Quiz 2: Developing Marketing Strategies and a Marketing Plan

Wine industry is a very competitive market.Some wineries invest in corporate social responsibility programs knowing that competitors cannot easily copy the programs.This is a good example of ______ A)defining the target market. B)reducing the cost. C)gaining competitive advantage. D)increasing promotion. E)providing outstanding customer services.

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

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

Operational excellence is achieved by: A)ensuring an excellent supply chain management and strong relationships with suppliers. B)maintaining excellent customer service and excellent relationships with suppliers. C)strong relationships with suppliers and retailing loyal buyers. D)maintain efficient operations with the best location selection. E)excellent supply chain management and differentiate the product offerings.

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

Davison Associates Inc.manufactures office furniture.The management of the company believes that developing a strong brand name is the primary strategy to compete in the market.Hence, it invests a significant share of its resources to position its brands through promotions and service.Which of the following does the company use to achieve sustainable competitive advantage? A)Diversification excellence B)Product excellence C)Customer excellence D)Locational excellence E)Operational excellence

Which of the following strategies involves focusing on having an Internet presence? A)Diversification excellence B)Product excellence C)Locational excellence D)Operational excellence E)Customer excellence

Foodstar Corp., a chain of restaurants, has outlets in the major residential areas of a town.It ensures that its outlets are well placed and easily accessible.It also maintains a strong Internet presence by updating the details of each day's menu on its website.Given this information, which of the following strategies is used by Foodstar to achieve sustainable competitive advantage? A)Locational excellence B)Operational excellence C)Product excellence D)Customer excellence E)Diversification excellence

Apple achieved success by providing customers with products that meet/exceed expectations, good customer service, convenient locations and online presence.Which of the following strategies is used by Apple to achieve sustainable competitive advantage? A)Service excellence B)Marketing excellence C)Product excellence D)Multiple source of advantage E)Operational excellence

The top managers of a firm prepare a marketing plan.They define the mission and objectives of the business and evaluate the present situation of the firm.Which of the following phases of the marketing plan includes these activities performed by the top managers? A)Planning B)Implementation C)Control D)Initiation E)Design

Which of the following is NOT an activity in the planning phase of a marketing plan? A)Developing a marketing mix B)Setting business objectives C)Defining the mission D)Situation analysis E)Observe consumer behaviour.

The board of directors of an organization meets to redefine the mission and objectives of the business.They set long-term objectives and form a new mission statement.Which of the following phases of developing a marketing plan do the actions by the board of directors constitute? A)Initiation B)Planning C)Design D)Control E)Implementation

Tech Niche Corp., a provider of IT services, has recorded a decrease in sales and profit over the past few months.The managers of the firm review the situation and conduct a SWOT analysis of the firm.This provides new insights into the ways to improve sales.In the context of developing a marketing plan, the organization is in the phase of: A)Implementation. B)Control. C)Planning. D)Design. E)Initiation.

Availability of new technology in the market can always be categorized as: A)Strength or Weakness B)Opportunity or Threat C)Weakness or Threat D)Threat E)Strength or Opportunity

Lincoln introduced the new Lincoln Navigator, a large luxury SUV, to appeal to higher income families who do not desire to buy a minivan.The Navigator is a luxury 8-seater car, which has more power, and offer many more luxury features than traditional minivans.This is an example of  A)Market development B)Market positioning C)Situation analysis D)Market segmentation E)A strategic business unit

Which of the following is NOT correct about segmentation: A)A market can consists of several segments. B)There are more than one way of segmenting a market C)Market segment is a group of consumers who respond the same to a firm's marketing efforts D)A company should understand and satisfy the needs of all the segments in the market. E)Segmentation is a process of dividing the market into distinct groups of customers.

The implementation phase of a marketing plan involves: A)Identifying a business's mission and objectives. B)Evaluating the performance of a marketing strategy. C)Analyzing a market by using marketing metrics. D)Identifying and evaluating different opportunities. E)Evaluating the present situation of a business.

