MKTG 3650 Chapter 2 Practice
Exam Questions with Correct
Answers
The firm's ________ is a statement of company purpose, identifying the business in
which the firm perceives itself to be; it is a statement of the firm's primary areas of
product and market focus. - Answer- Mission
In terms of the Boston Consulting Group's Growth-Share Matrix _______ are high
potential products with limited market share and are competing in high growth markets.
- Answer- Question Marks
Firms that define their missions from a strict 'product' perspective often miss many
marketing opportunities as a result. This phenomenon is referred to as
________________________ . - Answer- Marketing myopia
When marketing managers attempt to identify "Key Success Factors" they typically are
engaged in the _________________ component of the strategic marketing planning
process. - Answer- Industry analysis
A marketing strategy consists of: - Answer- The target market
A desired market position
The marketing mix
Which of the following contributes to a 'good' mission statement? - Answer- Mission
statement is market focused
The __________ component of the marketing plan identifies the intended target
markets that will be served, the market positions that will be sought, and generally
describe how these markets will be served and the desired positions achieved. -
Answer- Marketing Strategic Focus
The slide rule industry defined its mission as building and selling slide rules rather than
meeting customers' problem-solving needs. As a result of this product-focused mission
statement, the industry has been accused of __________ . - Answer- Marketing myopia
If the owner of a children's day-care center were to answer the question, "what business
are you in?" with the statement, "We nurture children and provide them with a homelike
, environment that keeps their separation anxieties to a minimum", it would be identifying
its _______. - Answer- Mission
A product's ________________ is the image it projects in relation to competitive
products as well as to other products marketed by the same company. - Answer-
Position
Wendy's ran a series of commercials employing the tagline "where's the beef?" The
implication was that Wendy's burgers were bigger than those of McDonalds and Burger
King. The positioning strategy in these ads illustrates: - Answer- Competitive positioning
A written summary of the firm's marketing objectives, strategies, and specific courses of
marketing action that also includes information on the assignment of personnel,
budgets, and timetables is the: - Answer- Marketing Plan
A firm is engaged in assessing the relative size of a market segment in terms of unit and
dollar sales along with its potential market share in that segment. The firm is conducting
the _____________ component of the SWOT analysis. - Answer- Demand analysis
The firm's marketing objectives, its marketing strategies, and its associated
implementation and control activities are referred to as ____________. - Answer- A
marketing program
Which of the following contributes to a 'good' mission statement? - Answer- Mission
statement builds on the firm's distinctive competencies
Russell Haley conducted a rather classic piece of research into how the toothpaste
market could be segmented. Which of the following segments is predominantly male,
shops mainly on price and does not look for any specific benefit from brands of
toothpaste? - Answer- General segment
With respect to marketing planning, the type of plan that tends to be very detailed in
nature and typically covers a year or less is the: - Answer- Tactical Plan
Which of the following is least correct about the implementation stage of the strategic
marketing process? - Answer- Effective implementation of a marketing plan generally is
easier than devising the marketing plan itself.
The MOA is generally considered to be conducted as part of the: - Answer- SWOT
The product-market expansion grid is a useful way to view the range of potential market
opportunities availale to firms. The dimensions of the matrix are new vs. exiting markets
and new vs. existing _____________________________ - Answer- products
Exam Questions with Correct
Answers
The firm's ________ is a statement of company purpose, identifying the business in
which the firm perceives itself to be; it is a statement of the firm's primary areas of
product and market focus. - Answer- Mission
In terms of the Boston Consulting Group's Growth-Share Matrix _______ are high
potential products with limited market share and are competing in high growth markets.
- Answer- Question Marks
Firms that define their missions from a strict 'product' perspective often miss many
marketing opportunities as a result. This phenomenon is referred to as
________________________ . - Answer- Marketing myopia
When marketing managers attempt to identify "Key Success Factors" they typically are
engaged in the _________________ component of the strategic marketing planning
process. - Answer- Industry analysis
A marketing strategy consists of: - Answer- The target market
A desired market position
The marketing mix
Which of the following contributes to a 'good' mission statement? - Answer- Mission
statement is market focused
The __________ component of the marketing plan identifies the intended target
markets that will be served, the market positions that will be sought, and generally
describe how these markets will be served and the desired positions achieved. -
Answer- Marketing Strategic Focus
The slide rule industry defined its mission as building and selling slide rules rather than
meeting customers' problem-solving needs. As a result of this product-focused mission
statement, the industry has been accused of __________ . - Answer- Marketing myopia
If the owner of a children's day-care center were to answer the question, "what business
are you in?" with the statement, "We nurture children and provide them with a homelike
, environment that keeps their separation anxieties to a minimum", it would be identifying
its _______. - Answer- Mission
A product's ________________ is the image it projects in relation to competitive
products as well as to other products marketed by the same company. - Answer-
Position
Wendy's ran a series of commercials employing the tagline "where's the beef?" The
implication was that Wendy's burgers were bigger than those of McDonalds and Burger
King. The positioning strategy in these ads illustrates: - Answer- Competitive positioning
A written summary of the firm's marketing objectives, strategies, and specific courses of
marketing action that also includes information on the assignment of personnel,
budgets, and timetables is the: - Answer- Marketing Plan
A firm is engaged in assessing the relative size of a market segment in terms of unit and
dollar sales along with its potential market share in that segment. The firm is conducting
the _____________ component of the SWOT analysis. - Answer- Demand analysis
The firm's marketing objectives, its marketing strategies, and its associated
implementation and control activities are referred to as ____________. - Answer- A
marketing program
Which of the following contributes to a 'good' mission statement? - Answer- Mission
statement builds on the firm's distinctive competencies
Russell Haley conducted a rather classic piece of research into how the toothpaste
market could be segmented. Which of the following segments is predominantly male,
shops mainly on price and does not look for any specific benefit from brands of
toothpaste? - Answer- General segment
With respect to marketing planning, the type of plan that tends to be very detailed in
nature and typically covers a year or less is the: - Answer- Tactical Plan
Which of the following is least correct about the implementation stage of the strategic
marketing process? - Answer- Effective implementation of a marketing plan generally is
easier than devising the marketing plan itself.
The MOA is generally considered to be conducted as part of the: - Answer- SWOT
The product-market expansion grid is a useful way to view the range of potential market
opportunities availale to firms. The dimensions of the matrix are new vs. exiting markets
and new vs. existing _____________________________ - Answer- products
