Competitive Strategy
Exam Review
Course Introduction
Competitive Strategy explores the frameworks, tools, and analytical techniques that businesses use to gain and sustain competitive advantage in dynamic markets. The course examines key concepts such as industry analysis, value creation, positioning, and the formulation of strategies to outperform rivals. Through case studies and real-world applications, students learn how organizations build capabilities, respond to changes in the competitive environment, and make strategic decisions under uncertainty, preparing them to craft effective strategies in a variety of industries.
Recommended Textbook
Strategic Marketing 1st Edition by Todd Mooradian
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Chapter 1: Overview of Marketing Strategy the Strategic Marketing Process
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Q1) Strategic decisions primarily affect a firm's ________.
A) globalization
B) marketing
C) present
D) future
Answer: D
Q2) A marketing strategy of competitive advantages is typically based on either ________ or ________.
A) mass global appeal; cost leadership
B) cost leadership; differentiation
C) segmentation; globalization
D) differentiation; reliability
Answer: B
Q3) According to a value-frontier framework,which of the following is LEAST likely to be an effective long-term marketing strategy?
A) high price, high performance
B) high price, low performance
C) low price, low performance
D) low price, high performance
Answer: B
Page 3
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Chapter 2: Situation Assessment - the External Environment
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Q1) Which of the following would most likely be used by a marketer gathering customer insights about unmet and unrecognized customer needs?
A) trendspotting
B) in-depth interviews
C) data mining
D) loyalty surveys
Answer: B
Q2) Which of the following would most likely lower unit costs while increasing reliability and conformance quality?
A) network effects
B) economies of scope
C) diseconomies of scale
D) learning curve effects
Answer: D
Q3) Most significant strategic gains and losses occurring during the growth phase of a market.
A)True
B)False
Answer: True
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Chapter 3: Situation Assessment - the Company
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Q1) A firm trying to close a profitability gap is concentrating on its most profitable products and abandoning markets that it cannot win.Which strategy is the firm most likely using?
A) capacity utilization
B) forward integration
C) rationalization
D) segmentation
Answer: C
Q2) A firm using a marketing information system would most likely have which of the following questions answered?
A) What geographic area is our firm targeting?
B) How well are we doing in our customers' eyes?
C) How can our financial objectives best be attained?
D) What metrics would be appropriate for our customers?
Answer: B
Q3) Shareholder theory addresses the firm's purpose and the firm's obligations to its stakeholders.
A)True
B)False
Answer: False
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Chapter 4: Strategy Formation
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Sample Questions
Q1) Unlike business markets,consumer markets can be described by demographic and psychographic variables.
A)True
B)False
Q2) A marketer decides to serve several different needs of one segment with multiple products and marketing programs.Which type of differentiated marketing is most likely being used by the marketer?
A) segment specialization
B) product specialization
C) selected specialization
D) full market coverage
Q3) A differentiated marketing strategy is typically linked to lower ________.
A) economies of scope
B) economies of scale
C) customer value
D) unit costs
Q4) Core competencies and competitive advantages are the strengths possessed by a firm.
A)True
B)False
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Chapter 5: Implementation
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Sample Questions
Q1) A Customer Relationship Management system would most likely be used by a marketer to ________.
A) assess competitors' clients
B) pretest advertising campaigns
C) identify niche segments
D) customize product offerings
Q2) Which of the following is a limitation of the BCG matrix?
A) It does not help managers determine which SBUs should be dropped from a portfolio.
B) It does not help managers determine which SBUs need investment to grow.
C) It does not tell managers the best ways to create growth.
D) It cannot be used by corporations with multiple SBUs.
Q3) Customer-oriented metrics would most likely be used to ________.
A) collect data on customer satisfaction
B) identify customer needs and demands
C) link customer needs with core competencies
D) direct marketing efforts towards global segments
Q4) How has technology affected the place and promotion elements of the marketing mix?
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Chapter 6: Planning,assessment,and Adjustment
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Q1) When developing the budget for a marketing plan,what are the four primary inputs to consider? Briefly discuss the importance of each element.
Q2) Which of the following is used by firms to collect data about customer responses to the marketing mix?
