Question 1

Which of the following information is used in the evaluation phase of the strategic marketing process?

Accepted Answer

A)  marketing return on investment
B)  tracking reports to measure results
C)  revenues associated with each point of market share
D)  trends for industry and competitors
E)  possible cannibalization effects on other products in the lineF) A) and E)
G) B) and D)

Question 2

What is the primary disadvantage of employing a market specialization strategy?

Accepted Answer

A)  Gaining market distribution will be costly.
B)  The organization may be spread too thin.
C)  The organization achieves neither marketing nor manufacturing synergies.
D)  R&D-manufacturing has the difficulty of producing multiple products.
E)  There are too many product substitutes over which a firm would not have control.F) A) and B)
G) B) and C)

Question 3

Regardless of the product or industry involved, the strategy that a firm adopts to achieve a competitive advantage is referred to as

Accepted Answer

A)  a generic business strategy.
B)  an annual business plan.
C)  a long-range marketing plan.
D)  a marketing action program.
E)  a synergy analysis framework.F) A) and C)
G) None of the above

Question 4

The relationship of annual marketing effort to annual sales revenue is assumed to be __________ of the sales response function.

Accepted Answer

A)  a horizontal straight line, where sales revenues stay the same regardless of the marketing effort
B)  a U-shaped curve, where sales revenues are at a maximum at either end
C)  an upside-down U-shaped curve, where sales revenues are at a maximum in the middle
D)  an S-shaped curve, which shows that an additional marketing effort in the midrange of the curve results in far greater increases of sales revenue than at either end of the curve
E)  a rising straight line, where sales revenue continuously rises as the marketing effort risesF) B) and D)
G) A) and E)

Question 5

As the annual marketing effort increases in a sales response function graph, so does the resulting annual sales revenue, which is

Accepted Answer

A)  plotted on the vertical (Y)  axis.
B)  plotted on the horizontal (S)  axis.
C)  plotted on the vertical (Z)  axis.
D)  the center point.
E)  plotted on the horizontal (X)  axis.F) B) and D)
G) A) and D)

Question 6

Loving Care Pets manufactures dog food specifically created for puppies under three months of age. In terms of the market-product grid framework, Loving Care Pets is a small firm without sustainable comparative advantages in marketing or production efficiencies. Loving Care Pets is using a __________ strategy.

Accepted Answer

A)  market-product concentration
B)  market specialization
C)  product specialization
D)  selective specialization
E)  full coverageF) None of the above
G) A) and C)

Question 7

All of the following are ways a marketing manager can improve the implementation of a marketing program except

Accepted Answer

A)  reward successful implementation.
B)  communicate goals and the means to achieve them.
C)  schedule precise tasks, responsibilities, and deadlines.
D)  avoid paralysis by analysis.
E)  find the right person to develop the plans.F) A) and B)
G) A) and C)

Question 8

Edwin H. Land, former CEO of Polaroid, took personal responsibility for technological innovation at Polaroid. On the other hand, Lewis Platt, CEO of Hewlett-Packard, believed senior management's role was to create an environment that encourages all managers to take risks and create new growth opportunities. Which of the following statements describes the actions of these men?

Accepted Answer

A)  Both Land and Platt were program champions.
B)  Platt was a program champion and Land was not.
C)  Land was a program champion and Platt was not.
D)  Neither Platt nor Land was a program champion.
E)  Land believed in encouraging others to act as program champions and Platt did not.F) All of the above
G) A) and E)

Question 9

Kelly Johnson of Lockheed Martin's Skunk Works stressed the following basic tenet:

Accepted Answer

A)  Implement a "do it, fix it, try it" approach.
B)  Take a "go and see" approach.
C)  Have a "bias for action."
D)  "Avoid paralysis by analysis."
E)  "Better to ask forgiveness than permission."F) A) and D)
G) All of the above

Question 10

A cost focus strategy refers to one of Porter's generic business strategies that

Accepted Answer

A)  focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments.
B)  requires products to have significant points of difference to target one or only a few market segments.
C)  requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments.
D)  involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of market segments.
E)  seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.F) A) and D)
G) A) and C)

Question 11

A recent survey showed that firms used two different kinds of metrics when measuring results and measuring efforts that go into new-product development. These consist of output and input metrics. Which of the following is an output metric?

