Reference no: EM132215268
1. When pursuing a market development strategy, expanding into international markets is generally:
- executed through international trade relief subsidies.
- impossible due to negative attitudes about American products.
- more risky than expansion in domestic markets.
- simplified by creating new products for export markets.
2. Sarah has decided to pursue a market penetration strategy for her French cookware product line. She will likely increase advertising, sales promotion, and sales personnel. She may also consider:
- expanding into new territories.
- intensifying distribution efforts.
- investing in a travel agency.
- shifting resources into marketing a line of footwear.
3. An excellent reason to keep a “dog” using the BCG portfolio analysis is that:
- internal product champions would be upset if the “dogs” were eliminated.
- it complements or boosts the sales of another product.
- the inventory maintenance costs are lower than the disposal costs.
- the market might turn around, and the firm would be well-positioned for future growth.
4. Understanding the causes of performance, regardless of whether that performance exceeded, met, or fell below the firm’s goals:
- allows firms to better assess customer performance.
- allows managers to promote their effectiveness.
- enables firms to make appropriate adjustments.
- offers insights into cost-based pricing value.
5. The idea of value-based marketing requires firms to charge a price that:
- captures the value customers perceive they are receiving.
- covers costs and generates a modest profit.
- includes the value of the effort the firm put into the product or service.
- offers customer excellence above operational excellence.
6. 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:
- diversification.
- market penetration estimation.
- situation analysis.
- target marketing.
7. Which of the following represents a way to build a competitive advantage using product excellence?
- being the first to offer customers desired features, even if competitors can match these.
- having the most features on each model.
- positioning the product using a clear, distinctive brand image.
- using engineering talent to design product features well ahead of when consumers might want them.
8. With which statement about strategy and competition would our authors agree:
- a firm generally surveys a large group of its executives in order to accurately assess the level of satisfaction of its customers.
- by concentrating on domestic markets, U.S. firms do not have to worry about the complexities of global competition.
- effective organizations have little to no internal dissension—disagreeable employees are executed.
- innovation—vital in order for a firm to survive and grow—is actually the responsibility of everybody within the company
9. Which is NOT a step in the strategic planning process?
- defining the company mission
- designing the business portfolio
- identifying the company’s culture
- setting company objectives and goals
10. Which provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?
- business portfolio
- mission statement
- objectives and goals
- operational strategies
11. Which is NOT a market-oriented business definition?
- “to be the guardian of our customers’ financial dreams”
- “to deliver low prices every day”
- “to provide a global trading platform where practically anyone can trade practically anything”
- “to sell tools and home repair and improvement items”
12. The marketing concept is best thought of as which of the following?
- a guiding philosophy for the company’s marketing strategy
- a specific approach to building relationships with customers, vendors, and suppliers
- the overall purpose of the company
- the position the company’s product holds in customers’ minds
13. Which is NOT a step in the marketing control process?
- defining the mission
- evaluating the causes of gaps between expected and actual performance
- measuring performance
- setting goals
14. Ryan knows one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal Ryan knows his firm must look at everything they do:
- from a customer’s point of view.
- from a generational cohort maximization perspective.
- in order to value each person in the organization.
- to avoid foreign currency fluctuation.
15. The Mayo Clinic in Minnesota is known for top-quality medical care. This is an example of a firm focusing its efforts on satisfying customer needs that:
- are easiest to satisfy.
- competitive intelligence has identified.
- match their match their fundamental skills and competencies.
- provide minimum core value.