An organization appoints a marketing manager to study the effectiveness of the marketing plan that it has implemented.The manager analyzes organizational performance using various metrics and gives a final report.In the context of developing a marketing plan, the organization is in the phase of: A)initiation. B)planning. C)design. D)control. E)implementation.

Which of the following is an activity in the control phase of a marketing plan? A)Developing and implementing a marketing mix B)Identifying a business's mission and objectives C)Evaluating the performance of a marketing strategy D)Identifying the opportunities present in a market E)Understanding a firm's competitive strengths and weaknesses

Which of the following is true of situation analysis? A)It is performed using a SWOT analysis B)It is independent of political and demographic factors. C)It overlooks the opportunities and threats to an organization. D)It categorizes strengths and weaknesses as outside the control of a firm. E)It is executed before creating the mission statement of an organization.

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

In a SWOT analysis, which of the following is considered a company's strength? A)Presence of wide distribution networks B)Attractiveness of the industry C)Market exit of a competitor D)Favourable political changes E)Acquiring another firm and gaining market access

In the context of a SWOT analysis, which of the following is considered a company's weakness? A)Changes in consumer behaviour B)Lack of financial resources C)Unfavourable political changes D)Natural disasters that affect the company E)Entry of new players into the industry

In a SWOT analysis, which of the following is considered a threat to businesses? A)Lack of credibility in the market B)Limited consumer base C)Lack of adequate financial resources D)Poor location of service outlets E)New entrants into the industry or market

In the context of a SWOT analysis, which of the following is considered an opportunity to businesses? A)Presence of wide distribution networks B)Availability of strong financial resources C)Favourable political changes D)Superior product offerings E)Presence of a strong base of loyal customers

What is the next step that a business organization has to perform after completing situation analysis? A)Identifying the organization's objectives B)Evaluating the effectiveness of the marketing plan C)Evaluating market performance D)Conducting segmentation, targeting, and positioning E)Setting marketing objectives for the organization

Which of the following terms refers to a group of consumers who respond similarly to a firm's marketing efforts? A)Market segment B)Targeting C)Product line D)Market penetration E)Market positioning

Rockslide Inc., a manufacturer of sports equipment, classifies its customers into different age groups.Each of these groups is unique in terms of its preference for the company's products.Given this information, this classification is an example of: A)downsizing. B)positioning. C)segmentation. D)diversification. E)locational excellence.

Which of the following refers to the process of classifying a market into distinct groups of customers where each individual group has similar needs, wants, or characteristics? A)Downsizing B)Positioning C)Locational excellence D)Segmentation E)Diversification

Alchemistro Inc.is a firm that manufactures chemical detergents and associated products.The company decides to manufacture detergent products that cater to the needs of the high-income consumers.Which of the following best describes Alchemistro's decision to specifically cater to the high-income segment? A)Locational excellence B)Downsizing C)Targeting D)Diversification E)Operational excellence

SleakTouch Inc., a manufacturer of mobile phones, conducts market research to understand the market situation.The research suggests that its customers are mostly young people between the ages of 30 and 40.The company decides to focus its resources on this market segment.Given this information, the company's decision is a part of: A)locational excellence. B)operational excellence. C)diversification. D)downsizing. E)targeting.

Market positioning is the process of: A)attempting to change the identity of competing products in the collective minds of the target market. B)defining the marketing mix variables to give target customers a distinct and desirable understanding of what a product represents. C)evaluating the attractiveness of various segments and then deciding which to pursue as a market. D)dividing the market into distinct groups of customers where each individual group has similar needs, wants, or characteristics. E)attempting to engage customers with one another or with a company or a brand.

