Quiz 2: Developing Successful Organizational and Marketing Strategies

Ben & Jerry's mission to make the world a better place is linked to various organizational and marketing strategies, one of which is A) supporting farmers who agree to use sustainable farming practices, implementing fair working standards, and investing in local communities. B) the intent of making modest profits without sacrificing high product quality standards. C) ingredients that are all completely organic and are available only in Vermont to ensure freshness and contribute to the local economy. D) a commitment to donating a percentage of profits to Teach for America. E) ingredients that come exclusively from developed countries promoting fair trade practices.

Ben & Jerry's entrepreneurial approach led the company to successfully implement many highly creative organizational and marketing strategies. One example includes A) ISO 9000, promoting the quality concept through its commitment to making the finest ice cream from the best ingredients. B) "linked prosperity," which encouraged the success of all constituents including employees. C) Regeneration Nation, generating enough revenue for the firm to be a completely nonprofit organization. D) Give and Go, donating 10 percent of its net profits to local charitable causes and an additional 5 percent to support producers that practice sustainable farming. E) PartnerShops, Ben & Jerry scoop shops that are independently owned and operated by community-based nonprofit organizations.

Ben & Jerry's has earned B-Corp certification from B-Lab, which means it has A) reached the goal of generating enough revenue to be a completely nonprofit organization. B) a sustainable financial basis of profitable growth, increasing value for stakeholders and expanding opportunities for development and career growth for employees. C) the goal of making profits for selected charitable organizations such as Fair Trade. D) been recognized for its efforts to use the power of business to solve social and environmental problems. E) been instrumental in expanding into international markets by creating dairies for developing nations.

Which of the following statements regarding Ben & Jerry's is most accurate? A) Ben & Jerry's is owned by Unilever, the market leader in the global ice cream industry. B) Ben & Jerry's is a privately owned ice cream producer. C) Ben & Jerry's prides itself on offering more ice cream flavors than its competitors. D) Ben and Jerry are not real people; the names were a clever reference to Tom and Jerry cartoon characters in order to capitalize on childhood nostalgia. E) Ben & Jerry's has only been in business for 20 years and is already the industry leader in premium ice cream.

A(n) ________ is a legal entity that consists of people who share a common mission. A) department B) organization C) SBU D) industry E) market

In marketing, an organization refers to A) a legal entity that consists of people who share a common mission. B) a group of people united through contractual or corporate ownership. C) a legal entity engaged in business activities solely with the intent of making a profit. D) a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit. E) a privately owned entity that serves its customers to earn a profit so that it can survive.

A(n) ________ is a good, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants. A) organization B) business firm C) nonprofit D) offering E) industry

In marketing, an offering refers to A) the formal designation of a publicly traded stock for a specific product, service, or idea. B) a form of currency used by buyer and seller to minimize the tax burden for both parties. C) a good, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants. D) the manufacturer's suggested retail price of a product or service to the general public or the wholesale price to distributors and retailers. E) the service suppliers and distributors provide to help manufacturers bring a product to market.

Organizations can be divided into three groups, which are ________ organizations. A) company, nonprofit, and cooperative B) corporation, employee-owned, and interest C) for-profit, nonprofit, and governmental D) employee, distributor, and customer E) public, private, and international

A(n) ________ is a privately owned organization that serves its customers to earn a profit so that it can survive. A) agency B) for-profit organization C) institution D) nonprofit organization E) cooperative

A for-profit organization refers to A) a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers. B) a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit. C) a privately owned organization that serves its customers to earn a profit so that it can survive. D) a group of people united through contractual or corporate ownership. E) a publicly owned organization that serves the general population.

________ the reward to a business firm for the risk it undertakes in marketing its offerings. A) Shareholders' equity is B) Profit is C) Assets are D) Contribution margin is E) Goodwill is

Profit refers to A) the point at which a company's assets equal its liabilities plus shareholder equity. B) the difference between the list and final price of a product or service. C) the money earned when the economic order quantity is minimized. D) the money left over after a business firm's total expenses are subtracted from its total revenues. E) the total amount of revenue accrued through product sales or service distribution.

A nonprofit organization is A) a nongovernmental organization that serves its customers but does not have profit as an organizational goal. B) a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit. C) a publicly owned organization that serves the general population. D) a group of people united through contractual or corporate ownership. E) a privately owned organization that serves its customers to earn a profit so that it can survive.

A ________ is a nongovernmental organization that serves its customers but does not have profit as an organizational goal. A) business firm B) subchapter S corporation C) service agency D) cooperative E) nonprofit organization

A ________ is a federal, state, county, or city unit that provides a specific service to its constituents. A) business firm B) subchapter S corporation C) government agency D) cooperative E) nonprofit organization

Social entrepreneurs who start new ventures such as Teach for America and NexGenVest are usually structured as ________ rather than business firms. A) business agencies B) nonprofit organizations C) government agencies D) cooperatives E) social service agencies

Which statement best describes the most significant difference between a for-profit organization or a business firm and a nonprofit organization? A) Business firms earn a profit each year while nonprofits operate at a deficit annually. B) Nonprofit organizations do not carry on economic activities while business firms do. C) Nonprofit organizations are concerned with social issues and business firms are not. D) Both serve customers, but business firms seek a profit while nonprofit organizations do not. E) Nonprofit organizations are publicly owned and business firms are privately owned.

An example of a nonprofit organization is A) the Food and Drug Administration. B) CVS Pharmacies. C) the medical technology company Medtronic, Inc. D) the pharmaceutical company Pfizer, Inc. E) the American Red Cross.

Cree markets LED (light-emitting diode) bulbs that replace the traditional incandescent bulb. A Cree LED bulb consumes 85 percent less energy and lasts for 25,000 hours. Cree is an example of A) a cooperative. B) an industry. C) a nonprofit organization. D) a business firm. E) a government agency.

Swipe Out Hunger is an organization that encourages college students to donate unused meal points to help feed community members in need. With chapters on 23 campuses, it has distributed more than 1.2 million meals. Swipe Out Hunger is an example of A) a cooperative. B) an industry. C) a nonprofit organization. D) a business firm. E) a government agency.

Organizations that develop similar offerings, when grouped together, create A) a conglomerate. B) a merger. C) an industry. D) a sector. E) a monopoly.

An industry refers to A) organizations that develop similar offerings. B) organizations that manufacture identical products to meet ISO 9000 specifications. C) companies that are active in the production of materials used in finished products. D) a group of people or firms united through strategic alliances. E) the economic activity concerned with the selling of finished products to wholesalers and retailers.

Which of the following is not an example of an industry? A) computer firms B) automobile companies C) landscaping businesses D) government agencies E) cable television organizations

________ is committed to using business concepts to change the world for good, using a variety of organizational models to address social needs that inspire passion. A) Corporate welfare B) A social entrepreneur C) Sustainable development D) Cause marketing E) Societal capitalism

Teach for America works to solve which societal problem? A) It provides new college graduates as teachers in urban and rural public schools in the United States. B) It works to end corneal blindness worldwide by training doctors to do corneal surgeries, finding cornea donors and creating tissue banks. C) It provides education, training, and small business loans to women in impoverished areas so that they can help themselves. D) It offers free access to graduate education for injured U.S. veterans returning from overseas conflict. E) It offers tax credits to small businesses to employ at-risk youth in their communities.

NexGenVest works to solve which societal problem? A) It provides new college graduates as teachers in urban and rural public schools in the United States. B) It gives information and advice to students navigating the financial and student loan market. C) It provides education and small business loans to women in impoverished areas so that they can help themselves. D) It offers free rehabilitation services for injured U.S. veterans returning from overseas conflict. E) It offers tax credits to small businesses that make charitable donations in their communities.

The term used to identify an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals is referred to as a A) marketing strategy. B) policy. C) strategy. D) plan. E) tactic.

Strategy refers to A) an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals. B) an organization's corporate tactical or action plan. C) statement of an accomplishment of a task to be achieved by a certain time. D) a statement of the organization's function in society, often identifying its customers, markets, product, and technologies. E) a road map for the entire organization for a specified future period of time, such as one or five years.

Which of the following statements about strategy is most accurate? A) An organization can be all things to all people because it has access to all the resources it needs to discover and satisfy the needs and wants of its target markets. B) The marketing department helps to both set an organization's direction and move it there. C) The American Marketing Association (AMA) recently has established the definition of strategy. D) Strategy is an organization's short-term course of action designed to deliver a specific customer experience while achieving its internal standards. E) Only start-up organizations must develop strategies to help them raise capital as well as focus and direct their efforts to accomplish their goals.

Large organizations are extremely complex, and usually consist of ________ organizational levels whose strategies are linked to marketing. A) two B) three C) five D) six E) seven or more

Figure 2-1 -In Figure 2-1, Box A represents the ________ that oversees the three levels of strategy in an organization. A) functional level B) board of directors C) corporate level D) CEO E) strategic business unit level

Figure 2-1 -In Figure 2-1, B represents the ________, the highest of the three levels of strategy in an organization. A) functional level B) board of directors C) corporate level D) department level E) strategic business unit level

Figure 2-1 -In Figure 2-1, C represents the ________ of an organization. A) strategic business unit level B) board of directors C) corporate level D) functional level E) CMO

Figure 2-1 -In Figure 2-1, D represents the ________ of an organization that is comprised of individual departments. A) strategic business unit level B) functional level C) corporate level D) board of directors E) CMO

Figure 2-1 -In Figure 2-1, E represents the ________ operating at the lowest strategic level. A) board of directors B) corporate level C) departments D) executives E) strategic business unit level

A board of directors of an organization A) represents the functional level. B) oversees the three levels of strategy. C) represents the corporate level. D) represents the CEO. E) represents the strategic business unit level.

The level in an organization where top management directs overall strategy for the entire organization is referred to as the A) corporate level. B) functional level. C) directive level. D) strategic level. E) tactical level.

The corporate level refers to the level in an organization where top management A) develops marketing strategies and tactics for the marketing department to implement. B) directs overall strategy for the entire organization. C) executes all marketing program actions to ensure consistency of performance. D) develops overall sales projections not only for the short term but also for a period of at least two to five years. E) supervises the hiring, firing, and training of all marketing department personnel.

