Question 1

Lipton has increased sales by developing ads that encourage it current customers to drink Lipton tea instead of coffee at morning "coffee breaks." This effort focuses on

Accepted Answer

A)   diversification.
B)   market penetration.
C)   product development.
D)   mass marketing.
E)   market development.

Question 2

The problem with target marketing is that it limits the firm to small market segments.

Accepted Answer

A) True 
 B)False

Question 3

A marketing strategy is composed of two interrelated parts--planning and implementation.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following statements about S.W.O.T. analysis is true?

Accepted Answer

A)   It is a useful aid for identifying relevant screening criteria and for zeroing in on a feasible strategy.
B)   S.W.O.T. is simply an abbreviation for the first letters of the words: strengths, weaknesses, opportunities, and threats.
C)   It identifies and lists the firm's strengths and weaknesses and its opportunities and threats.
D)   It helps managers focus on a strategy that takes advantage of the firm's strengths and opportunities while avoiding its weaknesses and threats to its success.
E)   All of these statements about S.W.O.T. analysis are true.

Question 5

A retailer's operational decision to hire new salespeople would best relate to the marketing mix decision area of

Accepted Answer

A)   product.
B)   place.
C)   promotion.
D)   price.
E)   people.

Question 6

Marketing strategy planning is the process of deciding how best to sell the products the firm produces.

Accepted Answer

A) True 
 B)False

Question 7

A marketing strategy

Accepted Answer

A)   specifies a target market and a related marketing mix.
B)   provides a focused but narrow picture of what a firm will do in some market.
C)   is a market-oriented, whole-company plan.
D)   includes two interrelated parts--product mix and product development.
E)   includes the marketing mix, but does not specify customers.

Question 8

A marketing strategy specifies:

Accepted Answer

A)   a marketing mix.
B)   a target market and a related marketing mix.
C)   a target market.
D)   the resources needed to implement a marketing mix.

Question 9

_____ is the managerial process of developing and maintaining a match between an organization's resources and its market opportunities.

Accepted Answer

A)   Strategic (management)  planning
B)   Target marketing
C)   Mass marketing
D)   Resource allocation
E)   Marketing control

Question 10

The marketing mix should be set before the best target market is selected.

Accepted Answer

A) True 
 B)False

Question 11

"Place" is concerned with:

Accepted Answer

A)   intermediaries.
B)   transporting.
C)   channel members.
D)   storing.
E)   all of these might be involved with Place.

Question 12

A marketing program blends all of the firm's marketing plans into one "big" plan and is the responsibility of the whole company.

Accepted Answer

A) True 
 B)False

Question 13

Differentiation often requires a firm to fine-tune its marketing mix to meet the specific needs of its target market(s).

Accepted Answer

A) True 
 B)False

Question 14

______ means moving into totally different lines of business, perhaps entirely unfamiliar products, markets, or even levels in the production-marketing system.

Accepted Answer

A)   Diversification
B)   Market development
C)   Product development
D)   Differentiation
E)   Market penetration

Question 15

One way to increase customer equity is to find cost-effective ways to add new customers for the firm's products.

Accepted Answer

A) True 
 B)False

Question 16

Many U.S. automakers have failed because they were not marketing oriented.

Accepted Answer

A) True 
 B)False

Question 17

In an effort to increase its total sales, Champion has started exporting its spark plugs for use by several German auto producers. Champion is pursuing a ______________ opportunity.

Accepted Answer

A)   diversification
B)   market penetration
C)   product development
D)   mass marketing
E)   market development

Question 18

Marketing managers should view potential customers as

Accepted Answer

A)   all alike.
B)   all having the same needs.
C)   always wanting to meet needs in the same way.
D)   grouped into segments of similar consumers.
E)   different types, but all having the same characteristics.

Question 19

A S.W.O.T. analysis is one way to zero in on a marketing strategy that is well-suited to the firm.

Accepted Answer

A) True 
 B)False

Question 20

Customer equity

Accepted Answer

A)   focuses on the costs of acquiring new customers rather than on increasing revenues from current customers.
B)   is basically a historical measure of how profitable a firm has been in the past.
C)   is a concept that applies to firms that target final consumers but not to firms that target business customers.
D)   will increase if a firm increases its market share with a particular strategy.
E)   is the expected earnings stream of a firm's current and prospective customers over some time period.

Exam 2: Marketing Strategy Planning

Which of the following statements about S.W.O.T. analysis is true?

Correct AnswerverifiedShow Answer

______ means moving into totally different lines of business, perhaps entirely unfamiliar products, markets, or even levels in the production-marketing system.

Correct AnswerverifiedShow Answer

Differentiation often requires a firm to fine-tune its marketing mix to meet the specific needs of its target market(s).

Correct AnswerverifiedShow Answer

Lipton has increased sales by developing ads that encourage it current customers to drink Lipton tea instead of coffee at morning "coffee breaks." This effort focuses on

Correct AnswerverifiedShow Answer

A S.W.O.T. analysis is one way to zero in on a marketing strategy that is well-suited to the firm.

Correct AnswerverifiedShow Answer

Customer equity

Correct AnswerverifiedShow Answer

In an effort to increase its total sales, Champion has started exporting its spark plugs for use by several German auto producers. Champion is pursuing a ______________ opportunity.

Correct AnswerverifiedShow Answer

The problem with target marketing is that it limits the firm to small market segments.

Correct AnswerverifiedShow Answer

"Place" is concerned with:

Correct AnswerverifiedShow Answer

Marketing managers should view potential customers as

Correct AnswerverifiedShow Answer

_____ is the managerial process of developing and maintaining a match between an organization's resources and its market opportunities.

Correct AnswerverifiedShow Answer

The marketing mix should be set before the best target market is selected.

Correct AnswerverifiedShow Answer

Many U.S. automakers have failed because they were not marketing oriented.

Correct AnswerverifiedShow Answer

A marketing strategy is composed of two interrelated parts--planning and implementation.

Correct AnswerverifiedShow Answer

A marketing strategy

Correct AnswerverifiedShow Answer

A marketing program blends all of the firm's marketing plans into one "big" plan and is the responsibility of the whole company.

Correct AnswerverifiedShow Answer

A marketing strategy specifies:

Correct AnswerverifiedShow Answer

Marketing strategy planning is the process of deciding how best to sell the products the firm produces.

Correct AnswerverifiedShow Answer

A retailer's operational decision to hire new salespeople would best relate to the marketing mix decision area of

Correct AnswerverifiedShow Answer

One way to increase customer equity is to find cost-effective ways to add new customers for the firm's products.

Correct AnswerverifiedShow Answer

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