Lego Inc., a manufacturer of computers, has developed a brand image by delivering high-quality products at affordable prices.This image results in customers choosing Lego's products over competing products.In this case, which of the following refers to Lego's strategy of creating a distinct and desirable understanding in the minds of consumers of what its product represents? A)Locational excellence B)Market segmentation C)Target marketing D)Market positioning E)Downsizing

In the context of marketing mix, which of the following aspects of customer value is closely associated with products? A)Value creation B)Value delivery C)Value for money D)Value communication E)Value exchange

TravelSmart Inc.offers a range of travel packages to tourist destinations across the world.The customers are charged according to the services provided during the tour.This allows the customers to choose a package proportionate to their income and requirements.Given this information, which of the following elements of a marketing mix is stressed upon by the company? A)Promotion B)Product C)Price D)Place E)Power

Which of the following Ps of marketing is associated with the delivery of value to customers? A)Process B)Place C)Price D)Promotion E)Product

Paralegal Consulting Inc., a firm that offers legal services, decides to open new branches in rural areas.The new branches would help the firm reach out to people who cannot travel to cities and avail legal help.In this case, this decision reflects the firm's strategy regarding: A)product. B)process. C)price. D)place. E)promotion.

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

Balter Technologies Inc.is a firm that manufactures innovative computer accessories.The company organizes a media campaign to increase the public awareness about its products.Which of the following elements of a marketing mix is used by Balter Technologies in this case to communicate the value of its offerings? A)Product B)Price C)Promotion D)Place E)Process

Promotion, the fourth P of a marketing mix, is essentially used by marketers to: A)communicate the value of their offering. B)create value for their offering. C)make their product or service readily accessible when and where the customer wants it. D)create value for customers' money. E)deliver the services associated with their offering.

Which of the following is the final step in the marketing planning process of an organization? A)Performing a situational analysis of an organization B)Identifying the opportunities present in a market C)Evaluating the business objectives of an organization D)Evaluating the performance by using marketing metrics E)Implementing the marketing mix within an organization

A small non-profit organization ran a campaign on Facebook and Instagram to increase customers' donations.The ad briefly show case the cause and invite customers to donate through the non-profit's website.Which metrics would be the best to assess the effectiveness of this campaign? A)Ad exposure B)Click through rate C)Website traffic before and after the campaign. D)Number of donors before and after the campaign. E)Ad engagement

Which of the following refers to a division of a company that can be managed somewhat independently from other divisions of the company since it markets a specific set of products to a clearly defined group of customers? A)Business branch B)Executive department C)Executive business segment D)Subsidiary firm E)Strategic business unit

Zorbo Furniture Inc.is a firm that manufactures and markets wooden furniture.One of the departments in the firm is devoted to the production and marketing of office furniture.The department is managed independently from other departments and is held accountable for its profitability.In this case, the office furniture department is an example of a(n): A)joint venture. B)executive department. C)product line. D)subsidiary firm. E)strategic business unit.

Which of the following terms refers to a group of products that consumers are likely to use together or perceive as similar in some way? A)Product mix B)Product line C)Product portfolio D)Niche market E)Market mix

Denthrill Inc.is a firm that manufacturers dental products.Denthrill produces a range of products such as toothbrushes, toothpastes, and breath fresheners.These products form a: A)premium offering. B)market mix. C)promotion mix. D)product line. E)niche portfolio.

Which of the following is a measure of a product's strength in a particular market? A)Wholesale index B)Industry index C)Market value D)Relative market share E)Market growth rate

Which of the following terms is used in the Boston Consulting Group (BCG)product portfolio analysis to refer to a product that has a high market share in a high-growth market? A)Cash cow B)Star C)Dog D)Question mark E)Neutral factor

The telecom sector in Slakavia has been growing at a fast pace in the last few years.Rex Telecom is the market leader in the Slakavian telecom market.In the context of the Boston Consulting Group (BCG)matrix, this firm is a: A)star. B)cash cow. C)dog. D)question mark. E)neutral factor.

In the context of the Boston Consulting Group (BCG)analysis, a firm whose offering is a star in an industry should: A)consider resource investments to fuel rapid growth. B)disinvest partly from the business. C)stop doing business in the industry. D)refrain from allocating excess funds to existing services. E)transfer its resources to other strategic business units.

