Question 1

Figure 22-4
 
-In Figure 22-4 above,the market-product grid labeled B illustrates which of the following market-product strategies?

Accepted Answer

A)  market specialization
B)  selective specialization
C)  market-product concentration
D)  full coverage
E)  product specializationF) A) and E)
G) None of the above

Question 2

Lockheed Martin's Skunk Works is a leader in delivering world-class aircraft.About 50 engineers and designers and 100 expert machinists closely follow this guideline for organizational structure and implementation: Use a small number of good people who

Accepted Answer

A)  implement the idea that "it is better to ask forgiveness than permission."
B)  know their jobs,as well as the ones around them.
C)  can talk to anyone in the organization to solve a problem.
D)  recognize that everyone should have a voice in decision making.
E)  never offer excuses,only explanations.F) B) and E)
G) A) and E)

Question 3

According to Porter's four generic business strategies framework,a ________ strategy focuses on reducing expenses and,in turn,lowers product prices,while targeting a broad array of market segments.

Accepted Answer

A)  differentiation focus
B)  cost focus
C)  cost leadership
D)  differentiation
E)  supply focusF) C) and E)
G) A) and D)

Question 4

Hyundai Motor America (HMA) became the first automaker to offer consumers an Internet parts ordering system.The system was targeted only to current Hyundai owners and gave Hyundai the ability to collect a vast amount of customer data about people who buy its cars.Which of Porter's generic business strategies did Hyundai most likely use when it launched its Internet parts website?

Accepted Answer

A)  cost leadership
B)  differentiation focus
C)  differentiation
D)  cost focus
E)  marketing focusF) A) and E)
G) B) and D)

Question 5

Explain what synergy analysis is and describe the five marketing strategies that result.

Accepted Answer

Synergy analysis seeks market-product op...

Question 6

What is the primary disadvantage of employing a product specialization strategy?

Accepted Answer

A)  The organization may be spread too thin.
B)  The organization achieves neither marketing nor manufacturing synergies.
C)  R&D-manufacturing has the difficulty of producing multiple new lines.
D)  There are too many product substitutes over which a firm would not have control.
E)  Gaining market distribution will be costly.F) B) and E)
G) A) and B)

Question 7

The information needed in market product focus and goal setting,Step 2 of the planning phase,includes

Accepted Answer

A)  creating market-product grids with targets.
B)  identifying trends for industry and competitors.
C)  defining marketing mix actions.
D)  creating detailed plans to execute the marketing program.
E)  projecting future sales,expenses,and profits.F) A) and C)
G) A) and B)

Question 8

A company that uses an organizational structure based on its snowboards,skiing equipment,and ice skates would most likely be using a ________ grouping.

Accepted Answer

A)  functional
B)  reseller
C)  product line
D)  geographical
E)  market-basedF) None of the above
G) C) and D)

Question 9

One way to improve implementation is to communicate goals and the means of achieving them.At Toyota,its design teams stress ________-"go and see"-a message about both a goal and a means of achieving it.

Accepted Answer

A)  keiretsu
B)  genchi genbutsu
C)  kaizen
D)  zaibatsu
E)  meishiF) C) and D)
G) A) and E)

Question 10

The key to launching a disruptive innovation like Google,Facebook,or the iPhone and iPad from Apple is to

Accepted Answer

A)  hold the line on spending for R&D because "money doesn't grow on trees."
B)  focus on long-range planning because "if you don't know where you're going,any road will get you there."
C)  develop accurate action item lists and program schedules because "the devil is in the details."
D)  ask questions to exploring what currently is and then moving to a powerful search for what might be.
E)  assess the competitive landscape through a comprehensive environmental scan because "the early bird gets the worm."F) A) and E)
G) A) and B)

Question 11

Ingram Micro is the biggest computer wholesaler in the world.It has two divisions.One provides supplies for companies that manufacture computer products,such as IBM and Microsoft.To them it sells motherboards,monitors,etc.The other has been developed to serve the needs of the resellers and retailers that sell computers to businesses and individual customers.To them,it sells user-ready computers.In this example,Ingram Micro most likely would use which type of organizational structure for marketing?