Accepted Answer

A)  number of ideas or concepts in the pipeline
B)  R&D spending as a percentage of sales
C)  return on assets (RO
A)   for existing products or services
D)  customer satisfaction with new products or services
E)  number of R&D projectsF) C) and E)
G) None of the above

Question 12

Managers who have the authority and responsibility to issue orders to people who report to them are referred to as

Accepted Answer

A)  executive marketing officers.
B)  staff positions.
C)  stakeholders.
D)  line positions.
E)  program champions.F) A) and E)
G) B) and E)

Question 13

Which of the following statements best reflects the guideline for making marketing plans controllable and flexible?

Accepted Answer

A)  The firm ensures that people at all levels in the firm understand what, when, and how they are to accomplish their tasks.
B)  The firm's marketing plan has all the key marketing mix factors and is supported by resources.
C)  The firm's marketing plan enables results to be compared with planned targets, using precise marketing metrics.
D)  The firm insists on ownership of the marketing plan by team members and stakeholders.
E)  The firms ensures that the right person to implement plans is heavily involved in making the plans.F) None of the above
G) B) and C)

Question 14

The marketing manager looks for two kinds of deviations, each triggering a different kind of action: (1)  __________ and (2)  actual results fall short of goals.

Accepted Answer

A)  deviations that result from major shifts in customer needs
B)  actual results exceed goals
C)  there are no deviations but there should be
D)  deviations that result from executive mandates
E)  deviations that are blamed on insufficient marketing support (personnel or funding) F) A) and B)
G) B) and C)

Question 15

List and explain two types of marketing plans.

Accepted Answer

Long-range marketing plans cover marketi...

Question 16

Another commonly used term for product manager is

Accepted Answer

A)  line advisor.
B)  product champion.
C)  brand manager.
D)  marketing advisor.
E)  account executive.F) D) and E)
G) All of the above

Question 17

Action item lists are most similar to

Accepted Answer

A)  product-market grids.
B)  job analyses.
C)  sales response functions.
D)  value analyses.
E)  program schedules.F) D) and E)
G) A) and E)

Question 18

Economists would most likely recommend that marketing managers allocate the firm's marketing resources to the markets and products where

Accepted Answer

A)  the firm has its greatest sales.
B)  an SBU is considered a cash cow.
C)  there is the greatest current market share and the fastest industry growth rate.
D)  the excess of incremental revenues over incremental costs is greatest.
E)  total revenue equals total cost.F) A) and D)
G) C) and E)

Question 19

Based on a market-product grid framework, which marketing strategy would most likely offer the greatest marketing synergies or efficiencies?

Accepted Answer

A)  market-product concentration
B)  product specialization
C)  market specialization
D)  selective specialization
E)  universal concentrationF) A) and B)
G) C) and E)

Question 20

U.S. Navy Admiral Grace Murray Hopper gave famous advice that a program champion should follow when cutting through an organization's red tape:

Accepted Answer

A)  Implement a do it, fix it, try it" approach.
B)  Take a "go and see" approach.
C)  "Avoid paralysis by analysis."
D)  Have a "bias for action."
E)  "Better to ask forgiveness than permission."F) None of the above
G) A) and E)

Exam 22: Pulling It All Together: the Strategic Marketing Process

As the annual marketing effort increases in a sales response function graph, so does the resulting annual sales revenue, which is

Correct Answer
verified

All of the following are ways a marketing manager can improve the implementation of a marketing program except

Correct Answer
verified

The marketing manager looks for two kinds of deviations, each triggering a different kind of action: (1) __________ and (2) actual results fall short of goals.