In the Boston Consulting Group (BCG)portfolio analysis, a product that serves a low-growth market but has a high market share in the industry is a: A)star. B)dog. C)question mark. D)champion. E)cash cow.

The growth rate of the soft-drink industry in the country of Norborg has been low for a few years now.Which of the following terms, according to the Boston Consulting Group (BCG)portfolio analysis, can be used to refer to Cranco Inc., the brand that has the highest market share in this industry? A)Question mark B)Star C)Dog D)Champion E)Cash cow

MM Manufacturing is a small-scale firm that manufactures optical cables.The firm's market share is significantly lower than most other players in the market.However, optical cable manufacturing is a high-growth market.Hence, the management of the company has decided to allocate more resources for the production of cables.According to the Boston Consulting Group (BCG)matrix, the company's offering is a: A)star. B)dog. C)cash cow. D)question mark. E)champion.

Which of the following terms is used in the Boston Consulting Group (BCG)product portfolio analysis to refer to a product that has low market share in a market characterized by high growth? A)Champion B)Star C)Question mark D)Dog E)Cash cow

In the Boston Consulting Group (BCG)portfolio analysis, products that are in low-growth markets could be called: A)Stars or question marks B)Question marks or dogs C)Cash cows or dogs D)Stars or cash cows E)Cash cows or question marks

In the context of the Boston Consulting Group (BCG)analysis, a firm whose product is a dog should: A)invest significant resources to improve production. B)launch an intense media campaign to promote the product. C)phase out the product and concentrate on other strategic business units. D)start a new production facility for the product. E)use its extra resources to sustain the product.

Happy Puppy Inc., a manufacturer of toys, makes a wide variety of toys including board games, action figures, stuffed toys, and model airplanes.Since the market for board games is a low-growth market, the company decides to draw back its products in this market.In the context of the Boston Consulting Group (BCG)analysis, the company's offering of board games is a: A)star. B)dog. C)cash cow. D)question mark. E)slacker.

In the context of the Boston Consulting Group (BCG)portfolio analysis, which of the following is a similarity between the products represented by a star and a question mark? A)Both serve high growth-rate markets. B)Both have a significant market share in their respective markets. C)Both generate considerable revenue for their respective firms. D)Both have surplus resources remaining after production. E)Both are used to boost the sales of other products.

Which of the following is the marketing strategy that employs an existing marketing mix and focuses a firm's efforts on existing customers? A)Product diversification B)Market diversification C)Market development D)Market penetration E)Product development

A market penetration strategy requires: A)development of a highly innovative product offering. B)entry to a new geographic market. C)lesser marketing efforts. D)reduced spending on advertising. E)intensified distribution efforts in existing markets.

QuSoft Inc., a manufacturer of apparels, introduces bonus points for regular customers.With this offer, regular customers are entitled to faster delivery and exclusive discounts on the company's existing products.In this scenario, the strategy applied by the company is: A)market diversification. B)product development. C)market development. D)market penetration. E)product diversification.

Which of the following is the growth strategy that employs an existing marketing offering to reach new market segments? A)Market development B)Product development C)Diversification strategy D)Market penetration E)Product intensification

Adams Industries Inc.is a firm that manufactures and markets kitchen appliances in the northern part of Belvier.As part of its expansion program, the company decides to introduce its existing range of products in the southern parts of Belvier.In this scenario, the strategy applied by the company is: A)product diversification. B)market development. C)market penetration. D)product development. E)product intensification.

Which of the following is the best example of applying a market development strategy? A)G&T Leather Inc.introduces its existing offering in a different market. B)Robert Technologies Inc.introduces a new product based on a modern technology. C)Apparo Retail Inc.announces a discount sale to increase its revenue. D)RSB Bank intensifies its advertising campaign to attract customers. E)Morko Chemicals Inc.invents a new vaccine and sells it around the globe.

