1. A sustainable competitive advantage is built in which of the following instances
a. Creation of a marketing strategy
b. Scenario planning
c. Creation of a marketing plan
d. Value-based marketing
2. Which strategy is achieved through efficient operations and human resource
management?
a. locational excellence
b. customer excellence
c. operational excellence
d. product excellence
3. In which phase of the marketing plan do managers identify and evaluate different
opportunities by engaging segmentation, targeting, and positioning?
a. implementation phase
b. control phase
c. planning phase
d. action phase
4. A strong brand, unique merchandise and superior customer service are all essential in
what?
a. operational excellence
b. product excellence
c. A marketing plan
d. customer excellence
5. According to the text a reason that Starbucks and Dunkin Donuts have both been
equally successful is?
a. The target audience of both companies is the same, which in turn causes them to
share consumers
b. They each target a different audience but have implemented their marketing
strategies towards their target consumers effectively.
c. They both have celebrity representation and advertisements.
d. They are not equally successful.
6. What is achieved when a firm develops value-based strategies for retaining loyal customers
and provides outstanding customer service?
A. Operational Excellence
B. Product Excellence
C. Customer Excellence
D. Locational Excellence
7. What are the three major phases of the marketing plan?
A. planning, implementation, control
B. place, price, promotion
C. Segmentation, Targeting, Positioning
D. product, creation, control
8. Which step is part of the control phase?
A. Business mission & objectives
B. Evaluate performance using market metrics
C. Identify opportunities
D. Situation analysis
9.
What is the first step for a business in developing a market plan?
A. Mission Statement
B. Situation Analysis
C. Segmentation
D. Targeting
10.
A SWOT analysis internally evaluates...
A. Opportunities
B. Threats
C. competitive advantage
D. Strengths & Weaknesses
11) What type of pricing is used when a firm determines the costs of producing its
product and then adds a fixed amount above that total to arrive at a selling price?
a) competitor-based pricing
b) value-based pricing
c) cost-based pricing
d) none of the above
12) The final step in the planning process includes ______ the results of the strategy
and implementation program using marketing metrics.
a) evaluating
b) throwing away
c) predicting
d) making a product for
13) The percentage of a market accounted for by a specific entity, and is used to
establish the product’s strength in a particular market is known as:
a) relative market share
b) market growth rate
c) market share
d) market interest
14) An item in the upper left quadrant of exhibit 2.7 (pg. 51) known as ______occur in
high- growth markets and are high market share products.
a) cash cows
b) stars
c) question marks
d) dogs
15) Which of the following is an example of a product?
a) Folgers coffee
b) Stride gum
c) Molly Maid Cleaners
d) All of the above
16) Using information created and obtained from a marketing plan to gain a better grasp
of possible real-world outcomes is called ___________
A) guessing
B) scenario planning
C) outcome planning
D) marketing planning
17) What is the first step in scenario planning?
A) assessing strengths and weaknesses
B) assessing profitability
C) identifying different possible scenarios
D) assessing opportunities and threats
18) Which of these is NOT a sound plan of action for companies that want to successfully
grow their business?
A) Creating a diversification strategy
B) Offering a relevant new product/service to current customers
C) Appealing to new market segments
D) Offering a completely different product to new market segments
19) What was the name of the unsuccessful music phone that was a partnership between
Apple and Motorola in 2004?
A) The iPhone
B) The iPod
C) The ROKR
D) The ROLR
20) What type of pricing is used when a firm determines a perceived value of its product
from customers before setting the price?
A) Competitor-based pricing
B) Value-based pricing
C) Cost-based pricing
D) None of the above
ANSWER KEY
1A
2C
3A
4D
5B
6C
7A
8B
9A
10 D
11 C
12 A
13 C
14 B
15 D
16 B
17 A
18 D
19 C
20 B