Question 1

Which of the following is NOT a characteristic of marketing audit?

Accepted Answer

A)   It is a comprehensive process.
B)   It is a systematic process.
C)   It is an objective process.
D)   It is an infrequent process.E) None of the above
F) All of the above

Question 2

Which of the following actions is primarily associated with a niche strategy?

Accepted Answer

A)   Choosing a target market that is not crucial to the success of major competitors
B)   Manufacturing products in bulk and targeting average customers
C)   Selling products without extra frills or options
D)   Creating cross-departmental teams across all strategic business unitsE) C) and D)
F) B) and C)

Question 3

Which of the following encompasses the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets?

Accepted Answer

A)   Marketing strategy
B)   Marketing objective
C)   Marketing mix
D)   Market opportunity analysisE) A) and B)
F) All of the above

Question 4

According to Ansoff's strategic opportunity matrix,both product development and diversification entail the creation of new products.

Accepted Answer

A) True 
 B)False

Question 5

Marketers at Libra Electronics Inc.are developing promotional strategies to increase product sales.In this case,which of the following strategies would its marketers likely use to improve product/brand awareness among the public?

Accepted Answer

A)   They would limit the products' availability to a few retail stores in the city.
B)   They would raise the prices of the products to signify high quality.
C)   They would reduce product features or options.
D)   They would print pamphlets that elaborate the products' features.E) All of the above
F) A) and B)

Question 6

Addoso Inc.manufactures electronic gadgets.The marketing managers at Addoso have found that a new competitor is gaining more customers.In the context of SWOT analysis,which of the following actions should be prioritized by Addoso's marketing managers?

Accepted Answer

A)   They must analyze aspects of its marketing environment.
B)   They must focus on organizational resources.
C)   They should ignore macroenvironmental forces.
D)   They should focus on lowering product prices.E) All of the above
F) None of the above

Question 7

The collection and interpretation of data about forces,events,and relationships in the external environment that may affect the organization's future or its marketing plan implementation is called:

Accepted Answer

A)   SWOT analysis.
B)   environmental scanning.
C)   competitive advantage.
D)   cost competitive advantage.E) B) and C)
F) C) and D)

Question 8

Identify which statement correctly describes the effect price has in the marketing mix.

Accepted Answer

A)   It does not affect a firm's competitive advantage.
B)   It is the least important of the four Ps of the marketing mix.
C)   It is what a buyer must give up to obtain a product.
D)   It is the hardest to change among the four Ps of the marketing mix.E) A) and D)
F) None of the above

Question 9

One component of promotion within the context of a marketing mix includes ________.

Accepted Answer

A)   public relations activities
B)   pricing strategies
C)   after-purchase services
D)   storage and transportation of finished productsE) B) and C)
F) A) and D)

Question 10

Varion Air,an airline company,is providing a promotional offer to mark its first anniversary.Customers will receive a complimentary ticket upon purchase of three business class tickets.In this case,which of the following is a likely outcome of its promotional strategy?

Accepted Answer

A)   It will satisfy the customers and not the management of Varion Air.
B)   It may be ineffective because the role of promotion in the marketing mix does not apply to services.
C)   It may increase the sales of Varion Air.
D)   This particular promotion will work independently of the other three elements of the marketing mix.E) A) and C)
F) None of the above

Question 11

Critics of Ansoff's matrix mention that the matrix does not:

Accepted Answer

A)   provide firms with different marketing strategies.
B)   reflect the reality of how businesses grow.
C)   indicate which types of markets can be created or entered given a company's core capabilities.
D)   outline clear-cut sectors for businesses.E) All of the above
F) None of the above

Question 12

A marketing mix typically involves:

Accepted Answer

A)   distribution strategies.
B)   divestiture strategies.
C)   restrictive covenants.
D)   federal regulations.E) B) and D)
F) A) and D)

Question 13

If an organization has an SBU that it believes has the potential to be a star,the best allocation of future resources would be to _________ that SBU.

Accepted Answer

A)   build
B)   harvest
C)   divest
D)   holdE) None of the above
F) B) and C)

Question 14

According to Ansoff's strategic opportunity matrix,unlike market development,product development:

Accepted Answer

A)   focuses on attracting present customers to existing products.
B)   involves creating new products for present markets.
C)   involves entering new markets as competitors.
D)   focuses on using existing assets to provide added convenience to existing customers.E) A) and B)
F) None of the above

Question 15

A statement of what is to be accomplished through marketing activities is called __________.

Accepted Answer

A)   the marketing mix
B)   a marketing objective
C)   market opportunity analysis
D)   a competitive advantageE) B) and C)
F) C) and D)

Question 16

Delat Corp.is a large corporation that offers several product lines.On the company's website,the following text is highlighted: "The aim of our business is to achieve profitability by offering our customers high-quality products that are manufactured in a cost-effective manner.Our goal is to provide value to our customers,serve the community,and preserve the environment." This text is most likely to be Delat Corp.'s __________________.

Accepted Answer

A)   article of incorporation
B)   statement of qualification
C)   scenario planning
D)   mission statementE) A) and B)
F) A) and C)

Question 17

Adjacent innovation involves decisions that result in brand-new markets,products,and often new businesses by acquiring new assets to develop the type of breakthrough decisions that fall in this category.

Accepted Answer

A) True 
 B)False

Question 18

In the context of SWOT analysis,which of the following can be considered a strength of an organization?

Accepted Answer

A)   Imitable products and services
B)   A new unserved market
C)   A superior production technology
D)   Increased taxes on productsE) C) and D)
F) B) and C)

Question 19

In the context of the innovation matrix,decisions taken at the _____ level implement changes that use existing assets to provide added convenience to existing customers and potentially entice customers from other brands.

