Q&A Hero

Q: Coupons and sales are frequently used marketing tactics for which form of competition? a. pure competition b. cross-market competition c. an oligopoly d. a monopoly e. monopolistic competition

Q: The form of competition in which many sellers compete with their products on a substitutable basis within a price range is called a. pure competition. b. cross-market competition. c. an oligopoly. d. monopolistic competition. e. a monopoly.

Q: __________ is the form of competition where distribution is the only element of the marketing mix that exerts an impact on the firm. a. Cross-market competition b. Limited competition c. Pure competition d. Monopolistic competition e. A monopoly

Q: In _________, there are many sellers and they each have a similar product, such as commodities common to agribusinesses. a. limited competition b. pure competition c. oligopoly competition d. monopolistic competition e. a monopoly

Q: The form of competition in which there are many sellers and they each have a similar product is referred to as __________. a. pure competition b. singular competition c. an oligopoly d. monopolistic competition e. a monopoly

Q: Many firms now use e-mail and the Internet to promote their products instead of sending promotional literature to current and prospective customers though the mail. UPS and FedEx continue to grow, as they have both expedited (overnight) and ground package delivery services. These marketplace activities have caused the U.S. Postal Service (USPS) to lose millions of customers and billions of dollars in revenues. As a result, the USPS has had to cope with new ___________ forces in the marketplace. a. economic b. competitive c. legal d. social e. technological

Q: In marketing, the four basic forms of competition are a. pure competition, limited competition, oligopoly, and monopoly. b. dictatorship, monarchy, oligarchy, and democracy. c. pure competition, cross-market competition, oligopoly, and pure monopoly. d. pure competition, monopolistic competition, oligopoly, and pure monopoly. e. technological competition, market competition, governmental competition, and environmental competition.

Q: Competition refers to a. identical products that perform identical functions. b. any for profit organization that targets the customers of other organizations. c. alternative firms that could provide a product to satisfy a specific market's needs. d. any product or service that vies for a portion of a customer's discretionary income. e. the set of firms that operate in a given geographic region, regardless of product or service.

Q: Alternative firms that could provide a product to satisfy a specific market's needs are referred to as __________. a. substitute firms b. target markets c. complementary firms d. cross product marketers e. competition

Q: Companies often use Internet-based technologies called a(n) __________ that permits communication between a company and its suppliers, distributors, and other partners. a. Internet service provider b. extranet c. intranet d. commercial online service e. web exchange

Q: Office Depot has given its staff wireless tablet devices. When customers inquire about a product, a computer-equipped sales associate can pull up detailed information about the product from the corporate database. In addition, employees at one store can contact employees at another store for advice or information. This is an example of how a(n) __________ can be used to enhance marketing. a. Internet service provider b. web exchange c. commercial online service d. extranet e. intranet

Q: A(n) __________ is an Internet-based network used within the boundaries of an organization. a. web exchange b. commercial online service c. extranet d. Internet service provider e. intranet

Q: Buying a book at www.amazon.com to give as a birthday present is an example of a(n) __________ transaction. a. i-market b. intranet c. electronic commerce d. extranet e. marketplace

Q: Electronic commerce refers to a. an information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunications technologies and digitized offerings. b. any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services. c. two-way buyer"seller electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller. d. electronic storefronts that focus on converting an online browser into an online, catalog, or in-store buyer. e. electronic storefronts that advertise and promote a company's products and services and provide information on how items can be used and where they can be purchased.

Q: Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services is referred to as __________. a. electronic commerce b. Internet barter c. intranet commerce d. electronic exchange e. extranet commerce

Q: All of the following are components of the implementation phase of the strategic marketing process EXCEPT: a. developing planning schedules. b. executing the marketing program. c. designing the marketing organization. d. conducting R&D. e. obtaining resources.

