Question 1

A company that uses an organizational structure based on __________ uses functional groupings.

Accepted Answer

A)  specific product types or product offerings
B)  a particular method of distribution
C)  a specific type of customer
D)  areas of geographic location
E)  different departments or business activities within the firmF) C) and D)
G) A) and C)

Question 2

An action item list is an aid to implement a marketing plan that consists of four columns: (1)  the task, (2)  the person responsible for completing the task, (3)  the date to finish the task, and (4)  __________.

Accepted Answer

A)  the budget
B)  the points of difference
C)  what is to be delivered
D)  the promotional message
E)  the product or serviceF) A) and D)
G) A) and C)

Question 3

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

Question 4

People in __________ positions have the authority and responsibility to issue orders to people who report to them.

Accepted Answer

A)  staff
B)  executive marketing officer
C)  line
D)  stakeholder
E)  cross-functional teamF) A) and E)
G) C) and D)

Question 5

Two commonly used methods to improve marketing ROI (return on investment)  are

Accepted Answer

A)  sales analysis and cost analysis.
B)  marketing research and marketing audits.
C)  social audits and marketing audits.
D)  marketing metrics and marketing dashboards.
E)  internal audits and external audits.F) A) and B)
G) C) and D)

Question 6

What is the primary disadvantage of employing a selective specialization strategy?

Accepted Answer

A)  Gaining market distribution will be costly.
B)  The organization may be spread too thin.
C)  The organization achieves neither marketing nor manufacturing synergies.
D)  R&D-manufacturing has the difficulty of producing multiple new lines.
E)  It is too risky for a company to put all its eggs in one basket.F) B) and E)
G) A) and D)

Question 7

Which of the following pieces of information is used in a SWOT analysis, the first step of the planning phase of the strategic marketing process?

Accepted Answer

A)  marketing return on investment
B)  projected future sales, expenses, and profits
C)  market share for the product
D)  revenues associated with each point of market share
E)  possible cannibalization effects on other products in the lineF) C) and D)
G) B) and C)

Question 8

Percentage points of market share used as the common basis of comparison in an analysis to allocate marketing resources effectively for different product lines within the same firm are referred to as

Accepted Answer

A)  market shares.
B)  ratings.
C)  marketing ROIs.
D)  S-curve points.
E)  share points.F) None of the above
G) A) and D)

Question 9

Four basic business and management practices are what matter-"what really works," to use the phrase of the researchers who studied more than 200 management tools and techniques. These are: (1)  strategy, (2)  execution, (3)  culture, and (4)  __________.

Accepted Answer

A)  structure
B)  charismatic leadership
C)  quality
D)  sustainability
E)  ethicsF) C) and E)
G) A) and B)

Question 10

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) All of the above
G) A) and E)

Question 11

There are five alternative marketing strategies that can be identified by market-product grids: market-product concentration, market specialization, __________, selective specialization, and full coverage.

Accepted Answer

A)  selective distribution
B)  product specialization
C)  market specialization
D)  product reorientation
E)  new-product specializationF) A) and E)
G) C) and D)

Question 12

One of Porter's four generic business strategies that requires products to have significant points of difference to target one or only a few market segments is referred to as a __________ strategy.

Accepted Answer

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

Question 13

Marketing ROI (return on investment)  is an extension of

Accepted Answer

A)  marginal analysis.
B)  marketing audits.
C)  ROI in finance.
D)  Six Sigma.
E)  the strategic marketing process.F) A) and B)
G) A) and C)

Question 14

Marketing plans that cover marketing activities from two to five years into the future are referred to as

Accepted Answer

A)  marketing tactics.
B)  marketing strategies.
C)  generic marketing strategies.
D)  short-term marketing plans.
E)  long-range marketing plans.F) B) and C)
G) A) and E)

Question 15

Organizational groupings in which a unit is responsible for specific product offerings are referred to as

Accepted Answer

A)  functional groupings.
B)  geographical groupings.
C)  reseller-based groupings.
D)  product line groupings.
E)  market-based groupings.F) B) and C)
G) A) and E)

Question 16

The information needed for the implementation phase of the strategic marketing process includes: (1)  a time-based agenda and an action item list to conduct a meeting, (2)  __________, and (3)  marketing research reports.

