Question 1

Which of the following refers to the process of classifying a market into distinct groups of customers where each individual group has similar needs, wants, or characteristics?

Accepted Answer

A)  Downsizing
B)  Positioning
C)  Locational excellence
D)  Segmentation
E)  DiversificationF) B) and D)
G) C) and D)

Question 2

In a SWOT analysis, which of the following is considered a company's strength?

Accepted Answer

A)  Presence of wide distribution networks
B)  Attractiveness of the industry
C)  Market exit of a competitor
D)  Favourable political changes
E)  Acquiring another firm and gaining market accessF) A) and B)
G) B) and C)

Question 3

Explain situation analysis.

Accepted Answer

After developing its mission, a firm mus...

Question 4

In the context of marketing mix, which of the following aspects of customer value is closely associated with products?

Accepted Answer

A)  Value creation
B)  Value delivery
C)  Value for money
D)  Value communication
E)  Value exchangeF) B) and E)
G) A) and E)

Question 5

Briefly explain the four Ps of marketing.

Accepted Answer

The four Ps are as follows:
-Product: Pr...

Question 6

Compare and contrast strengths and opportunities that apply to businesses.

Accepted Answer

Strengths are positive attributes that a...

Question 7

Market penetration refers to introducing a new product in a new market.

Accepted Answer

A) True 
 B)False

Question 8

A market penetration strategy requires:

Accepted Answer

A)  development of a highly innovative product offering.
B)  entry to a new geographic market.
C)  lesser marketing efforts.
D)  reduced spending on advertising.
E)  intensified distribution efforts in existing markets.F) A) and D)
G) A) and B)

Question 9

In the context of the Boston Consulting Group (BCG) portfolio analysis, which of the following is a similarity between the products represented by a star and a question mark?

Accepted Answer

A)  Both serve high growth-rate markets.
B)  Both have a significant market share in their respective markets.
C)  Both generate considerable revenue for their respective firms.
D)  Both have surplus resources remaining after production.
E)  Both are used to boost the sales of other products.F) B) and D)
G) A) and B)

Question 10

Surge Manufacturing sells its products by using a wide variety of channels, including the Internet.This gives the firm:

Accepted Answer

A)  product excellence.
B)  customer excellence.
C)  operational excellence.
D)  procedural excellence.
E)  locational excellence.F) A) and C)
G) C) and D)

Question 11

Apple achieved success by providing customers with products that meet/exceed expectations, good customer service, convenient locations and online presence.Which of the following strategies is used by Apple to achieve sustainable competitive advantage?

Accepted Answer

A)  Service excellence
B)  Marketing excellence
C)  Product excellence
D)  Multiple source of advantage
E)  Operational excellenceF) A) and E)
G) A) and B)

Question 12

Arpin Stores Inc. is a wholesale food manufacturing company. The company markets packaged food products across the United States. The company appoints an external agency to perform a SWOT analysis of the company.
-Which of the following observations, if made by the external agency, will indicate the company's weakness?

Accepted Answer

A)  The company incurs high transportation costs as its manufacturing facility is at a remote place.
B)  The wholesale food industry has seen an influx of new players in recent times.
C)  An economic downturn has increased people's liking for organic products.
D)  A food poisoning disaster that occurred recently has lowered people's preference for packaged foods.
E)  The government has imposed a new tax on packaged food industry.F) A) and D)
G) A) and B)

Question 13

Davison Associates Inc.manufactures office furniture.The management of the company believes that developing a strong brand name is the primary strategy to compete in the market.Hence, it invests a significant share of its resources to position its brands through promotions and service.Which of the following does the company use to achieve sustainable competitive advantage?

Accepted Answer

A)  Diversification excellence
B)  Product excellence
C)  Customer excellence
D)  Locational excellence
E)  Operational excellenceF) B) and C)
G) B) and E)

Question 14

Operational excellence is achieved by:

Accepted Answer

A)  ensuring an excellent supply chain management and strong relationships with suppliers.
B)  maintaining excellent customer service and excellent relationships with suppliers.
C)  strong relationships with suppliers and retailing loyal buyers.
D)  maintain efficient operations with the best location selection.
E)  excellent supply chain management and differentiate the product offerings.F) B) and C)
G) A) and E)

Question 15

The growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve is called:

Accepted Answer

A)  diversification.
B)  market development.
C)  market penetration.
D)  intensification.
E)  product development.F) B) and D)
G) B) and C)

Question 16

Which of the following strategies involves focusing on having an Internet presence?

Accepted Answer

A)  Diversification excellence
B)  Product excellence
C)  Locational excellence
D)  Operational excellence
E)  Customer excellenceF) All of the above
G) A) and E)

Question 17

Capricus Leathers Inc. is a company that manufactures leather apparel and accessories. The company sells two products, Indigo and Tango. Both the products serve in a low-growth market. While Indigo has significant market share in the market, Tango has less than 1 percent market share.
-According to the Boston Consulting Group (BCG) matrix, Indigo is called a:

Accepted Answer

A)  question mark.
B)  cash cow.
C)  star.
D)  dog.
E)  champion.F) C) and E)
G) A) and B)

Question 18

Which of the following terms refers to a group of products that consumers are likely to use together or perceive as similar in some way?