Q: Which phase of the strategic marketing process does a firm obtain resources, design the marketing organization, develop schedules, and execute the marketing program? a. planning phase b. implementation phase c. evaluation phase d. strategic phase e. tactics phase

Q: Which statement best describes the most significant difference between a business firm and a nonprofit organization? a. Business firms operate with larger budgets than nonprofits. b. Nonprofit organizations do not carry on economic activities while business firms do. c. Nonprofit organizations are concerned with social issues and business firms are not. d. Both serve customers, but business firms seek a profit while nonprofit organizations do not. e. Nonprofit organizations are publicly owned and business firms are privately owned.

Q: The second phase of the strategic marketing process is the __________. a. tactics phase b. strategic phase c. planning phase d. implementation phase e. evaluation phase

Q: A nongovernmental organization that serves its customers but does not have profit as an organizational goal is referred to as a a. business firm. b. nonprofit organization. c. subchapter S corporation. d. cooperative. e. social service agency.

Q: Offering a Champion brand heart pacemaker with features needed by Asian patients is an example of Medtronic's a. market segmentation and targeting strategy b. price strategy c. place strategy d. promotion strategy e. product/service strategy

Q: Introducing the champion at medical conventions across Asia to demonstrate its many beneficial features is an example of Medtronic's a. market segmentation and targeting strategy b. price strategy c. place strategy d. promotion strategy e. product/service strategy

Q: Searching out, using, and training reputable medical device distributors across Asia to call on cardiologists and medical clinics is an example of Medtronic's a. market segmentation and targeting strategy b. price strategy c. place strategy d. promotion strategy e. product/service strategy

Q: The __________ element of the marketing mix includes channels and coverage. a. product b. price c. promotion d. place e. people

Q: The reward to a business firm for the risk it undertakes in marketing its offerings is referred to as a. shareholders' equity. b. profit. c. assets. d. contribution margin. e. goodwill.

Q: A business firm refers to a. a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers. b. a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit. c. a privately owned organization that serves its customers to earn a profit so that it can survive. d. a group of people united through contractual or corporate ownership. e. a publicly owned organization that serves the general population.

Q: The __________ element of the marketing mix includes discounts and allowances. a. product b. price c. promotion d. place e. people

Q: The __________ element of the marketing mix includes features and packaging. a. product b. price c. promotion d. place e. people

Q: In marketing, an offering refers to a. the formal designation of a publicly-traded stock for a specific product, service or idea. b. a thing of value between buyer and seller so that each is better off after an exchange between them. c. a product, service, or idea that creates value for both the organization and its customers by satisfying customer needs and wants. d. the manufacturer's suggested retail price of a product or service to the general public or the wholesale price to distributors and retailers. e. the service suppliers and distributors provide to help manufacturers bring a product to market.

Q: The marketing programstep 3 in the strategic planning processanswers which question? a. who b. what c. when d. why e. how

Q: Today's organizations can be divided into two groups, which are a. companies and cooperatives. b. business firms and offerings. c. business firms and nonprofit organizations. d. employees and customers. e. public and private.

Q: Points of difference refer to a. the fundamental, passionate, and enduring principles of an organization that guide its conduct over time. b. the cluster of benefits that an organization promises customers to satisfy their needs. c. a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. d. those characteristics of a product that make it superior to competitive substitutes. e. the use of percentage points of market share to allocate marketing resources effectively for different product lines within the same firm.

Q: In marketing, an organization refers to a. a legal entity of people who share a common mission. b. a group of people united through contractual or corporate ownership. c. a legal entity engaged in business activities solely with the intent of making a profit. d. a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit. e. a privately owned entity that serves its customers to earn a profit so that it can survive.

Q: A(n) __________ is a legal entity of people who share a common mission. a. department b. organization c. SBU d. industry e. market segment

Q: In keeping with its business mission, Ben & Jerry's has a. opened new ScoopShop franchises in preexisting, eco-friendly structures in order to save natural resources. b. created social entrepreneurship programs to help nonprofit organizations give jobs to at-risk youth. c. invested in research to create genetically engineered cows that will produce more hypoallergenic milk. d. limited its advertising to nonprint media. e. packaged its next line of bulk ice cream in glass containers that not only keep the ice cream colder, but are recyclable as well.

