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Marketing
Q:
Figure 1.
According to Figure 1. above, an additional annual marketing effort of $1 million is best spent after having already spent how much in marketing effort to date?
a. $1 million
b. $2 million
c. $3 million
d. $5 million
e. $6 million
Q:
The relationship of annual marketing effort to annual sales revenue is assumed to be __________ of the sales response function.
a. a horizontal straight line, where sales revenues stay the same regardless of the marketing effort
b. a U-shaped curve, where sales revenues are at a maximum at either end
c. an upside-down U-shaped curve, where sales revenues are at a maximum in the middle
d. a S-shaped curve, which shows that an additional marketing effort in the midrange of the curve results in far greater increases of sales revenue than at either end of the curve
e. a rising straight line, where sales revenue continuously rises as the marketing effort rises
Q:
What is the assumed shape of the graph of the sales response function?
a. U-shaped
b. S-shaped
c. a straight, downward-sloping line, starting in the upper left and extending to the lower right of the graph
d. a straight, upward-sloping line, starting in the lower left and extending to the upper right of the graph
e. W-shaped
Q:
The ________ relates the expense of the marketing effort to the marketing results obtained.
a. marketing ROI
b. market share profitability
c. share point analysis
d. synergy analysis
e. sales response function
Q:
Economists would most likely recommend that marketing managers allocate the firm's marketing resources to the markets and products where
a. the firm has its greatest sales.
b. an SBU is considered a cash cow.
c. there is the greatest current market share and the fastest industry growth rate.
d. the excess of incremental revenues over incremental costs is greatest.
e. total revenue equals total cost.
Q:
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
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.
Q:
Smucker's is always near the top of the Fortune list of the 100 Best Companies to Work For. Its straightforward culture is based on four key elements in its code of conduct: (1) "Listen with your full attention"; (2) "Look for the good in others"; (3) __________; and (4) "Say thank you for a job well done."
a. "Be kind to all"
b. "Take your time"
c. "Learn to relax"
d. "Have a sense of humor"
e. "Remember, everyone makes mistakes"
Q:
Toyota is generally acknowledged as the best in the world in revolutionizing the design and manufacture of autos. Toyota managers created the doctrine of __________, or continuous improvement.
a. keiretsu
b. kaizen
c. kanban
d. meishi
e. zaibatsu
Q:
Toyota is generally acknowledged as the best in the world in revolutionizing the design and manufacture of autos. Toyota managers created the doctrine of kaizen, or __________.
a. continuous improvement
b. multi-level input
c. make haste, not waste
d. continuous production
e. continuous communication
Q:
Which of the following statements about the four basic business and management practices that Nohria, Joyce, and Roberson identified is most accurate?
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 individual tools and techniques, the tool itself is less important than flawless execution of the ones the company uses.
e. No strategy can work unless every stakeholder buys into it one hundred percent.
Q:
Reflecting on the research study of over 200 management tools and techniques, which of the following companies is used as an example of a firm that excels based on its organizational structure?
a. Costco
b. Smucker's
c. Lockheed Martin's Skunk Works
d. Coca-Cola
e. Kodak
Q:
Reflecting on the research study of over 200 management tools and techniques, which of the following companies is used as an example of a firm that excels based on a performance-oriented culture?
a. Costco
b. Smucker's
c. Coca-Cola
d. Kodak
e. Toyota
Q:
Reflecting on the research study of over 200 management tools and techniques, which of the following companies is used as an example of a firm that excels in terms of operational execution?
a. Costco
b. Smucker's
c. Coca-Cola
d. Kodak
e. Toyota
Q:
Reflecting on the research study of over 200 management tools and techniques, which of the following companies is used as an example of a firm that excels based on a "clearly stated, focused strategy?"
a. Costco
b. Sam's Club
c. Coca-Cola
d. Smucker's
e. Toyota
Q:
Four basic business and management practices are important, according to researchers who studied more than 200 management tools and techniques. These are: (1) strategy, (2) execution, (3) culture, and (4) __________.
a. structure
b. charismatic leadership
c. quality
d. sustainability
e. ethics
Q:
Four basic business and management practices are important, according to researchers who studied more than 200 management tools and techniques. These are: (1) strategy, (2) execution, (3) __________, and (4) structure.
a. charismatic leadership
b. culture
c. quality
d. sustainability
e. ethics
Q:
Four basic business and management practices are important, according to researchers who studied more than 200 management tools and techniques. These are: (1) strategy, (2) __________, (3) culture, and (4) structure.
