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Multiple Choice Quiz
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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
C)marketing strategies
D)long-range marketing plans
E)marketing tactics
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.
A)differentiation focus
B)cost focus
D)revenue leadership
E)profit enhancement
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?
A)Full coverage
B)Market specialization
C)Product specialization
D)Selective specialization
E)Market-product concentration
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
B)Job analyses
C)Sales response functions
D)Value analyses
E)Program schedules
Effective teams may make use of a __________ to be sure that their class projects are finished efficiently and on time.
A)Grant chart
B)Glass schedule
C)Gantt chart
D)priority schedule
E)outcome chart
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?
A)Geographical grouping
B)Marketing channel grouping
C)Product line grouping
D)Market-based grouping
E)Functional 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.
A)sampling giveaways
B)coupons distribution
C)continuity programs
D)marketing programs
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
D)Reduce channels
E)All of the above

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