Question 1

Converse started selling its "high-top" canvas basketball shoes in colors such as hot pink, lime green, and purple, to accompany their traditional colors of black and white. Converse seems to be pursuing a _____________ opportunity.

Accepted Answer

A)   market penetration
B)   market development
C)   product development
D)   diversification
E)   breakthroughF) A) and B)
G) C) and D)

Question 2

All of the following are reasons why international opportunities should be considered by managers, EXCEPT

Accepted Answer

A)   the world is getting smaller.
B)   serving international markets may improve economies of scale.
C)   favorable trends at home and unfavorable trends in other countries make international marketing particularly attractive.
D)   around the world, potential customers have needs and money to spend.
E)   it helps to develop a competitive advantage at home and abroad.F) A) and E)
G) A) and B)

Question 3

A marketing mix consists of:

Accepted Answer

A)   policies, procedures, plans, and personnel.
B)   the customer and the "four Ps."
C)   all variables, controllable and uncontrollable.
D)   product, price, promotion, and price.E) C) and D)
F) A) and B)

Question 4

Good marketing strategy planners know that:

Accepted Answer

A)   firms like Nabisco and Wal-Mart are too large to aim at clearly defined target markets.
B)   target marketing does not limit one to small market segments.
C)   mass marketing is often very desirable and effective.
D)   the terms "mass marketing" and "mass marketer" mean basically the same thing.
E)   target markets cannot be large and spread out.F) A) and B)
G) D) and E)

Question 5

Advertising is:

Accepted Answer

A)   the designing and distribution of novelties, point-of-purchase materials, store signs, contests, catalogs, and circulars.
B)   direct communication between sellers and potential customers.
C)   any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor.
D)   the main form of publicity.
E)   All of these are included in Advertising.F) B) and D)
G) B) and C)

Question 6

A S.W.O.T. analysis includes:

Accepted Answer

A)   strengths.
B)   weaknesses.
C)   opportunities.
D)   threats.
E)   all of these are included in a S.W.O.T analysis.F) D) and E)
G) C) and E)

Question 7

Identify the incorrect statement regarding target marketing.

Accepted Answer

A)   Target marketing is not mass marketing.
B)   Mass marketers cannot do target marketing.
C)   Target marketing can mean big markets and profits.
D)   Marketing-oriented managers practice "target marketing."
E)   It aims at a marketing mix that is tailored to fit specific target customers.F) C) and D)
G) D) and E)

Question 8

Managers who embrace the marketing concept realize that they cannot just define their line of business in terms of the products they currently produce or sell.

Accepted Answer

A) True 
 B)False

Question 9

"Promotion" is NOT concerned with:

Accepted Answer

A)   creating billboard ads.
B)   designing new products.
C)   publicity.
D)   television commercials.
E)   personal selling.F) A) and D)
G) C) and D)

Question 10

Of the four types of opportunities firms can pursue, diversification is the easiest to evaluate and involves the least risk.

Accepted Answer

A) True 
 B)False

Question 11

To compete more successfully with its many competitors offering packaged cookies, Famous Amos added its own line of "extra chunky" premium cookies. This seems to be an effort at:

Accepted Answer

A)   combination.
B)   market penetration.
C)   market development.
D)   product development.
E)   diversification.F) C) and E)
G) A) and E)

Question 12

Customer lifetime value involves a financial analysis that considers all of a customer's purchases over their lifetime.

Accepted Answer

A) True 
 B)False

Question 13

Potential customers are all alike.

Accepted Answer

A) True 
 B)False

Question 14

The customer equity concept

Accepted Answer

A)   encourages a manager to consider both the costs and the revenue from a marketing strategy.
B)   recognizes that customers are satisfied at a cost--and it is basically an estimate of a firm's future earnings.
C)   applies even to firms that pursue several different strategies.
D)   focuses on earnings as well as sales.
E)   all of these are part of the customer equity concept.F) C) and D)
G) A) and C)

Question 15

The Product area is concerned with developing the right physical good, service, or blend of both for the target market.

Accepted Answer

A) True 
 B)False

Question 16

Target marketing aims a marketing mix at some specific target customers.

Accepted Answer

A) True 
 B)False

Question 17

_____ assume(s)  that everyone is the same--and consider(s)  everyone to be a potential customer.

Accepted Answer

A)   Mass marketers
B)   Target marketing
C)   Mass marketing
D)   Target marketers
E)   Objective marketingF) A) and B)
G) B) and C)

Question 18

The text's Toddler University example shows that TU's marketing plan included:

Accepted Answer

A)   A detailed description of the marketing mix to be offered.
B)   A description of the resources required to carry out the plan.
C)   Expected results of the plan.
D)   Control procedures.
E)   All of these.F) A) and B)
G) B) and D)

Question 19

Marketing managers almost always find that opportunities in international markets are less profitable than in domestic markets.

Accepted Answer

A) True 
 B)False

Question 20

A detailed plan for handling transportation and storage of a new product that is now being distributed to wholesalers nationwide is an aspect of which part of the 4Ps?

Accepted Answer

A)   Place
B)   Product
C)   Promotion
D)   PriceE) All of the above
F) B) and D)

Exam 2: Marketing Strategy Planning

The text's Toddler University example shows that TU's marketing plan included:

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Of the four types of opportunities firms can pursue, diversification is the easiest to evaluate and involves the least risk.

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_____ assume(s) that everyone is the same--and consider(s) everyone to be a potential customer.

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A detailed plan for handling transportation and storage of a new product that is now being distributed to wholesalers nationwide is an aspect of which part of the 4Ps?

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The customer equity concept

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A S.W.O.T. analysis includes:

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Customer lifetime value involves a financial analysis that considers all of a customer's purchases over their lifetime.

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Potential customers are all alike.

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Managers who embrace the marketing concept realize that they cannot just define their line of business in terms of the products they currently produce or sell.

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All of the following are reasons why international opportunities should be considered by managers, EXCEPT

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Identify the incorrect statement regarding target marketing.

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A marketing mix consists of:

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Converse started selling its "high-top" canvas basketball shoes in colors such as hot pink, lime green, and purple, to accompany their traditional colors of black and white. Converse seems to be pursuing a _____________ opportunity.

Correct AnswerverifiedShow Answer

Advertising is:

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"Promotion" is NOT concerned with:

Correct AnswerverifiedShow Answer

The Product area is concerned with developing the right physical good, service, or blend of both for the target market.

Correct AnswerverifiedShow Answer

Good marketing strategy planners know that:

Correct AnswerverifiedShow Answer

Marketing managers almost always find that opportunities in international markets are less profitable than in domestic markets.

Correct AnswerverifiedShow Answer

Target marketing aims a marketing mix at some specific target customers.

Correct AnswerverifiedShow Answer

To compete more successfully with its many competitors offering packaged cookies, Famous Amos added its own line of "extra chunky" premium cookies. This seems to be an effort at:

Correct AnswerverifiedShow Answer

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