front 1 The task of any business is to ________.
| back 1 C |
front 2 What is the traditional view of marketing?
| back 2 B |
front 3 Value delivery process can be divided into three phases, out of which "choosing the value" implies _______, which is the essence of strategic marketing.
| back 3 D |
front 4 Apex Corporation is one of the best in its industry in terms of costs and performance. Many companies in its industry will probably consider Apex as a ________.
| back 4 B |
front 5 James Frank has been put in charge of gathering marketing intelligence, disseminating it within his organization, and eventually directing action on the information. Mr. Frank's task is best described as part of the ________.
| back 5 A |
front 6 When a customer places an order at BookBox.com, the company processes the customer's payment information, sends the order to the nearest warehouse, and ships the order via FedEx. This is best described as the ________.
| back 6 D |
front 7 Today, the "mass market" is actually splintering into numerous segments, each with its own wants, perceptions, preferences, and buying criteria. This implies that ________.
| back 7 B |
front 8 The first phase of the value creation and delivery sequence is ________ that represents the "homework" marketing must do before any product exists.
| back 8 A |
front 9 The last step in the value creation and delivery sequence is ________ the value where the sales force, sales promotion, advertising, and other communication tools announce and promote the product.
| back 9 C |
front 10 In the cycle of complete strategic planning, taking corrective action is a part of ________.
| back 10 C |
front 11 The ________ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service).
| back 11 C |
front 12 Michael Porter's value chain would identify which of the following as a support activity?
| back 12 C |
front 13 Which of the following can be considered a primary activity in the value chain process?
| back 13 D |
front 14 The fulfillment management process includes all the activities in ________.
| back 14 E |
front 15 With respect to core business processes, the ________ includes all the activities involved in gathering external information, disseminating it within the organization, and acting on the information.
| back 15 A |
front 16 With respect to the core business processes, the ________ includes all the activities involved in developing, and launching high-quality products quickly and within budget.
| back 16 B |
front 17 Activities involved in building deeper understanding of existing consumers and what the product offerings mean to them would be a part of ________.
| back 17 B |
front 18 ________ allows the company to discover who its target markets are, how they behave, and what they need or want. It also enables the company to respond appropriately, coherently, and quickly to different customer opportunities.
| back 18 D |
front 19 Another way to describe a supply chain, where companies partner with specific suppliers and distributors to ensure a smooth functioning of the system, is to call it a ________.
| back 19 E |
front 20 The key to utilizing organizational core competencies is to ________ that make up the essence of the business.
| back 20 C |
front 21 ________ has three characteristics: (1) it is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits; (2) it has applications in a wide variety of markets; and (3) it is difficult for competitors to imitate.
| back 21 A |
front 22 Core competencies tend to refer to areas of special technical and production expertise, whereas ________ tend to describe excellence in broader business processes.
| back 22 B |
front 23 Holistic marketers achieve profitable growth by expanding customer share, ________, and capturing customer lifetime value.
| back 23 B |
front 24 The holistic marketing framework is designed to address three key management questions. Which of the following is one of those questions?
| back 24 E |
front 25 As Kodak addresses the digital revolution taking over the photographic industry, it wants customers to see it as a leader in digital photography. Thus, it is moving away from the production of film roll cameras. This would be an example of which of the following value creation steps?
| back 25 C |
front 26 Of the four organizational levels, the corporate level is likely to take which of the following decisions?
| back 26 A |
front 27 Most large companies consist of four organizational levels: the corporate level, the ________, the business unit level, and the product level.
| back 27 D |
front 28 During Jill's market research study, many customers indicated that traditional oven mitts made it very difficult to hold baking dishes, resulting in frequent spills. Jill brought her findings to the research department, and her company leveraged its engineering and design competencies to develop a new hand-held hot-pad that allows for significantly greater dexterity in handling hot cooking implements, while protecting the cook from burns. This is an example of the ________ element of the holistic marketing framework.
| back 28 B |
front 29 The marketing plan, the central instrument for directing and coordinating the marketing effort, operates at ________ levels.
| back 29 B |
front 30 The ________ lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities.
| back 30 B |
front 31 Which of the following plans would most likely include directions for implementing and addressing daily challenges and opportunities in product features, promotion, merchandising, pricing, sales channels, and service areas?
| back 31 A |
front 32 Which of the following is NOT one of the four planning activities undertaken by all corporate headquarters?
| back 32 E |
front 33 Juan Garcia plans the daily promotional releases about his company's products and services. He can be described as a(n) ________ planner.
| back 33 C |
front 34 A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction, and ________.
| back 34 C |
front 35 Mission statements are at their best when they reflect a ________.
| back 35 D |
front 36 Which of the following is one of the five major characteristics of good mission statements?
| back 36 C |
front 37 The ________ is the number of channel levels, from raw materials to final product and distribution, in which a company will participate.