The CEO of an organization A) is usually at the strategic business unit level. B) is usually a member of the board of directors. C) outranks the corporate level. D) does not oversee the daily operations. E) is typically also the CMO.

The highest-ranking person in an organization who oversees the organization's daily operations and spearheads its strategy planning efforts is often referred to as A) the corporate executive overseer. B) the chief executive officer. C) the corporate executive official. D) the chief marketing officer. E) the coordinating executive official.

Bill McDermott is the CEO of SAP, which is a company that sells expensive enterprise resource planning software to large and mid-sized companies. McDermott operates at the ________ level of his organization. A) business unit B) functional C) corporate D) strategic E) tactical

Overseeing strategic marketing efforts at the corporate level would most likely be the responsibility of the A) CEO. B) CMO. C) CPM. D) CPO. E) COO.

In recent years, many large firms have changed the title of the head of marketing from vice president of marketing to A) chief executive officer. B) corporate marketing official. C) coordinating marketing officer. D) chief marketing officer. E) corporate marketing executive.

A strategic business unit (SBU) refers to A) a single product or service identification code used to identify items for strategic marketing planning purposes. B) a small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals. C) a strategic product that has a unique brand, size, or price. D) a privately owned franchise under the auspices of a larger group or organization bearing the same name. E) a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.

A subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers is referred to as a A) strategic business unit. B) strategic industry level. C) private corporation. D) product grouping. E) marketing department.

The level at which managers set a more specific strategic direction for their businesses to exploit value-creating opportunities is referred to as the A) marketing department level. B) strategic business unit level. C) corporate level. D) functional level. E) board of directors level.

The strategic business unit level A) works most directly with the organization's target customers. B) directs the overall strategy for the organization. C) is most likely to change substantially over time. D) provides more end-user analysis in order to design more customer-directed products. E) defines a more specific strategic direction to exploit value-creating opportunities.

Which of the following statements regarding an organization's strategic business unit level is most accurate? A) The strategic business unit level is the level that works most directly with an organization's targeted customers. B) The overall strategy for the organization is directed at the strategic business unit level. C) In the most complex organizations, the corporate level and the strategic business unit level may merge. D) More end-user analysis is provided at the strategic business unit level than at the functional level. E) The strategic direction is more specific at the strategic business unit level than at the corporate level.

The specialists within an organization who actually create value are usually a member of the A) strategic business unit level. B) functional level. C) corporate level. D) board of directors. E) CMO.

Each strategic business unit has marketing and other specialized activities (e.g., finance, manufacturing, or research and development) at the ________ level. A) strategic B) corporate C) functional D) business unit E) compartmental

The functional level in an organization is where A) groups of specialists actually create value for the organization. B) employees perform assigned tasks without actually having input into the decision making process. C) all financial outlays are made. D) all company hiring and firing occurs. E) the strategic planners in SBUs make all decisions regarding which product benefits will be promoted during a promotional campaign.

At the functional level, the organization's strategic direction becomes A) much more manageable since its offerings have been finalized. B) the most specific and most focused in terms of implementing the company's goals. C) broader since for less complex firms, the corporate and functional levels may merge. D) more general to avoid the "not invented here syndrome" that could result in missed opportunities. E) the sole responsibility of the CEO.

Which of the following statements would most likely be heard at the functional level of an organization? A) "We need to divest our Canadian operations that are performing poorly." B) "How large a budget can we allot to the marketing department?" C) "We plan to implement a Facebook advertising initiative within 90 days." D) "We should hire the most culturally diverse cross-functional team possible in order to generate the best new-product ideas." E) "What dividends should we pay stockholders next quarter?"

Specialized functions such as marketing and finance are generally referred to as A) cross-functional teams. B) managerial groups. C) divisions. D) departments. E) strategic business units.

The key role of marketing includes A) supporting the board of directors. B) operating at the corporate level. C) looking outward by listening to customers. D) managing executives. E) delivering strategic business decisions.

At the functional level, the marketing department A) solicits talent from all levels of the organization for strategic corporate planning sessions. B) promotes its goals to the organization's stakeholders. C) looks outward, in part by listening to customers. D) develops the corporate culture. E) defines the overall strategic direction of the organization.

A key role of the marketing department is to "look outward." This is accomplished by A) allocating financial resources across strategic business units. B) communicating the vision of the marketing department forcefully enough to be incorporated into the overall mission of the company. C) forming cross-functional teams to help solve the organization's marketing problems. D) implementing new accounting regulations passed by legislators. E) listening to customers in order to inform decisions for developing and producing offerings.

Groups of a small number of people from different departments in an organization who are mutually accountable to accomplish a task or a common set of performance goals are referred to as A) designated teams. B) strategic business units. C) cross-functional teams. D) business committees. E) venture squads.

Cross-functional teams refer to A) members of an organization who have been trained in multiple disciplines so they can easily move from one job to another as needed. B) situations where two departments within the same company have opposing views about how a product should be developed and managed. C) departments within an organization that carry out multiple functions due to financial constraints within the company. D) a small number of people from different departments in an organization who are mutually accountable to accomplish a task or a common set of performance goals. E) departments within an organization that manage the same product with distinctly different marketing programs to reach different target markets.

When a company is developing new offerings, marketing may provide staff to serve as part of ________, joining a few others from different departments who are mutually accountable to this task. A) a cross-functional team B) a department C) a strategic business unit D) an organization E) a business consortium

On the northern tip of Goose Island in the Chicago River sits the William Wrigley Jr. Company's Global Innovation Center. Here, Wrigley creates new products using a joint effort by some 250 full-time food scientists, researchers, and marketers. The people who work in this center are most likely members of A) an innovation squad. B) a business consortium. C) a multiple strategic directional team. D) a strategic evaluation team. E) a cross-functional team.

IBM regularly creates what it calls global action teams, which take people from functional groups and bring them together to work on large client projects. These global action teams are a type of A) innovation group. B) business consortium. C) tactical group. D) SWOT team. E) cross-functional team.

Successful organizations must be forward-looking, which includes the ability to A) develop strategies based on those that were successful in the past. B) be backward-looking, examining the past carefully to learn from mistakes. C) anticipate future events and respond quickly and effectively. D) hire the most culturally diverse team possible in order to generate the best new ideas. E) involve all stakeholders of the organization when defining its business mission.

In general, a visionary organization asks which three types of questions to specify its foundation, set a direction, and formulate strategies? A) why, when, where B) what, by whom, how C) how, when, where D) why, what, how E) who, why, when

Which of the following is one of the key elements of a visionary organization? A) set financial goals B) set a direction C) establish detailed marketing tactics D) assign job responsibilities E) establish an organizational chart

Figure 2-2 -In Figure 2-2, Box A represents the "why" element of visionary organization. This is referred to as A) organizational foundation. B) organizational tactics. C) organizational mission. D) organizational direction. E) organizational strategies.

Figure 2-2 -In Figure 2-2, B represents the "what" element of visionary organization. This is referred to as A) organizational tactics. B) organizational mission. C) organizational foundation. D) organizational direction. E) organizational strategies.

Figure 2-2 -In Figure 2-2, C represents the "how" element of visionary organization. This is referred to as A) organizational tactics. B) organizational mission. C) organizational foundation. D) organizational direction. E) organizational strategies.

The philosophical reason for an organization's existence is referred to as its organizational A) strategy. B) direction. C) foundation. D) goal. E) business.

An organization's foundation can be broken into three key elements: A) products, services, and ideas. B) business definition, long-term goals, and short-term objectives. C) board of directors, top management, and stakeholders. D) corporate-level strategies, SBU-level strategies, and functional-level strategies. E) core values, mission or vision, and organizational culture.

An organizational foundation A) specifies the organization's goals. B) defines the business that the organization is in. C) empowers stakeholders to have a voice in the strategic marketing process. D) is the organization's philosophical reason for being-why it exists. E) is the company, its product, and its customers.

An organization's foundation includes all of these except which? A) organizational culture B) business definition C) vision D) core values E) mission

An organization's foundation includes which of the following? A) organizational culture B) business definition C) goals D) strategic levels E) offerings

An organization's ________ are the fundamental, passionate, and enduring principles that guide its conduct over time. A) goals B) cultures C) strategies D) core values E) mission statements

Core values refer to A) the cultural ethos of an organization. B) proprietary values of a firm. C) written mission statements that express an organization's goals and objectives. D) the personal moral and ethical codes of a firm's stakeholders. E) the fundamental, passionate, and enduring principles that guide an organization's conduct over time.

A firm's ________ are timeless, capturing its heart and soul, and serve to inspire and motivate its stakeholders. A) core values B) strategic goals C) offerings D) corporate culture E) corporate ethos

An organization's core values are most effective when communicated to and supported by A) competitors. B) top management and employees. C) suppliers. D) resellers. E) government regulators.

An organization's core values A) are developed by cross-functional teams for all levels of an organization. B) are important to the founders but rarely motivate a firm's stakeholders. C) change as an organization's offerings change. D) guide the organization's conduct. E) cannot be separated from the financial realities of that organization.

Rooted in its history and its leadership by Mark Zuckerberg, the ________ at Facebook are: be bold, focus on impact, move fast, be open, and build social value. A) sustainability doctrines B) goals and objectives C) core values D) moral imperatives E) functional strategies

Employees at fashion apparel company, The Sak Brand Group work to embody its ________, which include trust (being honest and credible), action (making independent decisions), and ownership (treating the company as if one were a founder). A) sustainability doctrine B) goals and objectives C) core values D) moral imperatives E) functional strategy

An organization's employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers are referred to as its A) stakeholders. B) stockholders. C) competitors. D) target audience. E) organizational community.

All of the following are examples of stakeholders except which? A) government B) competitors C) shareholders D) suppliers E) customers

Which of the following statements regarding stakeholders is most accurate? A) Employees are typically not classified as a stakeholder group because they are internal to the organization. B) There are only three types of stakeholders: customers, suppliers, and distributors. C) All stakeholders are external to the organization. D) Stakeholders are a varied group; all are in some way affected by how well a company performs. E) Stakeholders are only those that have an ownership stake in an organization.