A) SWOT analysis
B) CRM system
C) BCG matrix
D) ROMI tool
Q3) A ________ would most likely be used by a marketer to improve the accuracy of a sales forecast.
A) consumer group
B) financial metric
C) product platform
D) staircase analysis
Q4) Most marketing plans establish the size and needs of target segments but not the details of the marketing mix.
A)True
B)False
Q5) How can staircase analysis improve the accuracy of sales forecasting?
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Chapter 1: Note : Market Definition
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Q1) A marketer collects data from store cash registers to determine whether two products are substitutes for each other.The marketer measures the sales decline of one product after the price of the second product is reduced.Which of the following is the marketer most likely using to define the market?
A) cross-elasticity data
B) customer insight data
C) brand-switching data
D) managerial judgment data
Q2) Defining a market primarily depends on the ________ that customers seek and the ________ that customers consider.
A) benefits; alternatives
B) brands; products
C) markets; benefits
D) products; prices
Q3) Brand-switching data is collected from customers who have indicated a willingness to pay more for a product with specific features.
A)True
B)False
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Chapter 2: Note : Context: Pest Analysis
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Sample Questions
Q1) Which type of company would most likely experience countercyclical sales?
A) auto parts retailer
B) boat manufacturer
C) furniture retailer
D) pharmaceutical manufacturer
Q2) Economic communities,which are also known as ________,have developed as a result of political changes in the last half-century.
A) free trade zones
B) open market channels
C) international entities
D) productivity communities
Q3) The retail industry has embraced the globalization of markets more than any other industry.
A)True
B)False
Q4) Cultures are dynamic,so marketers must constantly monitor the values,norms,attitudes,and tastes of a marketing context.
A)True
B)False
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Chapter 3: Note : Customer Assessment - Trends and Insights
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Q1) ________ identifies the relationships between variables that predict or cause some target variable.
A) Judgment-based forecasting
B) Trend extrapolation
C) Regression analysis
D) Curve fitting
Q2) Customer assessment focuses on addressing specific issues raised by customers and potential customers,and it is best implemented with a clear hypothesis or theory.
A)True
B)False
Q3) Which of the following is a true statement about trends?
A) They are short-term shifts based on popular culture.
B) They represent significant market opportunities.
C) They are based only on demographic statistics.
D) They cannot be quantified for marketing purposes.
Q4) Cool-hunting is a type of judgment-based forecasting method that involves studying fashion,lifestyles,and contemporary culture.
A)True
B)False
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Chapter 4: Note : Consumer and Organizational Buyer
Behavior
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Q1) The FCB Matrix organizes products by ________ and ________.
A) business sales; consumer sales
B) brand alternatives; customer values
C) involvement level; purchase motivation
D) relative performance; post-purchase attitude
Q2) Business-to-business marketing differs from consumer marketing in that business-to-business marketing ________.
A) typically involves competitive bidding and price negotiations
B) usually has one person involved in purchase decisions
C) heavily emphasizes advertising in the marketing mix
D) relies upon frequent impulse purchases
Q3) Consumers often rely on decision guidelines,or mental rules-of-thumb,when weighing the merits of competing brands.These rules are referred to as ________.
A) affects
B) attitudes
C) heuristics
D) cognitions
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Chapter 5: Note : Competitor Analysis - Competitive Intelligence
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Q1) As a marketer,how would you benefit from assessing the strengths and weaknesses of a competitor What steps should you follow when conducting such an analysis?
Q2) Discussing a competitor's strategies and marketing tactics with shared customers should be avoided during a competitor analysis because of the potential conflict of interest.
A)True
B)False
Q3) When conducting a competitor analysis,a marketer should first investigate the competitor's ________.
A) marketing mix
B) product offerings
C) long-term objectives
D) customer loyalty ratings
Q4) Sales people are useful resources when assessing the strengths and weaknesses of a competitor due to their regular interaction with customers.
A)True
B)False
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Chapter 6: Note : Company Assessment - Missions and Visions
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Q1) A firm's core purpose statement is typically directed at ________,while a firm's core values are typically directed at ________.
A) all stakeholders; internal stakeholders
B) internal stakeholders; all stakeholders
C) external stakeholders; all stakeholders
D) internal stakeholders; external stakeholders
Q2) A marketing plan is a type of functional-level strategy.
