Question 1

second phase of the strategic marketing process is the __________.

Accepted Answer

A)   tactics phase
B)   strategic phase
C)   planning phase
D)   implementation phase
E)   evaluation phaseF) C) and E)
G) A) and C)

Question 2

business refers to

Accepted Answer

A)   the daily operational decisions that must be implemented for an organization to remain viable.
B)   exchange transactions between seller and buyer in order for the seller to make sales and earn profits.
C)   the clear, broad, underlying industry or market sector of an organization's offering.
D)   an organization that develops an offering.
E)   the objectives of a firm and the strategies and tactics that will allow it to achieve them.F) A) and B)
G) B) and D)

Question 3

strategies an organization develops to provide value to the customers it serves is called a(n)

Accepted Answer

A)   mission statement.
B)   objective goal.
C)   vision statement.
D)   business model.
E)   protocol.F) B) and D)
G) A) and E)

Question 4

the northern tip of Goose Island in the Chicago River sits the William Wrigley Jr.Company's Global Innovation Center.Here,Wrigley creates new products using a joint effort by some 250 full-time food scientists,researchers,and marketers.The people who work in this center are most likely members of

Accepted Answer

A)   innovation squads.
B)   a business consortium.
C)   multiple strategic directional teams.
D)   strategic evaluation teams.
E)   cross-functional teams.F) A) and C)
G) B) and D)

Question 5

marketing strategy to sell current products to new markets is referred to as __________.

Accepted Answer

A)   market penetration
B)   market infiltration
C)   market development
D)   product development
E)   diversificationF) All of the above
G) A) and B)

Question 6

Strategy refers to

Accepted Answer

A)   an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.
B)   an organization's corporate tactical or action plan.
C)   statements of an accomplishment of a task to be achieved by a certain time.
D)   a statement of the organization's function in society, often identifying its customers, markets, product, and technologies.
E)   a road map for the entire organization for a specified future period of time, such as one or five years.F) C) and D)
G) A) and C)

Question 7

Figure 2-4
-Figure 2-4 shown above,SBUs found in quadrant "D" would be called __________.

Accepted Answer

A)   cash cows
B)   stars
C)   question marks
D)   dogs
E)   hedgehogsF) C) and D)
G) B) and C)

Question 8

David and Cecilia Stanford,owners of Prairie Herb vinegars,decided to offer the product in 5-ounce and 13-ounce sizes.They decided to sell the vinegar only through the mail and to price the smaller bottle at $4.45 and the largest bottle at $13.25.These actions consist of Prairie Herb's marketing

Accepted Answer

A)   tactics.
B)   missions.
C)   visions.
D)   strategies.
E)   customer values.F) B) and D)
G) A) and D)

Question 9

Boston Consulting Group (BCG) business portfolio analysis requires an organization to locate the position for each of its strategic business units (SBUs) on a growth-share matrix.The vertical axis of this matrix indicates

Accepted Answer

A)   the annual rate of growth of the firm's largest competitor.
B)   the relative dollar ($)  market share of the largest competitor.
C)   the annual rate of growth of the SBU's industry.
D)   the relative unit (#)  market share of the largest competitor.
E)   the annual rate of growth of the firm itself.F) A) and B)
G) A) and D)

Question 10

Cross-functional teams refer to

Accepted Answer

A)   members of an organization who have been trained in multiple disciplines so they can easily move from one job to another as needed.
B)   situations where two departments within the same company have opposing views about how a product should be developed and managed.
C)   departments within an organization that carry out multiple functions due to financial constraints within the company.
D)   a small number of people from different departments in an organization who are mutually accountable to accomplish a task or a common set of performance goals.
E)   departments within an organization who manage the same product with distinctly different marketing programs to reach different target markets.F) A) and B)
G) A) and C)

Question 11

organization's foundation includes all of the following EXCEPT:

Accepted Answer

A)   organizational culture.
B)   business definition.
C)   vision.
D)   core values.
E)   mission.F) B) and E)
G) A) and E)

Question 12

Ben & Jerry's Marketing Dashboard (Dollar Market Share) 
-marketing manager for Ben and Jerry's has been provided with a marketing dashboard display shown above.He notices that dollar market share for 2011 was 18.4% and for 2012 it was 20.0%.What simple formula was used to calculate the dollar market share percentages for each of these two years?