By understanding its core values, an organization can take steps to define its ________, a statement of the organization's function in society that often identifies its customers, markets, products, and technologies. A) customer value proposition B) doctrine C) philosophy D) mission E) code of ethics

An organization's mission is A) the target goal it sets for current profits based on enacting a comprehensive strategic plan. B) the target objective it projects for future market share based on enacting a comprehensive strategic plan. C) the fundamental, passionate, and enduring principles that guide its conduct over time. D) specific strategies and tactics that will be used to counteract any competitor's advantages. E) a statement of the organization's functions in society that often identifies its customers, markets, products, and technologies.

The terms ________ and a mission statement are often used interchangeably. A) idea B) objective C) vision D) goal E) protocol

Often used interchangeably with the term vision, a ________ frequently has a meaningful theme and a long-term orientation. A) point of difference B) mission statement C) business definition D) customer value proposition E) marketing plan

A mission statement should be all of these except which? A) actionable B) inspirational C) long-term D) meaningful E) concise

A mission statement should be A) short-term. B) concise. C) numerical. D) trademarked. E) clever.

One of the qualities of a good mission statement is which of these? A) idealistic B) long-term C) fact-based D) complex E) permanent

The ________ for the American Red Cross is "to prevent and alleviate human suffering in the face of emergencies by mobilizing the power of volunteers and the generosity of donors." A) core benefit proposition B) business definition C) sustainability doctrine D) mission statement E) customer value proposition

The ________ for Facebook is "To give people the power to share and make the world more open and connected." A) sustainability doctrine B) core benefit proposition C) mission statement D) corporate philosophy E) code of ethics

"HowAboutWe is the fastest, easiest, most fun way to go on awesome dates" is the ________ for the online dating service that focuses on setting up actual activities as dates for its users. A) sustainability doctrine B) core benefit proposition C) corporate philosophy D) mission statement E) code of ethics

Recently, many organizations have added ________ to their mission statements. A) a business definition B) a social element to reflect an ideal that is morally right and worthwhile C) an economic element to promote profit maximization D) an expanded definition of stakeholders to include its competitors E) their level of pricing and product quality

A set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization is referred to as its A) mission statement. B) core value proposition. C) organizational culture. D) corporate philosophy. E) core benefit proposition.

Organizational culture refers to A) the personal moral and ethical codes of ethics of an organization's top management. B) a written statement expressing an organization's goals and objectives to be achieved through enacting a comprehensive strategic plan. C) the fundamental, passionate, and enduring principles that guide an organization's conduct over time. D) the ethos of an organization that excludes its core values. E) a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.

Which of the following statements regarding organizational culture is most accurate? A) Organizational culture exists only at the corporate level of an organization. B) Organizational culture involves communicating and connecting with all of the firm's stakeholders. C) Organizational culture is best used only at the functional level for the most effective results. D) Organizational culture cannot be learned or taught. E) Organizational culture is a statement of the organization's function in society.

George Zimmer, the former CEO of Men's Wearhouse, was known to the public as the bearded company pitchman who sells suits and sport coats on TV declaring, "You'll like the way you look. I guarantee it!" He also said that to be successful, "You've got to have a company that starts with trust and fairness." Zimmer was establishing ________ for Men's Wearhouse. A) a vision B) a mission statement C) a pathos D) a behavioral protocol E) an organizational culture

Recently, St. Joseph Hospital was named one of the "Best Places to Work in Indiana" for the sixth consecutive year. The hospital touts universal values to "keep health care human" and employees consistently put patients first, which unites them in a common goal. Hospital President Kathy Young believes that St. Joseph's ________ makes both her employees and patients happier in her hospital. A) vision B) service offerings C) organizational culture D) pathos E) behavioral protocol

The organizational ________ answers the question, "What will it do?" A) foundation B) direction C) culture D) strategy E) mission

In the context of organizational direction, the term business refers to A) the daily operational decisions that must be implemented for an organization to remain viable. B) exchange transactions between seller and buyer in order for the seller to make sales and earn profits. C) the clear, broad, underlying industry or market sector of an organization's offering. D) an organization that develops an offering. E) the objectives of a firm and the strategies and tactics that will allow it to achieve them.

The clear, broad, underlying industry or market sector of an organization's offerings is referred to as its A) business. B) commerce. C) marketing. D) competitive set. E) product grouping.

________ argued that leadership of 20th-century American railroads defined their business too narrowly, thus failing to create strategies to compete with airlines, barges, pipelines, and trucks. A) Earl Bakken B) Mark Zuckerberg C) Reed Hastings D) Theodore Levitt E) Steve Jobs

In terms of an organization's business, railroads lost market share in the 20th century because they A) had less flexible routes than trucking. B) defined their business too narrowly. C) tried to create a business that appealed equally to all people. D) priced their services too high. E) were simply an outmoded form of transportation.

In the 20th century, leadership of the railroads let airlines, barges, pipelines, and trucks take business away from them because their strategies were developed only for the railroad business, rather than a broader definition of the ________ business. A) transportation B) transcontinental shipping C) passenger travel D) product delivery E) bulk cargo

The strategies an organization develops to provide value to the customers it serves is called A) a mission statement. B) an objective goal. C) a vision statement. D) a business model. E) a protocol.

A business model A) is a road map for the marketing activities of an organization for a specified future time period. B) consists of the strategies an organization develops to provide value to the customers it serves. C) is a measure of the quantitative value or trend of a marketing activity or result. D) consists of the detailed day-to-day operational decisions for an organization. E) is the means by which organizational goals are to be measured and documented.

In recent years, many subscribers to newspapers and magazines have cancelled their print subscriptions in favor of online news. These trends have caused the StarTribune newspaper to offer online content for $1.99 per week and Newsweek to suspend its print edition in favor of an online only weekly edition. These companies had to change their ________, an action triggered by the technological and social changes in their marketing environments. A) organizational cultures B) marketing tactics C) business models D) strategic marketing processes E) goals or objectives

Though it started first as a limousine service and became a ridesharing service, Uber recently redefined its business with the addition of Uber Rush and UberEats, and now considers itself to be in which of these? A) the restaurant business B) the digital or physical mail business C) the logistics business D) the transportation business E) the warehousing business

Statements of an accomplishment of a task to be achieved, often by a specific time are referred to as A) plans. B) procedures. C) strategies. D) core values. E) goals.

Objectives are A) the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program designed to reach it. B) criteria or standards used in evaluating proposed solutions to a marketing problem. C) statements of an accomplishment of a task to be achieved, often by a specific time. D) a road map for the marketing activities of an organization for a specified future time period, such as one year or five years. E) the detailed day-to-day operational decisions essential to the overall success of marketing strategies.

________ convert an organization's mission and business into long- and short-term performance targets. A) Plans B) Tactics C) Strategies D) Goals E) Visions

Regarding goals and objectives, which of the following statements is most accurate? A) Objectives convert an organization's mission and business into long- and short-term performance targets. B) Goals and objectives are actually the detailed day-to-day activities necessary to implement a marketing program. C) A company's goals and objectives are often worthy in intent, but unrealistic in practice because they are rarely accomplished during the specified time period. D) Goal-setting only applies to business firms; nonprofit organizations typically do not set goals because they don't earn a profit. E) The terms goal and objective should not be used interchangeably. Goals are philosophical while objectives are performance-based.

Most firms have a goal to maximize their long-run ________, achieving as high a financial return on investment as possible. A) quality B) market share C) employee welfare D) social responsibility E) profits

A new company has an objective that its sales will exceed its expenses during its first year of operation. This is an example of which type of goal? A) dollar sales revenue B) profit C) market share D) unit sales E) quality

Seeking to obtain as high a financial return on their investments (ROI) as possible, firms will often set ________ goals. A) sales B) quality C) market share D) profit E) employee welfare

Sometimes maximizing sales will come at the expense of ________, so it is necessary to ensure that the latter remains at acceptable levels. A) advertisements B) sales force C) profits D) sustainability efforts E) customer satisfaction

Steep markdowns at a retail store for end-of-year sales are likely to help with which goal, rather than a profit one? A) social responsibility B) sales C) market share D) customer satisfaction E) survival

GM's original first-year ________ goal for the Volt was 10,000 units, although the product was well into its second year before reaching that level. A) profit B) market share C) sales D) customer satisfaction E) survival

Market share refers to A) the ratio of the profit of the firm to the total profits of all firms in the industry, excluding the firm itself. B) the ratio of the profit of the firm to the total profits of all firms in the industry, including the firm itself. C) the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, excluding the firm itself. D) the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. E) the ratio of the profits of all firms in an industry to the profits of the firm.

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself, is referred to as A) a sales proportionality. B) a marketing metric. C) an industry potential. D) a contribution margin. E) a market share.

