21. Some banks have begun offering special accounts designed to attract ju
admin
21.
Some banks have
begun offering special accounts designed to attract junior high school
students. These kids save in such small amounts that the accounts cost banks
more to maintain than they are worth. But bankers know that consumers are
creatures of habit and hope that the young people they serve now will become
adult customers. These banks recognize:
A.
that
operational excellence is an important macro strategy.
B.
the lifetime
value of customers.
C.
that product
excellence leads to loyal customers.
D.
the
importance of making decisions based on short-term results.
E.
that as long
as customers bring in some revenue, costs do not matter.
22.
Narbonne’s, an
upscale department store, instructs sales personnel that whenever a customer
asks where something is, they should drop what they are doing and offer to
escort the customer to what they are looking for. The company’s reputation
for excellent customer service has probably resulted in:
A.
product
design excellence.
B.
mission
statement satisfaction.
C.
sustainable
price decreases.
D.
a sustainable
competitive advantage.
E.
producer
excellence.
23.
Firms achieve
___________ through efficient procedures and excellent supply chain
management.
A.
customer
excellence
B.
locational
excellence
C.
customer
loyalty
D.
value-based
pricing
E.
operational
excellence
24.
Marketers want their
firms to develop excellent supply chain management and strong supplier
relations so they can:
A.
persuade
stores to refuse to carry competitors’ products.
B.
use their
power within the supply chain to force weaker firms to accept less favorable
pricing.
C.
control
prices and lock in margins.
D.
create a
sustainable competitive advantage.
E.
justify
charging higher prices than competitors do.
25.
For many years,
Southwest Airlines distinguished itself as the low-cost airline. Now, many
other low-cost competitors have entered the market. Similarly, Southwest was
one of the first airlines to offer online ticketing. Now, all airlines have
online ticketing. These examples suggest that:
A.
no single
strategy is likely to be sufficient to build a sustainable competitive
advantage.
B.
situation
analysis is a continuous process.
C.
customers
rarely remain loyal to companies.
D.
product
excellence is the only true source of a sustainable competitive advantage.
E.
innovation is
pointless because competitors will develop copycat offerings.
26.
“Effective
marketing doesn’t just happen.” It is:
A.
promoted
through STP analysis.
B.
possible only
for seasoned marketing executives to achieve.
C.
planned.
D.
introduced
through control phase SBUs.
E.
the result of
competitor’s failures.
27.
Carla has been
directed by her regional marketing manager to cut prices on seasonal items,
submit an ad in the local paper, and tell distributors to reduce deliveries
for the next month. Which step of the strategic marketing planning process is
Carla engaged in?
A.
evaluate
performance
B.
define the
business mission.
C.
situation
analysis
D.
implement
marketing mix and resources.
E.
identifying
and evaluating opportunities.
28.
When conducting a
SWOT analysis, in what phase of the strategic marketing process is an
organization presently engaged?
A.
planning
B.
implementation
C.
control
D.
segmentation
E.
metrics
29.
The automobile
manufacturing industry closely watches annual consumer satisfaction surveys.
For years, Japanese car companies consistently had the highest levels of
customer satisfaction, creating a ______ for these companies.
A.
strategic marketing
plan
B.
clear mission
statement
C.
cost
advantage
D.
sustainable
competitive advantage
E.
diversification
strategy
30.
Which of the
following is LEAST likely to provide a sustainable competitive
advantage?
A.
Lowering
prices.
B.
Having a
well-known brand name.
C.
Achieving
high levels of customer satisfaction.
D.
Using
patented technology.
E.
Creating an
efficient supply chain.
31.
Even when large
discount retailers enter a market, a few small, local retailers survive and
prosper. These small retailers have probably developed a(n) ________ that
allows them to survive.
A.
advertising
campaign
B.
plan to
evaluate results
C.
sustainable
competitive advantage
D.
set of
performance metrics
E.
SWOT analysis
32.
As part of her
company’s SWOT analysis, Valerie is assessing the company’s internal
environment, including:
A.
strengths.
B.
opportunities.
C.
strengths and
weaknesses.
D.
threats.
E.
opportunities
and threats.
33.
Samantha is charged
with assessing her company’s external environment as part of a SWOT analysis.
Samantha will study her company’s:
A.
strengths.
B.
opportunities.
C.
strengths and
weaknesses.
D.
weaknesses.
E.
opportunities
and threats.
34.
Manufacturers who
use just-in-time manufacturing systems coordinate closely with suppliers in
order to ensure that materials and supplies arrive just before they are
needed in the manufacturing process. While just-in-time systems can offer
major advantages in terms of inventory costs, they must be carefully managed.