Accepted Answer

A)   Dollar market share (%)  = Ben and Jerry's sales ($)  divided by total industry sales ($) .
B)   Dollar market share (%)  = Total industry sales ($)  divided by Ben and Jerry's sales ($) .
C)   Dollar market share (%)  = Total industry sales ($)  divided by Ben and Jerry's unit sales (#) .
D)   Dollar market share (%)  = Total industry sales ($)  divided by Ben and Jerry's net profit ($) .
E)   Dollar market share (%)  = Ben and Jerry's sales ($)  divided by gross domestic product ($) .F) C) and E)
G) A) and B)

Question 13

Which statement best describes the most significant difference between a business firm and a nonprofit organization?

Accepted Answer

A)   Business firms operate with larger budgets than nonprofits.
B)   Nonprofit organizations do not carry on economic activities while business firms do.
C)   Nonprofit organizations are concerned with social issues and business firms are not.
D)   Both serve customers, but business firms seek a profit while nonprofit organizations do not.
E)   Nonprofit organizations are publicly owned and business firms are privately owned.F) All of the above
G) A) and B)

Question 14

keeping with its business mission,Ben & Jerry's has

Accepted Answer

A)   opened new ScoopShop franchises in preexisting, eco-friendly structures in order to save natural resources.
B)   created social entrepreneurship programs to help nonprofit organizations give jobs to at-risk youth.
C)   invested in research to create genetically engineered cows that will produce more hypoallergenic milk.
D)   limited its advertising to nonprint media.
E)   packaged its next line of bulk ice cream in glass containers that not only keep the ice cream colder, but are recyclable as well.F) A) and B)
G) B) and E)

Question 15

Although now a part of Sears,Lands' End was primarily known as a catalog retailer.This means that traditional department stores,mass merchandisers,specialty shops,and other catalog retailers are considered to be Lands' End's

Accepted Answer

A)   competitors.
B)   consideration set.
C)   industry.
D)   target market.
E)   stakeholders.F) C) and D)
G) A) and D)

Question 16

terms "goal" and "objective" are often used interchangeably.However,in both cases,which of the following statements would be most accurate?

Accepted Answer

A)   Goals convert an organization's mission and business into long- and short-term performance targets.
B)   Goals and objectives are actually the detailed day-to-day activities necessary to implement a marketing program.
C)   A company's goals and objectives are often laudable (worthy)  in intent, but unrealistic in practice because they are never accomplished during the specified time period.
D)   Goal-setting only applies to business firms; nonprofit organizations typically do not set goals because they don't earn a profit.
E)   The terms goal and objective are NOT used interchangeably. Goals are philosophical while objectives are performance-based.F) D) and E)
G) A) and B)

Question 17

Figure 2-2
-Figure 2-2 above,"B" represents the "what" element of visionary organization.This is referred to as __________.

Accepted Answer

A)   organizational tactics
B)   organizational mission
C)   organizational foundation
D)   organizational direction
E)   organizational strategiesF) B) and C)
G) A) and B)

Question 18

BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization."Cash cows" are located in which area of the BCG growth-share matrix?

Accepted Answer

A)   upper left quadrant
B)   upper right quadrant
C)   center quadrant
D)   lower right quadrant
E)   lower left quadrantF) D) and E)
G) None of the above

Question 19

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.

Accepted Answer

A)   dog
B)   cash cow
C)   question mark
D)   star
E)   hedgehogF) D) and E)
G) A) and C)

Question 20

organization uses the strategic marketing process to answer all of the following questions EXCEPT:

Accepted Answer

A)   "How do our results compare with our plans?"
B)   "How do we allocate our resources to get where we want to go?"
C)   "Where do we want to go?"
D)   "Do deviations require new plans?"
E)   "How do we convert our plans into actions?"F) None of the above
G) A) and E)

Exam 2: Developing Successful Organizational and Marketing Strategies

second phase of the strategic marketing process is the __________.

Correct Answer
verified

keeping with its business mission,Ben & Jerry's has

Correct Answer
verified

Figure 2-4 -Figure 2-4 shown above,SBUs found in quadrant "D" would be called __________.

Correct Answer
verified

marketing strategy to sell current products to new markets is referred to as __________.