| back 37 B |
front 38 Gerber primarily serves the baby food market. In choosing to focus on this market, Gerber is defining its competitive sphere on the basis of ________.
| back 38 C |
front 39 While viewing businesses in terms of customer needs can suggest additional growth opportunities, a ________ tends to focus on selling a product or service to a current market.
| back 39 B |
front 40 What are hollow corporations?
| back 40 C |
front 41 A ________ of a business focuses on selling a product or service to an existing market.
| back 41 A |
front 42 Which of the following is best described as a market-oriented business definition?
| back 42 D |
front 43 A characteristic of a ________ is that it can be a single business or collection of related businesses that can be planned separately from the rest of the company.
| back 43 A |
front 44 A strategic-planning gap can be corrected by ________.
| back 44 C |
front 45 Market-penetration, product-development, and market-development strategies would all be examples of ________ strategies.
| back 45 D |
front 46 Which of the following is an example of growth by diversification?
| back 46 B |
front 47 A company that seeks to increase its sales and profits through backward, forward, or horizontal integration within the industry is said to be employing a(n) ________ strategy.
| back 47 D |
front 48 Which of the following is an example of intensive growth?
| back 48 D |
front 49 If you were the CEO of a company that was looking to implement strategies to fill a perceived strategic-planning gap, you would most likely explore ________ strategy first because it is easier to improve an existing business than to build a new one.
| back 49 A |
front 50 Once Starbucks had established its presence in thousands of cities internationally, the company sought to increase the number of purchases by existing customers with a ________ strategy that led to new in-store merchandise, including compilation CDs and high-speed wireless access.
| back 50 A |
front 51 Qantas, the Australian national carrier, introduces flights to the Middle East. This is an example of ________.
| back 51 D |
front 52 A(n) ________ is when a company might seek new businesses that have no relationship to its current technology, products, or markets.
| back 52 B |
front 53 Which of the following terms can be defined as "the shared experiences, stories, beliefs, and norms that characterize an organization"?
| back 53 E |
front 54 When it was first launched, Google's paid search platform represented a new strategy for revenue generation on the Internet. This is an example of innovation along which of the following dimensions?
| back 54 C |
front 55 The first step in the business unit strategic-planning process deals with which of the following?
| back 55 B |
front 56 Through its cutting-edge point-of-sale inventory management technology and highly efficient shipping practices, Walmart is able to keep its inventory expenditure extremely low and to pass these savings on to consumers in the form of low prices. Walmart's strategy is best described as ________.
| back 56 E |
front 57 When a firm aims to underprice competitors and win market share, it is using a(n) ________ strategy that requires relatively less marketing skills as compared to other strategies.
| back 57 B |
front 58 After analyzing their company's strengths and weaknesses, top managers at Loan Bright decided that they would serve individual loan officers who typically only wanted to purchase small sets of homebuyer data, rather than bigger institutional clients. To meet the needs of this segment, Loan Bright simplified its sales contract, restructured its advertising efforts to focus on Google ads, and created a separate customer-service department. Loan Bright's strategy is best described as a(n) ________ strategy.
| back 58 B |
front 59 Unlike its competitors in the online air travel industry, Travelocity provides its customers with a greater variety of services such as cruise reservations, package tours, hotel bookings, and car rentals. This is an example of a(n) ________ strategy.
| back 59 C |
front 60 McDonald's has often teamed up with Disney to offer products related to current Disney films as part of its meals for children. The best description of this form of alliance would be a(n) ________.
| back 60 E |
front 61 Abbot Laboratories warehouses and delivers 3M's medical and surgical products to hospitals across the United States. The best description of this form of alliance would be a(n) ________.
| back 61 B |
front 62 MasterCard and Visa may team up with university alumni associations to offer affinity credit cards that typically display an iconic image associated with the university on the card itself and may include an incremental donation program associated with purchases made using the card. The best description of this form of alliance would be a ________.
| back 62 E |
front 63 When a business gets to know market segments intimately and pursues either cost leadership or differentiation within the target segment, it is employing a ________.
| back 63 B |
front 64 When one company licenses another to produce its offerings, or two companies jointly market their complementary offerings, it is called a ________.
| back 64 B |
front 65 To keep their strategic alliances thriving, corporations have begun to develop organizational structures to support them and have come to view the ability to form and manage strategic alliances as core skills. This is called ________.
| back 65 D |
front 66 Which of the following statements is true of marketing plans?
| back 66 B |
front 67 Which of the following elements of a marketing plan permits senior management to grasp the plan's major thrust?
| back 67 C |
front 68 The most frequently cited shortcomings of current marketing plans, according to marketing executives, are lack of realism, insufficient competitive analysis, and a ________ focus.