If a firm found that its just-in-time system was badly managed, leading to
frequent manufacturing delays due to missing parts, this would represent a
__________ in a SWOT analysis.
A.
weakness
B.
opportunity
C.
threat
D.
strength
E.
business
mission
35.
For U.S. businesses
with strong export capabilities, expansion of U.S. trade agreements with
other countries creates:
A.
weaknesses.
B.
opportunities.
C.
strengths.
D.
threats.
E.
strategic
plans.
36.
In 2006, Ford Motor
Company announced it would severely cut back automobile production. For parts
companies supplying Ford Motor, this represented a(n):
A.
weakness.
B.
opportunity.
C.
strength.
D.
threat.
E.
strategic
plan.
37.
Lionel is asked to
conduct an STP analysis for his firm. The first step he should perform in
this analysis is to:
A.
develop a
business mission statement.
B.
choose the
best target markets.
C.
reposition
existing segments.
D.
divide the
marketplace into subgroups.
E.
conduct a
SWOT analysis.
38.
Recently, Walmart
announced it would begin selling organic food products. In doing so, Walmart
is probably trying to:
A.
gain government
subsidies.
B.
attract a
different market segment.
C.
reduce its
costs.
D.
save the
environment.
E.
offset
cost-based pricing pressure.
39.
For years, when
considering new products, marketers at Celestial Seasonings asked themselves,
“What would Stacy think?” Stacy was a fictional character
representing 25-50 year old, educated, upper-income women who rarely watched
television but did a lot of reading. “Stacy” represented
Celestial’s primary:
A.
demographic
segment.
B.
positioning.
C.
SBU.
D.
target market
segment.
E.
sustainable
competitive advantage.
40.
Many of today’s
college graduates will make their livings providing goods and services to
“baby boomers,” the large group of Americans born in the period
after World War II. Baby boomers are a _________________ market
segment.
A.
psychological
B.
behavioral
C.
social
D.
product-based
E.
demographic
41.
After identifying
various market segments that her company could pursue, Lisa evaluated each
segment’s attractiveness based on size, income, and accessibility. Lisa was
involved in:
A.
target
marketing.
B.
situation
analysis.
C.
diversification.
D.
positioning.
E.
market
penetration estimation.
42.
LeBron James, Alex
Rodriguez, and other athletes are paid huge sums of money by companies for
celebrity endorsements. If, endorsements by these athletes create a clear
understanding among consumers of the companies’ products, they can help with
the firm’s ________________ strategy.
A.
product
excellence
B.
targeting
C.
positioning
D.
segmentation
E.
customer
excellence
43.
______ involves the
process of defining the marketing mix variables so that target customers have
a clear, distinctive understanding of what a product does or represents in
comparison with competing products.
A.
Targeting
B.
Market
segmentation
C.
A sustainable
competitive advantage
D.
Positioning
E.
A customer
excellence strategy
44.
Imagine that you are
in a gourmet food store choosing your favorite “comfort” food
instead of being in a classroom taking this test. Notice the packaging,
colors, labels, even the fonts used on labels. All of these efforts are part
of the marketer’s:
A.
value-based promotions.
B.
market
segmentation.
C.
positioning
strategy.
D.
customer
excellence strategy.
E.
target
market.
45.
When positioning
products relative to competitors’ offerings, firms typically are most
successful when they focus on opportunities:
A.
that build on
their strengths relative to those of their competitors.
B.
for
diversification.
C.
in
international markets.
D.
where
value-based pricing can be ignored.
E.
where
customer excellence can be substituted for product excellence.
46.
Many small
businesses whose competitors are national franchises advertise “we are
locally owned” or “we have been here since 1951.” This is part
of these firms’:
A.
business
mission.
B.
market
segmentation strategy.
C.
positioning
strategy.
D.
customer
excellence strategy.
E.
target
market.
47.
When discussing the
marketing planning process, STP stands for:
A.
Strategies,
tactics, and plans.
B.
Strategize,
target, and promote.
C.
Segmentation,
targeting, and positioning.
D.
Situation
analysis, trend spotting, and planning.
E.
Sustaining,
trending, and positioning.
48.
Braddock University
allows recent graduates to come back and take additional courses for free. By
offering additional educational services, the university is enhancing its
_____________ in an attempt to create value for its customers.
A.
segmentation
strategy
B.
place
strategy
C.
locational
excellence strategy
D.
diversification
strategy
E.
product strategy
49.
The idea of
value-based marketing requires firms to charge a price that:
A.
covers costs
and generates a modest profit.
