MKT 3000H Homework Questions PDF

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CH2.

1. Which of the following is one of the macro strategies for developing customer value through effective branding and positioning? Product excellence 2. Customer excellence is focused on ______. retaining loyal customers and offering excellent customer service 3. A ______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage. marketing strategy 4. Which of the following are used to achieve operational excellence? (Select all that apply.) Operations Supply chain management 5. One key to long-term financial performance is to establish a ______. sustainable competitive advantage 6. Which of the following are used to achieve product excellence? (Select all that apply.) Effective positioning Investing in your brand 7. The macro strategies for developing customer value include each of the following EXCEPT ______. marketing excellence 8. ______ excellence, as a competitive advantage, focuses on retaining loyal consumers and offering excellent service. Customer 9. When a company focuses on having ______ excellence, this also includes having a good Internet presence. Locational 10. Which best describes operational excellence? Focus on excellent supply chain 11. A marketing plan includes all of the following EXCEPT ______. a plan on how to pitch investors

12. excellence is when a firm focuses on having high perceived value and effective branding. Product 13. What are the three major phases of the marketing plan? (Select all that apply.) Control Planning Implementation 14. Which macro strategy is achieved in part through efficient supply chain management? Operational excellence 15. A firm needs a marketing plan to ______. (Select all that apply.) provide a reference point for evaluating if the objectives have been met explain how overall objectives will be met clearly state its overall objectives 16. Which of the following is one of the macro strategies for developing customer value through effective branding and positioning? Product excellence 17. Step 1 of the marketing plan is focused on ______. the business mission and objectives 18. Which of the following are frequently used to achieve locational excellence? (Select all that apply,) High store density Closer proximity to customers 19. In the ______ step of the five-step marketing planning process, marketers evaluate the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success. Second 20. A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements. marketing plan

21. In the ______ phase of the five-step marketing planning process, marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning. Implementation 22. The three major phases of the marketing plan are ______. planning, implementation, and control 23. Of the following, who would require access to a company's marketing plan? Investors 24. In Step 1 of the planning phase, a firm ______. defines the mission and/or vision of the business 25. Step 4 of the five-step marketing planning process ______. is the point at which a firm implements the four Ps 26. In Step 2 of the five-step marketing planning process, a firm ______. assesses how various players, both in and outside the organization, affect the firm's potential for success 27. Step 5 of the marketing plan, which entails evaluating the performance of the marketing strategy using marketing metrics and taking any necessary corrective action, is part of which phase? Control phase 28. Step 3 of the five-step marketing planning process ______. involves segmentation, targeting, and positioning (STP) 29. Which of the following is the primary question a mission statement should answer? What type of business are we?

30. What are the three major phases of the marketing plan? (Select all that apply.) Control Implementation Planning 31. The mission of a majority of businesses typically includes which of the following? Maximizing stockholders' wealth

32. A firm needs a marketing plan to ______. (Select all that apply.) provide a reference point for evaluating if the objectives have been met clearly state its overall objectives explain how overall objectives will be met 33. In the ______ step of the five-step marketing planning process, marketing managers are responsible for implementing the marketing mix using the four Ps. fourth 34. In Step 5 of the marketing plan, a firm ______. evaluates its performance using marketing metrics 35. Step 2 of a marketing plan involves which of the following? Performing a situation analysis using SWOT 36. A mission statement ______. defines the scope of activities a firm plans to undertake 37. Which are components of SWOT analysis? (Select all that apply.) Weaknesses Opportunities 38. Which of the following firms is likeliest to identify avoiding risk as an objective? A small, privately owned firm 39. How is a marketing plan most often communicated to stakeholders? In a written document 40. What does "strengths" refer to in SWOT analysis? The positive internal attributes of a firm 41. Step 4 of the five-step marketing planning process ______. is the point at which a firm implements the four Ps 42. Which of the following are components of a SWOT analysis? (Select all that apply.) Threats Weaknesses Opportunities