A)True
B)False
Q3) Respect,simplicity,and togetherness are examples of IKEA's ________.
A) marketing strategy
B) visionary goals
C) core purpose
D) core values
Q4) A firm's mission and vision statement should communication all of the following EXCEPT the firm's ________.
A) achievements
B) core values
C) inspiring goals
D) core purpose
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Chapter 7: Note : Company Assessment - the Value Chain
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Q1) Firms can create ________ when they are able to perform value chain activities more effectively or efficiently than their competitors.
A) consumer loyalty
B) core competencies
C) logistical strengths
D) competitive advantage
Q2) On a value-chain analysis using an SPA,a firm determines that its performance is low in the area of operations.Operations is an area of low importance to the firm.Which of the following would be the best recommendation for the firm?
A) Do not focus additional effort on operations.
B) Focus more effort and resources on operations.
C) Modify the value chain to emphasize operations.
D) Re-evaluate how the firm handles current operations.
Q3) Primary activities of a typical value chain relate to the creation or delivery of a product and include areas such as information management,process improvement,and employee compensation.
A)True
B)False
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Chapter 8: Note : Industry Analysis
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Q1) ________ is a market entry barrier that exists when a service becomes more valuable as more people use it.
A) Forward integration
B) Capital requirements
C) Economies of scale
D) Network effects
Q2) In an industry characterized by ________,customers have significant bargaining power.
A) high switching costs
B) undifferentiated products
C) low concentrations of buyers
D) complex backward integration
Q3) Which of the following industries has the highest average profitability?
A) hotels
B) airlines
C) soft drinks
D) grocery stores
Q4) How do potential substitutes threaten sales in an industry? Illustrate your answer with specific examples.
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Chapter 9: Note : the Product Life Cycle
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Q1) What factors typically lead to price-based competition in the product life cycle?
Q2) Which of the following is NOT a characteristic included in Kano's model of customer satisfaction?
A) delighters
B) must haves
C) reliability functions
D) performance factors
Q3) Which of the following is an indication that a product is shifting from the growth to the maturity stage of the product life cycle?
A) increasing product interest
B) decreasing price competition
C) increasing buyer sophistication
D) decreasing number of substitutes
Q4) Single segments are more likely to split into multiple segments during the growth stage of the product life cycle as customer needs become increasingly specific.
A)True
B)False
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Chapter 10: Note : Experience Curve Effects on Cost Reduction
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Q1) Which of the following is LEAST likely to affect the experience curve?
A) technical progress
B) labor redesign
C) specialization
D) segmentation
Q2) The experience curve concept is especially important to firms that pursue a strategy of ________.
A) brand loyalty
B) industry alliance
C) niche marketing
D) cost leadership
Q3) Computing the experience curve most likely helps a marketer to ________.
A) predict a product's life cycle stage
B) retain loyal business customers
C) develop a pricing strategy
D) improve a mature product
Q4) According to the law of experience,unit costs cannot be predicted,but they can be reduced.
A)True
B)False
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Chapter 11: Note : Economies and Diseconomies of Scale
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Q1) What is economies of scale? How can a firm achieve economies of scale?
Q2) When Company X increases its production volume by 1%,the firm's total cost of production increases by more than 1%.This is an example of ________.
A) experience curve effects
B) diseconomies of scale
C) economies of scale
D) inelasticity
Q3) According to economies of scale,each new unit that a company manufactures is ________.
A) more expensive to produce than the previous unit
B) less expensive to produce than the previous unit
C) less expensive to produce than the next unit
D) as expensive to produce as all other units
Q4) When Company X increases its production volume by 1%,the firm's total cost of production increases by less than 1%.This is an example of ________.
A) diseconomies of scale
B) economies of scale
C) the supply chain
D) the value chain
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Chapter
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Q1) A firm that uses a diversification strategy to sell a new product that is related to its core business would most likely benefit from ________.
A) economies of scale
B) viral marketing
C) brand recognition
D) price protection
Q2) Company X produces more than one product at its manufacturing facility,which lowers the firm's overall production costs.This is most likely an example of ________.
A) economies of scale
B) economies of scope
C) market diversification
D) horizontal integration
Q3) A firm can create economies of scope by using one manufacturing facility for a range of products.