Accepted Answer

A)  positioning studies
B)  market-product grids with target segments and product groupings
C)  organizational charts
D)  detailed plans to execute the marketing program
E)  projected future sales, expenses, and profitsF) D) and E)
G) A) and D)

Question 17

What is the primary disadvantage of employing a product specialization strategy?

Accepted Answer

A)  The organization may be spread too thin.
B)  The organization achieves neither marketing nor manufacturing synergies.
C)  R&D-manufacturing has the difficulty of producing multiple new lines.
D)  There are too many product substitutes over which a firm would not have control.
E)  Gaining market distribution will be costly.F) All of the above
G) B) and C)

Question 18

The actions taken during the implementation phase of the strategic marketing process include: (1)  obtain resources, (2)  design the marketing organization, (3)  develop schedules, and (4)  __________.

Accepted Answer

A)  position the product
B)  select target markets
C)  find points of difference
D)  execute the marketing program
E)  develop the budget by estimating revenues, expenses, and profitsF) B) and E)
G) B) and D)

Question 19

Which of the following statements best reflects the guideline of using a base of facts and valid assumptions for 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 are supported by resources.
E)  The firm's marketing plan enables results to be compared with planned targets, using precise marketing metrics.F) A) and B)
G) B) and E)

Question 20

A(n)  __________ output report would be associated with the planning phase of the strategic marketing process.

Accepted Answer

A)  action memo
B)  operating statement
C)  marketing dashboard
D)  marketing plan
E)  corrective action memoF) A) and C)
G) B) and C)

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

A(n) __________ output report would be associated with the planning phase of the strategic marketing process.

Correct AnswerverifiedShow Answer

Which of the following pieces of information is used in a SWOT analysis, the first step of the planning phase of the strategic marketing process?

Correct AnswerverifiedShow Answer

What is the primary disadvantage of employing a product specialization strategy?

Correct AnswerverifiedShow Answer

Which of the following statements best reflects the guideline of using a base of facts and valid assumptions for marketing plans?

Correct AnswerverifiedShow Answer

Marketing ROI (return on investment) is an extension of

Correct AnswerverifiedShow Answer

Two commonly used methods to improve marketing ROI (return on investment) are

Correct AnswerverifiedShow Answer

Marketing plans that cover marketing activities from two to five years into the future are referred to as

Correct AnswerverifiedShow Answer

One of Porter's four generic business strategies that requires products to have significant points of difference to target one or only a few market segments is referred to as a __________ strategy.

Correct AnswerverifiedShow Answer

The information needed for the implementation phase of the strategic marketing process includes: (1) a time-based agenda and an action item list to conduct a meeting, (2) __________, and (3) marketing research reports.

Correct AnswerverifiedShow Answer

People in __________ positions have the authority and responsibility to issue orders to people who report to them.

Correct AnswerverifiedShow Answer

An action item list is an aid to implement a marketing plan that consists of four columns: (1) the task, (2) the person responsible for completing the task, (3) the date to finish the task, and (4) __________.

Correct AnswerverifiedShow Answer

There are five alternative marketing strategies that can be identified by market-product grids: market-product concentration, market specialization, __________, selective specialization, and full coverage.

Correct AnswerverifiedShow Answer

The actions taken during the implementation phase of the strategic marketing process include: (1) obtain resources, (2) design the marketing organization, (3) develop schedules, and (4) __________.

Correct AnswerverifiedShow Answer

Percentage points of market share used as the common basis of comparison in an analysis to allocate marketing resources effectively for different product lines within the same firm are referred to as

Correct AnswerverifiedShow Answer

Four basic business and management practices are what matter-"what really works," to use the phrase of the researchers who studied more than 200 management tools and techniques. These are: (1) strategy, (2) execution, (3) culture, and (4) __________.

Correct AnswerverifiedShow Answer

A company that uses an organizational structure based on __________ uses functional groupings.

Correct AnswerverifiedShow Answer

Synergy analysis refers to

Correct AnswerverifiedShow Answer

Differentiation focus strategy refers to one of Porter's generic business strategies that

Correct AnswerverifiedShow Answer

Organizational groupings in which a unit is responsible for specific product offerings are referred to as

Correct AnswerverifiedShow Answer

What is the primary disadvantage of employing a selective specialization strategy?

Correct AnswerverifiedShow Answer

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