Accepted Answer

A)  Product mix
B)  Product line
C)  Product portfolio
D)  Niche market
E)  Market mixF) A) and C)
G) A) and B)

Question 19

Which of the following is an activity in the control phase of a marketing plan?

Accepted Answer

A)  Developing and implementing a marketing mix
B)  Identifying a business's mission and objectives
C)  Evaluating the performance of a marketing strategy
D)  Identifying the opportunities present in a market
E)  Understanding a firm's competitive strengths and weaknessesF) B) and E)
G) All of the above

Question 20

A small non-profit organization ran a campaign on Facebook and Instagram to increase customers' donations.The ad briefly show case the cause and invite customers to donate through the non-profit's website.Which metrics would be the best to assess the effectiveness of this campaign?

Accepted Answer

A)  Ad exposure
B)  Click through rate
C)  Website traffic before and after the campaign.
D)  Number of donors before and after the campaign.
E)  Ad engagementF) C) and D)
G) All of the above

Exam 2: Developing Marketing Strategies and a Marketing Plan

A small non-profit organization ran a campaign on Facebook and Instagram to increase customers' donations.The ad briefly show case the cause and invite customers to donate through the non-profit's website.Which metrics would be the best to assess the effectiveness of this campaign?

Correct Answer
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Correct Answer
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In a SWOT analysis, which of the following is considered a company's strength?

Correct Answer
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Apple achieved success by providing customers with products that meet/exceed expectations, good customer service, convenient locations and online presence.Which of the following strategies is used by Apple to achieve sustainable competitive advantage?

Correct Answer
verified

Which of the following is an activity in the control phase of a marketing plan?

Correct Answer
verified

Explain situation analysis.

Correct Answer
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After developing its mission, a firm mus...
View Answer

Which of the following refers to the process of classifying a market into distinct groups of customers where each individual group has similar needs, wants, or characteristics?

Correct Answer
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Operational excellence is achieved by:

Correct Answer
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Which of the following terms refers to a group of products that consumers are likely to use together or perceive as similar in some way?

Correct Answer
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A market penetration strategy requires:

Correct Answer
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In the context of the Boston Consulting Group (BCG) portfolio analysis, which of the following is a similarity between the products represented by a star and a question mark?

Correct Answer
verified

Which of the following strategies involves focusing on having an Internet presence?

Correct Answer
verified

Surge Manufacturing sells its products by using a wide variety of channels, including the Internet.This gives the firm:

Correct Answer
verified

Correct Answer
verified

In the context of marketing mix, which of the following aspects of customer value is closely associated with products?

Correct Answer
verified

Compare and contrast strengths and opportunities that apply to businesses.

Correct Answer
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Strengths are positive attributes that a...
View Answer

The growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve is called:

Correct Answer
verified

Market penetration refers to introducing a new product in a new market.

Correct Answer
verified

Briefly explain the four Ps of marketing.

Correct Answer
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The four Ps are as follows:
-Product: Pr...
View Answer

Correct Answer
verified

Exam 2: Developing Marketing Strategies and a Marketing Plan

A small non-profit organization ran a campaign on Facebook and Instagram to increase customers' donations.The ad briefly show case the cause and invite customers to donate through the non-profit's website.Which metrics would be the best to assess the effectiveness of this campaign?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

In a SWOT analysis, which of the following is considered a company's strength?

Correct AnswerverifiedShow Answer

Apple achieved success by providing customers with products that meet/exceed expectations, good customer service, convenient locations and online presence.Which of the following strategies is used by Apple to achieve sustainable competitive advantage?

Correct AnswerverifiedShow Answer

Which of the following is an activity in the control phase of a marketing plan?

Correct AnswerverifiedShow Answer

Explain situation analysis.

Correct AnswerverifiedAfter developing its mission, a firm mus...View AnswerShow Answer

Which of the following refers to the process of classifying a market into distinct groups of customers where each individual group has similar needs, wants, or characteristics?

Correct AnswerverifiedShow Answer

Operational excellence is achieved by:

Correct AnswerverifiedShow Answer

Which of the following terms refers to a group of products that consumers are likely to use together or perceive as similar in some way?

Correct AnswerverifiedShow Answer

A market penetration strategy requires:

Correct AnswerverifiedShow Answer

In the context of the Boston Consulting Group (BCG) portfolio analysis, which of the following is a similarity between the products represented by a star and a question mark?

Correct AnswerverifiedShow Answer

Which of the following strategies involves focusing on having an Internet presence?

Correct AnswerverifiedShow Answer

Surge Manufacturing sells its products by using a wide variety of channels, including the Internet.This gives the firm:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

In the context of marketing mix, which of the following aspects of customer value is closely associated with products?

Correct AnswerverifiedShow Answer

Compare and contrast strengths and opportunities that apply to businesses.

Correct AnswerverifiedStrengths are positive attributes that a...View AnswerShow Answer

The growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve is called:

Correct AnswerverifiedShow Answer

Market penetration refers to introducing a new product in a new market.

Correct AnswerverifiedShow Answer

Briefly explain the four Ps of marketing.

Correct AnswerverifiedThe four Ps are as follows:-Product: Pr...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
After developing its mission, a firm mus...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Strengths are positive attributes that a...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The four Ps are as follows:
-Product: Pr...
View Answer

Correct Answer
verified