Quiz Three
1) The process of dividing the market into groups of customers with different
needs, wants, or characteristics is an example of
A. Targeting
B. Positioning
C. Market Segmentation
D. Competitor-based pricing
2) Which of the following is when the firm determines the perceived value of the
product from the customer's point of view and then prices accordingly?
A) Cost-Based Pricing
B) Value-Based Pricing
C) Competitor-Based Pricing
D) Positioning
3) Which of the following is NOT one of the 3 macro strategies used to give
companies sustainable long-term advantage over their competition?
A. Operational excellence
B. Product excellence
C. Customer excellence
D. Promotional excellence
4) Which of the following is not one of the three phases of a strategic plan?
A) Implementing
B) Planning
C) Strategizing
D) Controlling
5) Which of the following is NOT a Market Development Strategy?
A. Diversification
B. Cutting Prices
C. Product Development
D. Global Expansion
6) The process of dividing the market into groups of customers with different
needs, wants, or characteristics- who therefore might appreciate products or
services geared especially for them is known as:
A. Targeting
B. Production
C. Segmentation
D. Positioning
7) _________ allows a firm to divide the market by customer need, want, or
characteristic.
a) Competitive advantage
b) Targeting
c) Positioning
d) Market segmentation
8) When the firm first determines the perceived value of the product from the
customer's point of view and then prices accordingly.
A. Competitor-based pricing
B. Cost-based pricing
C. Targeting
D. Value-based pricing
9) What are the three major phases of the strategic planning process?
A) Marketing, Producing, Selling
B) Advertising, Targeting, Segmenting
C) Planning, Implementation, Control
D) Competing, Promoting, Operating
10) When a firm utilizes its New Marketing Offering in a Current Market in their
growth strategies, it is called
A)
B)
C)
D)
Market Penetration
Product Development
Market Development
Diversification
1) C
2) B
3) D
4) C
5) B
6) C
7) D
8) D
9) C
10) B
1. What does SBU stand for?
A) Strategic business unit
B) Standard Business uniform
C) Standard baking unit
D) None of the above
2. To evaluate a brand, a manager could measure…
A) Brand awareness
B) The number of people who bought the product
C) What the repeat purchase rate is
D) all of the above
3. Which of the following is a growth strategy?
A) Market Penetration
B) Market development and global expansion
C) Product Development
D) Diversification
E) All of the above
4. A market development strategy…
A) offers a new product or service to a firm’s target market
B) employs the existing marketing offering to reach new market segments
C) introduces a new product or service to a market segment that currently is not served
D) employs the existing marketing mix
5. Which of the following is NOT one of the Six Tests of Ethical Action?
A) The Person in the Mirror Test
B) The Golden Rule Test
C) The Good Character Test
D) The Moral Mentor Test
6. Customer loyalty…
A) means that customers are committed to buying from a particular firm
B) is important in sustaining an advantage over competitors
C) means that customers are reluctant to patronize competitive firms
D) all of the above
7. Firms achieve operational excellence through…
A) Branding and positioning
B) Providing customer service
C) Their efficient operations and excellent supply chain management
D) Achieving high quality products
8. Three vitally important macro strategies are
,
, and
.
A) Customer Excellence, Price Excellence, and Product Excellence
B) Customer Excellence, Operational Excellence, and Product Excellence
C) Price Excellence, Customer Excellence, and Product Development
D) Diversification, Market Development, and Market Penetration
9. The strategic marketing planning process begins with the…
A) Implementation phase
B) Control Phase
C) Planning Phase
D) None of the above
10. Which does not belong in the marketing mix?
A) Allocating resources
B) Product and value creation
C) Price and value capture
D) Place and value delivery
1. A
2. D
3. E
4. B
5. C
6. D
7. C
8. B
9. C
10. A