1
With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.
market specialization
selective specialization
product specialization
single-segment concentration
2
Which control should periodically reassess its approach to the marketplace with a good marketing audit?
Marketing control
Ethical control
Strategic control
Performance control
3
This is an important structural decision and resultant separate activities need to be coordinated and integrated back together as a whole so the business functions effectively.
Broadening
Differentiation
Preferencing
Diversification
4
Under which of the following conditions is the frequency the most important factor in media selection?
When introducing flanker brands
When launching infrequently purchased brands
When going into undefined target markets
When there is high consumer resistance to the product
5
The ability to meet humanity's needs without harming future generations is now a top priority in most corporate agenda
rules
ethics
sustainability
righteousness
6
Large-scale, future-oriented plans for interacting with the competitive environment to achieve the company objective refers to its
competitive analysis
strategy
goals
dynamic policies
7
This is a historically popular technique through which managers create a quick overview of a company's strategic situation—it is based on achieving a sound fit between internal resources and the external situation.
SWOT analysis
External analysis
Value chain analysis
Internal analysis
8
The strategic factor that involves the beliefs, values, attitudes, opinions, and lifestyles of persons in the firm's external environment, as developed from cultural, ecological, demographic, religious, educational, and ethnic conditioning.
Political factor
Social factor
Stakeholder factor
Economic factor
9
Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a "green marketing" program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program's chances of being successful?
Explain the rules and regulations laid out by governmental agencies to protect the environment.
Focus on the efforts and costs incurred by the company to bring these "green" products to consumers.
Demonstrate that the products will benefit both customers and the society in the long-term.
Emphasize benefits to the consumer rather than environmental benefits.
10
This is designed to check systematically and continuously whether the premises on which the strategy is based are still valid
Implementation control
Strategic surveillance
Premise control
Special alert control
11
A valuable result of task environment analysis with respect to geographic, demographic, psychographic and buyer-behavior factors is called
vendor profile
customer profile
competitor profile
financial position
12
Leaders galvanize commitment to embrace change through clarifying strategic intent, building an organization, and
planning strategy
developing a mission
shaping organizational culture
developing a vision
13
Company X's principal strength is its inbound and outbound logistics system; its relative weakness, however, is after-sales service. Its competitor, Company Y, however is often plagued with lagging shipments and an inflexible distribution setup. Company Y remains successful because it maintains a fully staffed service department and, as a result, the company is known for its dependable service. This type of analysis allows them to identify ways to build on relative strengths and avoid dependence on capabilities at which the other firm excels.
Disaggregating
Benchmarking
Past performance comparison
Industry comparison
14
What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?
Fixed pricing
Altered pricing
Price adaptation
Regular prices
15
The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place?
Step 2 – developing the research plan
Step 4 – analyzing the information
Step 5 – drafting the report
Step 1 – defining the problem
16
How do functional tactics compare to business strategies?
Functional tactics are more specific than business strategies.
Functional tactics are more focused on a commitment to corporate strategy than business strategies.
Functional tactics are more focused on the general direction of the firm than business strategies.
Functional tactics are more long-term than business strategies.
17
What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image?
Total customer benefit
Total management benefit
Complete marketing benefit
Ultimate service benefit
18
Firms using this generic strategy attempt to build customer loyalty by stressing a specific product attribute above other product qualities.
Differentiation
Cost leadership
Focus
Concentrated growth
19
A company that attempts to lead its industry in price and convenience by pursuing a focus on lean and efficient operations is pursuing what strategy?
Low-cost leadership
Operational excellence
Product leadership
Customer intimacy
20
New-to-the-world products are ________.
existing products that are targeted to new geographical markets
new products that create an entirely new market
new product enhancements that supplement established products
low-cost products designed to obtain an edge in highly competitive markets
21
A firm must know where to position its product based on price and
communication
quality
promotional efforts
region
22
A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own.
switchers
hard-core loyals
shifting loyals
split loyals
23
Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company?
Economic
Cultural
Political
Technological
24
When diversification involves additions of a business related to the firm in terms of technology, markets or products, it involves
horizontal integration
concentric diversification
vertical diversification
concentrated growth
25
Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________.
market estimation
brand association
market valuation
market partitioning
26
__________ social responsibilities are voluntarily assumed by a business or organization, and include public relations activities, good citizenship, and full corporate social responsibility.
Employee
Discretionary
Economic
Legal
27
A set of ideas on organizational control based on the belief that the separation of the ownership from management creates the potential for the wishes of owners to be ignored refers to
agency theory
Adam's theory
the moral hazard problem
ethical responsibilities
28
One of the ways to change the course of a brand is to modify the product. Under product modification, ________ adds size, weight, materials, supplements, and accessories that expand the product's performance, versatility, safety, or convenience.
quality improvement
technological improvement
style improvement
feature improvement
29
BMW's "The ultimate driving machine," American Express' "Don't leave home without it," New York Times' "All the news that's fit to print," and AT&T's "Reach out and touch someone" are all examples of ________.
brand mission
brand vision
brand personality
brand slogan
30
When performing this analysis, it is good for strategic planners to consider similarities between the benefits the customers derive from the products and services that other firms offer.
Business analysis
Company analysis
Competitive analysis
Customer analysis