Correct Answer
verified

Economists would most likely recommend that marketing managers allocate the firm's marketing resources to the markets and products where

Correct Answer
verified

Which of the following information is used in the evaluation phase of the strategic marketing process?

Correct Answer
verified

A recent survey showed that firms used two different kinds of metrics when measuring results and measuring efforts that go into new-product development. These consist of output and input metrics. Which of the following is an output metric?

Correct Answer
verified

Managers who have the authority and responsibility to issue orders to people who report to them are referred to as

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

What is the primary disadvantage of employing a market specialization strategy?

Correct Answer
verified

Kelly Johnson of Lockheed Martin's Skunk Works stressed the following basic tenet:

Correct Answer
verified

The relationship of annual marketing effort to annual sales revenue is assumed to be __________ of the sales response function.

Correct Answer
verified

Another commonly used term for product manager is

Correct Answer
verified

Based on a market-product grid framework, which marketing strategy would most likely offer the greatest marketing synergies or efficiencies?

Correct Answer
verified

A cost focus strategy refers to one of Porter's generic business strategies that

Correct Answer
verified

U.S. Navy Admiral Grace Murray Hopper gave famous advice that a program champion should follow when cutting through an organization's red tape:

Correct Answer
verified

Action item lists are most similar to

Correct Answer
verified

List and explain two types of marketing plans.

Correct Answer
verified
Long-range marketing plans cover marketi...
View Answer

Which of the following statements best reflects the guideline for making marketing plans controllable and flexible?

Correct Answer
verified

Regardless of the product or industry involved, the strategy that a firm adopts to achieve a competitive advantage is referred to as

Correct Answer
verified

Exam 22: Pulling It All Together: the Strategic Marketing Process

As the annual marketing effort increases in a sales response function graph, so does the resulting annual sales revenue, which is

Correct AnswerverifiedShow Answer

All of the following are ways a marketing manager can improve the implementation of a marketing program except

Correct AnswerverifiedShow Answer

The marketing manager looks for two kinds of deviations, each triggering a different kind of action: (1) __________ and (2) actual results fall short of goals.

Correct AnswerverifiedShow Answer

Economists would most likely recommend that marketing managers allocate the firm's marketing resources to the markets and products where

Correct AnswerverifiedShow Answer

Which of the following information is used in the evaluation phase of the strategic marketing process?

Correct AnswerverifiedShow Answer

A recent survey showed that firms used two different kinds of metrics when measuring results and measuring efforts that go into new-product development. These consist of output and input metrics. Which of the following is an output metric?

Correct AnswerverifiedShow Answer

Managers who have the authority and responsibility to issue orders to people who report to them are referred to as

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

What is the primary disadvantage of employing a market specialization strategy?

Correct AnswerverifiedShow Answer

Kelly Johnson of Lockheed Martin's Skunk Works stressed the following basic tenet:

Correct AnswerverifiedShow Answer

The relationship of annual marketing effort to annual sales revenue is assumed to be __________ of the sales response function.

Correct AnswerverifiedShow Answer

Another commonly used term for product manager is

Correct AnswerverifiedShow Answer

Based on a market-product grid framework, which marketing strategy would most likely offer the greatest marketing synergies or efficiencies?

Correct AnswerverifiedShow Answer

A cost focus strategy refers to one of Porter's generic business strategies that

Correct AnswerverifiedShow Answer

U.S. Navy Admiral Grace Murray Hopper gave famous advice that a program champion should follow when cutting through an organization's red tape:

Correct AnswerverifiedShow Answer

Action item lists are most similar to

Correct AnswerverifiedShow Answer

List and explain two types of marketing plans.

Correct AnswerverifiedLong-range marketing plans cover marketi...View AnswerShow Answer

Which of the following statements best reflects the guideline for making marketing plans controllable and flexible?

Correct AnswerverifiedShow Answer

Regardless of the product or industry involved, the strategy that a firm adopts to achieve a competitive advantage is referred to as

Correct AnswerverifiedShow Answer

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Long-range marketing plans cover marketi...
View Answer

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