Market share is the ratio of sales revenue of the firm to the total sales revenue of all ________, including the firm itself. A) firms in the industry B) firms in the competitive set C) firms in the WTO D) product groupings E) domestic firms in a country

If Dr. Pepper Snapple plans to grow its proportion of the flavors segment of the carbonated soft drink industry to 45 percent, it has set ________ goal. A) a sales proportionality B) a company sales C) an industry potential D) a contribution margin E) a market share

A firm may have a goal to offer its customers the highest ________, as Medtronic does with its implantable medical devices that meet its customers' critical performance expectations. A) innovation B) quality C) service D) value E) warranty

Pharmavite LLC recently recalled several lots of Nature Made vitamin products due to possible salmonella or staphylococcus contamination. It should have adopted a more rigorous ________ goal. A) profit B) sales revenue C) customer satisfaction D) employee welfare E) quality

Toyota had some difficulty recovering from a recall crisis several years ago when it was forced to recall about 6 million vehicles due to a variety of problems, most notably one with the accelerator pedal. To "polish" its brand, it implemented stricter ________ goals to improve the safety and reliability of its vehicles. A) profit B) sales revenue C) customer satisfaction D) quality E) employee welfare

Motorola, a pioneer firm in the mobile communications space, invented a program known as Six Sigma, which sets as a goal no more than one defect in one million parts manufactured. This is an example of ________ goal. A) a profit B) a sales revenue C) a quality D) a market share E) an employee welfare

Customers' perceptions are often central to an organization's goals. Customer ________ can be measured with surveys or by the number of customer complaints an organization receives. A) satisfaction B) welfare C) lifetime benefit D) value E) responsibility

The top consumer complaint about bananas is how soon they start getting brown spots. Dole, a multinational agricultural company, most likely set ________ goal when it recently began adding stickers to bananas to promote the use of overripe bananas in the Yonanas machine (Dole owns 30 percent of the firm) to make a creamy, guilt-free dessert. A) a profit B) a market share C) an employee welfare D) a customer satisfaction E) a social responsibility

Suppose L.L. Bean, a catalog retailer, has set a goal to reduce merchandise returns by 20 percent for the holiday season. The firm would most likely have set ________ goal. A) a profit B) a customer satisfaction C) a market share D) an employee welfare E) a social responsibility

Lands' End, an American apparel and outerwear firm, ships each order within 48 hours and its guarantee is said to be the best in the world, as exemplified by its tagline "Guaranteed. Period." These marketing actions by Lands' End most likely reflect its ________ goals. A) profit B) market share C) employee welfare D) social responsibility E) customer satisfaction

When a firm recognizes the critical importance of its employees by attempting to provide good conditions and opportunities, it sets an employee ________ goal. A) satisfaction B) responsibility C) compensation D) core value E) welfare

Howard Schultz, the founder of the American coffee chain Starbucks, provides health care for all employees who work over 20 hours per week. He says, "The companies that are doing the right thing by covering their employees [with health care coverage] are paying for the companies who don't do the right thing." This is an example of one of Starbucks' ________ goals. A) profit B) market share C) employee welfare D) customer satisfaction E) sales

Some universities provide retirement benefits by matching the percentage an employee pays into a retirement account up to a certain percentage. This encourages a larger percentage of employees to participate in retirement planning. This is an example of ________ goal. A) a satisfaction B) a sales revenue C) a market share D) a quality E) an employee welfare

Businesses sometimes pursue ________ goal to balance the conflicting goals of stakeholders to promote their overall welfare, even at the expense of profits. A) a customer satisfaction B) a shareholder C) a profit minimization D) a social responsibility E) an employee welfare

American Express, the credit card and travel organization, has a long history of working for the good of all in its New York community. In 1885, it engaged its employees to help raise money to build the pedestal of the Statue of Liberty. Today, it has a program to help restore, preserve, and revitalize historic sites in New York City. These actions by American Express are partial fulfillment of the ________ this firm has established for itself as a corporate citizen. A) unit sales goals B) market share goals C) sales revenue goals D) customer satisfaction goals E) social responsibility goals

Hasbro is a more than $4 billion global toy company that prides itself on donating to organizations that help children, since this group and their parents comprise the target market for its business. This is an example of a A) unit sales goal. B) market share goal. C) social responsibility goal. D) sales revenue goal. E) customer satisfaction goal.

The organizational foundation sets the ________ of organizations, the organization direction sets the ________, and organizational strategies are concerned with the ________. A) when; why; what B) why; what; how C) what; how; why D) what; where; how E) how; where; what

Organizational strategies vary in two ways, depending on A) the strategy's level in the organization and the offerings it provides to its customers. B) the corporate level and the SBU level in the organization. C) whether an offering is a tangible product or a service. D) whether management plans to develop mission statements or core values. E) the organizational culture and its core values.

A marketing plan refers to A) the long-term decisions made to implement the marketing program and the monitoring of those decisions. B) a technique that marketing managers use to quantify performance measures and growth targets to analyze their firm's strategic business units (SBUs) as though they were a collection of separate investments. C) a road map for the marketing activities of an organization for a specified future time period, such as one year or five years. D) the detailed day-to-day operational decisions essential to the overall success of marketing strategies. E) a road map for the entire organization for a specified future period of time, such as one year or five years.

A road map for the marketing activities of an organization for a specified future time period, such as one year or five years, is referred to as a A) business plan. B) marketing objective. C) marketing plan. D) marketing strategy. E) marketing program.

A marketing plan is developed during which phase of the strategic marketing process? A) implementation B) control C) development D) planning E) evaluation

________ is the visual computer display of the essential information related to achieving a marketing objective. A) A marketing metric B) An output report C) A marketing dashboard D) An information monitor E) A data interface

Figure 2-3 -Figure 2-3 is an example of A) a marketing gauge. B) an output report. C) a marketing dashboard. D) an information monitor. E) a data interface.

A marketing dashboard is A) a "report card" prepared by the marketing department regarding its performance in terms of environmental and social responsibility. B) the display of information found on a car's dashboard. C) an "app" that uses a car navigation device metaphorically to indicate the specific direction in which a company wishes to grow based on its annual marketing plan. D) information about an organization's marketing metrics presented orally so marketers can quickly spot deviations from plans and take corrective actions. E) the visual computer display of the essential information related to achieving a marketing objective.

With a marketing dashboard, a marketing manager may get information in the form of all of these except which? A) the timeline B) a graph C) a table D) a printed report E) a map

Which of the following statements regarding a marketing dashboard is most accurate? A) The more text (words) that is displayed, the better it is for a marketing manager to identify trends, interpret the data, and take corrective actions. B) A marketing dashboard very often includes 20 or more marketing metrics on the computer screen. C) Marketing dashboards provide graphic displays of a product's performance, such as sales, website traffic, etc. D) For accuracy, the marketing dashboard should be updated weekly. E) Marketing dashboards often show key measures such as human resource turnover, strategy success, and societal well-being.

A measure of the quantitative value or trend of a marketing activity or result is referred to as A) trend analysis. B) a marketing measurement. C) a marketing dashboard. D) a marketing metric. E) value analysis.

A marketing metric refers to A) a measure of the quantitative value or trend of a marketing activity or result. B) a form of linear trend analysis used to project future profits based on existing marketing plans. C) one of a series of mathematical formulas used to calculate potential profits based upon different scenarios of the forces in the marketing environment. D) information about an organization's core values and code of ethics so marketers can quickly spot deviations and take corrective actions. E) the value of a product in terms of its contribution to employee welfare.

The single measure that is shown in Figure 2-3a, part of a larger marketing dashboard, is referred to as A) trend analysis. B) a marketing measurement. C) a marketing gauge. D) a marketing metric. E) value analysis.

. Figure 2-3a -According to Figure 2-3a, which of the following is the largest website traffic source? A) YouTube B) Direct traffic C) Google D) Facebook E) Twitter

Figure 2-3b -According to Figure 2-3b, which of the following SBUs 13-month sales trend has declined over the past few months? A) Grand Total B) Software C) Circuitry D) Electronics E) Hardware

Figure 2-3b -According to Figure 2-3b which of the following SBUs is currently exceeding its YTD (year-to-date) revenue target? A) Peripherals B) Hardware C) Circuitry D) Software E) Grand Total

Figure 2-3b -According to Figure 2-3b, which of the following SBUs has the YTD revenue compared to its target? A) Hardware B) Electronics C) Software D) Peripherals E) Grand Total

Figure 2-3c -According to Figure 2-3c, which of the following states has the highest number of monthly website visits? A) Illinois B) Texas C) California D) Florida E) Washington

The primary purpose of a marketing metric is to A) assign qualitative values to quantitative data. B) allow the sharing of information across product lines. C) measure the quantitative value of a marketing activity. D) forecast potential product/service opportunities over a period of five years. E) provide a numerically precise measurement of management judgment for an industry's growth.

Data visualization A) is the visual computer display of the essential information related to achieving a marketing objective. B) is a road map for the marketing activities of an organization for a specified future time period. C) is the process of continuously collecting information about customers' needs, sharing this information across departments, and using it to create marketing metrics. D) is a measure of the quantitative value or trend of a marketing activity or result. E) presents information about an organization's marketing metrics graphically so marketers can quickly spot deviations from plans and take corrective actions.

Ben & Jerry's Marketing Dashboard (Dollar Sales and Market Share) -Consider the Ben & Jerry's Dollar Sales and Market Share graph. A marketing manager for Ben & Jerry's notices that dollar sales for 2017 were $240 million and in 2018 they were $250 million. What was the formula used to calculate the dollar sales for each of these two years? A) Dollar sales ($) = Average price × Quantity manufactured in each year. B) Dollar sales ($) = Average cost of goods sold - Fixed costs in each year. C) Dollar sales ($) = Average price - Shrinkage rate in each year. D) Dollar sales ($) = Average price × Quantity sold in each year. E) Dollar sales ($) = Average cost of goods sold - Variable costs in each year.

Ben & Jerry's Marketing Dashboard (Dollar Sales and Market Share) -Consider the Ben & Jerry's Dollar Sales and Market Share graph. A marketing manager for Ben & Jerry's notices that dollar market share for 2017 was 18.4 percent and for 2018 it was 20.0 percent. What simple formula was used to calculate the dollar market share percentages for each of these two years? A) Dollar market share (%) = Ben & Jerry's sales ($)/Total industry sales, including Ben & Jerry's sales ($). B) Dollar market share (%) = Total industry sales, including Ben & Jerry's sales ($)/Ben & Jerry's sales ($). C) Dollar market share (%) = Total industry sales, including Ben & Jerry's sales ($)/Ben & Jerry's unit sales (#). D) Dollar market share (%) = Total industry sales, including Ben & Jerry's sales ($)/Ben & Jerry's net profit ($). E) Dollar market share (%) = Ben & Jerry's sales ($)/Gross domestic product ($).

An organization's special capabilities, including skills, technology, and resources that distinguish it from other organizations and provide customer value, are referred to as A) points of differences. B) sustainable advantages. C) core values. D) points of similarity. E) competencies.

An organization's competencies include all of the following except which? A) profit B) customer service C) technologies D) resources E) employee skills

Rhone-Poulenc is an international French company that produces and markets a variety of chemicals and pharmaceuticals. Due to the resources it makes available to its scientists and researchers, the company has a number of Nobel Prize winners working in its laboratories. This ability to employ some of the finest minds in the world is an example of a A) point of similarity. B) competency. C) sustainable advantage. D) product development strategy. E) human resource strategy.