A)True
B)False
Q4) What is the difference between economies of scale and economies of scope? How can a firm create economies of scope?
Page 20
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Chapter 13: Note : Market-Share Effects
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Q1) Based on market share research,which of the following is a true statement?
A) Skillfully managed firms tend to have higher market shares.
B) Better product quality increases customer loyalty but not profitability.
C) Market share has been shown to be the primary cause of a firm's profitability.
D) Internal-based strategies lower performance compared to external-based strategies.
Q2) Which of the following is LEAST likely to be associated with the firm that has the higher market share?
A) learning curve effects
B) economies of scale
C) economies of scope
D) higher profitability
Q3) Including market share as an objective in a business strategy is appropriate in all of the following cases EXCEPT when ________.
A) customer loyalty is hard to measure
B) industries plan to set standards
C) new entrants need to be barred
D) ancillary sales are anticipated
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Chapter 14: Note : Scenario Analysis
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Q1) A ________ analysis is described in the text as an "if...then..." planning tool.
A) SWOT
B) scenario
C) marketing
D) forecasting
Q2) What is the final step in the scenario analysis process?
A) assessing strategic alternatives
B) developing multiple scenarios
C) identifying significant drivers
D) planning for each scenario
Q3) Which of the following is the LEAST relevant factor when defining the scope of a scenario analysis?
A) time frame
B) industry
C) consumer
D) market
Q4) During the scenario analysis process,a firm's current strategies should be tested within the framework of each scenario.
A)True
B)False
Page 22
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Chapter 15: Note : the Marketing Concept
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Q1) In most cases,firms evolve from a production focus to a market focus.
A)True
B)False
Q2) ________ are human needs as shaped by individual personality and culture.
A) Exchanges
B) Values
C) Demands
D) Wants
Q3) Henry Ford's sales orientation focused on meeting the specific needs of customers,which enabled the firm to prosper.
A)True
B)False
Q4) According to the ________,firms will successfully achieve their goals if they focus on satisfying consumers' needs.
A) marketing concept
B) progressive sales approach
C) market gain technique
D) executive orientation method
Q5) What is the marketing concept? How do firms benefit from having a market orientation?
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Chapter 16: Note : What Is a Marketing Strategy
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Q1) Which term refers to the coordinated means by which an organization pursues its goals and objectives?
A) vision
B) strategy
C) mission
D) code of ethics
Q2) A product-market growth analysis helps determine the best geographic markets,so that a firm can create and sustain value for customers.
A)True
B)False
Q3) The primary purpose of a business strategy is to ________.
A) advance the firm's vision and objectives
B) oversee the firm's core competencies
C) establish an international brand
D) eliminate competing companies
Q4) Which of the following serves as the center of IKEA's hexagon of strategy?
A) economic model
B) differentiation strategy
C) vision statement
D) core competencies
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Chapter 17: Note : Generic Strategies - Advantage and Scope
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Q1) The size and breadth of the market that a strategy intends to serve is known as the ________.
A) product leadership scale
B) competitive scope
C) niche category
D) cost focus
Q2) A firm that follows a differentiation strategy would most likely have an organizational structure that is ________.
A) organic
B) centralized
C) hierarchical
D) mechanistic
Q3) Cost leaders typically implement a top-down approach,produce goods for mass markets,and operate efficiently.
A)True
B)False
Q4) What characteristics are associated with firms that follow a cost leadership strategy and a differentiation strategy? Illustrate your answer with examples of firms that follow these two different strategies.
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Chapter 18: Note : Generic Strategies - the Value Map
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Q1) In marketing strategy,________ refers to the ratio of customer benefits divided by the price paid for those benefits.
A) market share
B) demand
C) quantity
D) value
Q2) A questionnaire asks respondents "to indicate how much weight you put on quality and how much weight you put on price by dividing 100 points between quality and price." This questionnaire is most likely using the ________ method.
A) constant sum scale
B) conjoint analysis
C) rating scale
D) rank order
Q3) Products positioned in the economy quadrant of the value map typically experience a strong decline of market share unless the firm has a monopoly.
