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| 1 | |
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 |
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| 2 | |
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 |
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| 3 | |
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 |
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| 4 | |
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 |
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| 5 | |
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 |
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| 6 | |
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 |
| | C) | differentiation |
| | D) | revenue leadership |
| | E) | profit enhancement |
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| 7 | |
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 |
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| 8 | |
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 |
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| 9 | |
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. |
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| 10 | |
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 |
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| 11 | |
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 |
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| 12 | |
__________ 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 |
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| 13 | |
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 |
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| 14 | |
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 |
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| 15 | |
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 |
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| 16 | |
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 |
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| 17 | |
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 |
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| 18 | |
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 |
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| 19 | |
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 |
| | E) | refunds |
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| 20 | |
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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