Question 1

Reflecting on the research study of over 200 management tools and techniques, which of the following companies is an example of a firm that excels in terms of operational execution?

Accepted Answer

A)   Costco
B)   Smucker's
C)   Sears
D)   Groupon
E)   ToyotaF) None of the above
G) A) and E)

Question 2

Which of the following statements regarding marketing failures is most accurate?

Accepted Answer

A)   Marketing failures are due to a lack of a program champion who is willing to make decisions and act on them.
B)   Marketing failures are due to a lack of financial support.
C)   Marketing failures are due to a lack of originality.
D)   Marketing failures are due to poorly communicated plans.
E)   Marketing failures are due to a poor plan and strategy, poor implementation, or both.F) B) and D)
G) C) and D)

Question 3

Figure 22-1
-According to Figure 22-1 above, the result of spending an additional $1 million in annual marketing effort from $3 million to $4 million resulted in increased revenues of

Accepted Answer

A)   $20 million
B)   $40 million
C)   $50 million
D)   $70 million
E)   $80 millionF) B) and E)
G) A) and B)

Question 4

A differentiation focus strategy refers to one of the generic business strategies that

Accepted Answer

A)   involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of markets segments.
B)   focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments.
C)   requires products to have significant points of difference to target one or only a few market segments.
D)   requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments.
E)   seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.F) D) and E)
G) A) and C)

Question 5

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, Box B refers to a ________ strategy.

Accepted Answer

A)   cost leadership
B)   quality focus
C)   differentiation focus
D)   cost focus
E)   differentiationF) A) and E)
G) C) and E)

Question 6

Which output report is used in the evaluation phase of the strategic marketing process?

Accepted Answer

A)   marketing plans that define goals
B)   action memos that tell who is to do what
C)   action memos that tell who is to do what by when
D)   trend reports
E)   corrective action memosF) A) and B)
G) A) and C)

Question 7

The four generic business strategies involve combinations of ________ and an emphasis on costs versus product differentiation.

Accepted Answer

A)   organizational structure
B)   degree of geographical distribution
C)   investment in research and development
D)   relative number of products in a product line
E)   competitive scope or the breadth of the target marketsF) A) and B)
G) D) and E)

Question 8

All of these are key problems that emerge in a firm's strategic marketing process except which?

Accepted Answer

A)   Line operating managers often feel no sense of ownership in implementing the plans.
B)   Extensive formal plans are too complex to implement.
C)   Not enough time and effort is spent on data collection; therefore, the plans written are too vague to implement.
D)   Plans are based on very poor assumptions about environmental forces.
E)   Planners and their plans may have lost sight of their customers' needs.F) A) and D)
G) A) and B)

Question 9

The essence of resource allocation is that

Accepted Answer

A)   company resources are allocated effectively in the strategic marketing process by converting marketing actions into marketing information.
B)   individual management tools and techniques that a firm chooses to use are less important than flawless execution of the ones it does use.
C)   sometimes you have to break the rules to spend every dollar in a budget.
D)   incremental resources should be put where the incremental returns are greatest over the foreseeable future.
E)   individual management tools and techniques have no direct relationship to superior business performance in the companies.F) A) and E)
G) C) and E)

Question 10

As the marketing manager for Acme Products Inc., you just became the new program leader for Baubles, a product Acme introduced last year. Initial sales far exceeded expectations. In response, the previous program leader decided to reduce the profit margins for channel members to more quickly recover the high costs incurred in the development of the Baubles product and its marketing program. Unfortunately, sales of Acme Baubles declined by 5 percent while its market share declined by 7 percent as new competitors entered the market. After conducting a customer survey, you concluded that customers were generally satisfied with Acme's Baubles. However, Baubles were not as readily accessible as they were the previous year. Furthermore, after conducting a survey among the leading wholesalers and retailers of Acme Baubles, you discovered they were not pleased with the reduced margins. Moreover, because Acme's principal competitors offered them greater margins, they gave their products better service and shelf space than Acme's. This is an example of

Accepted Answer

A)   good planning and good implementation.
B)   good planning and poor implementation.
C)   poor planning and good implementation.
D)   poor planning and poor implementation.
E)   poor evaluation.F) B) and E)
G) B) and D)

Question 11

A ________ strategy focuses on increasing differentiation by creating and raising industry factors that are improved relative to the existing marketplace. At the same time, it focuses on decreasing cost by eliminating and reducing prevailing industry factors that are no longer necessary or can be provided below current standards.

Accepted Answer

A)   differentiation
B)   blue ocean
C)   cost focus
D)   sales response
E)   competitive gridF) D) and E)
G) C) and D)

Question 12

The four generic business strategies involve combinations of competitive scope or the breadth of the target markets and

Accepted Answer

A)   organizational structure.
B)   degree of geographical distribution.
C)   investment in research and development.
D)   an emphasis on either costs or product differentiation.
E)   relative number of products in a product line.F) A) and B)
G) B) and D)

Question 13

List the three phases of the strategic marketing process and the output report for each.

Accepted Answer

(1) Planning is the first phase. Its out...

Question 14

How is management by exception used in the evaluation phase of the strategic marketing process?

Accepted Answer

Goals are specified in the planning phas...

Question 15

A cost focus strategy refers to one of the generic business strategies that

Accepted Answer

A)   focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments.
B)   requires products to have significant points of difference to target one or only a few market segments.
C)   requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments.
D)   involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of market segments.
E)   seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.F) A) and C)
G) B) and C)

Question 16

Define marketing ROI (return on investment).

