After developing a mission statement, a firm or organization next must perfo
admin
51. After developing a mission statement, a firm or
organization next must perform:
A. relative market share division.
B. a situational analysis.
C. a market penetration strategy analysis.
D. a mission-accomplished ceremony.
E. cost-cutting surgery.
52. 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.
53. 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. threats.
E. opportunities and threats.
54. Several years ago, the factory of the brake
assembly supplier for Toyota burned, leaving Toyota with just a 24-hour supply
of parts. The use of single-sources of supply is often a potential
_________________ for a company.
A. weakness
B. opportunity
C. situational selling problem
D. threat
E. strategic business promotion efficiency
55. For U.S. businesses with strong export capabilities,
expansion of U.S. trade agreements with other countries create:
A. weaknesses
B. opportunities
C. situational buying problems.
D. threats.
E. strategic business production efficiencies
56. In 2006, Ford Motor Company announced it would
severely cut back automobile production. For parts companies supplying Ford
Motor this represented a:
A. weakness
B. opportunity
C. situational selling problem
D. threat
E. strategic business promotion efficiency
57. When identifying and evaluating opportunities, STP
refers to:
A. simplification, teaching, and professing.
B. strategic, target, and preferences.
C. segmentation, targeting, and positioning.
D. situation, teamwork, and planning.
E. sustainable, temporary, and positions.
58. Lionel is asked to conduct an STP analysis for his
firm. The first thing he will do is:
A. generate a sum of segments.
B. target potential targets.
C. reposition existing segments.
D. divide the marketplace into subgroups.
E. conduct a SWOT analysis.
59. Recently, Wal-Mart announced it would begin
selling organic food products. In doing so, Wal-Mart is probably trying
to:
A. gain government approval
B. attract a different market segment.
C. reduce lost sales to health food stores.
D. save the environment.
E. offset cost-based pricing pressure.
60. Martha is opening an upscale day spa. She would
like to identify groups of potential high-income customers in her area but
knows income data is often difficult to access. Instead, she might consider
using:
A. educational achievement at area schools.
B. real estate values in various neighborhoods.
C. national census income data.
D. location of banks in her area.
E. shopping mall statistics.
61. For years, when considering new products,
marketers at Celestial Seasonings would ask, “What will Stacy think?”
Stacy represented 25-50 year old, educated, upper-income, infrequent
television-watching, and heavy-reading women. Stacy was Celestial’s
major:
A. target position.
B. product supporter.
C. SBU.
D. market segment.
E. sustainable competitive advantage.
62. 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 excellence
E. demographic
63. 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. operational excellence calculations.
E. market penetration estimation.
64. Dove was able to connect with important parts of
their customer base by:
A. creating high impact events at a lower cost by using Internet
approaches.
B. expanding beyond traditional constraints of advertising
C. connecting directly with customers via the internet.
D. All of the above
E. None of the above
65. Michael Jordan, Tiger Woods, Michele Wie and other
athletes are paid huge sums of money by companies for celebrity endorsements.
If, endorsements by these athletes create distinct images among consumers of
the companies’ products, they can help with the firm’s ________________
strategy.
A. cost-based promotion
B. vendor segmentation
C. positioning
D. sustainable competitive advantage
E. customer excellence strategy
66. _______________ 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. Cost-based promotion
B. Market segmentation
C. Sustainable competitive advantage
D. Positioning
E. Customer excellence strategy
67. In a classic television advertisement, the Maytag
repairman sat in an office bored, with nothing to do, implying Maytag products
were so dependable, they never needed repairs. This ad was a significant part
of the company’s:
A. cost-based promotion.
B. market segmentation.
C. sustainable competitive share.
D. customer excellence strategy.
E. positioning.
68. Imagine, 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 marketers’:
A. cost-based promotion.
B. market segmentation.
C. positioning.
D. customer excellence strategy.
E. targeting.
69. 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 with product excellence.
70. 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’____________
strategy.
A. cost-based promotion
B. market segmentation
C. positioning
D. customer excellence strategy
E. targeting
71. After performing an STP analysis, marketers
implement ________________ for each target market.
A. pricing strategies
B. promotion strategies
C. place strategies
D. product strategies
E. all of the above
72. Marketing mix strategies will vary depending on
what marketers believe their target markets:
A. will value.
B. can afford.
C. can sustain.
D. can be manipulated into buying.
E. position.
73. At least one university allows recent graduates,
who find they need additional education, to come back and take additional
courses free. By offering additional educational services, the university is
attempting to enhance their _____________ in the process of creating value for
their customers.