Designing a car is expensive and time-consuming even with the use of computers because of the difficulty of getting all the varied departments to work together. Mercedes-Benz created a unique centralized web-based system that cuts the design and production process by at least two years, thus providing customer value. This is an example of A) a point of similarity. B) an innovation-oriented mission. C) an action program. D) an operational goal implementation. E) a competency.

Evergreen Air Center is the world's biggest parking lot for unwanted aircraft. Airlines pay a monthly fee from $750 to $5,000 to mothball their unneeded airplanes there. Its location is on 1,600 acres of Arizona desert near Tucson. The Southwest climate of dry, warm air serves as a cheap and effective airplane preservative against rust. Evergreen's location is A) a competency. B) a sustainable advantage. C) a competitive identity. D) a core benefit proposition. E) an innovative distinction.

The numeric information displayed in Figure 2-3c above allows the viewer to quickly identify which states and even regions have the most monthly website visits, which is a form of A) market segmentation. B) data visualization. C) diversification analysis. D) business modeling. E) portfolio analysis.

A unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation, is referred to as a A) creative advantage. B) marketing edge. C) distinctive competency. D) competitive advantage. E) core benefit.

Weight Watchers is a weight-management company with operations in about 30 countries. Consumers buy almost $5 billion of Weight Watchers-branded products each year, and every week approximately 1.3 million people attend Weight Watchers meetings. The company's brand recognition and meeting infrastructure are difficult for competitors to match, providing a A) viable mission. B) competitive advantage. C) tactical innovation. D) core benefit. E) sales orientation.

St. Jude Medical makes cardiovascular medical devices, including the world's most widely used mechanical heart valve. Its products include tissue heart valves, pacemakers, and implantable cardiovascular defibrillators. St. Jude's innovation in cardiac devices helps it outperform rivals, and thus provides it with a A) competitive advantage. B) set of core values. C) core benefit proposition. D) marketing edge. E) viable mission.

Netflix is a company that rents DVD movies and television programming either by mail or streaming over the Internet. It faces many competitors, but continues to grow both in the United States and abroad. Netflix now has around 47 million subscribers in the United States out of 82 million worldwide. Part of what has driven success in recent years is its original content, with shows like Stranger Things and 13 Reasons Why, popular programming that cannot be seen elsewhere. Its original content provides Netflix's A) viable mission. B) competitive advantage. C) tactical innovation. D) core benefit. E) sales orientation.

Men's Wearhouse caters to the man who doesn't necessarily enjoy shopping. Its stores are in free-standing locations (not inside the mall) so customers can get in and out quickly. Additionally, Men's Wearhouse targets the budget-conscious consumer with suit prices ranging from $150 to $850. The location of its stores and its pricing strategy both are part of Men's Wearhouse's A) competitive advantage. B) core values. C) core benefit proposition. D) marketing edge. E) viable mission.

The online retailer Lands' End communicates a remarkable commitment to its ________ with these unconditional words: "Guaranteed. A) competitive advantage B) core values C) core benefit proposition D) customers E) mission statement

Lands' End is primarily known as a catalog clothing retailer. This means that traditional department stores, mass merchandisers, specialty shops, and other catalog retailers are considered to be Lands' End's A) consideration set. B) industry. C) competitors. D) target market. E) stakeholders.

Which of the following best describes the principal or direct competitors to Lands' End, the catalog and online clothing retailer? A) all Internet retailers B) other Internet retailers that sell primarily clothing C) all other lifestyle brands D) other clothing retailers, both online and store-only E) other retailers that began selling with catalogs

Two commonly used techniques to aid managers with important decisions for setting a direction and allocating resources include ________ and ________ analysis strategies. A) micromarketing; macromarketing B) business portfolio; diversification C) investment; divestment D) dashboards; metrics E) subjective; objective

The Boston Consulting Group uses ________ to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs) or offerings as though they were a collection of separate investments. A) target marketing B) synergy analysis C) market-product grids D) business portfolio analysis E) diversification analysis

The Boston Consulting Group uses business portfolio analysis to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs) or offerings A) as if each were a separate investment. B) to establish their worth to society at large. C) to determine which would be suited for a SWOT analysis. D) to determine which units are candidates for diversification analysis. E) to determine which units can be divided into smaller, tactical business units.

Business portfolio analysis refers to A) a tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products. B) a technique that managers use to graphically track their firm's strategic business units as though they were a single expense in order to identify cost-cutting measures. C) a technique that managers use to quantify performance measures and growth targets to analyze their firm's strategic business units as though they were a collection of separate investments. D) an analysis that uses percentage points of market share as the common basis of comparison to allocate marketing resources effectively for different product lines within the same firm. E) a tool that seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

A technique that managers use to categorize strategic business units as question marks, stars, cash cows, or dogs is referred to as A) an investment (ROI) analysis. B) a synergy analysis. C) a marketing audit. D) a diversification analysis. E) a business portfolio analysis.

The purpose of business portfolio analysis is to A) add or delete product line and brand extensions. B) search for growth opportunities from among current and new markets as well as current and new products. C) alter a product's characteristic, such as its quality, performance, or appearance, to increase its value to customers and increase sales. D) determine which strategic business unit or offering generates cash and which one requires cash to fund the organization's growth opportunities. E) seek opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

In the Boston Consulting Group (BCG) business portfolio model for analysis of a firm's strategic business units, or SBUs, the vertical axis reflects A) market growth rate. B) marketing efficiencies. C) industry attractiveness. D) market segment size. E) relative market share.

In the Boston Consulting Group (BCG) business portfolio model for analysis of a firm's strategic business units, or SBUs, the horizontal axis reflects A) market growth rate. B) marketing efficiencies. C) industry attractiveness. D) market segment size. E) relative market share.

In the BCG business portfolio model, a relative market share of 10× at the left end of the scale on its horizontal axis means that the SBU has 10 times the share of its largest competitor, whereas a relative market share of 0.1× at the right end of the scale on its horizontal axis means that A) the SBU has only 10 percent of the share of its average competitor. B) the SBU has 100 percent of the share of its largest competitor. C) the growth rate between the SBU and the next largest competitor is actually identical. D) the SBU has only 10 percent of the share of its largest competitor. E) the industry growth rate is declining.

All of the following are names the Boston Consulting Group (BCG) has given to describe the four quadrants in its growth-share matrix except which? A) dogs B) stars C) sloths D) cash cows E) question marks

The Boston Consulting Group (BCG) has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Cash cows are SBUs that are classified as having A) high market growth rates and high relative market shares. B) low market growth rates but high relative market shares. C) low market growth rates and low relative market shares. D) high market growth rates but low relative market shares. E) medium market growth rates and medium relative market shares.

Strategic business units (SBUs) with dominant shares of slow-growth markets that provide cash to cover the organization's overhead and to invest in other SBUs are referred to as A) cash cows. B) stars. C) question marks. D) dogs. E) exclamation points.

Several years ago, Black & Decker purchased General Electric's small appliances product line. Black & Decker purchased the line because it needed the cash generated from a product line that had a dominant market share in the slow-growth small appliance industry. GE's small appliances product line is most likely a ________ for Black & Decker. A) dog B) cash cow C) question mark D) camel E) star

The Boston Consulting Group (BCG) has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Stars are SBUs that are classified as having A) high market growth rates and high relative market shares. B) low market growth rates but high relative market shares. C) low market growth rates and low relative market shares. D) high market growth rates but low relative market shares. E) medium market growth rates and medium relative market shares.

Strategic business units (SBUs) with a high share of high-growth markets that may not generate enough cash to support their own demanding needs for future growth are referred to as A) dogs. B) sprouts. C) question marks. D) stars. E) cash cows.

The Boston Consulting Group (BCG) has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Stars are located in which quadrant of the BCG growth-share matrix? A) upper left quadrant B) upper right quadrant C) center of the four quadrants D) lower right quadrant E) lower left quadrant

Solarcom is a 30-year-old information technology company that owns several subsidiaries. One of its subsidiaries is Atlantix Global Systems, which is one of the leading wholesalers for refurbished computer equipment. It has a large share of an industry that is growing worldwide. According to the BCG business portfolio analysis framework, Atlantix Global would most likely be classified as a A) dog. B) cash cow. C) question mark. D) exclamation point. E) star.

Strategic business units with a low share of high-growth markets that may require large cash injections just to maintain market share are referred to as A) dogs. B) cash cows. C) question marks. D) stars. E) hogs.

The Boston Consulting Group (BCG) has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Question marks are SBUs that are classified as having A) high market growth rates and high relative market shares. B) low market growth rates but high relative market shares. C) low market growth rates and low relative market shares. D) high market growth rates but low relative market shares. E) medium market growth rates and medium relative market shares.

Strategic business units (SBUs) with a low share of slow-growth markets that may generate enough cash to sustain themselves but do not hold the promise of ever becoming real winners for the organization are referred to as A) dogs. B) cash cows. C) stars. D) question marks. E) hedgehogs.

The Boston Consulting Group (BCG) has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. Dogs are SBUs that are classified as having A) high market growth rates and high relative market shares. B) low market growth rates but high relative market shares. C) low market growth rates and low relative market shares. D) high market growth rates but low relative market shares. E) medium market growth rates and medium relative market shares.

In its business portfolio analysis, an organization's strategic business units (SBUs) often start as ________ and eventually become ________. A) dogs; question marks B) question marks; stars C) stars; question marks D) stars; dogs E) question marks; dogs

While hybrid vehicles are very fuel-efficient, they are also expensive to purchase. Still, hybrid vehicles sales have a compound annual growth rate of 88.6 percent in recent years. Several years ago, the Honda Motor Co. unveiled the hybrid version of the Honda Civic. Sales of the Civic eventually surpassed those of the Toyota Prius, making it the top-selling hybrid car in the United States. For years, Honda has experienced tremendous success with its Accords; these Honda cars are the top-selling automobiles in the United States. Where would the Honda Civic (hybrid version) and the Honda Accord fall in the BCG business portfolio analysis matrix? A) The hybrid Civic is a star; the Accord is a cash cow. B) The hybrid Civic is a cash cow; the Accord is a star. C) Due to the overwhelming success of Honda cars, both the Accord and the hybrid Civic are cash cows. D) The hybrid Civic is a dog; the Accord is a cash cow. E) The hybrid Civic is a dog; the Accord is a star.

