WorksheetsMarketing 2 Quiz Review
Total questions: 34
Worksheet time: 17mins
Which statement best describes the most significant difference between a for-profit organization or a business firm and a nonprofit organization?
Business firms earn a profit each year while nonprofits operate at a deficit annually.
Nonprofit organizations do not carry on economic activities while business firms do.
Nonprofit organizations are concerned with social issues and business firms are not.
Both serve customers, but business firms seek a profit while nonprofit organizations do not.
Nonprofit organizations are publicly owned and business firms are privately owned.
Cree, Inc. markets LED (light-emitting diode) bulbs, selling them for a profit. A Cree LED bulb replaces the traditional incandescent bulb, consuming 85 percent less energy and lasting for 25,000 hours. Cree is an example of a(n)
cooperative.
industry.
nonprofit organization.
business firm.
government agency.
______ can use a variety of organizational models to address social needs that inspire passion, including health care delivery, the cost of higher education, and agricultural efficiency.
Corporate welfare
Social entrepreneurs
Sustainable development
Cause marketing
Societal capitalism
Which of these statements about strategy is most accurate?
An organization can be all things to all people because it has access to all the resources it needs to discover and satisfy the needs and wants of its target markets.
The marketing department helps to both set an organization’s direction and move it there.
The American Marketing Association (AMA) recently has established the definition of strategy.
Strategy is an organization’s short-term course of action designed to deliver a specific customer experience while achieving its internal standards.
Only start-up organizations must develop strategies to help them raise capital as well as focus and direct their efforts to accomplish their goals.
Large organizations are extremely complex, and usually consist of organizational levels overseen by a board of directors.
three
five
seven or more
Overseeing strategic marketing efforts at the corporate level would most likely be the responsibility of the
CEO.
CMO.
CPM.
CPO.
COO.
Which statement regarding an organization’s strategic business unit level is most accurate?
The strategic business unit level is the level that works most directly with an organization’s targeted customers.
The overall strategy for the organization is directed at the strategic business unit level.
In the most complex organizations, the corporate level and the strategic business unit level may merge.
More end-user analysis is provided at the strategic business unit level than at the functional level.
The strategic direction is more specific at the strategic business unit level than at the corporate level.
Which statement is most likely to be heard at the functional level of an organization?
A) "We need to divest our Canadian operations that are performing poorly."
B) "How large a budget can we allot to the marketing department?"
C) "We plan to implement an Instagram advertising initiative within 30 days."
D) "We should hire the most culturally diverse cross-functional team possible in order to generate the best new-product ideas."
E) "What dividends should we pay stockholders next quarter?"
IBM regularly creates what it calls global action teams, which take people from functional groups and bring them together to work on large client projects. These global action teams are a type of
innovation group.
business consortium.
tactical group.
SWOT team.
cross-functional team.
In general, a visionary organization asks which three types of questions to specify its foundation, set a direction, and formulate strategies?
why, when, where
what, by whom, how
how, when, where
why, what, how
who, why, when
Which key element must be specified by a visionary organization?
exceed financial goals
set a direction
establish detailed marketing tactics
assign job responsibilities
establish an organizational chart
The philosophical reason for an organization’s existence is referred to as its organizational
strategy.
direction.
foundation.
goal.
business.
An organization’s foundation includes which element?
mission
business definition
goals
strategic levels
offerings
A firm's ______ are timeless, capturing its heart and soul, and serve to inspire and motivate its stakeholders.
core values
strategic goals
offerings
corporate strategies
corporate ethics
An organization’s core values are most effective when communicated to and supported by
competitors.
top management and employees.
suppliers.
resellers.
government regulators.
Seeking to obtain as high a financial return on their investments (ROI) as possible, firms will often set ______ goals.
sales
quality
market share
profit
employee welfare
Suppose L.L. Bean, a catalog retailer, has set a goal to reduce merchandise returns by 20 percent for the holiday season. The firm would most likely have set a(n) ______ goal.
profit
customer satisfaction
market share
employee welfare
social responsibility
A marketing plan is developed during which phase of the strategic marketing process?
implementation
control
development
planning
evaluation
Which statement regarding a marketing dashboard is most accurate?
The more text (words) that is displayed, the better it is for a marketing manager to identify trends, interpret the data, and take corrective actions.
A marketing dashboard very often includes 20 or more marketing metrics on the computer screen.
Marketing dashboards provide graphic displays of a product’s performance, such as sales, website traffic, etc.
For accuracy, the marketing dashboard should be updated weekly.