A)True
B)False
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Chapter 19: Note : Generic Strategies - Product-Market
Growth Strategies
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Q1) What is a diversification strategy? How can a firm reduce the risks associated with diversification?
Q2) A strategy of product development requires more resources than a strategy of market penetration.
A)True
B)False
Q3) Research indicates that most firms are more successful at winning new customers than at winning back lost customers.
A)True
B)False
Q4) Bisquick,a General Mills brand,includes numerous recipes on the back of each box of baking mix.General Mills is most likely using a strategy of ________.
A) product development
B) market development
C) market penetration
D) diversification
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Chapter 20: Note : Specific Marketing Strategies
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Q1) In many cases,the first mover acts as a ________.
A) monopoly
B) small business
C) global strategist
D) strategic business unit
Q2) A ________ strategy involves selling domestic products to a foreign market without making any adaptations.
A) joint venture
B) international
C) multinational
D) transnational
Q3) Which strategy is characterized by inconsistent brand image,limited subsidiary control,and high marketing costs?
A) multinational strategy
B) exporting strategy
C) international strategy
D) licensing strategy
Q4) What is a transnational strategy? Why has this market entry strategy become increasingly popular? What are the advantages and disadvantages of a transnational strategy?
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Chapter 21: Note : Market Segmentation
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Q1) Which of the following is a micro variable used for market segmentation?
A) purchasing approaches
B) personal characteristics
C) operating variables
D) demographics
Q2) A marketer in the process of segmenting a B2B market should begin with macro variables before assessing micro variables.
A)True
B)False
Q3) Market segmentation is based on either benefits sought or observable customer characteristics.
A)True
B)False
Q4) What is the primary purpose of market segmentation? What characteristics should segments possess for a firm to make a profit?
Q5) Geographic variables remain a significant factor in market segmentation,while behavioral variables have declined become less useful.
A)True
B)False
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Q1) According to research,firms spend the majority of their marketing efforts and resources on keeping existing customers because customer retention is highly profitable.
A)True
B)False
Q2) A firm should make the greatest communication,customer relationship management,and service investments towards which group of customers?
A) high-loyalty, low profitability
B) high-loyalty, high-profitability
C) low-loyalty; low profitability
D) low-loyalty; high profitability
Q3) Research indicates that word-of-mouth referrals are more likely than price deals to result in the acquisition of loyal customers.
A)True
B)False
Q4) What is the purpose of a customer relationship management program? How do such systems benefit marketers?
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Chapter 23: Note : Customer Lifetime Value
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Q1) The customer portfolio matrix categorizes customers based on ________ and ________.
A) share-of-wallet; production costs
B) customer loyalty rate; market share
C) market share; customer loyalty rate
D) share-of-wallet; customer attractiveness
Q2) How can a customer portfolio help marketers with customer relationship management? What are the four types of customers identified in a customer portfolio? As a marketer,on which types of customers would you primarily focus?
Q3) In most cases,a long-term customer relationship is ________ a short-term customer relationship.
A) more profitable than B) less profitable than C) as profitable as D) no different than
Q4) By measuring customer retention rates,firms can determine both behavioral loyalty and attitudinal loyalty.
A)True
B)False
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Chapter 24: Note : Competitive Advantages
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Q1) What is the first step of strategy development if a firm follows a resource-based view?
A) targeting profitable market segments
B) analyzing the firm's strengths and weaknesses
C) assessing the company's external environment
D) identifying sustainable competitive advantages
Q2) Which of the following is NOT a characteristic of a resource that provides a firm with a sustainable competitive advantage?
A) transferable
B) unique
C) tangible
D) valuable
Q3) The strategic importance of value chain activities varies by industry.
A)True
B)False
Q4) What is the difference between a market-based view of strategy development and a resource-based view? Briefly outline the steps for developing a strategy for each philosophy.
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Chapter 25: Note : Swot Analysis
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Q1) The strengths found in a SWOT analysis are also known as ________.
A) sustainable competitive advantages
B) strategic business units
C) market share opportunities
D) value chain activities
Q2) In terms of a SWOT analysis,a strength is best defined as something that the firm does ________.
A) better than the competition
B) with consistency
C) really well
D) profitably
Q3) Market segments change in size as consumer buying habits and preferences change and as latent needs develop.