Figure 2-4 -In Figure 2-4, a representation of the BCG business portfolio analysis, SBUs found in quadrant A would be called A) cash cows. B) question marks. C) dogs. D) hedgehogs. E) stars.

Figure 2-4 -In Figure 2-4, a representation of the BCG business portfolio analysis, SBUs found in quadrant B would be called A) cash cows. B) stars. C) question marks. D) dogs. E) hedgehogs.

Figure 2-4 -In Figure 2-4, a representation of the BCG business portfolio analysis, SBUs found in quadrant C would be called A) cash cows. B) stars. C) question marks. D) dogs. E) hedgehogs.

Figure 2-4 -In Figure 2-4, a representation of the BCG business portfolio analysis, SBUs found in quadrant D would be called A) cash cows. B) stars. C) question marks. D) dogs. E) hedgehogs.

To move an SBU from its current position on a BCG business portfolio analysis, a manager should concentrate mostly on A) influencing the relative market share. B) enhancing employee motivation to move a low-valued SBU to a higher one. C) adding a variety of new SBUs that will force out older ones. D) influencing the market growth rate. E) simplifying its offerings by removing features.

Because an organization has limited influence on market growth rate, its main alternative for moving an SBU on the portfolio analysis matrix is to try to change its relative market share. The most likely way for a company to turn a question mark into a star rather than a dog is to A) divert funds to other SBUs. B) reduce advertising for it. C) inject cash into it. D) reduce the feature set for it. E) decrease the market growth rate.

With the arrival of tablet devices, such as Apple's iPad in 2010, growth in the global PC industry slowed considerably and actually saw negative growth by 2015. If a firm offering a range of PCs had slightly increased its global unit market share of PC sales from 10 to 12 percent but still was not the industry leader, the company should be concerned that this product is a A) question mark. B) star. C) hedgehog. D) cash cow. E) dog.

Apple entered the music player market in 2001 with its iPod device, selling more that 50 million units annually until 2007, when the iPhone integrated a mobile phone with a music player. Since 2010, iPod sales have been declining dramatically. In 2014 Apple announced that it was discontinuing the iPod classic, and in 2017 it announced that it was discontinuing the iPod shuffle and nano. Today Apple still sells the iPod touch, although declining sales and discontinued products suggest that this SBU appears to be a A) question mark. B) star. C) hedgehog. D) cash cow. E) dog.

Apple recently launched its revolutionary Apple watch as the first wearable technology that used a multitouch user interface. Industry analysts estimate that Apple's annual unit sales reached 18 million in 2017 and will reach 45 million watches in 2019, suggesting a 58 percent growth rate. The Apple watch entered the market as a A) question mark. B) raptor. C) hedgehog. D) cash cow. E) dog.

Apple launched its revolutionary iPhone smartphone in 2007. iPhone unit sales skyrocketed and Apple's U.S. market share is now greater than 44 percent, exceeding the market share of its largest competitor, Samsung. The smartphone market is expected to grow at an annual rate of 7 percent due to growth in India, Indonesia, and Africa. Currently, Apple's iPhone SBU appears to be a A) question mark. B) star. C) hedgehog. D) cash cow. E) dog.

One of the strengths inherent in the use of the BCG business portfolio analysis is that it A) is based solely on company perception rather than actual data. B) considers all factors that might impact an SBU's value to an organization. C) acts as a strong motivational tool for employees in SBUs that have been labeled "dogs" or "question marks." D) forces a firm to place each of its SBUs in the growth-share matrix, which in turn suggests which SBUs will be cash producers or cash users in the future. E) identifies specific marketing strategies and marketing tactics on how to solve SBU shortcomings.

One of the weaknesses inherent in the use of the BCG business portfolio analysis is that it A) causes dissension between different divisions when one is labeled a "star" and another a "dog." B) reduces employee motivation to move a low valued SBU to a higher one. C) considers too many SBU factors beyond market growth rate and relative market share. D) does not require sales forecasts in order to be implemented. E) is often difficult to obtain the needed information to correctly place SBUs in the matrix.

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products is referred to as A) diversification analysis. B) business portfolio analysis. C) a market-product grid framework. D) synergy analysis. E) market segmentation.

Diversification analysis refers to A) a technique that seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies. B) a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization. C) a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products. D) a technique used to determine the appeal of each SBU or offering and then the amount of cash, if any, each should receive. E) a framework that identifies four "generic" strategies to achieve a competitive advantage.

Which of the following statements regarding diversification analysis is most accurate? A) Companies should only use diversification analysis if they are well-established; new companies that use this process run the risk of trying to do too much too soon. B) For any product, there is both a current and a new market; for any market, there is both a current and a new product. C) Most companies discover that there is at least one product that is targeted to the wrong market. D) Diversification analysis is only effective for consumer products. E) Diversification analysis is used to forecast and calculate industry sales for new products.

A marketing strategy to increase sales of current products in current markets is referred to as A) market penetration. B) market development. C) product development. D) diversification. E) marketing synergy.

Market penetration refers to the marketing strategy of A) selling current products to new markets. B) selling new products to new markets. C) selling new products to current markets. D) selling the same brands in both current and new markets. E) increasing sales of current products in current markets.

One way a company can benefit from implementing a market penetration strategy would be to A) sell more products at a lower price in new markets. B) sell the same amount of product at a higher price in the same market. C) find a new market and sell the product at a much higher price. D) alter the product and sell it to a new market. E) reduce promotion and distribution costs to improve production efficiencies for the product in reaching new markets.

When using a ________ strategy, there is no change in either the basic product line or the markets served. Instead, increased sales are generated by selling either more products through better promotion or distribution or the same number of products at a higher price. A) product development B) market development C) diversification D) market saturation E) market penetration

If Ben & Jerry's sold more units of its Chocolate Chip Cookie Dough super premium ice cream to U.S. consumers as a result of increased promotion while keeping its price per pint the same, it would be using a ________ strategy. A) product development B) market development C) market penetration D) diversification E) market saturation

If sales revenues for Starbucks VIA Ready Brew instant coffee sold to U.S. consumers increased as a result of a slight price increase of $0.25 per pack, it would be using a ________ strategy. A) product development B) market development C) market penetration D) diversification E) market saturation

The marketing strategy to sell current products to new markets is referred to as A) market penetration. B) market infiltration. C) market development. D) product development. E) diversification.

Market development refers to the marketing strategy of A) increasing sales of current products in current markets. B) selling new products to new markets. C) selling new products to current markets. D) selling the same brands in both current and new markets. E) selling current products to new markets.

If Ben & Jerry's starts selling its super premium ice cream in Brazil for the first time, it will be using a ________ strategy. A) product development B) market development C) diversification D) market saturation E) market penetration

Part of the growth strategy for Yum! Brands, the parent company of KFC, Pizza Hut, and Taco Bell, is expansion of its current fast-food businesses into untapped international markets, such as China, Russia, and India. This type of expansion would be a ________ strategy. A) product development B) market penetration C) diversification D) market development E) market saturation

The marketing strategy of selling new products to current markets is referred to as A) product penetration. B) product development. C) market development. D) diversification. E) market penetration.

Product development refers to the marketing strategy of A) increasing sales of current products in current markets. B) selling current products to new markets. C) selling new products to new markets. D) selling new products to current markets. E) selling the same brands in both current and new markets.

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in the United States, it would be using a ________ strategy. A) product development B) market development C) market penetration D) diversification E) market saturation

During Super Bowl 50, Taco Bell unveiled its latest offering for the U.S. market, the "quesalupa," a hybrid of a quesadilla and a chalupa. Here, Taco Bell was using a ________ strategy. A) product development B) market development C) market penetration D) diversification E) market saturation

The marketing strategy of developing new products and selling them in new markets is referred to as A) product penetration. B) product development. C) market development. D) market penetration. E) diversification.

Diversification refers to the marketing strategy of A) increasing sales of current products in current markets. B) selling current products to new markets. C) selling new products to new markets. D) selling new products to current markets. E) selling the same brands in both current and new markets.

Which of the marketing strategies for expanding sales revenue presents the most risk for an organization? A) product development B) product-market evolution C) market development D) market penetration E) diversification

If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in Latvia, it would be using a ________ strategy A) product development B) market development C) market penetration D) diversification E) market saturation

The image depicted in Figure 2-5 represents what strategic analysis technique? A) Gantt chart B) SWOT analysis C) Pert chart D) BCG growth-share matrix E) diversification analysis

Quadrant A in Figure 2-5 represents the marketing strategy of A) market penetration. B) product development. C) market development. D) product penetration. E) diversification.

Quadrant B in Figure 2-5 represents the marketing strategy of A) market penetration. B) product penetration. C) market development. D) product development. E) diversification.

Taco Bell sells Doritos Locos Tacos in the United States, with shells made out of Nacho Cheese Doritos. At introduction, the chain sold 100 million tacos in the first 10 weeks alone, its most popular product launch of all time. Considering Figure 2-5, this is an example of a ________ strategy that would be found in quadrant ________. A) market penetration; A B) product development; B C) diversification; D D) market development; C E) product-market expansion; D

Quadrant C in Figure 2-5 represents the marketing strategy of A) product development. B) market penetration. C) market development. D) product penetration. E) diversification.

Quadrant D in Figure 2-5 represents the marketing strategy of A) market penetration. B) product penetration. C) market development. D) product development. E) diversification.

