Marketing Multiple Choice Solutions: Strategic planning and the marketing process

Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and customer relationship management that also benefits the organization. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer behavior and providing superior customer value. From a societal point of view, marketing is the link between a societys material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. Marketing may be defined in several ways, depending on the role of the advertised enterprise in relation to the strategic role in positioning the firm within its competitive market. The main definition is often credited to Philip Kotler, recognized as the originator of the most recent developments in the field

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CHAPTER 2STRATEGIC PLANNING AND THE MARKETING PROCESS

MULTIPLE CHOICE QUESTIONS

1 Planning encourages management to think systematically about what has happened, what is happening, and

a when it is happening

b what might happen

c should something happen

d should something stop

Answer: (b) Difficulty: (2) Page: 44

2 Three types of plans usually prepared by companies include annual plans, strategic plans, and plans

a hourly

b long-range

c model

d psychological

3 The difference between annual and long-range plans versus a strategic plan is that the annual and long-range plans deal with the company’s current businesses and how

to keep them going, while the strategic plan deals with:

Answer: (d) Difficulty: (3) Page: 44

4 _ is the process of developing and maintaining a strategic fit

between the organization’s goals and capabilities and its changing marketing

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5 _ planning sets the stage for the rest of the planning in the firm.

a Functional

b Strategic

c Operational

d Tactical

6 For most companies, the first step in the strategic planning process is to:

a set company objectives and goals

b design the business portfolio

c define the company mission

d review planning, marketing and other functional strategies

Answer: (c) Difficulty: (2) Page: 44, 45, Figure 2-1

7 A mission statement is a statement of the organization’s:

a accounts and responsibilities

b net worth

c purpose

d structure

Answer: (c) Difficulty: (1) Page: 45

8 Questions such as “What is our business?” and “Who is the customer?” are generally answered in a company’s:

a objectives

b plan

c portfolio

d mission statement

9 The statement of the organization’s purpose that acts as an “invisible hand” in

guiding people in the organization to action is called:

a the strategic plan

b the mission statement

c the target market

d the company objective

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10 Traditionally, companies have defined their businesses in product terms or in:

a motivation terms

b global terms

c functional terms

d technological terms

11 Wal-Mart has a mission statement that says “We deliver low prices, every day.” This mission statement would best be characterized as being:

a market-oriented

b product-oriented

c production-oriented

d futuristic

Answer: (a) Difficulty: (2) Page: 49, Table 2-1

12 Mission statements should be all of the following EXCEPT:

a unlike any other mission statement in the industry

b realistic

c specific

d motivating

Answer: (a) Difficulty: (2) Page: 48

13 The _ is the collection of businesses and products that make

14 When using a business portfolio to manage its businesses, the organization must first analyze its current business portfolio and decide which businesses should receive more, less, or no investment, and second, the organization must:

a develop retraction strategies for the portfolio

b develop tactical decisions for the portfolio

c develop merger strategies for the portfolio

d develop growth strategies for adding new products or businesses to the portfolio

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15 _ is a tool by which management identifies and evaluates the various businesses that make up the company.

a Strategic planning

b Portfolio analysis

c Control recycling

d A strategy grid

16 If an organization were to identify a unit that has a separate mission and objectives and that can be planned independently from other company businesses, it would be called a(n):

a strategic business unit

b control unit

c product/market expansion unit

d development unit

17 The purpose of strategic planning is to find ways in which the company can best:

a overcome losses

b use its strengths to take advantage of attractive opportunities in the environment

c avoid paying taxes

d avoid the expense of costly research and development while still getting the benefits

18 The best known portfolio-planning method was developed by:

a the Department of Commerce

b the University of Chicago

c the Boston Consulting Group

d the A C Nielson Consulting Group

19 According to the growth-share matrix portfolio-planning method, a company’s strategic business units can be evaluated in terms of their:

a market growth rate and their relative profitability

b market growth rate and their expansion curve tendency

c structure and target markets

d market growth rate and relative market share

Answer: (d) Difficulty: (3) Page: 51, 52, Figure 2-2

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20 Under the BCG growth-share matrix, relative market share provides:

a a measure of the company’s strength in the market

b the primary information for investment/divestiture decisions

c a measure of market attractiveness

d a measure of profitability for all products

21 Under the BCG growth-share matrix, high-growth, high-share businesses or products are called:

a stars

b cash cows

c question marks

d dogs

Answer: (a) Difficulty: (1) Page: 51, 52, Figure 2-2

22 Under the BCG growth-share matrix, low-growth, high-share businesses or

products are called:

a stars

b cash cows

c question marks

d dogs

Answer: (b) Difficulty: (1) Page: 52, Figure 2-2

23 Under the BCG growth-share matrix, low-share, high-growth businesses or products are called:

a stars

b cash cows

c question marks

d dogs

Answer: (c) Difficulty: (1) Page: 52, Figure 2-2

24 According to the BCG growth-share matrix, which types of SBUs listed below often need heavy investment to finance their rapid growth?

