Question 1

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

Accepted Answer

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

Question 2

Figure 22-A
-Consider Figure 22-A above.Effective managers track the progress of their marketing plans to identify problems that need to be corrected.Sometimes,the problems are with the marketing plan and its strategies; at other times,they may be due to their implementation; and at still other times,they may be due to both.Recall that research on what really works shows that successful firms have excellence on both the planning and strategy side and the implementation or execution side.As Figure 22-A shows,marketers can develop and implement strategies that have four possible results.For "D," identify the likely result of the planning and implementation of the marketing plan and its strategies for a product or service.

Accepted Answer

A)   Trouble: The solution is to recognize that only implementation is at fault and to correct it.
B)   Success: The marketing program achieves its objectives.
C)   Failure: The marketing program flounders and fails to achieve its objectives.
D)   Trouble: The solution is to recognize that only the strategy is at fault and to correct it.
E)   Cannot be determined with the information provided.F) A) and E)
G) D) and E)

Question 3

Figure 22-5
-Figure 22-5 above,the market-product grid labeled "C" illustrates which of the following market-product strategies?

Accepted Answer

A)   full coverage
B)   market specialization
C)   product specialization
D)   selective specialization
E)   market-product concentrationF) A) and E)
G) A) and B)

Question 4

basic business and management practices are important,according to researchers who studied more than 200 management tools and techniques.These are: (1) strategy, (2) execution, (3) culture,and (4) __________.

Accepted Answer

A)   structure
B)   charismatic leadership
C)   quality
D)   sustainability
E)   ethicsF) A) and C)
G) A) and B)

Question 5

Porter's four generic business strategies involve combinations of (1) __________ and (2) a stress on costs versus product differentiation.

Accepted Answer

A)   organizational structure
B)   degree of geographical distribution
C)   investment in research and development
D)   relative number of products in a product line
E)   competitive scope or the breadth of the target marketsF) B) and E)
G) None of the above

Question 6

four problems that occur in the planning phase of a firm's strategic marketing process.

Accepted Answer

(1)Plans may be based on very poor assumptions about environmental forces.
(2)Planners and their plans may have lost sight of their customers' needs.
(3)Too much time and effort may be spent on data collection and writing plans that are too complex to implement.
(4)Line operating managers often feel no sense of ownership in implementing the plans.

Question 7

Office Max provides low product prices for office supplies.In terms of Porter's generic business strategy,Office Max uses a __________ strategy.

Accepted Answer

A)   differentiation focus
B)   cost focus
C)   differentiation
D)   revenue leadership
E)   profit enhancementF) A) and D)
G) A) and E)

Question 8

actions taken during the implementation phase of the strategic marketing process include: (1) obtain resources, (2) design the marketing organization, (3) develop schedules,and (4) __________.

Accepted Answer

A)   position the product
B)   select target markets
C)   find points of difference
D)   execute the marketing program
E)   develop the budget by estimating revenues, expenses, and profitsF) A) and C)
G) D) and E)

Question 9

reformulation of the original less sweet,more bitter Coca-Cola (now Coca-Cola Classic) into a new sweeter one (eventually called New Coke) was one of the biggest decisions in the firm's history.Coke was responding to Pepsi's gain in market share with its sweeter formulation and its Pepsi Challenge taste tests and commercials.New Coke replaced "old Coke" on supermarket shelves.Loyal Coke customers were incensed that "old Coke" was discontinued.They loved the taste and brand identity of "old Coke" and rebelled against New Coke.TV and print ads designed to persuade Coke and Pepsi drinkers to switch to New Coke were ineffective.After a short period of time,Coca-Cola reintroduced old Coke as Coca-Cola Classic.Eventually,Coca-Cola withdrew New Coke from the market.The launch of New Coke is an example of __________.

Accepted Answer

A)   good planning and good implementation
B)   good planning and poor implementation
C)   poor planning and good implementation
D)   poor planning and poor implementation
E)   poor evaluationF) A) and B)
G) A) and C) D

Question 10

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

Accepted Answer

A)   generic business strategy
B)   annual business plan
C)   long-range marketing plan
D)   marketing action program
E)   synergy analysis frameworkF) A) and E)
G) B) and D)

Question 11

company that uses an organizational structure based on __________ uses functional groupings.

Accepted Answer

A)   specific product types or product offerings
B)   a particular method of distribution
C)   a specific type of customer
D)   areas of geographic location
E)   different departments or business activities within the firmF) A) and D)
G) A) and E) E

Question 12

the seven guidelines for developing effective plans and planning.

Accepted Answer

Effective plans and planning:
(1)set me...

Question 13

actions taken during market product focus and goal setting,Step 2 of the planning phase,include: (1) set market and product goals; (2) __________; (3) find points of difference; and (4) position the product.

Accepted Answer

A)   identify industry trends
B)   select target markets
C)   research customers
D)   develop the program's marketing mix
E)   develop the budget by estimating revenues, expenses, and profitsF) B) and C)
G) A) and E)

Question 14

Figure 22-5
-Figure 22-5 above,the market-product grid labeled "E" illustrates which of the following market-product strategies?

