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Multiple Choice Quiz
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Supply chain efficiency, a strong brand name, and customer satisfaction are likely to be sources of a:
A)strategic plan.
B)sustainable competitive advantage.
C)macro strategy.
D)marketing plan.
E)SWOT analysis.
There are four overarching or macro strategies that focus on aspects of the marketing mix to create and deliver value. Which of the following is NOT one of these overarching strategies?
A)Customer excellence
B)Locational excellence
C)Financial excellence
D)Product excellence
E)Operational excellence
Although competitors can copy or match the goods and services a firm offers, the firm can still develop a sustainable competitive advantage through ______________ if its products have high perceived value and effective branding or positioning.
A)competitive intelligence
C)strategic pricing
D)product excellence
E)operational excellence
A document that analyzes the current marketing situation, opportunities and threats for the firm, marketing objectives in terms of the four Ps, action plans, and pro forma financial statements is known as a(n):
A)positioning statement.
B)unique selling proposition.
C)situational analysis.
D)annual report.
E)marketing plan.
Of the five steps to the strategic marketing planning process, which step usually comes first?
A)Evaluate performance
B)Define the business mission
C)Analyze the situation
D)Identify and evaluate opportunities
E)Implement the marketing mix
A SWOT analysis is part of a firm's situation audit. SWOT is an acronym for:
A)strategies, work, operations, and threats.
B)strengths, weaknesses, organization, and timeliness.
C)sustainable competitive advantage, worth, opportunities, and thoughts.
D)strengths, weaknesses, opportunities, and threats.
E)strategies, willingness, order, and timeliness.
Steve has been working his way through the five steps in the development of the marketing plan. He has examined the firm's business mission and objectives and developed a SWOT analysis in some detail. Before he can implement the marketing mix, he must begin identifying market segments that his company could pursue. In target marketing, Steve will:
A)evaluate each potential segment's attractiveness.
B)predict competitive reactions.
C)choose one of the four macro strategies.
D)incorporate results from test marketing.
E)determine the preferences of senior management.
When marketers execute pricing, promotion, place and product strategies, they are in the ___________________ phase of marketing planning.
B)marketing mix
The idea of _________________ requires firms to charge a price that captures the value customers perceive they are receiving, which can be difficult to determine.
A)one to one marketing
B)personalized pricing
C)value-based pricing
D)performance-based metrics
E)extreme value segmentation
Kathy has been assigned the task of assembling information to monitor whether the plans that were implemented are achieving what they are supposed to. She will look at both performance and financial measures. She will use a series of _____________, which are measuring systems that quantify a trend, dynamic, or characteristic.
A)economic indicators
C)quantification criteria
D)implementation yardsticks
E)feedback loops
Brian heard his unit described as a cash cow. At first, he wasn't sure he liked that, but felt better about it when he learned it meant that:
A)this was the business version of a sacred cow, and the rest of the firm has an obligation to honor what he and his colleagues do.
B)they have excess resources that can be spun off to other business units that need it.
C)the products have low market share but are in high-growth markets.
D)the products are in a low-growth market, but have low market share to reduce risk.
E)the products are in both high-growth markets and have high market share.
Which of the following is one of the four major growth strategies marketers typically pursue?
A)Dynamic market segmentation
B)Merger and acquisition
C)Customer evaluation and retention
D)Market development
E)Vertical integration
Diversification is one of the four major growth strategies. Which of the following is NOT true about this strategy?
A)The firm introduces a new product to a current market segment.
B)Diversification opportunities may be either related or unrelated.
C)Unrelated diversifications do not capitalize on core strengths or products and are very risky.
D)In some situations, depending on how the product and market are defined, diversification could instead be market penetration, market development or product development.
E)Diversification will be less risky if the firm is able to use existing vendors, the same distribution network, and/or the same management information system.

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