversification
B)   Market development
C)   Market penetration
D)   Product developmentE) B) and C)
F) A) and B)

Question 8

In general, no single element of the "four Ps" is more important than the others.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following statements by a marketing manager refers to operational decisions, rather than strategy decisions?

Accepted Answer

A)   "Our target customers view most existing luxury sedans as dull, and they want performance as well as luxury."
B)   "Newspaper ads will be more cost effective than 30 second radio ads--given the price increase for radio this month."
C)   "We hope to earn a 15 percent return on investment with our plan."
D)   All of the above.
E)   None of the above.F) A) and C)
G) All of the above

Question 10

When one considers the strategy decisions organized by the four Ps, branding is related to packaging as:

Accepted Answer

A)   branding is to pricing.
B)   production is to marketing.
C)   store location is to sales force selection.
D)   personal selling is to mass selling.
E)   pricing is to promotion.F) A) and E)
G) All of the above

Question 11

A marketing mix consists of the uncontrollable variables which a company puts together to satisfy a target market.

Accepted Answer

A) True 
 B)False

Question 12

Developing a set of specific qualitative and quantitative screening criteria

Accepted Answer

A)   increases the different opportunities-and strategy possibilities-in the market.
B)   can make it difficult to zero in on the best target market and marketing mix.
C)   cannot help eliminate potential strategies that are not well suited for the firm.
D)   can help a manager define what business and markets the firm wants to compete in.
E)   highlights advantages of a strategy but does not make it clear why you should select that strategy.F) A) and E)
G) A) and D)

Question 13

Managers who embrace the marketing concept realize that they cannot just define their line of business in terms of the products they currently produce or sell.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is an example of an operational decision?

Accepted Answer

A)   Focus promotion on the economy of the product.
B)   Make the product available in every possible retail outlet.
C)   Have a salesperson visit the manager of a new hardware store that will open next week.
D)   Set a price that is no higher than competitors' prices.
E)   None of the above is an operational decision.F) A) and E)
G) A) and B)

Question 15

Scott Paper uses many intermediaries to reach its target markets; Citibank uses none. Which of the marketing mix variables is being considered here?

Accepted Answer

A)   Penetration
B)   Product
C)   Promotion
D)   Place
E)   PriceF) A) and C)
G) A) and B)

Question 16

Short-run decisions that stay within the overall guidelines set during strategy planning are called implementation decisions.

Accepted Answer

A) True 
 B)False

Question 17

Marketing opportunities involving present products and present markets are called "market penetration" opportunities.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following statements about customer equity is FALSE?

Accepted Answer

A)   Expected losses depend on customer equity.
B)   If the parts of a firm's marketing program work well together, it should increase the firm's customer equity.
C)   Expected profits depend on customer equity.
D)   If a firm has more than one marketing strategy, it will likely decrease the firm's customer equity.
E)   None of the above is false.F) A) and B)
G) All of the above

Question 19

Which of the following is NOT included in a marketing plan?

Accepted Answer

A)   The control procedures to be used
B)   The costs involved
C)   The results expected
D)   What marketing mix is to be offered
E)   All of the above should be included.F) D) and E)
G) A) and B)

Question 20

Wendy's continues to come out with new offerings like stuffed pitas. This suggests that Wendy's is pursuing ______________.

Accepted Answer

A)   marketing myopia
B)   mass marketing
C)   product development
D)   market development
E)   diversificationF) C) and D)
G) B) and C)

Exam 2: Marketing Strategy Planning

If Wendy's decides to test market a hot dog in several stores to determine if it can make more profit from this menu item than from a "Wendy's single," which market opportunity is Wendy's pursuing?

Correct AnswerverifiedShow Answer

Managers who embrace the marketing concept realize that they cannot just define their line of business in terms of the products they currently produce or sell.

Correct AnswerverifiedShow Answer

Which of the following statements by a marketing manager refers to operational decisions, rather than strategy decisions?

Correct AnswerverifiedShow Answer

Developing a set of specific qualitative and quantitative screening criteria

Correct AnswerverifiedShow Answer

Wendy's continues to come out with new offerings like stuffed pitas. This suggests that Wendy's is pursuing ______________.

Correct AnswerverifiedShow Answer

Scott Paper uses many intermediaries to reach its target markets; Citibank uses none. Which of the marketing mix variables is being considered here?

Correct AnswerverifiedShow Answer

Cheese manufacturer, Ashe Mountain Corp., started a new chain of movie theaters called Ashe Mountain's Movie World. The theaters have been a major success and significantly increased the revenues of Ashe Mountain Corp. This is an example of:

Correct AnswerverifiedShow Answer

Which of the following is NOT included in a marketing plan?

Correct AnswerverifiedShow Answer

Which of the following is an example of an operational decision?

Correct AnswerverifiedShow Answer

____ refers to offering new or improved products for present markets.

Correct AnswerverifiedShow Answer

A marketing mix consists of the uncontrollable variables which a company puts together to satisfy a target market.

Correct AnswerverifiedShow Answer

Short-run decisions that stay within the overall guidelines set during strategy planning are called implementation decisions.

Correct AnswerverifiedShow Answer

Which of the following statements about customer equity is FALSE?

Correct AnswerverifiedShow Answer

An office supplies producer sells a variety of office supplies to final consumers and businesses using its own mail order catalog. Here,

Correct AnswerverifiedShow Answer

In general, no single element of the "four Ps" is more important than the others.

Correct AnswerverifiedShow Answer

A "breakthrough opportunity" is an opportunity that helps innovators develop long-term, hard-to-copy marketing strategies that will be very profitable.

Correct AnswerverifiedShow Answer

Happy Feet shoe company's strategic policy states "Carry as limited a line of colors, styles, and sizes as will satisfy the target market." This policy best relates to which decision area of the marketing mix?

Correct AnswerverifiedShow Answer

Attractive opportunities are those that the firm has some chance of doing something about given its resources and objectives

Correct AnswerverifiedShow Answer

When one considers the strategy decisions organized by the four Ps, branding is related to packaging as:

Correct AnswerverifiedShow Answer

Marketing opportunities involving present products and present markets are called "market penetration" opportunities.

Correct AnswerverifiedShow Answer

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