Accepted Answer

A)   divestment
B)   diversification
C)   adjacent innovation
D)   core innovationE) A) and D)
F) B) and C)

Question 20

SharpSheets is a paper manufacturing company that sells products made of recycled materials.Because no other paper manufacturing company in the market has the ability to replicate its products,it can be said that SharpSheets has a competitive advantage.

Accepted Answer

A) True 
 B)False

Exam 2: Strategic Planning and Competitive Advantage

Adjacent innovation involves decisions that result in brand-new markets,products,and often new businesses by acquiring new assets to develop the type of breakthrough decisions that fall in this category.

Correct Answer
verified

Critics of Ansoff's matrix mention that the matrix does not:

Correct Answer
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Correct Answer
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In the context of SWOT analysis,which of the following can be considered a strength of an organization?

Correct Answer
verified

The collection and interpretation of data about forces,events,and relationships in the external environment that may affect the organization's future or its marketing plan implementation is called:

Correct Answer
verified

Varion Air,an airline company,is providing a promotional offer to mark its first anniversary.Customers will receive a complimentary ticket upon purchase of three business class tickets.In this case,which of the following is a likely outcome of its promotional strategy?

Correct Answer
verified

Marketers at Libra Electronics Inc.are developing promotional strategies to increase product sales.In this case,which of the following strategies would its marketers likely use to improve product/brand awareness among the public?

Correct Answer
verified

A marketing mix typically involves:

Correct Answer
verified

According to Ansoff's strategic opportunity matrix,both product development and diversification entail the creation of new products.

Correct Answer
verified

One component of promotion within the context of a marketing mix includes ________.

Correct Answer
verified

SharpSheets is a paper manufacturing company that sells products made of recycled materials.Because no other paper manufacturing company in the market has the ability to replicate its products,it can be said that SharpSheets has a competitive advantage.

Correct Answer
verified

Addoso Inc.manufactures electronic gadgets.The marketing managers at Addoso have found that a new competitor is gaining more customers.In the context of SWOT analysis,which of the following actions should be prioritized by Addoso's marketing managers?

Correct Answer
verified

If an organization has an SBU that it believes has the potential to be a star,the best allocation of future resources would be to _________ that SBU.

Correct Answer
verified

A statement of what is to be accomplished through marketing activities is called __________.

Correct Answer
verified

In the context of the innovation matrix,decisions taken at the _____ level implement changes that use existing assets to provide added convenience to existing customers and potentially entice customers from other brands.

Correct Answer
verified

Which of the following actions is primarily associated with a niche strategy?

Correct Answer
verified

According to Ansoff's strategic opportunity matrix,unlike market development,product development:

Correct Answer
verified

Identify which statement correctly describes the effect price has in the marketing mix.

Correct Answer
verified

Which of the following encompasses the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets?

Correct Answer
verified

Which of the following is NOT a characteristic of marketing audit?

Correct Answer
verified

Exam 2: Strategic Planning and Competitive Advantage

Adjacent innovation involves decisions that result in brand-new markets,products,and often new businesses by acquiring new assets to develop the type of breakthrough decisions that fall in this category.

Correct AnswerverifiedShow Answer

Critics of Ansoff's matrix mention that the matrix does not:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

In the context of SWOT analysis,which of the following can be considered a strength of an organization?

Correct AnswerverifiedShow Answer

The collection and interpretation of data about forces,events,and relationships in the external environment that may affect the organization's future or its marketing plan implementation is called:

Correct AnswerverifiedShow Answer

Varion Air,an airline company,is providing a promotional offer to mark its first anniversary.Customers will receive a complimentary ticket upon purchase of three business class tickets.In this case,which of the following is a likely outcome of its promotional strategy?

Correct AnswerverifiedShow Answer

Marketers at Libra Electronics Inc.are developing promotional strategies to increase product sales.In this case,which of the following strategies would its marketers likely use to improve product/brand awareness among the public?

Correct AnswerverifiedShow Answer

A marketing mix typically involves:

Correct AnswerverifiedShow Answer

According to Ansoff's strategic opportunity matrix,both product development and diversification entail the creation of new products.

Correct AnswerverifiedShow Answer

One component of promotion within the context of a marketing mix includes ________.

Correct AnswerverifiedShow Answer

SharpSheets is a paper manufacturing company that sells products made of recycled materials.Because no other paper manufacturing company in the market has the ability to replicate its products,it can be said that SharpSheets has a competitive advantage.

Correct AnswerverifiedShow Answer

Addoso Inc.manufactures electronic gadgets.The marketing managers at Addoso have found that a new competitor is gaining more customers.In the context of SWOT analysis,which of the following actions should be prioritized by Addoso's marketing managers?

Correct AnswerverifiedShow Answer

If an organization has an SBU that it believes has the potential to be a star,the best allocation of future resources would be to _________ that SBU.

Correct AnswerverifiedShow Answer

A statement of what is to be accomplished through marketing activities is called __________.

Correct AnswerverifiedShow Answer

In the context of the innovation matrix,decisions taken at the _____ level implement changes that use existing assets to provide added convenience to existing customers and potentially entice customers from other brands.

Correct AnswerverifiedShow Answer

Which of the following actions is primarily associated with a niche strategy?

Correct AnswerverifiedShow Answer

According to Ansoff's strategic opportunity matrix,unlike market development,product development:

Correct AnswerverifiedShow Answer

Identify which statement correctly describes the effect price has in the marketing mix.

Correct AnswerverifiedShow Answer

Which of the following encompasses the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets?

Correct AnswerverifiedShow Answer

Which of the following is NOT a characteristic of marketing audit?

Correct AnswerverifiedShow Answer

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