Accepted Answer

A)  product line grouping
B)  geographical grouping
C)  functional grouping
D)  matrix organization
E)  market-based groupingF) None of the above
G) A) and E)

Question 12

A company that uses an organizational structure by marketing department,finance department,human resource department,etc. ,is most likely using ________ groupings.

Accepted Answer

A)  functional
B)  reseller
C)  task-based
D)  product line
E)  market-basedF) C) and D)
G) A) and E)

Question 13

Annual ________ are documents that deal with the marketing goals and strategies for a product,product line,or entire firm for a single year.

Accepted Answer

A)  production estimates
B)  sales forecasts
C)  budget projections
D)  marketing plans
E)  tactical forecastsF) D) and E)
G) All of the above

Question 14

People who have the authority and responsibility to advise people in line positions but cannot issue direct orders to them hold

Accepted Answer

A)  staff positions.
B)  line positions.
C)  positions on the board of directors.
D)  stakeholder positions.
E)  program champion positions.F) C) and D)
G) A) and E)

Question 15

The mathematical function that relates the expense of marketing effort to the marketing results obtained is referred to as

Accepted Answer

A)  marketing ROI.
B)  market share profitability.
C)  share point analysis.
D)  synergy analysis.
E)  a sales response function.F) A) and B)
G) All of the above

Question 16

The information needed in a situation (SWOT) analysis or Step 1 of the planning phase includes

Accepted Answer

A)  project future sales,expenses,and profits.
B)  segmentation methods
C)  positioning studies
D)  market-product grids with target segments and product groupings
E)  marketing mix actionsF) A) and D)
G) B) and E)

Question 17

Figure 22-3
 
-In Porter's generic business strategies shown in Figure 22-3 above,which box represents a differentiation focus strategy?

Accepted Answer

A)  Box A
B)  Box B
C)  Box C
D)  Box D
E)  This is not one of Porter's strategies.F) A) and B)
G) None of the above

Question 18

Which of the following statements about the four basic business and management practices that researchers identified is most accurate?

Accepted Answer

A)  Strategy and structure are more important for success than culture and execution.
B)  Culture and execution are more important for success than strategy and structure.
C)  In order for a company to be successful,it must use all four strategies.
D)  In terms of the basic business and management practices,the practice itself is less important than flawless execution of the one(s) the company does use.
E)  No strategy can work unless every stakeholder buys into it 100 percent.F) C) and E)
G) None of the above

Question 19

Organizational groupings in which a unit is responsible for specific product offerings are referred to as

Accepted Answer

A)  functional groupings.
B)  geographical groupings.
C)  reseller-based groupings.
D)  product line groupings.
E)  market-based groupings.F) C) and D)
G) None of the above

Question 20

Marketing plans that cover marketing activities from two to five years into the future are referred to as

Accepted Answer

A)  marketing tactics.
B)  marketing strategies.
C)  generic marketing strategies.
D)  short-term marketing plans.
E)  long-range marketing plans.F) A) and B)
G) C) and E)

Exam 22: Pulling It All Together: the Strategic Marketing Process

Figure 22-4 -In Figure 22-4 above,the market-product grid labeled B illustrates which of the following market-product strategies?

Correct Answer
verified

A company that uses an organizational structure by marketing department,finance department,human resource department,etc. ,is most likely using ________ groupings.

Correct Answer
verified

Correct Answer
verified

Marketing plans that cover marketing activities from two to five years into the future are referred to as

Correct Answer
verified

Explain what synergy analysis is and describe the five marketing strategies that result.

Correct Answer
verified
Synergy analysis seeks market-product op...
View Answer

Correct Answer
verified

According to Porter's four generic business strategies framework,a ________ strategy focuses on reducing expenses and,in turn,lowers product prices,while targeting a broad array of market segments.

Correct Answer
verified

Annual ________ are documents that deal with the marketing goals and strategies for a product,product line,or entire firm for a single year.