Q: What is the marketing term for aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action? a. market aggregation b. product segmentation c. customer grouping d. market segmentation e. mass marketing

Q: In keeping with its business mission, Ben & Jerry's has a. created a children's TV program with cat and mouse cartoon characters "Ben" and "Jerry" to teach them about the importance of good nutrition and Fair Trade sustainable business practices. b. offered to buy out any failing family-owned ice cream parlor and turn it into a ScoopShop franchise. c. invested in research to create genetically engineered cows that will produce more hypoallergenic milk. d. donated free ice cream coupons to all children who get good grades in school. e. created "Goodbye Yellow Brickle Road" ice cream in partnership with Sir Elton John to help his worldwide AIDS Foundation.

Q: Market segmentation refers to a. identifying small groups of customers with dissimilar needs. b. aggregating prospective buyers into groups and selecting only those whose needs cannot be met by competitors' products. c. aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action. d. aggregating different products into more reasonable product groupings to better serve consumers' needs. e. those characteristics of a product that make it superior to competitive substitutes.

Q: In keeping with its business mission, Ben & Jerry's a. opened new franchises exclusively in pre-built structures in order to save natural resources. b. invested in research to create genetically engineered cows that will produce more hypoallergenic milk. c. believed that "people should get their fair share of the pie" and as a result practices Fair Trade-certified sourcing. d. limited its advertising to online media to save the rainforests from deforestation. e. packaged its next line of bulk ice cream in glass containers that not only keep the ice cream colder but are recyclable as well.

Q: Aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action is referred to as __________. a. market aggregation b. market segmentation c. product segmentation d. product grouping e. mass marketing

Q: In keeping with its business mission, Ben & Jerry's a. created a children's TV program with cat and mouse cartoon characters "Ben" and "Jerry" to teach about the importance of good nutrition and Fair Trade sustainable business practices. b. offered to buy out any failing family-owned ice cream parlor and turn it into a ScoopShop franchise. c. invested in research to create genetically engineered cows that will produce more hypoallergenic milk. d. committed to buying its milk and cream from one dairy cooperative whose members guarantee the supplies are bovine growth hormone free. e. donated free ice cream coupons to all children who get good grades in school.

Q: Figure 1. Quadrant "D" in Figure 1. above represents a(n) __________ in a SWOT analysis. a. Threat b. Weakness c. Strength d. Opportunity e. Market segment

Q: Ben & Jerry's is founded on and dedicated to a sustainable corporate concept of linked prosperity. Its mission consists of three interrelated parts: Ben & Jerry's economic mission is to operate the Company a. with the goal of generating enough revenue to be a completely nonprofit organization. b. on a sustainable financial basis of profitable growth, increasing value for our stakeholders and expanding opportunities for development and career growth for our employees. c. with the goal of making profits for selected charitable organizations such as Fair Trade. d. with the goal of increasing market share not only in ice cream sales but also in its retail clothing and accessories merchandise lines. e. with the goal of expanding into international markets by developing sustainable dairies for developing nations.

Q: Figure 1. Quadrant "C" in Figure 1. above represents a(n) __________ in a SWOT analysis. a. Threat b. Weakness c. Strength d. Opportunity e. Market segment

Q: Ben & Jerry's is founded on and dedicated to a sustainable corporate concept of linked prosperity. Its mission consists of three interrelated parts: Ben & Jerry's social mission is to operate the Company in a way that actively recognizes the central role that business plays in society by a. promoting the quality concept through its commitment to making the finest ice cream. b. giving its stakeholders the greatest possible input into company marketing decisions. c. generating enough revenue to be a completely nonprofit organization. d. donating 10% of its net profits to local charitable causes and an additional 5% to support producers that practice sustainable farming. e. initiating innovative ways to improve the quality of life locally, nationally and internationally.

