Skill: Concept Objective: 2-3
12) Jack Welch, CEO at General Electric, said that \only ________ can.\A) development B) growth
C) good strategy D) customers E) efficiency Answer: D Diff: 3 Page Ref: 47 Skill: Concept Objective: 2-3
13) Multinationals like Honda Motor Co. and Wal-Mart stores have designed programs to work closely with their suppliers to help them reduce their costs and improve quality. This illustrates the importance of an efficient ________. A) business portfolio B) low-cost operator C) product mix
D) value delivery network E) value chain Answer: D Diff: 2 Page Ref: 47 Skill: Concept Objective: 2-3
14) Which of the following is the marketing logic by which a company hopes to achieve profitable customer relationships? A) price
B) a consistent product mix C) the value delivery network D) marketing strategy E) differentiation Answer: D Diff: 1 Page Ref: 48 Skill: Concept Objective: 2-4
15) Lucy Ortiz is preparing a PowerPoint presentation of the marketing process to show at a sales meeting. ________ should appear in the center of her diagram depicting marketing strategies and the marketing mix. A) Sales goals
B) Customer value and relationships C) Company objectives
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D) Customer retention rates E) Competitors Answer: B Diff: 1 Page Ref: 49 Skill: Concept Objective: 2-4
16) Which of the four Ps describes the goods-and-services combination the company offers to the target market? A) price
B) promotion C) product D) place E) package Answer: C Diff: 1 Page Ref: 51 Skill: Concept Objective: 2-5
17) In the four Ps of the marketing mix, design, packaging, services, and variety all fall under the category of ________. A) product B) price
C) promotion D) place E) position Answer: A Diff: 2 Page Ref: 51 Skill: Concept Objective: 2-4
18) Today the four Ps are compared to the four Cs. Product and place are called ________ and ________, respectively. A) convenience; customer solution B) customer cost; convenience
C) communication; customer solution D) customer solution; convenience E) communication; convenience Answer: D Diff: 3 Page Ref: 52 Skill: Concept Objective: 2-4
19) In the marketing management functions, an SWOT analysis should ________ a marketing plan.
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A) precede
B) coincide with C) follow D) evaluate
E) take priority over Answer: A Diff: 2 Page Ref: 54 Skill: Concept Objective: 2-5
20) In a basic SWOT analysis the \ A) timing B) trust C) threats D) trade E) tangible Answer: C Diff: 1 Page Ref: 53 Skill: Concept Objective: 2-5
21) The ________ organizational system's main advantage is that the company is organized around the needs of specific market segments. A) market management B) geographic
C) product management D) vertical E) functional Answer: A Diff: 2 Page Ref: 56 Skill: Concept Objective: 2-5
22) An increasingly large number of firms are changing their organizational focus from ________ to ________.
A) product management; functional management B) product management; geographic management C) brand management; customer management
D) geographic management; functional management E) global management; regional management Answer: C Diff: 2 Page Ref: 57 Skill: Concept Objective: 2-5
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23) Evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained is called ________. A) marketing control B) strategic control C) operating control
D) developmental control E) efficiency Answer: A Diff: 1 Page Ref: 57 Skill: Concept Objective: 2-5
24) The marketing control process entails the following steps in order: setting goals, ________, evaluating performance, and ________. A) evaluating goals; measuring performance B) achieving goals; measuring performance
C) taking corrective action; measuring performance D) measuring performance; taking corrective action E) taking corrective action; following up Answer: D Diff: 2 Page Ref: 57 Skill: Concept Objective: 2-5
25) Which of the following is NOT a step in the marketing control process? A) setting goals
B) measuring performance C) taking corrective action D) defining the mission
E) evaluating the causes of gaps between expected and actual performance Answer: D Diff: 3 Page Ref: 57 Skill: Concept Objective: 2-5
26) Mission statements should be realistic and general in nature. Answer: FALSE Diff: 2 Page Ref: 39 Skill: Concept Objective: 2-1
27) ABC Fortunes has just developed a formal statement of its purpose. This firm has put together a mission statement. Answer: TRUE Diff: 1 Page Ref: 39
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Skill: Concept Objective: 2-1
28) Mission statements should both emphasize the company's strengths in the marketplace and be motivating. Answer: TRUE Diff: 2 Page Ref: 39 AACSB: Communication Skill: Concept Objective: 2-1
29) At America Online, \product-oriented business definition. Answer: FALSE Diff: 3 Page Ref: 39
AACSB: Reflective Thinking Skill: Application Objective: 2-1
30) \ Answer: FALSE Diff: 3 Page Ref: 40
AACSB: Reflective Thinking Skill: Application Objective: 2-1
Chapter 3 Analyzing the Marketing Environment
1) You are directed to study the actors close to the company that affect its ability to serve its customers-departments within the company, suppliers, marketing
intermediaries, customer markets, competitors, and publics. What are you studying? A) the macroenvironment B) the microenvironment C) the marketing environment D) the demographic environment E) the global environment Answer: B Diff: 1 Page Ref: 66 Skill: Concept Objective: 3-1
2) Which of the following terms is used to describe the factors and forces outside
marketing that affect marketing management's ability to build and maintain successful relationships with target customers? A) the marketing environment
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