Mktg Lesson 2 Chapter 2 MCQ

It deals with adapting the firm to take advantage of changing marketing opportunities.
Which of the following is true of strategic planning in a firm?
to give customers the complexion they dream about by providing products suited to their needs
Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements will best suit the company?
defined in terms of satisfying basic customer needs
A company’s mission statement should most likely be ________.
the collection of businesses and products that make up the company
Which of the following best describes a company’s business portfolio?
assesses the attractiveness of an SBU’s market and the strength of its position in the market
Business portfolio analysis is defined as the process in which management ________.
market growth rate
Which of the following criteria provides a measure of market attractiveness in the Boston Consulting Group approach?
high market share in a market with a high growth rate
In the BCG growth-share matrix, stars refer to products or businesses with a ________.
low market share in a market with high growth prospects
In the BCG growth-share matrix, question marks refer to products or businesses with a ________.
cash cows
In the BCG matrix, ________ refer to low-growth, high-share businesses or products.
dogs
In the BCG matrix, ________ are low-share businesses and products in low-growth markets.
Stars often need heavy investment to finance their rapid growth in a market.
Which of the following statements is true in the context of the BCG growth-share matrix?
tries to maximize its short-term cash flow regardless of long-term concerns
When using a harvest strategy for a particular strategic business unit, a company ________.
sells off or phases out the strategic business unit
When a company chooses to divest a particular strategic business unit, it ________.
market penetration
A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________.
market penetration
EcoBean, a chain of cafes, has introduced a Special Shopper Card that allows customers to pay in advance for coffee and snacks. This effort by EcoBean management is most likely an example of ________.
market development
Acme Inc., a manufacturer of construction and mining equipment, is based in Australia. Acme modifies the production processes of its widgets and gadgets to sell its current products in Eastern Europe. This is most likely an example of a ________ strategy.
market development
RedInk, a company that manufactures office furniture, is based in Bodonia. It is looking to sell its current products in other countries as well. The company identifies the country of Soleria as a good option because the cultures and tastes of consumers in the two countries are similar. This is an example of a strategy for ________.
market penetration
Indigo, a company that manufactures electric chimneys, is based in the country of Terrania. Indigo aims to increase its sales by increasing advertising efforts and undertaking frequent promotional events. Which of the following strategies is Indigo using in this scenario?
selling a company’s current products
Both market penetration strategies and market development strategies primarily involve ________.
developing a new product
Both product development strategies and diversification strategies involve ________.
diversification
31) A strategy for company growth through starting up or acquiring businesses outside the company’s current products and markets is called ________.
introducing its product in a new market without making any changes to the product
With a market development strategy, a company aims to improve sales by ________.
Downsizing
________ refers to reducing the business portfolio by abandoning products that no longer fit the company’s overall strategy.
the series of departments that design, produce, market, deliver, and support the company’s products
Which of the following best describes the value chain of a company?
employees
Which of the following groups is included in a company’s value chain?
distributors
Which of the following groups is included in both a company’s value chain and its value delivery network?
value delivery network
A ________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.
Segmentation
Traxx is a newly emerging shoe manufacturing company. After extensive market research, Traxx divides its market into professional athletes, “hobbyists” or amateur players, and people who wear shoes as part of their casual attire. Each category has its own needs, traits, and marketing goals. In this scenario, Traxx has engaged in market ________.
Market targeting
________ refers to the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
Which of the following best describes product positioning?
market segment
A consumer group that responds in a similar way to a given set of marketing efforts is the company’s ________.
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors
Which of the following best describes market segmentation?
Product
Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market?
Product
To which of the following elements of the marketing mix do design, packaging, services, and features belong?
Inventory
Which of the following will most likely be included in the “place” component of a company’s marketing mix?
Discounts
Which of the following will most likely be included in the “price” component of a company’s marketing mix?
Promotion
When viewing the market from a buyer’s point of view, “communication” corresponds to the ________ component of the marketing mix.
Place
When viewing the market from a buyer’s point of view, “convenience” corresponds to the ________ component of the marketing mix.
An improvement in the company’s production technology
In a SWOT analysis, which of the following would most likely be considered a strength of a company?
Opportunities
In a SWOT analysis, ________ refer to favorable factors or trends in the external environment that a company may be able to exploit to its advantage.
Threats
In a SWOT analysis, ________ refer to unfavorable external factors or trends that may present challenges to performance.
Implementation
The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called marketing ________.
Different marketing activities are headed by specialists such as sales managers, advertising managers, marketing research managers, and customer service managers.
Which of the following best describes a marketing department with a functional organization?
Marketing Control
Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________.
Dashboards
________ are tools that give marketers the detailed measures they need to assess and adjust their strategies.
Strategic control
________ involves looking at whether a company’s basic business models are well matched to its opportunities.
looking at whether the company’s basic plans and action goals are well matched to its opportunities
Which of the following is a primary characteristic of strategic control rather than operating control?
Market share
Which of the following marketing measures can best be translated into dollar returns?
Marketing ROI measures the profits generated by investments in marketing activities.
Which of the following is true of marketing ROI?