Mount Sinai High School

MKT 310

Marketing-Chapter 2 Review

1)The primary purpose of a strategic plan is to                                . A.build profitable customer relationships

B.design a business portfolio C.establish market share objectives D.expand into new markets

E.develop and maintain a strategic fit between a company's goals and capabilities and its changing marketing opportunities

2. Nike states that it wants to "bring inspiration and innovation to every athlete in the world." This is Nike's   .
   1. marketing plan B.strategy

3. market-oriented mission statement
4. objective
5. product-oriented mission statemen

3. The first step in strategic planning involves       .
   1. defining the company's mission
   2. setting objectives and goals C.designing a business portfolio D.developing functional plans E.developing a marketing plan
4. A company's mission statement should be focused on                 . A.profit

B.customers C.investment D.objectives and goals E.sales

5. Which of the following steps in the strategic planning process is done at the business unit level? A.Setting company goals

B.Setting company objectives

C.Defining the company mission D.Designing the business portfolio E.Planning marketing strategies

6. The major activity in strategic planning is the analyses of a business       . A.unit

2. plan
3. portfolio
4. goal or objective E.experience

7. Ben & Jerry's frequently expand its line of ice cream with new flavors. Which market growth strategy is Ben & Jerry's using?

A.Market penetration B.Diversification C.Harvesting

D.Market development

E.Product development

8. In 2005, Proctor and Gamble purchased Gillette, makers of shaving products, and added these to the existing P&G portfolio. Which growth strategy did P&G use in acquiring Gillette?

A.Divestment B.Diversification C.Market penetration

D.Product development

E.Market development

9. What are the two measures the BCG matrix uses to classify SBUs and products in the portfolio? A.Market growth rate and return on investment (ROI)

2. Relative market share and return on investment (ROI)
3. Relative market share and number of products the company produces
4. Market growth rate and degree of competitiveness
5. Relative market share and market growth rate

10. Within the growth-share matrix, "cash cows" are         . A.high-growth, high-share businesses or products

2. high-share businesses in slow-growth markets
3. low-growth, low-share business units in high-growth markets
4. low-growth, high-share businesses or products
5. low-growth, low-share businesses and products in high-growth markets

11. Which one of the following statements about marketing's role in strategic planning is correct? A.Marketing oversees the planning of each business unit.

B.Marketing provides inputs to strategic planners. C.Marketing is unrelated to a company's guiding philosophy. D.Marketing does not contribute to profitability.

E.Marketing does not design strategies.

12. Each department can be thought of as a link in the company's                                                                               .
    1. value chain
    2. delivery network
    3. market segmentation D.marketing management E.marketing mix
13. Marketing can disrupt the internal value chain and cause conflicts to develop because it can potentially         .
    1. gain commitment from the entire company to engage customers
    2. increase production costs, increase inventories, cause budget headaches and disrupt production schedules
    3. align all functional areas with the goal of increasing customer value
    4. coordinate the efforts of different company departments to deliver customer value E.make all departments "think consumer"
14. One key role marketing plays in a company's strategic planning is to       . A.focus on the customer while other departments formulate strategies

2. work to add customer value so other departments do not have to be concerned with it
3. allow other departments to not be concerned with marketing
4. provide a guiding philosophy
5. take advantage of opportunities identified by the strategic planners

15. One way for companies to improve the performance of the                                                                          is by partnering with suppliers, distributors, and customers.
    1. competitive delivery network B.strategic plan

C.value delivery network D.marketing system E.internal value chain

16. The four Ps of the marketing mix are redefined in buyer terms as the four As. What are the four As of the marketing mix?
    1. Added incentives, advantage, aptitude, alternatives B.Approaches, added incentives, accessibility, awareness C.Affordability, accessibility, added incentives, awareness D.Acceptability, affordability, accessibility, awareness E.Acceptability, accessibility, awareness, advantage
17.        refers to activities that communicate the merits of the product and persuade target customers to buy it.
    1. Positioning B.Segmentation C.Targeting D.Differentiation E.Promotion
18. The Dollar Store and Family Dollar profitably focus on buyers with modest means with their market offerings. This is an example of         .
    1. market targeting B.positioning C.marketing control D.the marketing mix

E.market segmentation

19.                       is at the core of any marketing strategy. A.The marketing mix

B.Planning, analysis, and implementation C.Customer value and relationships D.Segmenting, targeting, and positioning E.Competitors, suppliers, and publics

20. What is one primary purpose of a product's position?
    1. To choose which segments to serve with a market offering

B.Differentiation

3. To get eye level in-store shelf space
4. To identify groups of consumers with similar needs
5. To gain market share

21. What are the main components of a marketing plan?
    1. An executive summary, situation analysis, objectives, strategy, action programs, budgets, and controls

B.A mission statement, objectives, and a business portfolio C.Segmentation, targeting, and positioning

D.A marketing budget and a marketing dashboard E.Product, price, place, and promotion

22. The most common form of marketing organization is         . A.geographic organization

2. customer management organization