Marketing dashboards often show key measures such as human resource turnover, strategy success, and societal well-being.
The primary purpose of a marketing metric is to
assign qualitative values to quantitative data.
allow the sharing of information across product lines.
measure the quantitative value of a marketing activity.
forecast potential product/service opportunities over a period of five years.
provide a numerically precise measurement of management judgment for an industry’s growth.
Designing a car is expensive and time-consuming even with the use of computers because of the difficulty of getting all the varied departments to work together. Mercedes-Benz created a unique centralized web-based system that cuts the design and production process by at least two years, thus providing customer value. This is an example of a(n)
point of similarity.
innovation-oriented mission.
action program.
operational goal implementation.
competency.
WW International, formerly Weight Watchers, is a weight-management company with operations in about 30 countries. Consumers buy almost $5 billion of Weight Watchers-branded products each year, and every week approximately 1.3 million people attend Weight Watchers meetings. The company’s brand recognition and meeting infrastructure are difficult for competitors to match, providing a
viable mission.
competitive advantage.
tactical innovation.
core benefit.
sales orientation.
The purpose of business portfolio analysis is to
add or delete product line and brand extensions.
search for growth opportunities from among current and new markets as well as current and new products.
alter a product’s characteristic, such as its quality, performance, or appearance, to increase its value to customers and increase sales.
determine which strategic business unit or offering generates cash and which one requires cash to fund the organization’s growth opportunities.
seek opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.
Several years ago, Black & Decker purchased General Electric’s small appliances product line. Black & Decker purchased the line because it needed the cash generated from a product line that had a dominant market share in the slow-growth small appliance industry. GE’s small appliances product line is most likely a _______ for Black & Decker.
dog
cash cow
question mark
camel
star
In Figure 2-4, a representation of the BCG business portfolio analysis, SBUs found in quadrant A would be called
cash cows.
question marks.
dogs.
hedgehogs.
stars.
If Ben & Jerry’s starts selling its super premium ice cream in Brazil for the first time, it will be using a strategy.
product development
diversification
market penetration
Which two marketing strategies would be used if a firm were not willing to find new markets?
product development and market penetration
product development and diversification
market development and product development
market development and market penetration
market development and diversification
Market segmentation is a part of what step in the strategic marketing process?
situation analysis
market-product focus, customer value proposition, and goals
marketing program
implementation
evaluation
Michelin’s ______ can be summed up as “providing safety-conscious parents greater security in tires at a premium price.”
customer value proposition
protocol
mission statement
core values
marketing program
What are the three steps involved in the planning phase of the strategic marketing process?
Step 1: situation (SWOT) analysis; Step 2: market-product focus, customer value proposition, and goals; and Step 3: the marketing program
Step 1: analysis; Step 2: planning; and Step 3: implementation
Step 1: set market and product goals; Step 2: select target markets and find points of difference; and Step 3: position the product
Step 1: identify industry trends; Step 2: analyze competitors; and Step 3: assess own organization
Step 1: Why do we exist?; Step 2: What will we do?; and Step 3: How will we do it?
In the 1980s, a lapse in production quality and an increase in Japanese imports drove the Harley-Davidson motorcycle company to the brink of bankruptcy. The company’s super-heavyweight market share had shrunk from over 40 percent in the mid-1970s to 23 percent in 1983. But by 1989, Harley-Davidson controlled some 65 percent of this market segment. From a marketing perspective, what was the most likely first step in Harley-Davidson’s resurgence?
developing a new mission statement
repositioning its products in the minds of super heavyweight motorcycle buyers
performing a SWOT analysis to assess the firm’s internal and external environments
selling new models of super heavyweight motorcycles in both the United States (current) and foreign (new) markets
improving the quality of its products and communicating this to motorcycle buyers
The key to all scheduling techniques is to
avoid scheduling tasks that can be done concurrently.
avoid tasks that must be done sequentially.
make sure to allow a 20 percent delay factor to account for contingencies.
assign responsibility for end results to the entire group rather than a single individual.
distinguish tasks that must be done sequentially from those that can be done concurrently.
Identify the four components of the implementation phase of the strategic marketing process.
Obtaining resources, designing the marketing organization, developing schedules, executing the marketing program
Setting objectives, analyzing competitors, developing products, launching campaigns
Conducting market research, segmenting the market, pricing products, evaluating results
Creating advertisements, selecting media, training staff, measuring customer satisfaction
A Gantt chart is:
a type of bar chart used to illustrate a project schedule
a pie chart used to show market share
a line graph used to track stock prices
a scatter plot used for statistical analysis
