Marketing executives may exploit a competitive advantage by __________.
|A)||finding and using what works for their organization and industry and allocating resources effectively|
|B)||always opening more locations than any of their competitors|
|C)||always doing more advertising than any of their competitors|
|D)||always providing the lowest priced product in the industry|
|E)||all of the above are ways to exploit a competitive advantage|
Economists would most likely recommend that marketing managers allocate the firm's marketing resources to the markets and products in which __________.
|A)||the firm has had the most experience|
|B)||an SBU is considered a cash cow|
|C)||there is the greatest current market share and the fastest, growing industry rate|
|D)||the excess of incremental revenues over incremental costs is greatest|
|E)||total revenue equals total cost|
Which of the following pieces of information is used in the third step of the planning phase of the strategic marketing process?
|A)||Corporate return on investment|
|B)||Marketing mix actions|
|C)||Revenues associated with each point of market share|
|D)||Trends in past and current revenues for industry and competitors in total and by segment|
|E)||Possible cannibalization effects on other products in the line|
Marketing plans that cover marketing activities from two to five years into the future are called __________.
|A)||generic marketing strategies|
|B)||long-range strategic plans|
|D)||long-range marketing plans|
Which of the following statements about cost leadership strategy is true?
|A)||Cost leadership strategy requires reducing expenses to lower the price of the items sold in a relatively broad array of market segments|
|B)||Significant investments in capital equipment may be necessary to improve the production or distribution process to give low unit costs|
|C)||The cost leader still must have adequate quality levels|
|D)||Daiso, a Japanese chain of hundred-yen stores worldwide, is able to maintain its low-price, value-for money product strategy by developing its own range of niche products and selling them in large quantities, with over 1,000 new products introduced each month.|
|E)||All of the above statements about cost leadrship strategy are true|
Budget airlines like AirAsia have also been successful in offering low-cost flights to select destinations within Asia. AirAsia uses a(n) __________ strategy.
Assume McDonald's is engaging in a market penetration strategy. Which of the following actions best illustrates a market penetration strategy?
|A)||Opening the first McDonald's in China|
|B)||Developing a line of McDonald's toys to be sold through Toys R Us stores|
|C)||Adding a line of new deli sandwiches to the menu of existing McDonald's stores|
|D)||Running a promotion based on the Monopoly game, whereby customers have a chance to win prizes with each purchase|
|E)||Removing slow-moving products from its menus|
Which marketing strategy involves retaining focus on a single product line but marketing it to new markets?
Which of the following is a potential problem that could occur in the planning phase of a firm's strategic marketing process?
|A)||Plans are based on poor assumptions|
|B)||Planners and their plans may have lost sight of their customers' needs|
|C)||Too much time and effort may have been spent on analysis of data|
|D)||Responsibility for planning and strategy development may be assigned to planners so that line operating managers feel no sense of ownership in implementing plans|
|E)||All of the above are potential problems that could occur in the planning phase of a firm's strategic marketing process.|
Every employee at Banyan Tree, from the porters, receptionists, chambermaids, waiters, and chefs, to the masseurs, beauty consultants, and reflexologists, are briefed regarding the company’s brand message: romance, intimacy, and rejuvenation. This is an example of how __________ can improve the implementation of marketing programs.
|A)||rewarding successful program implementation|
|B)||communicating goals and the means of achieving them|
|C)||fostering open communication to surface problems|
|D)||focusing on market diversification strategies|
|E)||having accomplished all the above|
Which statement best reflects the advice given by management experts regarding the tendency to excessively analyze a problem?
|A)||Don't put a product on the market until it's perfect|
|B)||Try a "do it, fix it, try it", approach|
|C)||If a problem arises, assemble a committee of the appropriate people to solve it|
|D)||Better to ask forgiveness than permission|
|E)||Avoid the NIH syndrome|
__________ show the relationships through time of the various program tasks.
|A)||Product-market strategic assignments|
|C)||Sales response functions|
Effective teams may make use of a __________ to be sure that their class projects are finished efficiently and on time.
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)||distinguish tasks that must be done sequentially from those which can be done concurrently|
|E)||assign responsibility for end results to the entire group rather than a single individual|
Which of the following is NOT a divisional grouping used by marketing managers to implement plans and achieve their organizational objectives?
|B)||Marketing channel grouping|
|C)||Product line grouping|
Within DuPont's textile fiber department, there is a separate product manager for rayon, acetate, orlon, nylon and Dacron. The product manager for DuPont nylon would be responsible for __________.
|A)||making long-range plans for nylon|
|B)||maintaining the divisional mission statement|
|C)||modifying DuPont's organizational structure|
|D)||creating static marketing objectives|
|E)||doing all of the above|
Many large, packaged goods marketers like Procter & Gamble, Kraft and Pillsbury have used the product manager (or brand manager) system of marketing organization and implementation. Which of the following is the key advantage of this system?
|A)||Product managers have major responsibilities and relatively little authority|
|B)||Product managers are short-term in their orientation|
|C)||Product managers can assume profit-and-loss responsibility for the performance of the product line|
|D)||Product managers have direct responsibility for research and development of new products|
|E)||Product managers have line responsibility over sales managers|
Three commonly used methods of evaluating marketing programs are __________.
|A)||sales analysis, marginal analysis and cost analysis|
|B)||sales analysis, profitability analysis and marketing audits|
|C)||marketing ROI, metrics and dashboards|
|D)||sales audits, cost audits and marketing audits|
|E)||internal audits, external audits and marketing control boards|
Profitability analysis is a tool for controlling __________ using the profit attributable to the firm’s products, customer groups, sales territories, channels of distribution, and promotions.
Which of the following is a possible business decision that could result from profitability analysis?
|A)||Expand specific products|
|B)||Maintain specific products|
|C)||Eliminate specific customer groups|
|E)||All of the above|