B.
includes the
value of the effort the firm put into the product or service.
C.
captures the
value customers perceive that they are receiving.
D.
prioritizes
customer excellence above operational excellence.
E.
matches
competitors’ prices.
50.
E-books, in addition
to being an alternative product form, provide __________ value creation since
they can be downloaded via the Internet immediately when they are
needed.
A.
product
B.
place
C.
promotion
D.
price
E.
primary
21.Some banks have
begun offering special accounts designed to attract junior high school
students. These kids save in such small amounts that the accounts cost banks
more to maintain than they are worth. But bankers know that consumers are
creatures of habit and hope that the young people they serve now will become
adult customers. These banks recognize:
A.that
operational excellence is an important macro strategy.B.the lifetime
value of customers.C.that product
excellence leads to loyal customers.D.the
importance of making decisions based on short-term results.E.that as long
as customers bring in some revenue, costs do not matter.22.Narbonne’s, an
upscale department store, instructs sales personnel that whenever a customer
asks where something is, they should drop what they are doing and offer to
escort the customer to what they are looking for. The company’s reputation
for excellent customer service has probably resulted in:
A.product
design excellence.B.mission
statement satisfaction.C.sustainable
price decreases.D.a sustainable
competitive advantage.E.producer
excellence.23.Firms achieve
___________ through efficient procedures and excellent supply chain
management.
A.customer
excellenceB.locational
excellenceC.customer
loyaltyD.value-based
pricingE.operational
excellence24.Marketers want their
firms to develop excellent supply chain management and strong supplier
relations so they can:
A.persuade
stores to refuse to carry competitors’ products.B.use their
power within the supply chain to force weaker firms to accept less favorable
pricing.C.control
prices and lock in margins.D.create a
sustainable competitive advantage.E.justify
charging higher prices than competitors do.25.For many years,
Southwest Airlines distinguished itself as the low-cost airline. Now, many
other low-cost competitors have entered the market. Similarly, Southwest was
one of the first airlines to offer online ticketing. Now, all airlines have
online ticketing. These examples suggest that:
A.no single
strategy is likely to be sufficient to build a sustainable competitive
advantage.B.situation
analysis is a continuous process.C.customers
rarely remain loyal to companies.D.product
excellence is the only true source of a sustainable competitive advantage.E.innovation is
pointless because competitors will develop copycat offerings.26.”Effective
marketing doesn’t just happen.” It is:
A.promoted
through STP analysis.B.possible only
for seasoned marketing executives to achieve.C.planned.D.introduced
through control phase SBUs.E.the result of
competitor’s failures.27.Carla has been
directed by her regional marketing manager to cut prices on seasonal items,
submit an ad in the local paper, and tell distributors to reduce deliveries
for the next month. Which step of the strategic marketing planning process is
Carla engaged in?
A.evaluate
performanceB.define the
business mission.C.situation
analysisD.implement
marketing mix and resources.E.identifying
and evaluating opportunities.28.When conducting a
SWOT analysis, in what phase of the strategic marketing process is an
organization presently engaged?
A.planningB.implementationC.controlD.segmentationE.metrics29.The automobile
manufacturing industry closely watches annual consumer satisfaction surveys.
For years, Japanese car companies consistently had the highest levels of
customer satisfaction, creating a ______ for these companies.
A.strategic marketing
planB.clear mission
statementC.cost
advantageD.sustainable
competitive advantageE.diversification
strategy30.Which of the
following is LEAST likely to provide a sustainable competitive
advantage?
A.Lowering
prices.B.Having a
well-known brand name.C.Achieving
high levels of customer satisfaction.D.Using
patented technology.E.Creating an
efficient supply chain.31.Even when large
discount retailers enter a market, a few small, local retailers survive and
prosper. These small retailers have probably developed a(n) ________ that
allows them to survive.
A.advertising
campaignB.plan to
evaluate resultsC.sustainable
competitive advantageD.set of
performance metricsE.SWOT analysis32.As part of her
company’s SWOT analysis, Valerie is assessing the company’s internal
environment, including:
A.strengths.B.opportunities.C.strengths and
weaknesses.D.threats.E.opportunities
and threats.33.Samantha is charged
with assessing her company’s external environment as part of a SWOT analysis.
Samantha will study her company’s:
A.strengths.B.opportunities.C.strengths and
weaknesses.D.weaknesses.E.opportunities
and threats.34.Manufacturers who
use just-in-time manufacturing systems coordinate closely with suppliers in
order to ensure that materials and supplies arrive just before they are
needed in the manufacturing process. While just-in-time systems can offer
major advantages in terms of inventory costs, they must be carefully managed.