a. charismatic leadership
b. quality
c. execution
d. sustainability
e. ethics
Q:
Four basic business and management practices are important, according to researchers who studied more than 200 management tools and techniques. These are: (1) __________, (2) execution, (3) culture, and (4) structure.
a. ethics
b. charismatic leadership
c. quality
d. strategy
e. sustainability
Q:
In a five-year study, researchers Nohria, Joyce, and Roberson conducted an in-depth analysis of 160 companies and more than 200 management tools and techniques. What was their principal finding?
a. Supply chain management was the most critical element in stellar business performance.
b. Customer relationship management was more effective than product development.
c. The Internet was more effective in terms of long-term sales success than the use of retail outlets or direct marketing tactics such as catalogs.
d. Three major management tools, supply chain management, customer relationship management, and the use of an intranet, were equally beneficial in terms of business performance.
e. Individual management tools and techniques had no direct relationship to superior business performance in the companies that were studied.
Q:
Corporate and marketing executives search continuously to find and exploit __________, which is a unique strength relative to what competitors are doing now and likely to do in the future.
a. a competitive advantage
b. sustainable dominance
c. strategic competency
d. market dominance
e. a point of difference
Q:
A unique strength relative to what competitors are doing now and like to do in the future is referred to as __________.
a. a point of difference
b. a competitive advantage
c. sustainable dominance
d. strategic competency
e. market dominance
Q:
Vivian Calloway's marketing research team discovered that consumers like to see the chocolate chips on top of their chocolate chip cookies. Taking a risk, General Mills invested in new manufacturing equipment to make this a reality. The result was that
a. although customers said they wanted to see the chips on top of the cookie, there was no significant increase in sales when the chips were placed there.
b. the cost and maintenance of the new equipment exceeded any gains in revenues.
c. sales of chocolate chip cookies fell dramatically, but when the same strategy was adapted to other cookies, such as raisins placed on top of oatmeal cookies, the experiment was a tremendous success.
d. although sales increased by approximately 4%, the decision whether the experiment was a success or a failure remains uncertain.
e. sales increased 50 percent when the chocolate chips were placed on top of the cookies.
Q:
One of Vivian Callaway's problems in finding a new dessert product was that consumers often say one thing in a market research study, then behave differently in an actual supermarket setting. To overcome this problem, Callaway and her team did a lot of "iterative experimentation" in the marketplace. This strategy involved
a. interviewing only those customers who were leaving the supermarket with a RTE dessert product.
b. interviewing only those customers who were leaving the supermarket without an RTE dessert.
c. conducting market research on desserts in shopping malls so customers didn"t know which dessert was being studied, thereby reducing bias.
d. offering customers two samples of the identical product to cull out respondents who couldn"t give an accurate assessment.
e. putting a prototype product in the store, making changes based upon consumer responses, and then repeating the process.
Q:
The launch of a new cereal typically costs up to $30 million and usually involves
a. replacing one of more than 300 competing breakfast cereals already on a supermarket shelf.
b. a minimum of three attempts before it is successfully launched.
c. a tie-in promotion with a major motion picture.
d. steps to counteract the promotional efforts of competitor's new cereal.
e. obtaining FDA approval for its convenience claims.
Q:
Yoplait Yogurt, Thomas's English Muffins, Kellogg's Rice Krispies, Egg McMuffins at MacDonald's, private label "bagged" cereal, and Lender's Bagels all relate to General Mills' Cheerios because
a. they must all deal with issues of childhood food allergies.
b. they all represent products that can be breakfast substitutes for one another.
c. they all share the same corporate umbrella.
d. they are all front-runners in low-fat, low-carb food choices.
e. they all failed their first attempts in the marketplace and only succeeded after multiple product changes.
Q:
When commenting about her challenges at General Mills, Vivian Milroy Callaway, says that __________ when looking for new-product opportunities for building a consumer packaged goods business like Big G.
a. "it is better to ask forgiveness than permission"
b. "you need to go with the flow"
c. "sometimes you have to break the rules"
d. "you need to avoid the NIH syndrome"
e. " a do it, fix it, try it approach is necessary"
Q:
Define marketing ROI (return on investment).
Q:
Explain the steps in the evaluation phase of the strategic marketing process.
Q:
How is management by exception used in the evaluation phase of the strategic marketing process?
Q:
What are the advantages and disadvantages of the product manager system?
Q:
What is the difference between line and staff positions in a marketing organization?
