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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
CHAPTER 2 STRATEGIC 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 Answer: (b) Difficulty: (1) Page: 44 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: a. functional activities. b. global activities. c. tactical decisions. d. adapting the firm to take advantage of opportunities in its constantly changing environment. 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 opportunities. a. Strategic planning b. Strategic control c. Strategic networking d. Functional development Answer: (a) Difficulty: (1) Page: 44 5. _______________ planning sets the stage for the rest of the planning in the firm. a. Functional 21 b. Strategic c. Operational d. Tactical Answer: (b) Difficulty: (2) Page: 44 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. Answer: (d) Difficulty: (1) Page: 45 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. Answer: (b) Difficulty: (2) Page: 45 10. Traditionally, companies have defined their businesses in product terms or in: a. motivation terms. b. global terms. c. functional terms. 22 d. technological terms. Answer: (d) Difficulty: (2) Page: 45 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 up the company. a. business strategy group b. business portfolio c. business cartel d. business organization Answer: (b) Difficulty: (1) Page: 50 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. Answer: (d) Difficulty: (3) Page: 50 15. _________________ is a tool by which management identifies and evaluates the various businesses that make up the company. a. Strategic planning b. Portfolio analysis 23 c. Control recycling d. A strategy grid Answer: (b) Difficulty: (2) Page: 50 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. Answer: (a) Difficulty: (1) Page: 51 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. Answer: (b) Difficulty: (2) Page: 51 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. Answer: (c) Difficulty: (1) Page: 51 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 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. 24 Answer: (a) Difficulty: (2) Page: 51 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? a. Stars. b. Cash cows. c. Question marks. d. Dogs. Answer: (a) Difficulty: (2) Page: 51 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. 25 Answer: (b) Difficulty: (2) Page: 52 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) ________________ strategy. a. build b. divest c. control d. harvest Answer: (b) Difficulty: (2) Page: 52 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) ________________ strategy. a. build b. divest c. control d. harvest Answer: (d) Difficulty: (1) Page: 52 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 Answer: (d) Difficulty: (2) Page: 53 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. 26 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. Answer: (a) Difficulty: (2) Page: 56 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? a. market penetration b. market development c. product development d. diversification Answer: (a) Difficulty: (2) Page: 56 33. Under the product/market expansion grid, the strategy of finding new market segments for current company products is called: a. market penetration. b. market development. c. product development. d. diversification. Answer: (b) Difficulty: (2) Page: 56 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 products, the company would be following which of the general strategies below? a. market penetration 27 b. market development c. product development d. diversification Answer: (b) Difficulty: (2) Page: 56 35. Under the product/market expansion grid, the strategy of offering new products to current markets is called: a. market penetration. b. market development. c. product development. d. diversification. Answer: (c) Difficulty: (2) Page: 56 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? a. market penetration b. market development c. product development d. diversification Answer: (c) Difficulty: (2) Page: 56 37. Under the product/market expansion grid, the strategy of entering a new market(s) with new products is called: a. market penetration. b. market development. c. product development. d. diversification. Answer: (d) Difficulty: (2) Page: 53, 56, Figure 2-3 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? a. market penetration b. market development c. product development d. diversification Answer: (d) Difficulty: (2) Page: 53, 56, Figure 2-3 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. 28 b. marketing is the only discipline that can provide a formal structure for the planning effort. c. marketing provides inputs to strategic planners by helping to identify attractive market opportunities. d. within individual business units, marketing designs strategies for reaching the unit’s objectives. Answer: (b) Difficulty: (3) Page: 57 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 Answer: (c) Difficulty: (1) Page: 57 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 Answer: (d) Difficulty: (2) Page: 58 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. Answer: (d) Difficulty: (2) Page: 60 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 29 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 or marketing mixes. a. Product differentiation b. Market segmentation c. Market targeting d. Market positioning Answer: (b) Difficulty: (2) Page: 61 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 Answer: (b) Difficulty: (1) Page: 61 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. d. there are the fewest competitors and there are the lowest costs. Answer: (c) Difficulty: (3) Page: 61 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 30 [...]... from the introductory example in the text Difficulty: (2) Page: 41-44 92 Describe the strategic planning process Identify the four steps of the strategic planning process Answer: Strategic planning is defined as the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities The four steps in the strategic planning process. .. impact on the firm and its strategies d) Objectives and issues—states the marketing objectives that the company would like to attain during the plan’s terms and discusses key issues that will affect their attainment e) Marketing strategy—outlines the broad marketing logic by which the business unit hopes to achieve its marketing objectives and the specifics of target markets, positioning, and marketing. .. analysis b Marketing planning c Marketing control d Marketing implementation Answer: (b) Difficulty: (3) Page: 65 57 A(n) is the marketing logic whereby the company hopes to achieve its marketing objectives a marketing tactic b marketing theory c marketing concept d marketing strategy Answer: (d) Difficulty: (2) Page: 65 58 The presents a brief summary of the main goals and recommendations... outlines the broad marketing logic by which the business unit hopes to achieve its marketing objectives and the specifics of target markets, positioning, and marketing expenditure levels a The current market situation b Objectives and issues c Marketing strategy d Action programs Answer: (c) Difficulty: (2) Page: 66, Table 2-2 61 The process that turns marketing strategies and plans into marketing. .. deliver, and support a firm’s products The text uses the illustration of Wal-Mart If the instructor desires the students to discuss a different example, this should be made clear in directions This answer can also be expanded to include a value delivery network Difficulty: (2) Page: 57-59 98 Describe the marketing management process and the forces that influence it Answer: The marketing management process. .. 101 Marketing planning involves deciding on marketing strategies that will help the company attain its overall strategic objectives In order to carry out effective planning a detailed marketing plan is needed for each business List and briefly identify the primary steps (contents) of a marketing plan Be specific in your listing and identifications Answer: The steps and a brief description of a marketing. .. Page: 64 55 The marketing function that identifies the company’s strengths and weaknesses while considering its opportunities and threats is called: a marketing analysis b marketing planning c marketing control d marketing implementation Answer: (a) Difficulty: (3) Page: 65 56 involves deciding on marketing strategies that will help the company attain its overall strategic objectives a Marketing. .. of the main goals and recommendations of the plan for management review, helping management to find the plan’s major points quickly b) Current marketing situation—describes the target market and the company’s position in it, including information about the market, product performance, competition, and distribution c) Threats and opportunity analysis—assesses major threats and opportunities that the. .. of the company reach its strategic objectives in relation to creating value for target consumers while fulfilling company goals Factors that influence this process include the process for targeting consumers; marketing mix decisions; planning, implementation, and analysis and control procedures; and micro- and macro-environmental forces Students should carefully explain each portion of Figure 2-4 and. .. without promotion no one would know about the products Answer: (False) Difficulty: (2) Page: 63 87 The text indicates that 4 Cs match the 4 Ps of the marketing mix The C that would match the Product component of the 4 Ps would be Customer goods Answer: (False) Difficulty: (2) Page: 64 88 Marketing strategy is what is used by the marketer to develop the projected profitand-loss statement Answer: (False) Difficulty: . results and spot products that are not meeting their goals. Difficulty: (3) Page: 66, Table 2-2 102. Modern marketing departments can be arranged in several ways. List and briefly describe the