Chapter 2 Marketing Opmt.wordpress.com

1 Of the five steps to the strategic marketing planning process, which step usually comes after implementing marketing mix and allocating resources? A) evaluate performance. B) define the business mission. C) situation analysis. D) identifying and evaluating opportunities. E) none of the above, after implementing the marketing mix and allocating resources, the marketer is finished.

2 Vince works as a waiter at many business functions. GRIPO insurance company has just had their annual meeting and left behind copies of their marketing plan. Vince opens a copy of the plan. Which of the following would Vince NOT expect to find in GRIPO’s marketing plan? A) a situation analysis. B) company description C) segmentation and target market analysis D) marketing objectives. E) CVs of sales representatives.

3 When conducting a SWOT analysis, a company will assess all of the following EXCEPT: A) Strengths B) threats C) weaknesses D) opportunities E) strategies

4 Which of the following is likely to be source of a sustainable competitive advantage? A) supply chain efficiency. B) brand name. C) customer satisfaction. D) patented technology. E) all of the above.

5 When identifying and evaluating opportunities, STP refers to: A) stratifying, taking, professing. B) strategic, target, preferences. C) segmentation, targeting, and positioning. D) seasonal, temporary, permanent. E) sustainable, temporary, positions.

6 After identifying various market segments that his company could pursue, Lionel evaluated each segment’s attractiveness based on income, size, and accessibility. Lionel was involved in: A) target marketing. B) situation analysis. C) diversification. D) operational excellence calculations. E) market penetration estimation.

7 Positioning involves the process of defining the marketing mix variables so that target customers have a _________________ of what a product does or represents in comparison with competing products. A) cost-based accounting B) vague idea C) sustainable vision D) clear, distinctive understanding E) positive, forward-thinking estimate

8 The pricing strategy that involves first determining the perceived value of the product from the customer’s point of view and then pricing accordingly is well known as: A) cost-based pricing B) value-based pricing C) competitor-based pricing D) consumer-based pricing E) breakeven pricing

9 On a BCG growth-share matrix, the horizontal axis represents ——————- and the vertical axis represents —————–. A) market share and market growth rate B) market growth rate and market share C) relative market share and market growth rate D) market growth rate and relative market share E) Profit and sales

13 Almost every enthusiastic salesperson thinks his or her firm provides better service than their competitors. If this is accurate, and customers recognize it, the salesperson creates and delivers value through: A) customer excellence B) operational excellence. C) product excellence. D) promotional excellence. E) global excellence.

14 Firms achieve operational excellence through: A) customer loyalty. B) strategic acceptance by marketing intermediaries. C) relative market share growth. D) value-based penetration. E) efficient procedures and excellent supply chain management.

15 In the SWOT analysis for Disney, the following is NOT an opportunity A) Well-known brand B) Expand into international markets C) Expand existing business in Canada D) Expand cruise line business E) Build new attractions for theme parks