Q:
Explain what a Gantt chart is and how it is used.
Q:
Management experts call for a "bias for action." How can this attitude be important in marketing program implementation?
Q:
List the six guidelines for improving implementation of marketing programs.
Q:
When a marketing plan fails, what should a marketer do in terms of looking for the source of the problem?
Q:
List four problems that occur in the planning phase of a firm's strategic marketing process.
Q:
List the seven guidelines for developing effective plans and planning.
Q:
Explain what synergy analysis is and describe the five marketing strategies that result.
Q:
Describe Porter's framework and the four resulting generic business strategies.
Q:
List and explain two types of marketing plans.
Q:
List the three steps of the planning phase of the strategic marketing process. Briefly describe what goes on during each of the three steps.
Q:
List the three phases of the strategic marketing process and the output report for each.
Q:
What is a sales response function?
Q:
In a five-year study, researchers Nohria, Joyce, and Roberson conducted in-depth analysis of 160 companies and more than 200 management tools and techniques, such as customer relationship management and use of an intranet. What were their findings? That is, according to the researchers, how would a company exploit its competitive advantage to achieve superior business performance?
Q:
The Betty Crocker marketing team that developed Warm Delights challenged the food scientists at General Mills to make an indulgent, delicious, and gooey dessert. So, they wanted which of these characteristics in the dessert?
a. no cleanup
b. a single portion
c. quick preparation
d. consistent great taste
e. all of the above
Q:
The primary target market for Warm Delights is __________.
a. empty-nesters
b. on-the-go women.
c. college students with microwaves
d. young marrieds who often have unexpected company
e. families with small children wanting after-school treats
Q:
Which of the following types of test marketing techniques was primarily used in market research for General Mills Warm Delights?
a. free coupons
b. product sampling
c. continuity programs
d. double back product refunds
e. test marketing on the shelves of real supermarkets
Q:
Figure 1.: General Mills Marketing Dashboard
Consider Figure 1.: General Mills Marketing Dashboard above. As part of the Warm Delights team at General Mills, you are asked to analyze and interpret the marketing dashboard for Warm Delights Minis. After a careful analysis of all four charts in the dashboard, what explains the increased monthly unit sales and sales revenue of Warm Delights Minis in the drugstore channel in late 2011?
a. both the increased percentage of drug stores carrying the brand and the increased average number of flavors carried by a drug store
b. only the increased number of flavors carried by a drug store
c. only the shift in monthly unit sales from November to December from the grocery channel to the drug channel
d. only the shift in monthly total sales revenues from November to December from the grocery channel to the drug channel
e. only the increased percentage of drug stores carrying the brand
Q:
Figure 1.: General Mills Marketing Dashboard Chart "D"
Consider Figure 1.: General Mills Marketing Dashboard Chart "D" above. The bar graph for the Drug channel would most likely cause marketers to
a. put more products into drugstores and remove product from warehouse stores.
b. reduce the choices to keep drugstores more in line with the other four distribution channels.
c. find out why the number of flavors in drugstores jumped in December and exploit that information.
d. investigate shopping preferences of customers between Warm Delights Minis over Warm Delights (regular).
e. take corrective actions that would allow drugstores to sell as much as grocery stores.
Q:
Figure 1.: General Mills Marketing Dashboard Chart "D"
Consider Figure 1.: General Mills Marketing Dashboard Chart "D" above. As part of the Warm Delights team at General Mills, you are asked to analyze and interpret the marketing dashboard for Warm Delights Minis. After a careful analysis of Chart "D," you are especially interested in major changes from November to December. As a result, you would look most carefully at
a. the total amount spent on Warm Delights (regular) by customers in November and December.
b. the preference of Warm Delights Minis over Warm Delights (regular).
c. the distribution channel preferences of customers.
d. the level of analysis for sales results for the total sales Warm Delights.
e. the differences in the numbers of Warm Delights Minis flavors carried by different outlets for November and December.
Q:
Figure 1.: General Mills Marketing Dashboard Chart "C"
Consider Figure 1.: General Mills Marketing Dashboard Chart "C" above. As part of the Warm Delights team at General Mills, you are asked to analyze and interpret the marketing dashboard for Warm Delights Minis. After a careful analysis of Chart "C," you are especially interested in major changes from November to December. As a result, you would look most carefully at
a. mass and drug channels.
b. grocery and drug channels.
c. grocery and mass channels.
d. drug and warehouse channels.
e. mass and warehouse channels.