Q: Figure 1. Quadrant "B" in Figure 1. above represents a(n) __________ in a SWOT analysis. a. Threat b. Weakness c. Strength d. Opportunity e. Market segment

Q: Ben & Jerry's is founded on and dedicated to a sustainable corporate concept of linked prosperity. Its mission consists of three interrelated parts: Ben & Jerry's product mission is to make, distribute, and sell the finest quality all natural ice cream and euphoric concoctions with a. milk obtained exclusively from large nationally certified bovine growth hormone dairies. b. the intent of making modest profits without sacrificing high product quality standards. c. ingredients that are all completely organic and are available only in Vermont to ensure freshness. d. a commitment to incorporating wholesome, natural ingredients and promoting business practices that respect the earth and the environment. e. ingredients that come exclusively from developed countries promoting Fair Trade practices.

Q: Figure 1. Quadrant "A" in Figure 1. above represents a(n) __________ in a SWOT analysis. a. Threat b. Weakness c. Strength d. Opportunity e. Market segment

Q: Figure 1. Consider Figure 1. above. A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in a loss of power. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits. Before going ahead with this decision, there were several factors that had to be taken into consideration: (1) The firm has a great reputation with its flashlights and doesn"t want to ruin it. (2) Its physical plant could be refitted relatively easily to make small generators, but it would be rather costly. (3) It would have to rely on another firm to manufacture and package the survival kits. (4) Although there are nine named hurricanes scheduled for the upcoming year, no one really can predict what will happen. The need to rely on another company to supply the survival kits would fall in which quadrant(s) of the SWOT analysis grid? a. "A" b. "B" c. "C" d. "D" e. "C" and "D"

Q: Figure 1. Consider Figure 1. above. A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in power outages. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits (consisting of food bars, a water filtration system, first aid supplies, etc.). Before going ahead with this decision, there were several factors that had to be taken into consideration: (1) The firm has a great reputation with its flashlights and does not want to ruin it. (2) Its physical plant could be refitted relatively easily to make small generators, but it would be rather costly. (3) It would have to rely on another firm to manufacture and package the survival kits. (4) Although there are nine named hurricanes forecasted for the upcoming year, no one really can predict what will happen. The projected number of hurricanes would fall in which quadrant(s) of the SWOT analysis grid? a. "A" b. "B" c. "C" d. "D" e. "C" and "D"

Q: Figure 1. Consider Figure 1. above. A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in power outages. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits (consisting of food bars, a water filtration system, first aid supplies, etc.). Before going ahead with this decision, there were several factors that had to be taken into consideration: (1) The firm has a great reputation with its flashlights and does not want to ruin it. (2) Its physical plant could be refitted relatively easily to make small generators, but it would be rather costly. (3) It would have to rely on another firm to manufacture and package the survival kits. (4) Although there are nine named hurricanes scheduled for the upcoming year, no one really can predict what will happen. The company's need to refit its factory would fall in which quadrant(s) of the SWOT analysis grid? a. "A" b. "B" c. "C" d. "D" e. "A" and "D"

Q: Figure 1. Consider Figure 1. above. A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in power outages. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits (consisting of food bars, a water filtration system, first aid supplies, etc.). Before going ahead with this decision, there were several factors that had to be taken into consideration: (1) The firm has a great reputation with its flashlights and does not want to ruin it. (2) Its physical plant could be refitted relatively easily to make small generators, but it would be rather costly. (3) It would have to rely on another firm to manufacture and package the survival kits. (4) Although there are nine named hurricanes scheduled for the upcoming year, no one really can predict what will happen. The company's reputation would fall in which quadrant(s) of the SWOT analysis grid? a. "A" b. "B" c. "C" d. "D" e. "A" and "D"