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25 According to the BCG growth-share matrix, which types of SBUs listed below often produces profits that help to support other SBUs in need of investment?

a Stars

b Cash cows

c Question marks

d Dogs

26 If a company makes the decision to phase out an SBU and use the resources

elsewhere in the company, this decision is called a(n)

27 Some firms choose to milk an SBUs short-term cash flow regardless of the long-term effect on the SBU This strategy is generally called a(n)

28 All of the following can be limitations to using matrix approaches for strategic planning EXCEPT:

a they can be difficult

b they can be time-consuming

c they primarily focus on future planning

d they can be costly to implement

Answer: (c) Difficulty: (3) Page: 52, 53

29 The is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development,

or diversification

a Boston Consulting Group approach

b GE business-screen

c input-output analysis approach

d product/market expansion grid

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30 According to research reports, Starbucks Coffee has used all of the following growth strategies to fuel its growth and expansion EXCEPT:

a more store growth

b deep discounting to wholesalers

c new retail channels

d new products and store concepts

Answer: (b) Difficulty: (2) Page: 54-56, Marketing at Work 2-2

31 Under the product/market expansion grid, the strategy of making more sales of current products to current market segments without altering the product is called:

a market penetration

b market development

c product development

d diversification

32 Considering the strategies available in the product/market expansion grid, assume that

a company cuts prices, increases advertising, tries to get its products into more stores, and tries to obtain better in-store displays Which of the following strategies would the company most likely be pursuing based on the above actions?

d diversification

33 Under the product/market expansion grid, the strategy of finding new market

segments for current company products is called:

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34 If a company (in reviewing its product/market expansion grid) decides to pursue new demographic markets and expand into new geographic markets with existing

35 Under the product/market expansion grid, the strategy of offering new products to current markets is called:

d diversification

36 If a company chooses (considering its options on the product/market expansion grid)

to offer new styles, sizes, or colors to its existing market, the company would be following which of the general strategies listed below?

d diversification

37 Under the product/market expansion grid, the strategy of entering a new market(s) with new products is called:

d diversification

38 If a company (considering its options on the product/market expansion grid) chooses

to move into different unrelated fields (from what it has ever done before) with new products as a means to stimulate growth, the company would be following which of the following general strategies?

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d diversification

39 All of the following are ways that marketing plays a key role in the company’s strategic planning EXCEPT:

a marketing provides a guiding philosophy

b marketing is the only discipline that can provide a formal structure for the planning

40 When Wal-Mart’s purchasing department obtains the lowest prices possible from suppliers so that Wal-Mart can sell at low prices to the consumer, the purchasing department becomes part of a

a product life-cycle

b synergistic function

c value chain

d promotion network

41 Honda has designed a program for working closely with its suppliers to help them reduce their costs and improve quality This form of program becomes part of Honda’s _

a circulation cycle

b financial network

c small business chain

d value delivery network

42 The first step in the marketing process is to:

a select target markets

b develop the marketing mix

c manage the marketing effort

d analyze marketing opportunities

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43 At the center of any well founded marketing process is the:

a profit maximization motive

b target customer

c shipping department

d advertising

Answer: (b) Difficulty: (1) Page: 60, Figure 2-4

44 Each company must divide up the total market, choose the best segments, and

design strategies for profitably serving chosen segments better than its competitors

do This process involves three steps Which of the following IS NOT one of those steps?

a market delineation

b market segmentation

c market targeting

d market positioning

Answer: (a) Difficulty: (3) Page: 61, 62

45 consists of dividing a market into distinct groups of buyers on the basis of needs, characteristics, or behavior who might require separate products

46 A consists of consumers who respond in a similar way to a given set of marketing efforts

a market

b market segment

c market position

d target

47 With respect to market targets, a company should target segments in which:

a there are the most customers

b there are the most customers with the most money to spend

c the company can profitably generate the greatest customer value and sustain it over time

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d there are the fewest competitors and there are the lowest costs.

48 A product’s is the place the product occupies relative to competitors in consumer’s minds

a image

b position

c niche

d segment

49 When the Chevy Blazer is described as being “like a rock,” it is an example of:

a market segmentation

b product differentiation

c market targeting

d market positioning

50 In positioning its product, the company first identifies possible:

a market segments

b market targets

c competitive advantages on which to build the position

d costs and profit pitfalls

51 Product, price, place, and promotion are all controllable tactical marketing tools found in the company’s

a positioning plan

b marketing analysis division

c marketing mix

d marketing support system

52 Design, quality, features, brand name, packaging, services, and variety are all items found in which of the following marketing mix variables?

a product

b price

c place

d promotion

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