A. penetration pricing
B. place strategy
C. pricing strategy
D. diversification
E. product
74. In 2007, when Apple Computer Company introduced
its new iPhone, the company hoped combining cellular telephone, Internet, and
iPod technologies would:
A. create product value.
B. create pricing value.
C. expand global positioning.
D. lower supply chain management costs.
E. reduce regulatory oversight.
75. 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 they are receiving.
D. offers customer excellence above operational excellence.
E. positions the company during the control phase of the marketing plan.
76. Most university bookstores take the price they
paid for textbooks and add a standard markup, usually 25-35 percent. These
university bookstores are using a _____________ pricing strategy.
A. value-based
B. cost-based
C. competitor-based
D. customer-based
E. product-based
77. Marvin, owner of Marvin’s Marine Service, used to
work for the major boat company in town. When he started his own business,
Marvin charged an hourly rate slightly less than the boat company. Marvin was
using a __________ pricing strategy.
A. value-based
B. cost-based
C. competitor-based
D. customer-based
E. product-based
78. Years ago, when Kodak began selling film in Japan,
the company priced their film slightly lower than Fuji film. Sales were dismal.
Market research indicated Japanese consumers perceived the lower-priced Kodak
film as being inferior. Kodak was using ____________ pricing strategy, while
Japanese consumers were thinking in terms of __________ pricing.
A. cost-based; value-based
B. value-based; competitor-based
C. competitor-based; cost-based
D. competitor-based; value-based
E. value-based; cost-based
79. Movie theaters typically charge adult prices for
anyone age 12 or over, while giving discounts to senior citizens. Theater
owners are probably using a ____________ pricing strategy.
A. value-based
B. cost-based
C. competitor-based
D. management-based
E. product-based
80. One of the reasons marketers frequently use
cost-based or competitor-based pricing strategies is because they are:
A. easier for customers to understand.
B. simple to implement.
C. the best for profit maximization.
D. better than sustainable competitive advantage pricing.
E. operationally-based rather than product-based.51. After developing a mission statement, a firm or
organization next must perform:
A. relative market share division.
B. a situational analysis.
C. a market penetration strategy analysis.
D. a mission-accomplished ceremony.
E. cost-cutting surgery. 52. 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. 53. 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. threats.
E. opportunities and threats. 54. Several years ago, the factory of the brake
assembly supplier for Toyota burned, leaving Toyota with just a 24-hour supply
of parts. The use of single-sources of supply is often a potential
_________________ for a company.
A. weakness
B. opportunity
C. situational selling problem
D. threat
E. strategic business promotion efficiency 55. For U.S. businesses with strong export capabilities,
expansion of U.S. trade agreements with other countries create:
A. weaknesses
B. opportunities
C. situational buying problems.
D. threats.
E. strategic business production efficiencies 56. In 2006, Ford Motor Company announced it would
severely cut back automobile production. For parts companies supplying Ford
Motor this represented a:
A. weakness
B. opportunity
C. situational selling problem
D. threat
E. strategic business promotion efficiency 57. When identifying and evaluating opportunities, STP
refers to:
A. simplification, teaching, and professing.
B. strategic, target, and preferences.
C. segmentation, targeting, and positioning.
D. situation, teamwork, and planning.
E. sustainable, temporary, and positions. 58. Lionel is asked to conduct an STP analysis for his
firm. The first thing he will do is:
A. generate a sum of segments.
B. target potential targets.
C. reposition existing segments.
D. divide the marketplace into subgroups.
E. conduct a SWOT analysis. 59. Recently, Wal-Mart announced it would begin
selling organic food products. In doing so, Wal-Mart is probably trying
to:
A. gain government approval
B. attract a different market segment.
C. reduce lost sales to health food stores.
D. save the environment.
E. offset cost-based pricing pressure. 60. Martha is opening an upscale day spa. She would
like to identify groups of potential high-income customers in her area but
knows income data is often difficult to access. Instead, she might consider
using:
A. educational achievement at area schools.
B. real estate values in various neighborhoods.
C. national census income data.
D. location of banks in her area.
E. shopping mall statistics. 61. For years, when considering new products,
marketers at Celestial Seasonings would ask, “What will Stacy think?”