Correct Answer
verified

The key to launching a disruptive innovation like Google,Facebook,or the iPhone and iPad from Apple is to

Correct Answer
verified

The mathematical function that relates the expense of marketing effort to the marketing results obtained is referred to as

Correct Answer
verified

Organizational groupings in which a unit is responsible for specific product offerings are referred to as

Correct Answer
verified

Lockheed Martin's Skunk Works is a leader in delivering world-class aircraft.About 50 engineers and designers and 100 expert machinists closely follow this guideline for organizational structure and implementation: Use a small number of good people who

Correct Answer
verified

What is the primary disadvantage of employing a product specialization strategy?

Correct Answer
verified

One way to improve implementation is to communicate goals and the means of achieving them.At Toyota,its design teams stress ________-"go and see"-a message about both a goal and a means of achieving it.

Correct Answer
verified

Which of the following statements about the four basic business and management practices that researchers identified is most accurate?

Correct Answer
verified

Figure 22-3 -In Porter's generic business strategies shown in Figure 22-3 above,which box represents a differentiation focus strategy?

Correct Answer
verified

The information needed in a situation (SWOT) analysis or Step 1 of the planning phase includes

Correct Answer
verified

A company that uses an organizational structure based on its snowboards,skiing equipment,and ice skates would most likely be using a ________ grouping.

Correct Answer
verified

People who have the authority and responsibility to advise people in line positions but cannot issue direct orders to them hold

Correct Answer
verified

The information needed in market product focus and goal setting,Step 2 of the planning phase,includes

Correct Answer
verified

Exam 22: Pulling It All Together: the Strategic Marketing Process

Figure 22-4 -In Figure 22-4 above,the market-product grid labeled B illustrates which of the following market-product strategies?

Correct AnswerverifiedShow Answer

A company that uses an organizational structure by marketing department,finance department,human resource department,etc. ,is most likely using ________ groupings.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Marketing plans that cover marketing activities from two to five years into the future are referred to as

Correct AnswerverifiedShow Answer

Explain what synergy analysis is and describe the five marketing strategies that result.

Correct AnswerverifiedSynergy analysis seeks market-product op...View AnswerShow Answer

Correct AnswerverifiedShow Answer

According to Porter's four generic business strategies framework,a ________ strategy focuses on reducing expenses and,in turn,lowers product prices,while targeting a broad array of market segments.

Correct AnswerverifiedShow Answer

Annual ________ are documents that deal with the marketing goals and strategies for a product,product line,or entire firm for a single year.

Correct AnswerverifiedShow Answer

The key to launching a disruptive innovation like Google,Facebook,or the iPhone and iPad from Apple is to

Correct AnswerverifiedShow Answer

The mathematical function that relates the expense of marketing effort to the marketing results obtained is referred to as

Correct AnswerverifiedShow Answer

Organizational groupings in which a unit is responsible for specific product offerings are referred to as

Correct AnswerverifiedShow Answer

Lockheed Martin's Skunk Works is a leader in delivering world-class aircraft.About 50 engineers and designers and 100 expert machinists closely follow this guideline for organizational structure and implementation: Use a small number of good people who

Correct AnswerverifiedShow Answer

What is the primary disadvantage of employing a product specialization strategy?

Correct AnswerverifiedShow Answer

One way to improve implementation is to communicate goals and the means of achieving them.At Toyota,its design teams stress ________-"go and see"-a message about both a goal and a means of achieving it.

Correct AnswerverifiedShow Answer

Which of the following statements about the four basic business and management practices that researchers identified is most accurate?

Correct AnswerverifiedShow Answer

Figure 22-3 -In Porter's generic business strategies shown in Figure 22-3 above,which box represents a differentiation focus strategy?

Correct AnswerverifiedShow Answer

The information needed in a situation (SWOT) analysis or Step 1 of the planning phase includes

Correct AnswerverifiedShow Answer

A company that uses an organizational structure based on its snowboards,skiing equipment,and ice skates would most likely be using a ________ grouping.

Correct AnswerverifiedShow Answer

People who have the authority and responsibility to advise people in line positions but cannot issue direct orders to them hold

Correct AnswerverifiedShow Answer

The information needed in market product focus and goal setting,Step 2 of the planning phase,includes

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Synergy analysis seeks market-product op...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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