LEGO has traditionally been successful selling its classic construction sets to boys. Recently, LEGO introduced a line of building toys especially for girls called LEGO Friends. It includes feminine characters, pink and purple theme colors, and allows girls to construct more story-related activities. The company felt this was a way to reach into the girl's toy market where alternatives include princess games and accessories. Considering Figure 2-5, this is an example of a ________ strategy that would be found in quadrant ________. A) market penetration; A B) product development; B C) diversification; D D) market development; C E) product-market expansion; D

Which two marketing strategies would be used if a firm were not willing to find new markets? A) product development and market penetration B) product development and diversification C) market development and product development D) market development and market penetration E) market development and diversification

The strategic marketing process A) involves taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it. B) is a technique to quantify performance measures and growth targets to analyze its clients' strategic business units as though they were a collection of separate investments. C) describes an organization's appraisal of its internal strengths and weaknesses and its external opportunities and threats. D) is an approach whereby an organization allocates its marketing mix resources to reach its target markets. E) seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

An approach whereby an organization allocates its marketing mix resources to reach its target markets is referred to as A) the tactical marketing process. B) situational analysis. C) diversification analysis. D) synergy analysis. E) the strategic marketing process.

An organization uses the strategic marketing process to answer all of the following questions except which? A) "How do our results compare with our plans?" B) "How do we allocate our resources to get where we want to go?" C) "Where do we want to go?" D) "Do deviations require new plans?" E) "How do we convert our plans into actions?"

Within the strategic marketing process, the ________ is the result of the planning phase that will be carried out in the implementation phase. A) marketing tactics B) business plan C) product protocol D) marketing plan E) marketing strategy

The key steps of planning, implementation, and evaluation are part of A) gap analysis. B) the strategic marketing process. C) situational analysis. D) synergy analysis. E) diversification analysis.

What are the three steps involved in the planning phase of the strategic marketing process? A) Step 1: situation (SWOT) analysis; Step 2: market-product focus and goal setting; and Step 3: the marketing program B) Step 1: analysis; Step 2: planning; and Step 3: implementation C) Step 1: set market and product goals; Step 2: select target markets and find points of difference; and Step 3: position the product D) Step 1: identify industry trends; Step 2: analyze competitors; and Step 3: assess own organization E) Step 1: Why do we exist?; Step 2: What will we do?; and Step 3: How will we do it?

The initial step in the planning phase of the strategic marketing process involves A) establishing the budget. B) developing the marketing program. C) setting goals. D) auditing the marketing plan. E) conducting a situation (SWOT) analysis.

Step 2 in the planning phase of the strategic marketing process consists of A) the situation (SWOT) analysis. B) market-product focus and goal setting. C) the marketing program. D) business portfolio analysis. E) diversification analysis.

Step 3 in the planning phase of the strategic marketing process consists of A) diversification analysis. B) the situation (SWOT) analysis. C) the marketing program. D) the market-product focus and goal setting. E) business portfolio analysis.

Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it is referred to as A) tactical planning. B) market planning. C) goal setting. D) environmental scanning. E) situation analysis.

A situation analysis refers to A) taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it. B) an appraisal of an organization's cash flow and financial ratios to access its health and the potential for new investment. C) the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. D) a technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units as though they were separate investments. E) the process where a firm searches for growth opportunities from among current and new markets as well as current and new products.

A situation analysis requires a firm to consider the external forces and trends that affect it. Some of these may be favorable to the organization while others may be unfavorable. Which of the following is an example of an external force? A) The firm buys its own fleet of trucks, so it no longer needs to hire a trucking company for distribution. B) A hiring freeze is put into place. Although no one is fired, no one can be hired. C) A goal is set to close the gap between production costs and profits. D) A city government bans plastic straws inside all restaurants and bars in the city limits. E) Shareholders are rewarded with a sizable dividend check.

The acronym SWOT, as in SWOT analysis, stands for A) strengths, weaknesses, opportunities, and tactics. B) strengths, weaknesses, options, and tactics. C) strengths, weaknesses, opportunities, and threats. D) simple, workable, optimal, and timely. E) state the problem, work out a strategy, organize your team, and take action.

An effective summary tool for an organization's situation analysis is referred to as A) SWOT analysis. B) strategic management planning. C) environmental scanning. D) market-product grid analysis. E) marginal analysis.

In the 1980s, a lapse in production quality and an increase in Japanese imports drove the Harley-Davidson motorcycle company to the brink of bankruptcy. The company's share of the U.S. super-heavyweight market segment-motorcycles with engine capacity of 850 cubic centimeters or more-had shrunk from over 40 percent in the mid-1970s to 23 percent in 1983. But by 1989, Harley-Davidson controlled some 65 percent of this market segment. From a marketing perspective, what was the most likely first step in Harley-Davidson's resurgence? A) developing a new mission statement B) repositioning its products in the minds of super heavyweight motorcycle buyers C) performing a SWOT analysis to assess the firm's internal and external environments D) selling new models of super heavyweight motorcycles in both the United States (current) and foreign (new) markets E) improving the quality of its products and communicating this to motorcycle buyers

Procter & Gamble (P&G) is a consumer packaged goods company where innovation is a key competitive advantage. This allows the firm to develop new products like Crest Whitestrips that consumers desire. P&G also uses its marketing expertise to develop unique product placements on television shows that highlight its brands. A SWOT analysis for P&G would indicate that innovation in product design and marketing is ________ for the firm. A) a strength B) a weakness C) a threat D) an opportunity E) a problem

Hellmann's is a brand owned by Unilever that produces mayonnaise, among other food products. If a marketing manager at Hellmann's identified that its brand managers lacked the expertise to create additional growth for the firm's products, she would likely incorporate this knowledge into its SWOT analysis as A) a weakness if the company does not have access to other expertise at Unilever. B) a strength if the company conceals this information from its competitors. C) an opportunity if Hellmann's competitors have superior expertise. D) a threat if Hellmann's does not have resources to develop additional expertise. E) part of a marketing plan; this information would not be part of a SWOT analysis.

All of the following form the foundation upon which a firm builds its marketing program during the strategic marketing process except which? A) research the organization's present and prospective customers B) determine what business the organization is in C) assess the organization itself D) identify trends in the organization's industry E) analyze the organization's competitors

The goal of a SWOT analysis is to A) identify market research questions in order to develop new products for new market segments. B) determine how raises, bonuses, and dividends will be paid. C) reorganize the firm's marketing department. D) identify the critical strategy-related factors that can impact the firm. E) fairly allocate governmental resources and financial aid across the industry.

All of the following are marketing actions that can be taken as a result of a SWOT analysis except which? A) exploit an opportunity B) enhance sales with action C) avoid a disaster-laden threat D) build on a strength E) correct a weakness

Figure 2-7 -Consider Figure 2-7. A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in power outages. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits (consisting of food bars, a water filtration system, first aid supplies, etc.). Before going ahead with this decision, several factors had to be considered: (1) The firm has a great reputation with its flashlights and does not want to ruin it. (2) Its physical plant could be refitted relatively easily to make small generators, but it would be rather costly. (3) It would have to rely on another firm to manufacture and package the survival kits. (4) Although there are nine named hurricanes anticipated for the upcoming year, no one really can predict what will happen. The company's reputation would fall in which quadrant(s) of the SWOT analysis grid? A) A B) B C) C D) D E) both A and C

Figure 2-7 -Consider Figure 2-7. A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in power outages. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits (consisting of food bars, a water filtration system, first aid supplies, etc.). Before going ahead with this decision, several factors had to be considered: (1) The firm has a great reputation with its flashlights and does not want to ruin it. (2) Its physical plant could be refitted relatively easily to make small generators, but it would be rather costly. (3) It would have to rely on another firm to manufacture and package the survival kits. (4) Although there are nine named hurricanes scheduled for the upcoming year, no one really can predict what will happen. The company's need to refit its factory would fall in which quadrant(s) of the SWOT analysis grid? A) A B) B C) C D) D E) both B and D

Figure 2-7 -Consider Figure 2-7. A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in power outages. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits (consisting of food bars, a water filtration system, first aid supplies, etc.). Before going ahead with this decision, several factors had to be considered: (1) The firm has a great reputation with its flashlights and does not want to ruin it. (2) Its physical plant could be refitted relatively easily to make small generators, but it would be rather costly. (3) It would have to rely on another firm to manufacture and package the survival kits. (4) Although there are nine named hurricanes forecasted for the upcoming year, no one really can predict what will happen. The projected number of hurricanes would fall in which quadrant(s) of the SWOT analysis grid? A) A B) B C) C D) D E) both C and D

Figure 2-7 -Consider Figure 2-7. A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in a loss of power. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits. Before going ahead with this decision, several factors had to be considered: (1) The firm has a great reputation with its flashlights and doesn't want to ruin it. (2) Its physical plant could be refitted relatively easily to make small generators, but it would be rather costly. (3) It would have to rely on another firm to manufacture and package the survival kits. (4) Although there are nine named hurricanes scheduled for the upcoming year, no one really can predict what will happen. The need to rely on another company to supply the survival kits would fall in which quadrant(s) of the SWOT analysis grid? A) A B) B C) C D) D E) both C and D

Figure 2-7 -Quadrant A in Figure 2-7 represents a(n) ________ in a SWOT analysis. A) threat B) weakness C) strength D) opportunity E) market segment

Figure 2-7 -Quadrant B in Figure 2-7 represents a(n) ________ in a SWOT analysis. A) threat B) weakness C) strength D) opportunity E) market segment

Figure 2-7 -Quadrant C in Figure 2-7 represents a(n) ________ in a SWOT analysis. A) threat B) weakness C) strength D) opportunity E) market segment

Figure 2-7 -Quadrant D in Figure 2-7 represents a(n) ________ in a SWOT analysis. A) threat B) weakness C) strength D) opportunity E) market segment

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as A) market aggregation. B) market segmentation. C) product sorting. D) product grouping. E) mass marketing.

Market segmentation refers to A) identifying small groups of customers with dissimilar needs. B) aggregating prospective buyers into groups and selecting only those whose needs cannot be met by competitors' products. C) aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action. D) aggregating different products into more reasonable product groupings to better serve consumers' needs. E) those characteristics of a product that make it superior to competitive substitutes.

