Product Management Chapter 4 Quiz

__________ is the selection of a target market and the creation of a marketing mix that will satisfy the needs of target-market members.

• Market Plan

• First Mover Advantage

• Late Mover Advantage

• Marketing Strategy

__________ is the process of putting marketing strategies into action

• Marketing Implementation

• SWOT Analysis

• Executive Summary

• Marketing Objective

The ________ analysis assesses an organization’s strengths, weaknesses, opportunities, and threats.

• TOWS

• TWOS

• SWOT

• WOTS

Marketing decision-makers in a firm must constantly monitor competitors' activities-their products, prices, distribution, and promotional efforts-because

• The competitors may be violating the law and can be reported to the authorities

• The actions of competitors may threaten the monopoly position of the firm in its industry

• The actions of competitors may create an oligopoly within an industry

• New product offerings by a competitor with the resulting competitive variations may require adjustments to one or more components of the firm's marketing mix

Diversification strategy is best described as which of the following?

• Existing products in new markets

• Existing products in existing markets

• New products for new markets

• New products for existing markets

The ______________ function of marketing makes the products available in different geographic regions.

• Production.

• Selling.

• Distribution.

• Promotion.

'W' in SWOT stands for

• What do you do well?

• What could you improve?

• What doors are open to you?

• What threats could harm you

With the most effective use of your time and resources, a go-to-market strategy will direct you to the appropriate markets and clients.

• True

• False

A go-to-market plan is a critical document at the heart of sales management.

• True

• False

A go-to-market strategy is comparable to a business plan.

• True

• False

Answer explanation

they are not similar.