Stacy represented 25-50 year old, educated, upper-income, infrequent
television-watching, and heavy-reading women. Stacy was Celestial’s
major:
A. target position.
B. product supporter.
C. SBU.
D. market segment.
E. sustainable competitive advantage. 62. 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 excellence
E. demographic 63. 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. operational excellence calculations.
E. market penetration estimation. 64. Dove was able to connect with important parts of
their customer base by:
A. creating high impact events at a lower cost by using Internet
approaches.
B. expanding beyond traditional constraints of advertising
C. connecting directly with customers via the internet.
D. All of the above
E. None of the above 65. Michael Jordan, Tiger Woods, Michele Wie and other
athletes are paid huge sums of money by companies for celebrity endorsements.
If, endorsements by these athletes create distinct images among consumers of
the companies’ products, they can help with the firm’s ________________
strategy.
A. cost-based promotion
B. vendor segmentation
C. positioning
D. sustainable competitive advantage
E. customer excellence strategy 66. _______________ 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. Cost-based promotion
B. Market segmentation
C. Sustainable competitive advantage
D. Positioning
E. Customer excellence strategy 67. In a classic television advertisement, the Maytag
repairman sat in an office bored, with nothing to do, implying Maytag products
were so dependable, they never needed repairs. This ad was a significant part
of the company’s:
A. cost-based promotion.
B. market segmentation.
C. sustainable competitive share.
D. customer excellence strategy.
E. positioning. 68. Imagine, 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 marketers’:
A. cost-based promotion.
B. market segmentation.
C. positioning.
D. customer excellence strategy.
E. targeting. 69. 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 with product excellence. 70. 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’____________
strategy.
A. cost-based promotion
B. market segmentation
C. positioning
D. customer excellence strategy
E. targeting 71. After performing an STP analysis, marketers
implement ________________ for each target market.
A. pricing strategies
B. promotion strategies
C. place strategies
D. product strategies
E. all of the above 72. Marketing mix strategies will vary depending on
what marketers believe their target markets:
A. will value.
B. can afford.
C. can sustain.
D. can be manipulated into buying.
E. position. 73. At least one university allows recent graduates,
who find they need additional education, to come back and take additional
courses free. By offering additional educational services, the university is
attempting to enhance their _____________ in the process of creating value for
their customers.
A. penetration pricing
B. place strategy
C. pricing strategy
D. diversification
E. product 74. In 2007, when Apple Computer Company introduced
its new iPhone, the company hoped combining cellular telephone, Internet, and
iPod technologies would:
A. create product value.
B. create pricing value.
C. expand global positioning.
D. lower supply chain management costs.
E. reduce regulatory oversight. 75. 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 they are receiving.
D. offers customer excellence above operational excellence.
E. positions the company during the control phase of the marketing plan. 76. Most university bookstores take the price they
paid for textbooks and add a standard markup, usually 25-35 percent. These
university bookstores are using a _____________ pricing strategy.
A. value-based
B. cost-based
C. competitor-based
D. customer-based
E. product-based 77. Marvin, owner of Marvin’s Marine Service, used to
work for the major boat company in town. When he started his own business,
Marvin charged an hourly rate slightly less than the boat company. Marvin was
using a __________ pricing strategy.
A. value-based
B. cost-based
C. competitor-based
D. customer-based
E. product-based 78. Years ago, when Kodak began selling film in Japan,
the company priced their film slightly lower than Fuji film. Sales were dismal.
Market research indicated Japanese consumers perceived the lower-priced Kodak
film as being inferior. Kodak was using ____________ pricing strategy, while
Japanese consumers were thinking in terms of __________ pricing.
A. cost-based; value-based
B. value-based; competitor-based
C. competitor-based; cost-based
D. competitor-based; value-based
E. value-based; cost-based 79. Movie theaters typically charge adult prices for
anyone age 12 or over, while giving discounts to senior citizens. Theater
owners are probably using a ____________ pricing strategy.
A. value-based
B. cost-based
C. competitor-based
D. management-based
E. product-based 80. One of the reasons marketers frequently use
cost-based or competitor-based pricing strategies is because they are:
A. easier for customers to understand.
B. simple to implement.
C. the best for profit maximization.
D. better than sustainable competitive advantage pricing.
E. operationally-based rather than product-based.