A)True
B)False
Q4) Opportunities and threats arise from internal sources such as inadequate employee skills and ineffective technology.
A)True
B)False
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Chapter 26: Note : Targeting
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Q1) Which type of marketing approach requires a firm to customize its marketing mix for various target market segments?
A) specialty marketing
B) concentrated marketing
C) differentiated marketing
D) undifferentiated marketing
Q2) An undifferentiated marketing strategy will most likely be successful if the
A) product or service has wide appeal
B) market has many strong competitors
C) product is sold primarily to businesses
D) market segment demands superior value
Q3) Fairhaven Foods focuses its product development and marketing strategies on diabetics who need a sugar-free diet.The firm offers an extensive number of sugar-free cereals,snacks,and cookies for diabetics.Which marketing approach is the firm most likely using?
A) segment specialization
B) selected specialization
C) product specialization
D) full market coverage
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Chapter 27: Note : Positioning
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Q1) All of the following are typically included in position statements EXCEPT the
A) target segment
B) competitors' features
C) unique product features
D) specific product category
Q2) A customer value map enables marketers to track how customers view a product based on ________ and ________.
A) cost; features
B) quality; price
C) attributes; loyalty
D) branding; perception
Q3) Semantic scales are appropriate positioning tools when a marketer needs to collect data about consumer perceptions of a product's attributes.
A)True
B)False
Q4) In multidimensional scaling,brand positions represent cost and quality.
A)True
B)False
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Chapter 28: Note : Customer-Oriented Market Research
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Q1) One purpose of ________ research is to gather preliminary information that will help divide a broad research problem into small problems for subsequent research.
A) causal
B) experimental
C) descriptive
D) exploratory
Q2) According to Alan Andreasen,the market research process should begin by
A) searching for comparable data
B) drafting the eventual report
C) specifying a research plan
D) determining needed data
Q3) Which of the following is a benefit associated with conducting market research?
A) low costs
B) risk reduction
C) quick implementation
D) streamlined decision-making
Q4) What is the difference between quantitative data and qualitative data? As a marketer,how should you utilize both types of research?
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Chapter 29: Note : Brands and Branding
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Q1) Brand equity reflects the value that ________ attach to the promise of a brand.
A) producers
B) consumers
C) managers
D) marketers
Q2) The consumer backlash caused by the introduction of New Coke indicated that the brand equity of Coca-Cola relied heavily on brand ________.
A) sponsorships
B) communities
C) promotion
D) heritage
Q3) Millward Brown's BrandDynamics model is a commercial tool for measuring brand strength based on categories such as performance,presence,and relevance.
A)True
B)False
Q4) What is a brand? How do brands benefit both customers and firms?
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Chapter 30: Note : Products - New Product Development
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Q1) Which of the following is a true statement regarding research and development?
A) R&D investments produce equivalent profits.
B) Research refers to incremental changes in product design.
C) The law of diminishing returns applies to R&D investments.
D) Development refers to basic product explorations undertaken by a firm.
Q2) Which of the following is a finding that emerged from the Kano model?
A) Performance factors are rarely specified by customers.
B) Excitement factors remain stable throughout the product life cycle.
C) An increase in the quality of basic factors increases customer satisfaction.
D) Performance factors are connected to the explicit needs and desires of customers.
Q3) Once a new product passes the business analysis test,it moves into which stage of the development process?
A) product launching
B) prototype testing
C) concept testing
D) mass marketing
Q4) In a brief essay,discuss the issues of timing and cannibalization as they relate to the product launch phase of new product development.
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Chapter 31: Note : Products - Innovations
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Q1) In a customer value frontier,products in the ________ quadrant would most likely be considered innovations.
A) southeast
B) southwest
C) northeast
D) northwest
Q2) Which adoption segment is most critical to the success or failure of a truly new product?
A) innovators
B) late majority
C) early majority
D) early adopters
Q3) How can a marketing strategist influence the rate of diffusion through the attributes of an innovation?
Q4) In terms of marketing strategy,an innovation is defined by ________.
A) disruptions in consumer price points
B) changes in consumption patterns
C) technological advancements
D) shifts in market segments
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Chapter 32: Note : Products - Product Portfolios
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Q1) In the BCG matrix,cash cows are characterized by ________ market share and ________ market growth.