If a firm found that its just-in-time system was badly managed, leading to
frequent manufacturing delays due to missing parts, this would represent a
__________ in a SWOT analysis.
A.weaknessB.opportunityC.threatD.strengthE.business
mission35.For U.S. businesses
with strong export capabilities, expansion of U.S. trade agreements with
other countries creates:
A.weaknesses.B.opportunities.C.strengths.D.threats.E.strategic
plans.36.In 2006, Ford Motor
Company announced it would severely cut back automobile production. For parts
companies supplying Ford Motor, this represented a(n):
A.weakness.B.opportunity.C.strength.D.threat.E.strategic
plan.37.Lionel is asked to
conduct an STP analysis for his firm. The first step he should perform in
this analysis is to:
A.develop a
business mission statement.B.choose the
best target markets.C.reposition
existing segments.D.divide the
marketplace into subgroups.E.conduct a
SWOT analysis.38.Recently, Walmart
announced it would begin selling organic food products. In doing so, Walmart
is probably trying to:
A.gain government
subsidies.B.attract a
different market segment.C.reduce its
costs.D.save the
environment.E.offset
cost-based pricing pressure.39.For years, when
considering new products, marketers at Celestial Seasonings asked themselves,
“What would Stacy think?” Stacy was a fictional character
representing 25-50 year old, educated, upper-income women who rarely watched
television but did a lot of reading. “Stacy” represented
Celestial’s primary:
A.demographic
segment.B.positioning.C.SBU.D.target market
segment.E.sustainable
competitive advantage.40.Many of today’s
college graduates will make their livings providing goods and services to
“baby boomers,” the large group of Americans born in the period
after World War II. Baby boomers are a _________________ market
segment.
A.psychologicalB.behavioralC.socialD.product-basedE.demographic41.After identifying
various market segments that her company could pursue, Lisa evaluated each
segment’s attractiveness based on size, income, and accessibility. Lisa was
involved in:
A.target
marketing.B.situation
analysis.C.diversification.D.positioning.E.market
penetration estimation.42.LeBron James, Alex
Rodriguez, and other athletes are paid huge sums of money by companies for
celebrity endorsements. If, endorsements by these athletes create a clear
understanding among consumers of the companies’ products, they can help with
the firm’s ________________ strategy.
A.product
excellenceB.targetingC.positioningD.segmentationE.customer
excellence43.______ involves the
process of defining the marketing mix variables so that target customers have
a clear, distinctive understanding of what a product does or represents in
comparison with competing products.
A.TargetingB.Market
segmentationC.A sustainable
competitive advantageD.PositioningE.A customer
excellence strategy44.Imagine that you are
in a gourmet food store choosing your favorite “comfort” food
instead of being in a classroom taking this test. Notice the packaging,
colors, labels, even the fonts used on labels. All of these efforts are part
of the marketer’s:
A.value-based promotions.B.market
segmentation.C.positioning
strategy.D.customer
excellence strategy.E.target
market.45.When positioning
products relative to competitors’ offerings, firms typically are most
successful when they focus on opportunities:
A.that build on
their strengths relative to those of their competitors.B.for
diversification.C.in
international markets.D.where
value-based pricing can be ignored.E.where
customer excellence can be substituted for product excellence.46.Many small
businesses whose competitors are national franchises advertise “we are
locally owned” or “we have been here since 1951.” This is part
of these firms’:
A.business
mission.B.market
segmentation strategy.C.positioning
strategy.D.customer
excellence strategy.E.target
market.47.When discussing the
marketing planning process, STP stands for:
A.Strategies,
tactics, and plans.B.Strategize,
target, and promote.C.Segmentation,
targeting, and positioning.D.Situation
analysis, trend spotting, and planning.E.Sustaining,
trending, and positioning.48.Braddock University
allows recent graduates to come back and take additional courses for free. By
offering additional educational services, the university is enhancing its
_____________ in an attempt to create value for its customers.
A.segmentation
strategyB.place
strategyC.locational
excellence strategyD.diversification
strategyE.product strategy49.The idea of
value-based marketing requires firms to charge a price that:
A.covers costs
and generates a modest profit.B.includes the
value of the effort the firm put into the product or service.C.captures the
value customers perceive that they are receiving.D.prioritizes
customer excellence above operational excellence.E.matches
competitors’ prices.50.E-books, in addition
to being an alternative product form, provide __________ value creation since
they can be downloaded via the Internet immediately when they are
needed.
A.productB.placeC.promotionD.priceE.primary