Market segmentation is a part of what step in the strategic marketing process? A) situation analysis B) market-product focus and goal setting C) marketing program D) implementation E) evaluation

To develop a successful marketing plan for a soft drink, the process of ________ would most likely be used to group consumers on the basis of whether they prefer sugar-free and caffeine-free soda, caffeine-free sugared soda, or regular soda with sugar and caffeine. A) market aggregation B) product segmentation C) customer grouping D) mass marketing E) market segmentation

During Step 2 of the strategic marketing process, firms such as Ben & Jerry's engage in all of the following marketing activities except which? A) Position the product. B) Set marketing and product goals. C) Develop the marketing program. D) Select target markets. E) Find points of difference.

In a marketing context, goal setting involves specifying measurable ________ to be achieved. A) marketing metrics B) marketing objectives C) marketing tactics D) marketing plans E) protocols

Those characteristics of a product that make it superior to competitive substitutes are referred to as A) core benefit propositions. B) marketing mix elements. C) points of difference. D) marketing attributes. E) product protocols.

Points of difference refer to A) the fundamental, passionate, and enduring principles of an organization that guide its conduct over time. B) the cluster of benefits that an organization promises customers to satisfy their needs. C) a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. D) those characteristics of a product that make it superior to competitive substitutes. E) the use of percentage points of market share to allocate marketing resources effectively for different product lines within the same firm.

At which step of the planning stage of the strategic marketing process does a firm develop its marketing mix? A) situation analysis B) goal setting C) marketing program D) implementation E) market segmentation

The marketing program, Step 3 in the strategic planning process, answers which question? A) who B) what C) when D) why E) how

The ________ element of the marketing mix includes features and packaging. A) product B) price C) promotion D) place E) people

The ________ element of the marketing mix includes discounts and allowances. A) product B) price C) promotion D) place E) people

The ________ element of the marketing mix includes personal selling and advertising. A) product B) price C) promotion D) place E) people

The ________ element of the marketing mix includes outlets and transportation. A) product B) price C) promotion D) place E) people

Alcatel offers a simple cell phone with calling and an FM radio for use in most international markets. This an example of Alcatel's A) evaluation Strategy. B) price strategy. C) place strategy. D) promotion strategy. E) product strategy.

Medtronic, a company that makes heart pacemakers, introduced a new product at medical conventions across Asia to demonstrate its many beneficial features. The convention presentations are an example of its A) market segmentation and targeting strategy. B) price strategy. C) place strategy. D) promotion strategy. E) product strategy.

Unilever distributes its Lipton tea products in part through independent brokers, agents, and distributors to chain, wholesale, co-operative, and independent grocery accounts and food service. This is an example of a firm's A) market segmentation and targeting strategy. B) price strategy. C) place strategy. D) promotion strategy. E) product strategy.

The second phase of the strategic marketing process is the A) tactics phase. B) strategic phase. C) planning phase. D) implementation phase. E) evaluation phase.

In which phase of the strategic marketing process does a firm obtain resources, design the marketing organization, develop schedules, and execute the marketing program? A) planning phase B) implementation phase C) evaluation phase D) strategic phase E) tactics phase

All of the following are components of the implementation phase of the strategic marketing process except which? A) defining precise tasks, responsibilities, and deadlines B) executing the marketing program C) designing the marketing organization D) conducting R and D E) obtaining resources

The actions taken during the implementation phase of the strategic marketing process include which of these? A) obtain resources B) select target markets C) position the product D) find points of difference E) correct deviations from expected outcomes

In a typical manufacturing firm, the structure of its marketing department is typically organized from top to bottom in which of these ways? A) CEO to CFO to product manager B) CEO to CMO to product manager C) product manager to marketing research manager to sales manager to promotion manager D) industry manager to market manager to product manager E) product manager to CMO to sales manager

An aid to implementing a marketing plan that consists of four columns: (1) the task; (2) the person responsible for completing that task; (3) the date to finish the task; and (4) what is to be delivered is referred to as A) an output report. B) a Gantt chart. C) a market plan. D) an action item list. E) a marketing action memo.

An action item list refers to an aid to implement a marketing plan that consists of four columns, including which of these? A) the person responsible to complete a task B) the budget C) the product or service D) the points of difference E) the promotional message

When participating in major projects in college marketing classes, effective teams can use a ________ to be sure that each team member does a fair amount of work and that class projects are finished efficiently and on time. A) market-product grid B) project schedule C) Plan-A-Gram D) Gantt chart E) sales response function

Figure 2-10 -Figure 2-10 is known as a ________, which is helpful for scheduling activities when some must be completed before others can begin. A) market-product grid B) project schedule C) Plan-A-Gram D) Gantt chart E) sales response function

Figure 2-10 -Which of the following tasks shown in Figure 2-10 must be done sequentially rather than concurrently? A) 1 and 2 B) 2 and 3 C) 3 and 4 D) 5 and 7 E) 6 and 7

The key to all scheduling techniques is to A) avoid scheduling tasks that can be done concurrently. B) avoid tasks that must be done sequentially. C) make sure to allow a 20 percent delay factor to account for contingencies. D) assign responsibility for end results to the entire group rather than a single individual. E) distinguish tasks that must be done sequentially from those that can be done concurrently.

A marketing ________ is defined as the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it. A) plan B) tactic C) strategy D) concept E) action

A marketing strategy refers to A) the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it. B) the tactical decisions made to implement the marketing program. C) a technique to quantify performance measures and growth targets of a firm's strategic business units (SBUs). D) a road map for the marketing activities of an organization for a specified future time period, such as one year or five years. E) the detailed day-to-day operational decisions.

A marketing strategy typically addresses both the ________ and the ________. A) product groupings; target markets B) target market; marketing program C) subjective; objective plans D) revenues generated; market share achieved E) feasibility; time required to implement

A marketing strategy is the means by which a marketing goal is to be achieved. The two parts that usually characterize a marketing strategy are A) specific organizational goals and objectives. B) a detailed marketing plan and a marketing budget. C) marketing strategies and marketing tactics. D) a specified target market and a marketing program to reach it. E) marketing metrics and marketing dashboards to track effectiveness.

Which of the following statements reflects the key elements in developing a marketing strategy for L. M. Schofield, Inc., a company that produces specialized concrete surfaces for heavily trafficked areas such as retail outlets and amusement parks? A) Subscribe to all the major trade journals to determine the offerings of competitors. B) Communicate with contractors using direct mail about the various walking surfaces Schofield can create for riding and walking paths. C) Design a sample ad and test it using visitors at a trade show. D) Hire six new sales representatives for the Midwest regional office and train them on all aspects of concrete surfaces. E) Conduct a focus group to decide on which surface to use for a theme park in Brazil.

Marketing tactics refer to the A) long-term decisions made to implement the marketing program and the monitoring of those decisions. B) detailed day-to-day operational decisions essential to the overall success of marketing strategies. C) steps taken to develop an effective marketing plan. D) development of marketing strategies to achieve the organization's marketing objectives. E) refinement of the organization's mission based on the results obtained from a marketing audit.

The detailed day-to-day operational decisions essential to the overall success of marketing strategies are referred to as A) marketing plans. B) marketing programs. C) marketing tactics. D) marketing strategies. E) marketing procedures.

Compared to marketing strategies, marketing tactics generally involve actions that A) are detailed day-to-day operational decisions. B) are long-term rather than short-term. C) involve upper levels of management rather than front-line managers. D) are general rather than specific in nature. E) have been successfully implemented in the past.

Marketers at Volkswagen in Istanbul created a digital flip film out of some 200 photos to tout the prowess of their new truck, the Amarok, hoping it would be a clever way to get people to engage. This action is an example of Volkswagen's marketing A) tactics. B) missions. C) visions. D) strategies. E) customer values.

Eileen Fisher is a leader in sustainable fashion. For two weekends in the summer of 2016, shoppers could visit a pop-up shop in Brooklyn, NY, to purchase upcycled fashion pieces created from damaged items donated to the company's Green Initiative. Use of a pop-up shop to sell these items is one of Eileen Fisher's marketing A) missions. B) visions. C) strategies. D) tactics. E) customer values.

The strategic marketing process involves three phases: planning, implementation, and A) review. B) execution. C) evaluation. D) goal revision. E) correction.

The third and final phase of the strategic marketing process is the A) tactics phase. B) strategic phase. C) planning phase. D) implementation phase. E) evaluation phase.

The two major aspects of the evaluation phase of the strategic marketing process are A) segmenting the market and selecting target markets. B) establishing a business mission and designing measurable goals and objectives. C) designing the marketing mix and setting the budget. D) comparing the results of the marketing program with the goals to identify deviations and acting on them. E) executing the marketing plan and designing the marketing organization.

The actions taken during the evaluation phase of the strategic marketing process include comparing results with plans to identify deviations and A) starting the planning process anew. B) executing the marketing program. C) tracking unit sales and revenues and comparing with competitors. D) developing the budget by estimating revenues, expenses, and profits. E) exploiting positive deviations and correcting negative ones.

The difference between the projection of the path to reach a new goal and the projection of the path of the results of a plan already in place is referred to as the A) planning gap. B) contribution margin. C) point of difference. D) break-even point. E) sales response function.

The planning gap refers to A) the difference between projected total costs and realized total revenues. B) the difference between projected total costs and net profits. C) the difference between marginal revenue and marginal cost. D) the percentage point difference between a firm and its next largest competitor in terms of market share. E) the difference between the projection of the path to reach a new goal and the projection of the path of the results of a plan already in place.

Figure 2-11 -The question mark (?) represented by the wedge DBC in Figure 2-11 is the A) contribution margin. B) marginal trend. C) breakeven point. D) planning gap. E) sales differential.

Figure 2-11 -Based on the information in Figure 2-11, the planning gap between 2005 and 2013, as represented by the wedge DBC, A) is widening. B) is narrowing. C) is staying the same. D) cannot be quantified. E) began to open in 1998.

Figure 2-11 -Based on the sales revenue data shown in Figure 2-11, as a marketing manager for Apple, you would most likely conclude that A) the planning gap is narrowing. B) the actual sales results (line BE) are on track with the new plan (line BD). C) the actual sales results (lines AB and BE) are on track with the 2005 plan (line BC). D) sales are increasing significantly since 2005 (line BD). E) another new plan has been needed since 2005, since the planning gap (wedge DBC) is widening each year thereafter.