Q: Procter & Gamble is a consumer packaged goods company where innovation is a key competitive advantage. This allowed the firm to develop new products like Crest Whitestrips that consumers crave. P&G also uses its marketing expertise to develop unique product placements on television shows that highlight its brands. A SWOT analysis for P&G would indicate that the innovation that takes place within the firm is a(n) __________. a. strength b. weakness c. threat d. opportunity e. problem

Q: The goal of a SWOT analysis is to a. identify market research questions in order to develop new products for new market segments. b. determine how raises, bonuses, and dividends will be paid. c. reorganize the firm's marketing department. d. identify the critical strategy-related factors that can impact the firm. e. fairly allocate governmental resources and financial aid across the industry.

Q: An effective technique a firm can use to appraise its internal strengths and weaknesses and external opportunities and threats is referred to as (a) __________. a. SWOT analysis b. strategic management planning c. environmental scanning d. market-product grid analysis e. marginal analysis

Q: The acronym "SWOT" in the term "SWOT analysis" stands for __________. a. strengths, weaknesses, opportunities, and tactics b. strengths, weaknesses, options, and tactics c. strengths, weaknesses, opportunities, and threats d. simple, workable, optimal, and timely e. state the problem, work out a strategy, organize your team, and take action

Q: A situation analysis refers to a. taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it. b. an appraisal of an organization's internal and external strengths and weaknesses and its internal and external opportunities and threats. c. the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. d. a technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs) as though they were a collection of separate investments. e. the process where a firm searches for growth opportunities from among current and new markets as well as current and new products.

Q: Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it, is referred to as __________. a. tactical planning b. market planning c. goal setting d. environmental scanning e. situation analysis

Q: Step 3 in the planning phase of the strategic marketing process consists of a. diversification analysis. b. the situation (SWOT) analysis. c. the marketing program. d. the market-product focus and goal setting. e. business portfolio analysis.

Q: Step 2 in the planning phase of the strategic marketing process consists of a. the situation (SWOT) analysis. b. market-product focus and goal setting. c. the marketing program. d. business portfolio analysis. e. diversification analysis.

Q: Step 1 in the strategic marketing process involves __________. a. establishing the budget b. developing the marketing program c. setting goals d. auditing the marketing plan e. conducting a situation (SWOT) analysis

Q: Step 1 in the planning phase of the strategic marketing process consists of a. business portfolio analysis. b. market-product focus and goal setting. c. the marketing program. d. the situation (SWOT) analysis. e. diversification analysis.

Q: What are the three steps involved in the planning phase of the strategic marketing process? a. Step 1: situation (SWOT) analysis; Step 2: market-product focus and goal setting; and Step 3: the marketing program b. Step 1: planning; Step 2: implementation; and Step 3: evaluation c. Step 1: set market and product goals; Step 2: select target markets and find points of difference; and Step 3: position the product d. Step 1: identify industry trends; Step 2: analyze competitors; and Step 3: assess own organization e. Step 1: Why do we exist?; Step 2: What will we do?; and Step 3: How will we do it?

Q: Within the strategic marketing process, the__________ is the result of the planning phase that proceeds to the implementation phase where it is carried out. a. marketing tactics b. business plan c. product protocol d. marketing plan e. marketing strategy

Q: An organization uses the strategic marketing process to answer all of the following questions EXCEPT: a. "How do our results compare with our plans?" b. "How do we allocate our resources to get where we want to go?" c. "Where do we want to go?" d. "Do deviations require new plans?" e. "How do we convert our plans into actions?"

Q: The key steps of planning, implementation, and evaluation are part of (the) a. gap analysis. b. strategic marketing process. c. situational analysis. d. synergy analysis. e. diversification analysis.

Q: An approach whereby an organization allocates its marketing mix resources to reach its target markets is referred to as (the) a. tactical marketing process. b. situational analysis. c. diversification analysis. d. synergy analysis. e. strategic marketing process.

