Question 1

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are:

Accepted Answer

According to the Boston Consulting Group's growth-share matrix, stars are products with a dominant market share and good growth prospects. They require significant investment to maintain their growth but have the potential to become cash cows in the future. Dogs are products with low market share and low growth prospects, while cash cows have a dominant market share but low growth prospects. Question marks or problem children are products with low market share but high growth prospects, and pigs are products with low market share and low growth prospects that should be divested.

Question 2

Dylan, a 17-year-old secondary school student, wants to buy a pack of cigarettes.He has the money to purchase them, but he is still not considered to be a market for the product due to his lack of __________ to buy.

Accepted Answer

Authority refers to the legal permission or power to perform an action, in this case, buying cigarettes. As a minor, Dylan does not have the legal authority to purchase cigarettes, regardless of whether he has the money or the ability to buy them.

Question 3

Resource deployment and coordination of functional areas of business are determined by:

Accepted Answer

Resource deployment and coordination of functional areas of business are determined by corporate strategy, which provides overarching direction and guidance for the entire organization. The mission statement, business-unit strategy, marketing strategy, and marketing mix are all important components of a company's overall strategy, but they are more specific to individual areas of the business and do not dictate resource deployment and coordination for the organization as a whole.

Question 4

Successful business organisations should take actions to convert internal weaknesses into __________ and external threats into __________.

Accepted Answer

Successful business organizations should aim to convert internal weaknesses into strengths and external threats into opportunities to improve their competitive position and resilience.

Question 5

__________ strategy determines the means for utilising resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organisation's goals.

Accepted Answer

Corporate strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals.

Question 6

An example of a __________ might be Nintendo's Wii video game system.

Accepted Answer

The answer of An example of a __________ might be...

Question 7

A group that has the willingness, ability and authority to buy a product is a:

Accepted Answer

A market is defined as a group of individuals or organizations that have the willingness, ability, and authority to purchase a product or service.

Question 8

The percentage of a market that actually buys a specific product from a specific company is referred to as that product's:

Accepted Answer

Market share is the only option that specifically refers to the percentage of the market that buys a specific product from a specific company. The other options (strategic segment, target market, market cut, and market position) do not necessarily reflect this concept.

Question 9

Australia Post's business units include postal services, retail services, distribution and express services and e-services.The revenues, costs, investments and strategic plans of each __________ can be separated from those of the parent company.

Accepted Answer

Each business unit operates as a strategic business unit (SBU), meaning its revenues, costs, investments, and strategic plans can be separated from those of the parent company.

Question 10

Crown Casino wants at least 90 per cent of its customers to indicate that they had a memorable experience at the hotel.This is an example of:

Accepted Answer

The statement regarding Crown Casino's objective of having at least 90% of its customers indicate that they had a memorable experience is an example of a marketing objective. It outlines a specific goal the company wants to achieve through their marketing efforts.

Question 11

John Deere promotes its service, experience and reputation in the farm equipment business to emphasise the craftsmanship of its lawn mowers for home owners.These are two elements of the firm's:

Accepted Answer

John Deere's service, experience and reputation are internal factors that are considered to be strengths of the company. The promotion of these factors to emphasise the craftsmanship of its lawn mowers for home owners is a strategic move by the company.

Question 12

A long-term view, or vision, of what an organisation wants to become is called a:

Accepted Answer

The answer of A long-term view, or vision, of what...

Question 13

Which of the following statements is incorrect?

Accepted Answer

Strategic planning typically begins at the corporate level and then moves down to business-unit and marketing levels. This allows for consistency and alignment between the different levels of planning.

Question 14

Which of the following is not a characteristic of a marketing objective?

Accepted Answer

The characteristic of a marketing objective that is not listed is that it clearly identifies how the marketing strategy will be implemented. While a marketing objective should be consistent with both business-unit and corporate strategy, expressed in clear terms, measurable, and have a specific time frame for accomplishment, it does not necessarily need to specify how the marketing strategy will be implemented. That would be part of the marketing plan, which is separate from the marketing objectives.

Question 15

The Boston Consulting Group's matrix is based on the:

Accepted Answer

The Boston Consulting Group's matrix, also known as the BCG matrix, is based on the philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy.

Question 16

Favourable conditions in the marketplace environment that could produce business rewards for an organisation, if acted on properly, are called:

Accepted Answer

Favourable conditions in the marketplace are called opportunities. Opportunities are external factors that can have a positive impact on an organization's performance if properly leveraged. They are seen as positive factors in the industry or environment that can lead to business rewards if acted upon effectively.

Question 17

Within a business organisation, a profit centre that is self-supporting in terms of sales, markets, production and other resources is known as a:

Accepted Answer

A strategic business unit (SBU) is a profit centre that operates independently and is responsible for its own sales, marketing, production, and other resources. SBUs are typically created within larger organizations to focus on a specific product or market area and are often evaluated on their own performance and profitability. Therefore, B is the best choice as it accurately defines the given scenario. The other options do not fully describe a self-supporting profit center.

Question 18

According to the Boston Consulting Group, marketers may classify their products as one of all of the following except:

Accepted Answer

The Boston Consulting Group identifies four categories of products a company may have: dogs (low market share, low growth rate), cash cows (high market share, low growth rate), question marks (low market share, high growth rate), and stars (high market share, high growth rate). Cash contributors is not a category used by the Boston Consulting Group.

Question 19

A firm's unique symbols, personalities and philosophies comprise its:

Accepted Answer

Corporate identity refers to the unique visual and conceptual aspects of a company's branding, such as its logo, color palette, messaging, and values. This identity is used to differentiate the company from its competitors and to establish a recognizable and memorable brand image. Corporate persona and character are similar concepts, but they are more focused on the company's personality and behavior, whereas ethics refer to the moral principles that guide the company's decision-making and actions.

Question 20

A firm's _________ addresses the questions 'Who are our customers?' and 'What is our core competency?'

Accepted Answer

A firm's mission statement defines its purpose and helps guide strategic decision-making. It typically includes information about the target customer and the firm's core competencies. A business plan is a comprehensive document outlining the company's goals and strategies, while a strategic window refers to a specific period of time during which a firm has an opportunity to achieve a competitive advantage. A market opportunity statement and a marketing plan both focus on identifying and targeting specific markets, but do not necessarily address the firm's overall mission and core competencies.

Quiz 3: Planning, Implementing and Evaluating Marketing Strategy