43. What are the four components of a SWOT analysis? (Select all that apply.) Weaknesses Threats Opportunities Strengths 44. The mission of a majority of businesses typically includes which of the following? Maximizing stockholders' wealth 45. In a SWOT analysis, ______ refer to the positive internal attributes of the firm. Strengths 46. In the ______ step of the five-step marketing planning process, marketing managers are responsible for implementing the marketing mix using the four Ps. Fourth 47. Which of the following are examples of strengths that could be identified in a SWOT analysis? (Select all that apply.) Strong brand recognition A reliable network of spokespeople 48. Step 2 of a marketing plan involves which of the following? Performing a situation analysis using SWOT 49. In a SWOT analysis, possible weaknesses might include any of the following EXCEPT ______. a new competitor with innovative products 50. Which are components of SWOT analysis? (Select all that apply.) Opportunities Weaknesses 51. What do "weaknesses" refer to in SWOT analysis? Negative attributes internal to the firm

52. Which of the following firms is likeliest to identify avoiding risk as an objective? A small, privately owned firm 53. Green marketing efforts and expansion outside the United States are potential ______ for a firm. Opportunities 54. What does "strengths" refer to in SWOT analysis? The positive internal attributes of a firm 55. What do "opportunities" represent in SWOT analysis? The positive aspects of the external environment 56. Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential ______. These refer to a firm's internal attributes as identified during a SWOT analysis. Strengths 57. When conducting a SWOT analysis, adverse economic conditions and intense competition are examples of potential ______ for firms. Threats 58. In a SWOT analysis, a firm's heavy reliance on its joint venture partner when opening new stores may be a potential ______ for the firm. Weakness 59. In a SWOT analysis, ______ represent the negative aspects of the company's external environment. Threats 60. Aging equipment that slows down production is an example of a(n) ______ for the firm. Weakness 61. The "T" in STP stands for targeting, target, or targets 62. True or false: Possible opportunities for manufacturers include an untapped market, international expansion, and growing interest in "green" products. True

63. With ______, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue, and finally decides how it should best position its product or service. STP 64. In a SWOT analysis, ______ pertain to positive aspects of the external environment. Opportunities 65. Wine connoisseurs, antique collectors, and video game enthusiasts are all examples of different ______. market segments 66. In a firm's SWOT analysis, which of the following would be considered threats? (Select all that apply.) Competitive prices and product offerings New regulations that restrict sales of the firm's products Adverse economic conditions 66. True or false: Market segmentation is the process of dividing the market into groups of customers based on their needs, wants, and characteristics. True 67. What do "threats" represent in SWOT analysis? The negative aspects of the company's external environment 68. STP includes which of the following? (Select all that apply.) Positioning Segmentation 69. After a firm has identified a group of market segments, it does which of the following? (Select all that apply.) Determine which segments to pursue Use the targeting process Evaluate each segment's attractiveness 70. Which of the following are steps in the STP process? (Select all that apply.) Positioning its products and services to meet the needs of the chosen targets Dividing the marketplace into subgroups Determining which subgroups should be pursued

71. What is the last step of STP? Positioning 72. A market segment consists of ______ who respond similarly to a firm's marketing efforts. Customers 73. ______ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of what the product does or represents in comparison with competing products. Market positioning

74. Market ______ is the process of dividing the market into groups of customers according to their needs, wants, or characteristics. Segmentation 75. A firm can begin to implement the marketing mix immediately after which step? After it has finished segmentation, targeting, and positioning 76. In a SWOT analysis, ______ represent the negative aspects of the company's external environment. Threats 77. ______, which includes services, constitutes the first of the four Ps. Product 78. The process of deciding which specific market segment(s) to pursue is known as ______. Targeting 79. After a firm decides which segments to pursue, it must determine how it wants to be ______ within those segments. positioned 80. What are outcomes of setting prices too high and/or too low? (Select all that apply.) Low volume Less-than-optimal profits 81. Which process is most associated with market positioning? Clarifying marketing mix variables to provide a basis for customers' evaluation of a

product 82. During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services? Implement marketing mix 83. In the marketing mix, products and services are the elements that ______ value. Create 84. What is the second element of the marketing mix? Pricing 85. After a firm has identified a group of market segments, it does which of the following? (Select all that apply.) Evaluate each segment's attractiveness Determine which segments to pursue Use the targeting process 86. Place is the component of the four Ps responsible for ______ value. Delivering 87. Which of the following is true regarding price? It should be based on the value that the customer perceives. 88. What is the term that describes a variety of communication disciplines used to provide clarity, consistency, and maximum communicative impact used to promote a product? Integrated marketing communication 89. ______ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of what the product does or represents in comparison with competing products. Market positioning 90. A firm can begin to implement the marketing mix immediately after which step? After it has finished segmentation, targeting, and positioning 91. Step 5 in the marketing plan process is when a firm ______ the outcome of the strategy and implementation process. Evaluates

