Question 1

Which of the following would probably NOT be in a proposed marketing plan?

Accepted Answer

A)   A list of what company resources (costs)  would be required.
B)   A statement of how frequently the design of the website will be changed.
C)   Expected sales and profit results.
D)   A description of the target market and marketing mix.
E)   All of the above would normally be part of a marketing plan.F) A) and C)
G) C) and E)

Question 2

The "four Ps" of the marketing mix are Product, Position, Promotion, and Price.

Accepted Answer

A) True 
 B)False

Question 3

____ is the difference between the firm's revenues (total dollar sales)  and the total costs it runs up to make those sales.

Accepted Answer

A)   Customer equity
B)   Profit
C)   Net worth
D)   Lifetime customer value
E)   A premium priceF) B) and D)
G) B) and C)

Question 4

The three basic tasks of ALL managers, according to the text, are:

Accepted Answer

A)   planning, staffing, and evaluating.
B)   marketing, production, and finance.
C)   execution, feedback, and control.
D)   hiring, training, and compensating.
E)   planning, implementation, and control.F) C) and D)
G) A) and E)

Question 5

Marketing strategies

Accepted Answer

A)   enable marketing managers to be satisfied just planning present activities.
B)   ensure that every opportunity is good for every company.
C)   do not specify target markets and related marketing mixes.
D)   provide a limited picture of what a firm will do in some market.
E)   are not whole-company plans.F) C) and D)
G) C) and E)

Question 6

"Promotion" is NOT concerned with:

Accepted Answer

A)   creating billboard ads.
B)   designing new products.
C)   publicity.
D)   television commercials.
E)   personal selling.F) A) and C)
G) None of the above

Question 7

Marketing strategy planning should specify all of the operational decisions to implement the plan.

Accepted Answer

A) True 
 B)False

Question 8

A firm's "marketing mix" decision areas would NOT include:

Accepted Answer

A)   Promotion.
B)   People.
C)   Price.
D)   Product.
E)   Place.F) A) and D)
G) A) and C)

Question 9

Short-run decisions to help implement strategies are best known as

Accepted Answer

A)   actionable items.
B)   strategic decisions.
C)   marketing plans.
D)   operational decisions.
E)   dependencies.F) C) and D)
G) All of the above

Question 10

Strategic planning is the managerial process of developing and maintaining a match between an organization's resources and its market opportunities.

Accepted Answer

A) True 
 B)False

Question 11

The text's discussion of Ford's marketing strategy highlights the fact that:

Accepted Answer

A)   creative strategy planning is needed for survival.
B)   there is little alternative but to stick with the traditional promotion channels for a product.
C)   most consumers want only established products.
D)   once a firm reaches a position as the market leader, competitors are not likely to be a big problem.
E)   all of the above.F) B) and C)
G) None of the above

Question 12

A detailed plan for handling transportation and storage of a new product that is now being distributed to wholesalers nationwide is an aspect of which part of the 4Ps?

Accepted Answer

A)   Place
B)   Product
C)   Promotion
D)   PriceE) B) and D)
F) A) and D)

Question 13

Differentiation emphasizes similarity rather than uniqueness.

Accepted Answer

A) True 
 B)False

Question 14

Differentiation refers to the ______________ of the firm's marketing mix to meet the needs of the target market.

Accepted Answer

A)   similarity
B)   uniqueness
C)   unsuitability
D)   willingness
E)   none of the aboveF) B) and E)
G) C) and D)

Question 15

"Place" is NOT concerned with:

Accepted Answer

A)   storing.
B)   intermediaries.
C)   transporting.
D)   channels of distribution.
E)   sales reps.F) C) and E)
G) B) and C)

Question 16

Finding attractive opportunities and developing profitable marketing strategies are the tasks included in the marketing manager's marketing strategy planning job.

Accepted Answer

A) True 
 B)False

Question 17

Customer equity

Accepted Answer

A)   focuses on the costs of acquiring new customers rather than on increasing revenues from current customers.
B)   is basically a historical measure of how profitable a firm has been in the past.
C)   is a concept that applies to firms that target final consumers but not to firms that target business customers.
D)   will increase if a firm increases its market share with a particular strategy.
E)   is the expected earnings stream of a firm's current and prospective customers over some time period.F) B) and D)
G) C) and E)

Question 18

The letters in "S.W.O.T. analysis" are an abbreviation for the first letters of the words "special weapons or tactics."

Accepted Answer

A) True 
 B)False

Question 19

The customer should not be considered part of a "marketing mix."

Accepted Answer

A) True 
 B)False

Question 20

Differentiation often requires a firm to fine-tune its marketing mix to meet the specific needs of its target market(s).

Accepted Answer

A) True 
 B)False

Exam 2: Marketing Strategy Planning

Differentiation refers to the ______________ of the firm's marketing mix to meet the needs of the target market.

Correct AnswerverifiedShow Answer

Differentiation emphasizes similarity rather than uniqueness.

Correct AnswerverifiedShow Answer

"Place" is NOT concerned with:

Correct AnswerverifiedShow Answer

Finding attractive opportunities and developing profitable marketing strategies are the tasks included in the marketing manager's marketing strategy planning job.

Correct AnswerverifiedShow Answer

The text's discussion of Ford's marketing strategy highlights the fact that:

Correct AnswerverifiedShow Answer

The three basic tasks of ALL managers, according to the text, are:

Correct AnswerverifiedShow Answer

____ is the difference between the firm's revenues (total dollar sales) and the total costs it runs up to make those sales.

Correct AnswerverifiedShow Answer

A detailed plan for handling transportation and storage of a new product that is now being distributed to wholesalers nationwide is an aspect of which part of the 4Ps?

Correct AnswerverifiedShow Answer

A firm's "marketing mix" decision areas would NOT include:

Correct AnswerverifiedShow Answer

"Promotion" is NOT concerned with:

Correct AnswerverifiedShow Answer

Marketing strategies

Correct AnswerverifiedShow Answer

Marketing strategy planning should specify all of the operational decisions to implement the plan.

Correct AnswerverifiedShow Answer

Strategic planning is the managerial process of developing and maintaining a match between an organization's resources and its market opportunities.

Correct AnswerverifiedShow Answer

The letters in "S.W.O.T. analysis" are an abbreviation for the first letters of the words "special weapons or tactics."

Correct AnswerverifiedShow Answer

Which of the following would probably NOT be in a proposed marketing plan?

Correct AnswerverifiedShow Answer

Differentiation often requires a firm to fine-tune its marketing mix to meet the specific needs of its target market(s).

Correct AnswerverifiedShow Answer

The customer should not be considered part of a "marketing mix."

Correct AnswerverifiedShow Answer

The "four Ps" of the marketing mix are Product, Position, Promotion, and Price.

Correct AnswerverifiedShow Answer

Customer equity

Correct AnswerverifiedShow Answer

Short-run decisions to help implement strategies are best known as

Correct AnswerverifiedShow Answer

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