| back 68 C |
front 69 The ________ is the last section of the marketing plan and spells out the goals and budget for each month or quarter, so management can review each period's results and take action as needed.
| back 69 E |
front 70 The traditional view of marketing is that the firm makes something and then sells it.
| back 70 true |
front 71 Marketing goods that are currently in short supply would require significant marketing talent.
| back 71 false |
front 72 The traditional view of marketing works best in economies with many different types of people, each with individual wants, perceptions, preferences, and buying criteria.
| back 72 false |
front 73 In the communication stage of the value creation and delivery sequence, marketing must determine specific product features, prices, and distribution channels.
| back 73 false |
front 74 The customer relationship management process involves all the activities related to receiving and approving orders, shipping the goods on time, and collecting payment.
| back 74 false |
front 75 The new-offering realization process involves all activities in defining target markets and prospecting for new customers.
| back 75 false |
front 76 A principle of the value chain is that every firm is a synthesis of activities performed to design, produce, market, deliver, and support its product.
| back 76 true |
front 77 Another name for a company's value delivery network is "distribution chain."
| back 77 false |
front 78 Competitors in a given industry can be identified by the similarities in their core competencies.
| back 78 false |
front 79 A firm's core competency has applications only in the specific market in which the firm operates.
| back 79 false |
front 80 Holistic marketing focuses on the integration of value exploration, value creation, and value delivery as a means to build long-term relationships with consumers.
| back 80 true |
front 81 When a manager is trying to identify how the company can efficiently create promising new offerings , he is addressing the question of value delivery.
| back 81 true |
front 82 The marketing plan is the central instrument for directing and coordinating the marketing effort.
| back 82 true |
front 83 A strategy is a game plan for achieving what the business unit wants to achieve.
| back 83 true |
front 84 Mission statements that express unrealistic visions are usually unable to inspire employees to achieve their targets.
| back 84 false |
front 85 Good mission statements should be long and clear, should emphasize on a wide range of goals, and stress on the company's major policies and values.
| back 85 false |
front 86 If Xerox Corporation defined its scope of business as "making copying equipment", it can be classified as a marketing definition.
| back 86 false |
front 87 An intensive growth strategy involving marketing current products to new markets is a market-development strategy.
| back 87 true |
front 88 A company seeking to expand the number of existing products sold to its current markets, would be using a "market-penetration strategy."
| back 88 false |
front 89 If a company sought to grow by starting new businesses that have no relation to its current technology, products, or markets, the company would be using a market penetration strategy.
| back 89 false |
front 90 "What will we do if it happens?" is a question that managers typically ask while conducting a scenario analysis.
| back 90 true |
front 91 An environmental threat is a challenge posed by an unfavorable trend or development that, in the absence of defensive marketing action, would lead to lower sales or profit.
| back 91 true |
front 92 Internal analysis in SWOT involves analyzing the possible opportunities and threats that can come from the market.
| back 92 true |
front 93 Once a SWOT analysis has been completed, the strategic planner is ready to proceed to the goal formulation stage of the strategic-planning process model.
| back 93 true |
front 94 In applying MBO (management by objectives) all objectives are treated as being equally important.
| back 94 false |
front 95 For an MBO (management by objectives) system to work, one of the four criteria that the unit's objectives must meet is that objectives must be stated quantitatively whenever possible.
| back 95 true |
front 96 Contrary to popular belief, it is not possible to maximize sales and profits simultaneously.
| back 96 true |
front 97 A firm that is always working to improve its product offerings such that consumer needs are addressed more efficiently is following a differentiation strategy.
| back 97 true |
front 98 A firm employing a focus strategy concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market.
| back 98 false |
front 99 Partner relationship management is now considered as a core skill fundamental to the development and maintenance of strategic alliances.
| back 99 true |
front 100 Firms directing the same strategy to the same target market constitute a strategic group.
| back 100 true |
front 101 A written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives is called a vision statement.
| back 101 false |
front 102 Marketing plans are becoming more production oriented because of the high costs of doing business in today's economy.
| back 102 false |
front 103 A marketing plan should open with a situation analysis.
| back 103 false |
front 104 Definitions of a firm's mission as well as its marketing and financial objectives are included in the marketing strategy section of the marketing plan.
| back 104 true |
front 105 Sales forecasts, expense forecasts, and break-even analysis are usually found in the section on financial projections in the marketing plan.
| back 105 true |
front 106 A marketing plan is evaluated on the basis of how simple, specific, realistic, and complete it is.
| back 106 true |
front 107 Good marketing plans are usually short and to the point.
| back 107 false |
front 108 Most marketing plans conclude with a section that indicates how the plan will be implemented.
| back 108 true |
front 109 The marketing strategy section of the marketing plan spells out goals and budgets for each month or quarter so the management can review each period's results and take corrective action as needed.
| back 109 false |