92. ______ is the only marketing activity that actually brings in revenue. Pricing 93. What are the main purposes of metrics during Step 5? (Select all that apply.) to predict what will happen To explain why things happened 94. _____ is the component of the four Ps that states that the firm must make the product or service available when and where the customer wants it. Place 95. Why do firms use metrics in Step 5 of the marketing plan? (Select all that apply.) To make appropriate adjustments to performance To make it possible to compare results across regions, product lines, and time periods 96. Promotion is the element of the four Ps used by marketers to ______ the value proposition or the value of their offering through a variety of media. Communicate 97. Which process is most associated with market positioning? Clarifying marketing mix variables to provide a basis for customers' evaluation of a product 98. What factors that affect a sales manager's performance are outside the manager's control? (Select all that apply.) Successful competition An economic downturn 99. Step 5 of the marketing plan involves ______. evaluating the results of the strategy and implementation program 100. Some commonly used financial performance metrics include which of the following? (Select all that apply.) Profits Sales revenue 101. A metric is a ______ that quantifies a trend, dynamic, or characteristic. measuring system 102. What is the purpose of evaluating performance during Step 5? To identify and explain performance above and below expectations

103. The upscale hotel chain Hilton wants to compare its growth to another benchmark company. What company should it compare itself to? Marriott, an upscale hotel chain 104. What is the term that describes a variety of communication disciplines used to provide clarity, consistency, and maximum communicative impact used to promote a product? Integrated marketing communication 105. A portfolio analysis involves which of the following? (Select all that apply.) Management allocates its resources to products with the greatest potential to be profitable. Management evaluates the firm's various products and businesses. 106. In Stage 5, the purpose of a(n) evaluation is to figure out problem areas. Performance 107. Revenues, sales, and profits are commonly used ______ to assess performance. Metrics 108. Which statement is true regarding SBUs? An SBU may have a different mission or objective from other divisions. 109. What are the main purposes of metrics during Step 5? (Select all that apply.) To predict what will happen To explain why things happened 110. A ______ is a group of products that consumers perceive as similar in some way. product line

111. Which of the following are relative measures of sales and profits? (Select all that apply.) A firm's growth as compared to other companies A firm's increase in sales over the prior year 112. Which of the following are true regarding market share? (Select all that apply.) It defines a product's strength in a particular market. It is the percentage of a market accounted for by a specific entity.

113. In ______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook. Portfolio 114. What factors that affect a sales manager's performance are outside the manager's control? (Select all that apply.) An economic downturn Successful competition 115. A ______ is a division of the firm itself that can be managed and operated independently from other divisions. strategic business unit (SBU) 116. General Electric sells a broad array of products for both businesses and consumers, from jet engines to light bulbs. GE's kitchen appliances would be considered ______. a product line 117. ______ is the percentage of a market comprised by a specific entity. Market share 118. Relative market share is used to provide managers with a product's relative ______ compared with that of the largest firm in the industry. Strength 119. A portfolio analysis involves which of the following? (Select all that apply.) Management evaluates the firm's various products and businesses. Management allocates its resources to products with the greatest potential to be profitable.

120. Firms consider pursuing various ______ as part of their overall growth strategies. market segments 121. A market ______ growth strategy focuses on increasing sales of the firm's current products to its current target markets. Penetration 122. Which statement is true regarding SBUs? An SBU may have a different mission or objective from other divisions. 123. A strategy that employs existing products or services to reach new market segments is called ______. market development

124. In portfolio analysis, the ______ measures how fast a particular market is expanding, and therefore it reveals how attractive that market is. market growth rate 125. The ______ strategy offers a new product or service to a firm's current target market. product development 126.

Which of the following are included in the four major growth strategies?

Market development Product development Market penetration 127. A market penetration strategy, as one of the possible growth options, may be achieved by which of the following? Encouraging current customers to patronize the firm and the brand more often 128. General Electric sells a broad array of products for both businesses and consumers, from jet engines to light bulbs. GE's kitchen appliances would be considered ______. a product line 129. A smartphone manufacturer makes a new smartwatch that pairs well with its existing phones. This is an example of which growth strategy? Product development 130. In which type of diversification does a firm enter into an entirely new business? Unrelated A smartphone manufacturer makes a new smartwatch that pairs well with its existing phones. This is an example of which growth strategy?...