Q:
Figure 1.: General Mills Marketing Dashboard Chart "B"
Consider Figure 1.: General Mills Marketing Dashboard Chart "B" above. As part of the Warm Delights team at General Mills, you are asked to analyze and interpret the marketing dashboard for Warm Delights Minis. After a careful analysis of Chart "B," you conclude the following:
a. the drug store channel has dramatically increased the average number of flavors Warm Delights Minis carried per store from November to December.
b. the drug store channel has dramatically increased monthly unit sales of Warm Delight Minis from November to December.
c. the drug store channel has dramatically increased monthly sales revenues of Warm Delights Minis from November to December.
d. the drug store channel has seen a dramatic increase in the percentage of stores carrying Warm Delights Minis from November to December.
e. the drug store channel has seen a dramatic decrease in the percentage of stores carrying Warm Delights Minis from November to December.
Q:
Figure 1.: General Mills Marketing Dashboard Chart "A"
Consider Figure 1.: General Mills Marketing Dashboard Chart "A" above. As part of the Warm Delights team at General Mills, you are asked to analyze and interpret the marketing dashboard for Warm Delights Minis. After a careful analysis of Chart "A," you conclude the following:
a. GroceryIn terms of monthly unit sales, this is the most important channel and it shows a consistent upward trend.
b. MassIt has a slight upward trend in monthly unit sales, with a temporary uptick in May.
c. WarehouseMonthly sales revenues have remained virtually constant for the year.
d. Convenience: Monthly sales revenues are trending down after October.
e. Drug:As the average number of flavors has grown, monthly sales revenues grew significantly from September through December.
Q:
All of the following are distribution channels General Mills uses to sell its Warm Delights Minis EXCEPT:
a. drug stores/pharmacies.
b. mass merchandisers.
c. vending machines.
d. warehouse/club stores.
e. convenience stores.
Q:
Two commonly-used methods to improve marketing ROI (return on investment) are__________.
a. sales analysis and cost analysis
b. marketing research and marketing audits
c. social audits and marketing audits
d. marketing metrics and marketing dashboards
e. internal audits and external audits
Q:
Marketing ROI (return on investment) is an extension of __________.
a. marginal analysis
b. marketing audits
c. ROI in finance
d. Six Sigma
e. the strategic marketing process
Q:
Marketing ROI (return on investment) uses modern measurement technologies to determine the results of __________.
a. marketing spending
b. manufacturing and distribution procedures
c. market-product sales
d. organizational structure
e. personal selling
Q:
Marketing ROI (return on investment) refers to
a. the application of modern measurement technologies to understand, quantify, and optimize production costs.
b. the application of modern measurement technologies to understand, quantify, and optimize marketing spending.
c. the application of modern measurement technologies to understand, quantify, and optimize production expenses.
d. the allocation of funds based on a percentage of the total marketing budget determined by assessing the anticipated revenue return for a given marketing action.
e. the allocation of funds based upon the minimum expenditure possible to create the maximum results in terms of total sales.
Q:
The application of modern measurement technologies to understand, quantify, and optimize marketing spending is referred to as __________.
a. situation analysis
b. strategic marketing analysis
c. marketing ROA (return on assets)
d. marketing ROI (return on investment)
e. marketing response evaluation
Q:
The marketing manager looks for two kinds of deviations, each triggering a different kind of action: (1) actual results fall short of goals and (2) __________.
a. deviations that result from major shifts in customer needs
b. actual results exceed goals
c. there are no deviations but there should be
d. deviations that result from executive mandates
e. deviations that are blamed on insufficient marketing support (personnel or funding)
Q:
Amy Smith has just completed measuring the results of her firm's product performance. Her next step will be to
a. do a profitability analysis.
b. take necessary corrective actions.
c. bring these to the marketing auditor.
d. proceed regardless of deviations from original plans.
e. compare the results against the goals specified in the marketing plan.
Q:
The strategic marketing process involves three phases: planning, implementation, and
a. review.
b. execution.
c. evaluation.
d. goal revision.
e. correction.
Q:
The essence of marketing evaluation is (1) comparing results with planned goals to identify deviations and (2) __________.
a. taking corrective actions
b. devising a new budget
c. revising the goals that fell short of expectations
d. investigating the causes of deviations
e. updating the marketing plan
Q:
Many large, packaged goods marketers like Procter & Gamble, Kraft, and Pillsbury have used the product manager (or brand manager) system of marketing organization and implementation. Which of the following is the key advantage of this system?
a. Product managers have relatively little authority.
b. Product managers are short-term in their orientation.
c. Product managers have direct responsibility for research and development of new products.
d. Product managers assume profit-and-loss responsibility for the performance of the product line.
e. Product managers have line responsibility over sales managers.