Which of the following statements is true of the market development strategy? A)It requires the creation of a new product. B)It focuses on segments that are not currently served by a firm. C)It primarily focuses on developing innovative offerings. D)It requires products to be maintained at high prices. E)It employs rewards programs and improved store atmospherics.

Roltech Limited is a telecom company that operates GSM networks in six countries.Roltech's top managers identify that the company's growth has been idle for a few years and decide to take these steps to promote growth: (1)Increase the spending on advertising and intensify promotional activities.(2)Open telecom companies in more countries.(3)Introduce special tariffs to attract more customers from existing markets.Which of the following strategies have Roltech's top managers decided to adopt? A)Intensification and diversification B)Product development and diversification C)Market penetration and market development D)Product intensification and product development E)Segmentation and market diversification

Paramount Electronics Inc.manufactures electronic measuring tools.The company invents a new type of multimeter, an electronic measuring instrument, and introduces the product to its current customers.Which of the following strategies does Paramount employ in this scenario? A)Product development B)Market development C)Diversification D)Market penetration E)Product intensification

Lava Scooters Inc.manufactures electric scooters with young women as its target customers.The company manufactures vehicles that have engine displacement ranging from 50 to 100 cubic centimetres.Of late, many customers have been preferring scooters that are more powerful.To satisfy such customers, the company introduces a powerful bike that has 200-cubic centimetres engine displacement.In this scenario, Lava Scooters uses the strategy of: A)market development. B)product development. C)market penetration. D)diversification. E)market intensification.

Dorbo Inc.a manufacturer of microprocessors, is known for innovation and holds more than 300 patents.The company invents a microprocessor based on nanotechnology and introduces it to its current customers.Which strategy does Dorbo use in this scenario? A)Customer intensification B)Diversification C)Product development D)Market penetration E)Market development

The growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve is called: A)diversification. B)market development. C)market penetration. D)intensification. E)product development.

Which of the following is a key difference between a market development strategy and a diversification strategy? A)Diversification offers products in a new market, whereas market development involves offering a product in the existing market. B)Diversification occurs when a new product is offered in an existing market, whereas market development takes place when an existing product is offered in a new market. C)Diversification involves the development of a new product, whereas market development uses an existing product. D)Diversification involves low levels of risk, whereas market development is characterized by high levels of risk. E)Diversification involves offering a product in the existing market, whereas market development offers products in a new market.

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

RON Inc.is a company that manufactures home appliances.The company has established a wide retail network to sell its products.As part of its growth strategy, the company launches a new subsidiary that manufactures office furniture.This division is expected to attract a new range of customers.In this scenario, the company applies the strategy of: A)market development. B)diversification. C)market penetration. D)intensification. E)product development.

Which of the following overarching strategies are evident from the available description of Surge Manufacturing? A)Operational excellence and product excellence B)Locational excellence and customer excellence C)Customer excellence and positional excellence D)Locational excellence and positional excellence E)Positional excellence and customer excellence

Surge Manufacturing sells its products by using a wide variety of channels, including the Internet.This gives the firm: A)product excellence. B)customer excellence. C)operational excellence. D)procedural excellence. E)locational excellence.

Which of the following observations, if made by the external agency, will indicate the company's strength? A)The market potential for packaged goods is high in the United States. B)Economic slowdowns do not have a significant impact in the wholesale food industry. C)The company has exclusive market reach in the packaged food industry. D)One of Arpin Stores' major competitors has recently gone bankrupt. E)The U.S Congress recently passed a bill to subsidize wholesale food manufacturers.

Which of the following observations, if made by the external agency, will indicate the company's weakness? A)The company incurs high transportation costs as its manufacturing facility is at a remote place. B)The wholesale food industry has seen an influx of new players in recent times. C)An economic downturn has increased people's liking for organic products. D)A food poisoning disaster that occurred recently has lowered people's preference for packaged foods. E)The government has imposed a new tax on packaged food industry.

