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Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

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Question 21

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After determining that consumers had concerns about fat and carbohydrates, Piada's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of

A) a competitive advantage.
B) a well-defined mission statement.
C) good strategic planning.
D) a market opportunity.
E) opportunistic behavior.

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Question 22

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A strategic window is

A) ​the right combination of circumstances and timing that permit an organization to take action to reach a particular target market.
B) ​what determines the factors that are most important in making a market attractive or strong.
C) ​customers' requirements or desired benefits.
D) ​a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.
E) ​the process that seeks information about events and relationships in a company's outside environment.

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Question 23

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The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace is called

The director of marketing for 3M tapes tells the rest of the management team, "When it comes to our transparent packaging tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the packaging tape unit falls into which one of the following classifications?

A market opportunity results from

The Boston Consulting Group approach is based on a philosophy that a product's market growth rate and its market share relative to competition should be helpful in determining its marketing strategy.

Stars are profitable products that usually generate more cash than is required to maintain share.

Competitive growth strategies are based on

The following passage is an often-expressed critique of one of the two types of decision-making structures: Another disadvantage of this structure is that the organization may become fragmented. Business units may lose their sense of team spirit and cooperation. Some business units may put their own interests ahead of those of the company as a whole. Innovative ideas that once spread through the company quickly may now remain within individual business units. Which one of the following decision-making structures is this critique referring to?

You work in the marketing department of shoe firm Weasley Inc. Over the past month you have been working with management to revise the company's mission statement and set specific marketing goals for the upcoming year. Today you are meeting with your marketing team and discussing the next step in the strategic planning process. What is this next step?

A market is a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.

A marketing plan

Selecting an appropriate target market may be the most important decision a company makes in the strategic planning process.

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a​

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are

Acme Corporation saw an opportunity in the electric car industry. The company had studied major electric car brands such as the Chevrolet Volt and the Nissan Leaf. It believed it could avoid many of the challenges these companies had encountered with a new technology that would reduce costs. Acme also knew from watching competitors that it would have to work hard to convince skeptics that the electric car was a viable and dependable method to get around. By avoiding these mistakes and using its technology, Acme quickly gained market share once it began launching its vehicles. What type of advantage did Acme have?

In a traditional organization, marketing decisions are generally centralized at the top levels of the organization.

Which of the following is the most specific and detailed type of business strategy?

In a traditional organization, marketing decisions are likely to be

Which of the following statements is incorrect?