Question 1

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) B) and E)
G) None of the above

Question 2

Which of the following is true of a SWOT analysis?

Accepted Answer

A)   It is typically performed by lower-level managers.
B)   It is used to design a firm's mission and objectives.
C)   It is independent of social and political factors.
D)   It is designed to help a firm determine its own strengths.
E)   It is usually conducted in the control phase of a market plan.F) C) and E)
G) A) and E)

Question 3

Uncle Steve Inc.,a chain of restaurants,opens a new outlet near an industrial complex.This helps it to attract many customers as there is no other restaurant in the vicinity.In this case,the decision to open a new outlet in this area is a part of the firm's strategy on:

Accepted Answer

A)   place.
B)   product.
C)   price.
D)   promotion.
E)   power.F) A) and B)
G) B) and D)

Question 4

Organizations achieve sustainable competitive advantage through operational excellence.

Accepted Answer

A) True 
 B)False

Question 5

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 C)
G) D) and E)

Question 6

Emily regularly chooses Argo Airlines for her travels.The company values her preference and rewards her with loyalty points.It would entitle Emily for reduced ticket rates for certain flights.Through this offer,the company succeeds in retaining a regular user.In this scenario,which of the following is used by Argo Airlines to achieve sustainable competitive advantage?

Accepted Answer

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

Question 7

Advertising campaigns by businesses is an example of promotion.

Accepted Answer

A) True 
 B)False

Question 8

Explain target marketing and provide an example of it.

Accepted Answer

Target marketing is the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market.For example,Beau,a manufacturer of cosmetics,realizes that its products are mostly sought by teenagers and directs the bulk of its marketing efforts towards that group.Students' examples will vary.

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) All of the above
G) B) and C)

Question 10

Which of the following best describes a market penetration strategy?

Accepted Answer

A)   Introducing the existing products in a new market segment
B)   Exploring new geographical markets
C)   Introducing a new product in a new target market
D)   Obtaining new customers from an existing target market
E)   Introducing an innovative product in an existing target marketF) B) and C)
G) C) and D)

Question 11

Briefly explain the final step in the marketing planning process.

Accepted Answer

The final step in the planning process i...

Question 12

Which of the following is an example of a diversification strategy?

Accepted Answer

A)   A firm introduces its current products to a new set of customers.
B)   A company markets an innovative product by using its existing network.
C)   A firm introduces a new product to a segment that is currently not served.
D)   A company exports its products to a new geographical location.
E)   A firm intensifies its marketing activities to increase the sale of its current offerings.F) B) and D)
G) B) and C)

Question 13

Tectron Computers Inc.,a manufacturer of desktop computers and peripherals,focuses on efficient coordination in every stage of production and delivery and ensures that customers' demands are met within the target time.This precision makes Tectron a favourite choice among customers.Given this information,which of the following does the company use to achieve sustainable competitive advantage?

Accepted Answer

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

Question 14

What is a market segment?

Accepted Answer

A market segment is ...

Question 15

In the context of the Boston Consulting Group (BCG) analysis,a firm whose offering is a star in an industry should:

Accepted Answer

A)   consider resource investments to fuel rapid growth.
B)   disinvest partly from the business.
C)   stop doing business in the industry.
D)   refrain from allocating excess funds to existing services.
E)   transfer its resources to other strategic business units.F) A) and B)
G) C) and D)

Question 16

Adams Industries Inc.is a firm that manufactures and markets kitchen appliances in the northern part of Belvier.As part of its expansion program,the company decides to introduce its existing range of products in the southern parts of Belvier.In this scenario,the strategy applied by the company is:

Accepted Answer

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

Question 17

Which of the following is considered a threat to an organization?

Accepted Answer

A)   Little brand recognition among customers
B)   Lack of technical talent within the organization
C)   Lack of financial resources
D)   A narrow customer base
E)   A new technology invented by a competitorF) C) and D)
G) A) and B)

Question 18

Balter Technologies Inc.is a firm that manufactures innovative computer accessories.The company organizes a media campaign to increase the public awareness about its products.Which of the following elements of a marketing mix is used by Balter Technologies in this case to communicate the value of its offerings?