Q:
Another commonly-used term for product manager is __________.
a. line advisor
b. product champion
c. brand manager
d. marketing advisor
e. account executive
Q:
General Mills uses a marketing structure in which one person is ultimately responsible for the marketing of a specific product. For instance, one person is responsible for setting marketing goals and developing and implementing related marketing strategies for the well-known breakfast cereal, Cheerios. This person, who takes responsibility for the success or failure of the marketing of Cheerios, is called a(n) __________.
a. key strategist
b. product manager
c. line advisor
d. marketing advisor
e. account executive
Q:
Within DuPont's textile fiber department, there is a separate product manager for rayon, acetate, orlon, nylon, and Dacron. The product manager for DuPont nylon would be responsible for
a. making long-range plans for nylon.
b. maintaining the divisional mission statement.
c. modifying DuPont's organizational structure.
d. creating static marketing objectives.
e. implementing short-term actions for all fibers.
Q:
Procter & Gamble uses category managers to organize by "global business units" such as baby care and beauty care. Cutting across country boundaries, these global business units implement standardized worldwide pricing, marketing, and distribution strategies. The baby care category manager would have
a. completely different duties from the brand manager.
b. profit and loss responsibility for all baby care products in the line.
c. to use persuasion as opposed to direct authority to get any goals achieved.
d. no authority over functions, except marketing, that affects baby care products.
e. no authority on U.S. baby care product sales.
Q:
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 which it sells motherboards, monitors, etc. The other has been developed to serve the needs of the resellers and retailers who sell computers to businesses and individual customers. It sells them user-ready computers. In this example, Ingram Micro would use which type of organizational structure for marketing?
a. product line grouping
b. geographical grouping
c. functional grouping
d. matrix organization
e. market-based grouping
Q:
A matrix organization
a. combines a product line structure with a geographical structure.
b. combines a geographical structure with a market-based structure.
c. combines market-based groupings with product groupings.
d. turns a horizontal organizational structure into a vertical one.
e. groups products according to the distribution system that is used.
Q:
Market-based groupings refer to organizational groupings
a. based on specific customer segments.
b. in which sales territories are subdivided according to geographic location.
c. that represent the different departments or business activities within a firm.
d. in which a unit is responsible for specific product offerings.
e. that combine both functional groupings with product groupings.
Q:
Organizational groupings based on specific customer segments are referred to as __________.
a. functional groupings
b. reseller groupings
c. geographical groupings
d. product line groupings
e. market-based groupings
Q:
Organizational groupings in which sales territories are subdivided according to location are referred to as __________.
a. functional groupings
b. reseller groupings
c. geographical groupings
d. product line groupings
e. market-based groupings
Q:
Geographical groupings refer to organizational groupings
a. that group specific customer segments.
b. in which sales territories are subdivided according to geographic location.
c. that represent the different departments or business activities within a firm.
d. in which a unit is responsible for specific product offerings.
e. that combine both market-based groupings with product groupings.
Q:
Functional groupings refer to organizational groupings
a. that group specific customer segments.
b. in which sales territories are subdivided according to geographic location.
c. that represent the different departments or business activities within a firm.
d. in which a unit is responsible for specific product offerings.
e. that combine both market-based groupings with product groupings.
Q:
Organizational groupings that represent the different departments or business activities within a firm are referred to as __________.
a. reseller groupings
b. functional groupings
c. geographical groupings
d. product line groupings
e. market-based groupings
Q:
A company that uses an organizational structure including a marketing department, finance department, human resource department, etc., is most likely using __________ groupings.
a. functional
b. reseller
c. task-based
d. product line
e. market-based
Q:
A company that uses an organizational structure based on __________ uses functional groupings.
a. specific product types or product offerings
b. a particular method of distribution
c. a specific type of customer
d. areas of geographic location
e. different departments or business activities within the firm
Q:
A company that uses an organizational structure based on its snowboards, skiing equipment, and ice skates would most likely be using a ____________ grouping.
a. functional
b. reseller
c. product line
d. geographical
e. market-based
Q:
A company that uses an organizational structure based on "Dinner Products" or "Baked Goods" uses __________.
a. product line groupings
b. functional groupings
c. reseller groupings
d. geographical groupings
e. market-based groupings