Correct Answer
verified

organization's foundation includes all of the following EXCEPT:

Correct Answer
verified

the northern tip of Goose Island in the Chicago River sits the William Wrigley Jr.Company's Global Innovation Center.Here,Wrigley creates new products using a joint effort by some 250 full-time food scientists,researchers,and marketers.The people who work in this center are most likely members of

Correct Answer
verified

terms "goal" and "objective" are often used interchangeably.However,in both cases,which of the following statements would be most accurate?

Correct Answer
verified

Correct Answer
verified

BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization."Cash cows" are located in which area of the BCG growth-share matrix?

Correct Answer
verified

Cross-functional teams refer to

Correct Answer
verified

strategies an organization develops to provide value to the customers it serves is called a(n)

Correct Answer
verified

business refers to

Correct Answer
verified

Which statement best describes the most significant difference between a business firm and a nonprofit organization?

Correct Answer
verified

Figure 2-2 -Figure 2-2 above,"B" represents the "what" element of visionary organization.This is referred to as __________.

Correct Answer
verified

Although now a part of Sears,Lands' End was primarily known as a catalog retailer.This means that traditional department stores,mass merchandisers,specialty shops,and other catalog retailers are considered to be Lands' End's

Correct Answer
verified

Strategy refers to

Correct Answer
verified

Boston Consulting Group (BCG) business portfolio analysis requires an organization to locate the position for each of its strategic business units (SBUs) on a growth-share matrix.The vertical axis of this matrix indicates

Correct Answer
verified

David and Cecilia Stanford,owners of Prairie Herb vinegars,decided to offer the product in 5-ounce and 13-ounce sizes.They decided to sell the vinegar only through the mail and to price the smaller bottle at $4.45 and the largest bottle at $13.25.These actions consist of Prairie Herb's marketing

Correct Answer
verified

Correct Answer
verified

organization uses the strategic marketing process to answer all of the following questions EXCEPT:

Correct Answer
verified

Exam 2: Developing Successful Organizational and Marketing Strategies

second phase of the strategic marketing process is the __________.

Correct AnswerverifiedShow Answer

keeping with its business mission,Ben & Jerry's has

Correct AnswerverifiedShow Answer

Figure 2-4 -Figure 2-4 shown above,SBUs found in quadrant "D" would be called __________.

Correct AnswerverifiedShow Answer

marketing strategy to sell current products to new markets is referred to as __________.

Correct AnswerverifiedShow Answer

organization's foundation includes all of the following EXCEPT:

Correct AnswerverifiedShow Answer

the northern tip of Goose Island in the Chicago River sits the William Wrigley Jr.Company's Global Innovation Center.Here,Wrigley creates new products using a joint effort by some 250 full-time food scientists,researchers,and marketers.The people who work in this center are most likely members of

Correct AnswerverifiedShow Answer

terms "goal" and "objective" are often used interchangeably.However,in both cases,which of the following statements would be most accurate?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization."Cash cows" are located in which area of the BCG growth-share matrix?

Correct AnswerverifiedShow Answer

Cross-functional teams refer to

Correct AnswerverifiedShow Answer

strategies an organization develops to provide value to the customers it serves is called a(n)

Correct AnswerverifiedShow Answer

business refers to

Correct AnswerverifiedShow Answer

Which statement best describes the most significant difference between a business firm and a nonprofit organization?

Correct AnswerverifiedShow Answer

Figure 2-2 -Figure 2-2 above,"B" represents the "what" element of visionary organization.This is referred to as __________.

Correct AnswerverifiedShow Answer

Although now a part of Sears,Lands' End was primarily known as a catalog retailer.This means that traditional department stores,mass merchandisers,specialty shops,and other catalog retailers are considered to be Lands' End's

Correct AnswerverifiedShow Answer

Strategy refers to

Correct AnswerverifiedShow Answer

Boston Consulting Group (BCG) business portfolio analysis requires an organization to locate the position for each of its strategic business units (SBUs) on a growth-share matrix.The vertical axis of this matrix indicates

Correct AnswerverifiedShow Answer

David and Cecilia Stanford,owners of Prairie Herb vinegars,decided to offer the product in 5-ounce and 13-ounce sizes.They decided to sell the vinegar only through the mail and to price the smaller bottle at $4.45 and the largest bottle at $13.25.These actions consist of Prairie Herb's marketing

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

organization uses the strategic marketing process to answer all of the following questions EXCEPT:

Correct AnswerverifiedShow Answer

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