Accepted Answer

A)   full coverage
B)   market specialization
C)   product specialization
D)   selective specialization
E)   market-product concentrationF) B) and D)
G) A) and D)

Question 15

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

Accepted Answer

A)   marketing return on investment
B)   Gantt charts
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) B) and E)
G) C) and E)

Question 16

more a marketing plan is based on __________,the less uncertainty and fewer risks are associated with executing it.

Accepted Answer

A)   opinions
B)   intuition
C)   facts and valid assumptions
D)   past historical data
E)   alternative contingenciesF) B) and E)
G) All of the above

Question 17

firm following a cost focus strategy shown in Figure 22-4 above would be found in __________.

Accepted Answer

A)   "A"
B)   "B"
C)   "C"
D)   "D"
E)   both "A" and "C"F) B) and E)
G) A) and B)

Question 18

of Porter's generic business strategies that focuses on reducing expenses and,in turn,lowers product prices while targeting a broad array of market segments,is referred to as a

Accepted Answer

A)   differentiation focus strategy.
B)   cost focus strategy.
C)   differentiation strategy.
D)   cost leadership strategy.
E)   supply focus strategy.F) C) and D)
G) B) and E)

Question 19

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) B) and D)
G) C) and D)

Question 20

output report would be associated with the planning phase of the strategic marketing process?

Accepted Answer

A)   action memo
B)   operating statement
C)   marketing dashboard
D)   marketing plan
E)   corrective action memoF) B) and D)
G) B) and C)

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

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

Correct Answer
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Correct Answer
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Figure 22-5 -Figure 22-5 above,the market-product grid labeled "C" illustrates which of the following market-product strategies?

Correct Answer
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basic business and management practices are important,according to researchers who studied more than 200 management tools and techniques.These are: (1) strategy, (2) execution, (3) culture,and (4) __________.

Correct Answer
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Porter's four generic business strategies involve combinations of (1) __________ and (2) a stress on costs versus product differentiation.

Correct Answer
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four problems that occur in the planning phase of a firm's strategic marketing process.

Office Max provides low product prices for office supplies.In terms of Porter's generic business strategy,Office Max uses a __________ strategy.

Correct Answer
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actions taken during the implementation phase of the strategic marketing process include: (1) obtain resources, (2) design the marketing organization, (3) develop schedules,and (4) __________.

Correct Answer
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Correct Answer
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D

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

Correct Answer
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company that uses an organizational structure based on __________ uses functional groupings.

Correct Answer
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E

the seven guidelines for developing effective plans and planning.

Correct Answer
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Effective plans and planning:
(1)set me...
View Answer

actions taken during market product focus and goal setting,Step 2 of the planning phase,include: (1) set market and product goals; (2) __________; (3) find points of difference; and (4) position the product.

Correct Answer
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Figure 22-5 -Figure 22-5 above,the market-product grid labeled "E" illustrates which of the following market-product strategies?

Correct Answer
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Which of the following pieces of information is used in the implementation phase of the strategic marketing process?

Correct Answer
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more a marketing plan is based on __________,the less uncertainty and fewer risks are associated with executing it.

Correct Answer
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firm following a cost focus strategy shown in Figure 22-4 above would be found in __________.

Correct Answer
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of Porter's generic business strategies that focuses on reducing expenses and,in turn,lowers product prices while targeting a broad array of market segments,is referred to as a

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

output report would be associated with the planning phase of the strategic marketing process?

Correct Answer
verified

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

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Figure 22-5 -Figure 22-5 above,the market-product grid labeled "C" illustrates which of the following market-product strategies?

Correct AnswerverifiedShow Answer

basic business and management practices are important,according to researchers who studied more than 200 management tools and techniques.These are: (1) strategy, (2) execution, (3) culture,and (4) __________.

Correct AnswerverifiedShow Answer

Porter's four generic business strategies involve combinations of (1) __________ and (2) a stress on costs versus product differentiation.

Correct AnswerverifiedShow Answer

four problems that occur in the planning phase of a firm's strategic marketing process.

Office Max provides low product prices for office supplies.In terms of Porter's generic business strategy,Office Max uses a __________ strategy.

Correct AnswerverifiedShow Answer

actions taken during the implementation phase of the strategic marketing process include: (1) obtain resources, (2) design the marketing organization, (3) develop schedules,and (4) __________.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedD

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

Correct AnswerverifiedShow Answer

company that uses an organizational structure based on __________ uses functional groupings.

Correct AnswerverifiedE

the seven guidelines for developing effective plans and planning.

Correct AnswerverifiedEffective plans and planning: (1)set me...View AnswerShow Answer

actions taken during market product focus and goal setting,Step 2 of the planning phase,include: (1) set market and product goals; (2) __________; (3) find points of difference; and (4) position the product.

Correct AnswerverifiedShow Answer

Figure 22-5 -Figure 22-5 above,the market-product grid labeled "E" illustrates which of the following market-product strategies?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

more a marketing plan is based on __________,the less uncertainty and fewer risks are associated with executing it.

Correct AnswerverifiedShow Answer

firm following a cost focus strategy shown in Figure 22-4 above would be found in __________.

Correct AnswerverifiedShow Answer

of Porter's generic business strategies that focuses on reducing expenses and,in turn,lowers product prices while targeting a broad array of market segments,is referred to as a

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

output report would be associated with the planning phase of the strategic marketing process?

Correct AnswerverifiedShow Answer

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D

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E

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Effective plans and planning:
(1)set me...
View Answer

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