Question 1

Which of the following is an element of a marketing mix?

Accepted Answer

A)   Pricing strategies
B)   Divestment strategies
C)   Investment strategies
D)   Trade restraint strategiesE) A) and B)
F) All of the above

Question 2

An example of a market segment is a group of individuals from 11 to 16 years old who extensively use the Internet.

Accepted Answer

A) True 
 B)False

Question 3

In the portfolio matrix,a business unit that has low growth potential and a small market share is called a:

Accepted Answer

A)   dog.
B)   cash cow.
C)   star.
D)   problem child.E) All of the above
F) None of the above

Question 4

Managers do not need to quantitatively measure whether or not an objective has been met.

Accepted Answer

A) True 
 B)False

Question 5

In the context of the innovation matrix,which of the following decisions is designed to take company strengths into new markets?

Accepted Answer

A)   Transformational innovations
B)   Retroactive innovations
C)   Adjacent innovations
D)   Core innovationsE) All of the above
F) A) and D)

Question 6

According to the General Electric model for strategic alternatives,market conditions that have low overall attractiveness are the best candidates for investment.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following strategies in the marketing mix aims at bringing about mutually satisfying exchanges with target markets by informing,educating,persuading,and reminding them of the benefits of an organization or a product?

Accepted Answer

A)   Promotion strategies
B)   Distribution strategies
C)   Pricing strategies
D)   Product strategiesE) A) and C)
F) All of the above

Question 8

Which of the following firms is most likely to follow a niche strategy?

Accepted Answer

A)   Libra Inc.,a motor company,adopts new production techniques to achieve economies of scale.
B)   Alpha Electronics dissolves one of its strategic business units.
C)   Venus Inc.sells health and beauty products similar to the ones available in the market.
D)   Relish,a confectionery store,sells handcrafted chocolates in only one city.E) A) and C)
F) A) and D)

Question 9

Strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

Accepted Answer

A) True 
 B)False

Question 10

Providing something to a target market that is unique and valuable beyond simply offering a lower price than that of the competition is called ________.

Accepted Answer

A)   product/service differentiation
B)   a niche competitive advantage
C)   a sustainable competitive advantage
D)   reengineeringE) None of the above
F) B) and C)

Question 11

The basic goal of ________ is to increase the short-term cash return without too much concern for the long-run impact.

Accepted Answer

A)   harvesting
B)   holding
C)   building
D)   divestingE) B) and D)
F) A) and B)

Question 12

Fourlotts Inc.is a renowned technological firm.It manages many strategic business units (SBUs) in which each SBU:

Accepted Answer

A)   has its own return on investment.
B)   shares the same goals and employs the same strategies as Fourlotts Inc.
C)   plans collaboratively with Fourlotts Inc.'s other SBUs.
D)   refrains from performing manufacturing functions.E) B) and C)
F) A) and C)

Question 13

Which statement is true of implementing a task force?

Accepted Answer

A)   Authority is equally vested in each of its members.
B)   A task force is established to accomplish a single goal or mission.
C)   It works independently of a specific deadline.
D)   It is primarily used for strategic planning rather than for implementing marketing plans.E) B) and D)
F) A) and C)

Question 14

In the context of SWOT analysis,marketers can identify strengths and weaknesses by focusing on:

Accepted Answer

A)   employee capabilities.
B)   aspects of the marketing environment.
C)   demographic forces.
D)   macroenvironmental factors.E) C) and D)
F) A) and B)

Question 15

In the context of a marketing mix,which business activity is most closely related to a company's distribution strategies?

Accepted Answer

A)   Attractiveness of the product packaging
B)   Targeting market segments
C)   Storage of raw materials
D)   Selection of an advertising mediumE) A) and D)
F) A) and B)

Question 16

Which of the following terms states that costs decline at a predictable rate as experience with a product increases?

Accepted Answer

A)   Ansoff's strategic opportunity matrix
B)   Experience curve
C)   Marketing myopia
D)   Market opportunity analysis (MO
A)  E) A) and C)
F) None of the above

Question 17

A firm's assets are functions-customer service and promotions-that the firm performs better than its competitors.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is characteristic of companies that embrace a niche market strategy?

Accepted Answer

A)   The strategy is often adopted by small companies with limited resources.
B)   The strategy is employed in a market segment that has low growth potential.
C)   The strategy is used to position the company as the long-term,low-cost competitor in an industry.
D)   The company typically removes frills and options from the product or service slated for its niche market.E) All of the above
F) C) and D)

Question 19

Which of the following strategies seeks to target and effectively serve a single segment of the market?

Accepted Answer

A)   Niche competitive advantage
B)   Sustainable competitive advantage
C)   Product/service differentiation
D)   Cost competitive advantageE) C) and D)
F) None of the above

Question 20

Market penetration refers to attracting new customers to existing products.Ideally,new uses for old products stimulate additional sales among existing customers while also bringing in new buyers.

Accepted Answer

A) True 
 B)False

Exam 2: Strategic Planning and Competitive Advantage

According to the General Electric model for strategic alternatives,market conditions that have low overall attractiveness are the best candidates for investment.

Correct AnswerverifiedShow Answer

In the context of a marketing mix,which business activity is most closely related to a company's distribution strategies?

Correct AnswerverifiedShow Answer

In the context of the innovation matrix,which of the following decisions is designed to take company strengths into new markets?

Correct AnswerverifiedShow Answer

Managers do not need to quantitatively measure whether or not an objective has been met.

Correct AnswerverifiedShow Answer

In the portfolio matrix,a business unit that has low growth potential and a small market share is called a:

Correct AnswerverifiedShow Answer

Fourlotts Inc.is a renowned technological firm.It manages many strategic business units (SBUs) in which each SBU:

Correct AnswerverifiedShow Answer

Market penetration refers to attracting new customers to existing products.Ideally,new uses for old products stimulate additional sales among existing customers while also bringing in new buyers.

Correct AnswerverifiedShow Answer

A firm's assets are functions-customer service and promotions-that the firm performs better than its competitors.

Correct AnswerverifiedShow Answer

The basic goal of ________ is to increase the short-term cash return without too much concern for the long-run impact.

Correct AnswerverifiedShow Answer

Which statement is true of implementing a task force?

Correct AnswerverifiedShow Answer

Which of the following is an element of a marketing mix?

Correct AnswerverifiedShow Answer

Which of the following is characteristic of companies that embrace a niche market strategy?

Correct AnswerverifiedShow Answer

Providing something to a target market that is unique and valuable beyond simply offering a lower price than that of the competition is called ________.

Correct AnswerverifiedShow Answer

In the context of SWOT analysis,marketers can identify strengths and weaknesses by focusing on:

Correct AnswerverifiedShow Answer

Which of the following firms is most likely to follow a niche strategy?

Correct AnswerverifiedShow Answer

Which of the following strategies in the marketing mix aims at bringing about mutually satisfying exchanges with target markets by informing,educating,persuading,and reminding them of the benefits of an organization or a product?

Correct AnswerverifiedShow Answer

Which of the following terms states that costs decline at a predictable rate as experience with a product increases?

Correct AnswerverifiedShow Answer

Strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

Correct AnswerverifiedShow Answer

Which of the following strategies seeks to target and effectively serve a single segment of the market?

Correct AnswerverifiedShow Answer

An example of a market segment is a group of individuals from 11 to 16 years old who extensively use the Internet.

Correct AnswerverifiedShow Answer

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