Accepted Answer

In finance, the return on investment (RO...

Question 17

All of these are among the actions suggested by the Four Actions Grid used in forming a blue ocean strategy except which?

Accepted Answer

A)   factors to be raised
B)   factors to be eliminated
C)   factors to be concentrated
D)   factors to be reduced
E)   factors to be createdF) A) and B)
G) None of the above

Question 18

Two commonly used methods to improve marketing ROI (return on investment)  are

Accepted Answer

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.F) A) and C)
G) A) and B)

Question 19

- Consider Figure 22-7 above. As part of the Warm Delights team at General Mills, you are asked to analyze and interpret this 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 2019?

Accepted Answer

A)   both the increased percentage of drugstores carrying the brand and the increased average number of flavors carried by drugstores
B)   only the increased number of flavors carried by drugstores
C)   only the shift in monthly unit sales from November to December from the drug channel
D)   only the shift in monthly total sales revenues from November to December from the grocery channel
E)   only the increased percentage of warehouse stores carrying the brandF) A) and E)
G) B) and E)

Question 20

Management experts call for a "bias for action." How can this attitude be important in marketing program implementation?

Accepted Answer

Management experts have concluded perfec...

Exam 22: Pulling It All Together: the Strategic Marketing Proces

A cost focus strategy refers to one of the generic business strategies that

Correct Answer
verified

The essence of resource allocation is that

Correct Answer
verified

Which output report is used in the evaluation phase of the strategic marketing process?

Correct Answer
verified

The four generic business strategies involve combinations of ________ and an emphasis on costs versus product differentiation.

Correct Answer
verified

Two commonly used methods to improve marketing ROI (return on investment) are

Correct Answer
verified

Define marketing ROI (return on investment).

Correct Answer
verified
In finance, the return on investment (RO...
View Answer

Correct Answer
verified

Correct Answer
verified

All of these are key problems that emerge in a firm's strategic marketing process except which?

Correct Answer
verified

Figure 22-1 -According to Figure 22-1 above, the result of spending an additional $1 million in annual marketing effort from $3 million to $4 million resulted in increased revenues of

Correct Answer
verified

Correct Answer
verified

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, Box B refers to a ________ strategy.

Correct Answer
verified

Management experts call for a "bias for action." How can this attitude be important in marketing program implementation?

Correct Answer
verified
Management experts have concluded perfec...
View Answer

Reflecting on the research study of over 200 management tools and techniques, which of the following companies is an example of a firm that excels in terms of operational execution?

Correct Answer
verified

All of these are among the actions suggested by the Four Actions Grid used in forming a blue ocean strategy except which?

Correct Answer
verified

Which of the following statements regarding marketing failures is most accurate?

Correct Answer
verified

The four generic business strategies involve combinations of competitive scope or the breadth of the target markets and

Correct Answer
verified

List the three phases of the strategic marketing process and the output report for each.

Correct Answer
verified
(1) Planning is the first phase. Its out...
View Answer

A differentiation focus strategy refers to one of the generic business strategies that

Correct Answer
verified

How is management by exception used in the evaluation phase of the strategic marketing process?

Correct Answer
verified
Goals are specified in the planning phas...
View Answer

Exam 22: Pulling It All Together: the Strategic Marketing Proces

A cost focus strategy refers to one of the generic business strategies that

Correct AnswerverifiedShow Answer

The essence of resource allocation is that

Correct AnswerverifiedShow Answer

Which output report is used in the evaluation phase of the strategic marketing process?

Correct AnswerverifiedShow Answer

The four generic business strategies involve combinations of ________ and an emphasis on costs versus product differentiation.

Correct AnswerverifiedShow Answer

Two commonly used methods to improve marketing ROI (return on investment) are

Correct AnswerverifiedShow Answer

Define marketing ROI (return on investment).

Correct AnswerverifiedIn finance, the return on investment (RO...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

All of these are key problems that emerge in a firm's strategic marketing process except which?

Correct AnswerverifiedShow Answer

Figure 22-1 -According to Figure 22-1 above, the result of spending an additional $1 million in annual marketing effort from $3 million to $4 million resulted in increased revenues of

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, Box B refers to a ________ strategy.

Correct AnswerverifiedShow Answer

Management experts call for a "bias for action." How can this attitude be important in marketing program implementation?

Correct AnswerverifiedManagement experts have concluded perfec...View AnswerShow Answer

Reflecting on the research study of over 200 management tools and techniques, which of the following companies is an example of a firm that excels in terms of operational execution?

Correct AnswerverifiedShow Answer

All of these are among the actions suggested by the Four Actions Grid used in forming a blue ocean strategy except which?

Correct AnswerverifiedShow Answer

Which of the following statements regarding marketing failures is most accurate?

Correct AnswerverifiedShow Answer

The four generic business strategies involve combinations of competitive scope or the breadth of the target markets and

Correct AnswerverifiedShow Answer

List the three phases of the strategic marketing process and the output report for each.

Correct Answerverified(1) Planning is the first phase. Its out...View AnswerShow Answer

A differentiation focus strategy refers to one of the generic business strategies that

Correct AnswerverifiedShow Answer

How is management by exception used in the evaluation phase of the strategic marketing process?

Correct AnswerverifiedGoals are specified in the planning phas...View AnswerShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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In finance, the return on investment (RO...
View Answer

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified
Management experts have concluded perfec...
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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(1) Planning is the first phase. Its out...
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Correct Answer
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Correct Answer
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Goals are specified in the planning phas...
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