Accepted Answer

A)   Product
B)   Price
C)   Promotion
D)   Place
E)   ProcessF) C) and D)
G) A) and E) C

Question 19

A product with a low market share that competes in a high-growth market is called a dog.

Accepted Answer

A) True 
 B)False

Question 20

Customer excellence focuses on:

Accepted Answer

A)   having a good physical location and Internet presence.
B)   carrying out effective branding and positioning.
C)   having products with high perceived value.
D)   retaining loyal buyers and providing excellent service.
E)   maintaining efficient operations and an excellent supply chain.F) A) and C)
G) A) and E)

Exam 2: Developing Marketing Strategies and a Marketing Plan

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
verified

Which of the following is true of a SWOT analysis?

Correct Answer
verified

Uncle Steve Inc.,a chain of restaurants,opens a new outlet near an industrial complex.This helps it to attract many customers as there is no other restaurant in the vicinity.In this case,the decision to open a new outlet in this area is a part of the firm's strategy on:

Correct Answer
verified

Organizations achieve sustainable competitive advantage through operational excellence.

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified
E

Advertising campaigns by businesses is an example of promotion.

Correct Answer
verified

Explain target marketing and provide an example of it.

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 best describes a market penetration strategy?

Correct Answer
verified

Briefly explain the final step in the marketing planning process.

Correct Answer
verified
The final step in the planning process i...
View Answer

Which of the following is an example of a diversification strategy?

Correct Answer
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Correct Answer
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What is a market segment?

Correct Answer
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A market segment is ...
View Answer

In the context of the Boston Consulting Group (BCG) analysis,a firm whose offering is a star in an industry should:

Correct Answer
verified

Adams Industries Inc.is a firm that manufactures and markets kitchen appliances in the northern part of Belvier.As part of its expansion program,the company decides to introduce its existing range of products in the southern parts of Belvier.In this scenario,the strategy applied by the company is:

Correct Answer
verified

Which of the following is considered a threat to an organization?

Correct Answer
verified

Correct Answer
verified
C

A product with a low market share that competes in a high-growth market is called a dog.

Correct Answer
verified

Customer excellence focuses on:

Correct Answer
verified

Exam 2: Developing Marketing Strategies and a Marketing Plan

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

Which of the following is true of a SWOT analysis?

Correct AnswerverifiedShow Answer

Uncle Steve Inc.,a chain of restaurants,opens a new outlet near an industrial complex.This helps it to attract many customers as there is no other restaurant in the vicinity.In this case,the decision to open a new outlet in this area is a part of the firm's strategy on:

Correct AnswerverifiedShow Answer

Organizations achieve sustainable competitive advantage through operational excellence.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedE

Advertising campaigns by businesses is an example of promotion.

Correct AnswerverifiedShow Answer

Explain target marketing and provide an example of it.

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 best describes a market penetration strategy?

Correct AnswerverifiedShow Answer

Briefly explain the final step in the marketing planning process.

Correct AnswerverifiedThe final step in the planning process i...View AnswerShow Answer

Which of the following is an example of a diversification strategy?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

What is a market segment?

Correct AnswerverifiedA market segment is ...View AnswerShow Answer

In the context of the Boston Consulting Group (BCG) analysis,a firm whose offering is a star in an industry should:

Correct AnswerverifiedShow Answer

Adams Industries Inc.is a firm that manufactures and markets kitchen appliances in the northern part of Belvier.As part of its expansion program,the company decides to introduce its existing range of products in the southern parts of Belvier.In this scenario,the strategy applied by the company is:

Correct AnswerverifiedShow Answer

Which of the following is considered a threat to an organization?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedC

A product with a low market share that competes in a high-growth market is called a dog.

Correct AnswerverifiedShow Answer

Customer excellence focuses on:

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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E

Correct Answer
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Correct Answer
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The final step in the planning process i...
View Answer

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Correct Answer
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Correct Answer
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A market segment is ...
View Answer

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C

Correct Answer
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Correct Answer
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