Which of the following observations, if made by the external agency, will present the company with an opportunity? A)The company has exclusive market reach in the packaged food industry. B)One of Arpin Stores' major competitors has recently gone bankrupt. C)The company owns the largest food manufacturing facility in the United States. D)The company owns many brands that are well known in the United States. E)Arpin Stores has a stronger marketing department compared to its competitors.

Which of the following observations, if made by the external agency, will indicate that the company is facing a threat? A)The company incurs high transportation costs as its manufacturing facility is at a remote place. B)One of Arpin Stores' major competitors has recently gone bankrupt. C)Many of the company's employees lack interpersonal skills. D)A recent regulation has increased the tax rates for packaged food products. E)Arpin Stores has a weaker marketing department compared to its competitors.

According to the Boston Consulting Group (BCG)matrix, Indigo is called a: A)question mark. B)cash cow. C)star. D)dog. E)champion.

According to the Boston Consulting Group (BCG)matrix, Tango is called a: A)cash cow. B)star. C)dog. D)champion. E)question mark.

Which of the following observations about Indigo is likely to be true? A)It will require heavy resource investments to survive in the market. B)It has the opportunity to become a star in the market. C)It will experience rapid growth for a few years. D)It has fewer chances to be profitable for the company in the near future. E)It has already received heavy investments to develop its market share.

Which of the following is a suitable course of action that Capricus Leathers should initiate? A)It should make a heavy resource investment to rescue Tango. B)It should open new production facilities to fuel the growth of Tango. C)It should withdraw both the products and introduce a new brand in the market. D)It should increase the production of both the products to gain more market share. E)It should phase out Tango if it is not needed to complement Indigo.

Which of the following is Lunar Inc.most likely to do as part of its strategy? A)It will declare discounts on its products. B)It will expand its operation to new countries. C)It will start producing laptop accessories. D)It will launch a series of laptops exclusively designed for children. E)It will roll back less successive models of laptops.

Which of the following is Qwerty most likely to do as part of its strategy? A)It will announce bonus points for regular customers. B)It will get celebrities to endorse its product. C)It will start producing laptop accessories. D)It will expand its operation to new countries. E)It will begin a media campaign for marketing its product.

Operational excellence is achieved mostly by producing high-quality products.

Product excellence occurs by having offerings with high perceived value and effective branding and positioning.

Nonprofit organizations don't need to state objectives and form mission statements.

Lack of financial resources is an example of a threat that a company is facing.

A company has access to many proprietary technologies.This is an example of the company's strength.

A company sells its product through the Internet and hence is able to access a wide range of customers.This statement is indicative of the company's strength.

Targeting is the process of selecting a segment to pursue as a market.

Promotion is associated with value creation.

Actual strategic planning is a sequential process.

A product line consists of a group of dissimilar products.

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

Market penetration refers to introducing a new product in a new market.

Market development strategy employs the existing marketing mix and focuses the firm's efforts on existing customers.

Describe the four overarching strategies that focus on aspects of a marketing mix to create and deliver value and to develop sustainable competitive advantages.

Explain how Costco has used the four overarching strategies build a sustainable competitive advantage.

Explain situation analysis.

Compare and contrast strengths and opportunities that apply to businesses.

Conduct a SWOT analysis of your university.

What is a market segment? Describe two market segments for a telecommunication company.

Explain target marketing and provide an example of it.

What is market positioning? Compare market positioning of Starbucks and Tim Horton's.

Briefly explain the final step in the marketing planning process.

List a few financial performance metrics that an organization commonly uses.

Explain portfolio analysis.

Differentiate between relative market share and market growth rate.

As part of a study project, Rachel has to choose a firm and conduct a detailed SWOT analysis.Explain how Rachel will conduct the analysis.

Explain the processes of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits.

Briefly explain the four Ps of marketing.

Discuss the four Ps of marketing for your favourite restaurant.

Explain social responsibility performance metrics and provide one example.Why is it important?

Explain the four major growth strategies that organizations adopt.Provide on example for each strategy.

Describe how your university can use the four major growth strategies.