Q: The strategic marketing process a. involves taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it. b. is a technique to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs) as though they were a collection of separate investments. c. describes an organization's appraisal of its internal strengths and weaknesses and its external opportunities and threats. d. is an approach whereby an organization allocates its marketing mix resources to reach its target markets. e. seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D"manufacturing efficiencies.

Q: Figure 1.According to Figure 1. above, which two marketing strategies would be used if a firm were not willing to find new markets.a. product development and market penetrationb. product development and diversificationc. market development and product developmentd. market development and market penetratione. market development and diversification

Q: Figure 1. Consider Figure 1. above. A small family owns gelato business in the town's favorite place where parents and children stop on their way home from work to relax or school to play. However, the business owner is barely making ends meet. He is beginning to think that he will not be able to support his family if things don"t improve, but he doesn"t want to give up his store. Instead, he experiments by selling handmade flies on the Internet for professional sports fishermen. This is an example of a __________ strategy that would be found in quadrant __________. a. market penetration; "A" b. product development; "B" c. market development; "C" d. product-market expansion; "D" e. diversification; "D"

Q: Figure 1. Quadrant "D" in Figure 1. above represents the marketing strategy of __________. a. market penetration b. product penetration c. market development d. product development e. diversification

Q: Figure 1. Consider Figure 1. above. A small family owns gelato business in the town's favorite place where parents and children stop on their way home from work to relax or school to play. However, the business owner is barely making ends meet. He experiments by purchasing a refrigerated cart and takes it to the local ball fields where he sells the gelato to the teams and their fans. Profits begin to rise. This is an example of a __________ strategy that would be found in quadrant __________. a. market penetration; "A" b. product development; "B" c. product penetration; "B" d. market development; "C" e. market expansion; "C"

Q: Figure 1. Quadrant "C" in Figure 1. above represents the marketing strategy of __________. a. product development b. market penetration c. market development d. product penetration e. diversification

Q: Figure 1. Consider Figure 1. above. A small family owns gelato business in the town's favorite place where parents and children stop on their way home from work to relax or school to play. However, the business owner is barely making ends meet. The adults who stop by are always complimenting him on his unusual gelato flavor selections. He decides to experiment by packaging his special spices into small packets that can be used at home as flavorings for dinner drinks. Profits begin to rise. This is an example of a __________ strategy that would be found in quadrant __________. a. market penetration; "A" b. product development; "B" c. market development; "C" d. diversification; "D" e. product-market addition; "D"

Q: Figure 1. Quadrant "B" in Figure 1. above represents the marketing strategy of __________. a. market penetration b. product penetration c. market development d. product development e. diversification

Q: Figure 1. Consider Figure 1. above. A small family owns gelato business in the town's favorite place where parents and children stop on their way home from work to relax or school to play. However, the business owner is barely making ends meet. He experiments by purchasing a case of large take-home containers so customers can not only stop on the way home from school or work but also enjoy the gelato after dinner at home. Profits begin to rise. This is an example of a __________ strategy that would be found in quadrant __________. a. product penetration; "A" b. market penetration; "A" c. product development; "B" d. market development; "B" e. market development; "C"

Q: Figure 1.Quadrant "A" in Figure 1. above represents the marketing strategy of __________.a. market penetrationb. product developmentc. market developmentd. product penetratione. diversification

Q: Figure 1.The image depicted in Figure 1. above represents what strategic analysis technique?a. Gantt chartb. SWOT analysisc. Pert chartd. BCG growth-share matrixe. diversification analysis

Q: If Ben & Jerry's starts selling children's clothing in Brazil to try to capitalize on its brand name, this would be an example of __________. a. product development. b. product-market evolution. c. market development. d. market penetration. e. diversification.

Q: If Ben & Jerry's sold a line of new "Occupy Ben & Jerry's" T-shirts targeted to college students in Latvia, it would be using a __________ strategy. a. product development b. market development c. market penetration d. diversification e. market saturation