A) low; low
B) high; high
C) high; low
D) low; high
Q2) The BCG matrix uses ________ as the only variable for determining attractiveness.
A) market growth rate
B) product awareness
C) brand loyalty ratios
D) market segment size
Q3) Which of the following is a true statement about the BCG matrix?
A) Cash cows require no investment.
B) Dogs typically have fluctuating cash flow.
C) Stars require only minimal investment.
D) Question marks typically have negative cash flow.
Q4) Stars in the BCG matrix are typically market leaders in low-growth markets.
A)True
B)False
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Chapter 33: Note : Pricing Strategies
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Q1) Price collusion,price fixing,and price signaling are illegal pricing strategies.
A)True
B)False
Q2) A firm is most likely using a ________ pricing strategy when it introduces a product at a very low price to gain market share quickly.
A) razorblade
B) skimming
C) penetration
D) survival
Q3) Product costs set a ________ to a product's price.
A) floor
B) ceiling
C) demand curve
D) break-even cost
Q4) A marketer would most likely use a penetration pricing strategy to ________.
A) ensure that the firm can increase prices once demand decreases
B) appeal to customers with low price sensitivity
C) gain long-term advantages of scale
D) minimize the risk of substitution
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Q1) Which of the following has the greatest reach?
A) trade promotions
B) viral marketing
C) personal selling
D) direct marketing
Q2) A marketer would most likely use an FCB Grid to ________.
A) identify market segments with unmet needs
B) determine the ROI of a marketing campaign
C) understand consumer motivation
D) evaluate the firm's SBUs
Q3) Which of the following is the LEAST controllable element of the communications mix?
A) buzz marketing
B) personal selling
C) direct marketing
D) point-of-purchase sales
Q4) Personal selling is the most frequently used communication tool in B2B markets.
A)True
B)False
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Chapter 35: Note : Place - Distribution
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Q1) A company-owned distribution channel provides a firm with greater distribution control and lower financial costs than a fully independent distribution channel.
A)True
B)False
Q2) According to the text,what is the most important consideration when establishing and managing distribution channels?
A) market segmentation
B) margin structures
C) brand positioning
D) customer needs
Q3) Which term refers to the process of delivering products and services to customers?
A) logistics
B) distribution
C) channel management
D) supply chain management
Q4) Sorting,storing,and transporting products are transactional functions.
A)True
B)False
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Chapter 36: Note : Budgets,forecasts,and Objectives
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Q1) In marketing,a(n)________ is a specific,desired result tied to a specific time frame.
A) goal
B) mission
C) objective
D) investment
Q2) The purpose of a market forecast is to estimate future ________.
A) sales in an industry
B) budget constraints
C) sales of a product
D) market share
Q3) In a brief essay,explain the relationship between forecasting,budgeting,objective setting,and planning the marketing mix.
Q4) Forecasting,budgeting,setting objectives,and developing the marketing mix are sequential activities that require effective planning by managers.
A)True
B)False
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Chapter 37: Note : Staircase Analysis
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Q1) Marketing objectives are long-term and directly linked to a firm's vision,while marketing goals are narrow and short-term.
A)True
B)False
Q2) The share of wallet is an indicator of growth potential.
A)True
B)False
Q3) Aided recall and unaided recall are methods for measuring ________.
A) brand loyalty
B) share of wallet
C) brand awareness
D) market potential
Q4) When measuring brand awareness,unaided recall is always lower than aided recall.
A)True
B)False
Q5) What does a gap in a staircase analysis most likely represent?
A) misidentified market segments
B) shrinking brand loyalty
C) lost potential sales
D) outdated products
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Chapter 38: Note : Assessment and Adjustment
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Q1) Which type of financial ratio would be most appropriate for measuring how effectively a firm uses its plants,equipment,and assets?
A) debt
B) activity
C) liquidity
D) profitability
Q2) A firm's ability to meet all interest payments and fixed-charge obligations would best be measured with a ________ ratio.
A) debt
B) activity
C) liquidity
D) profitability
Q3) A firm is most likely using ________ when it identifies and corrects a marketing problem in order to obtain forecasted results.
A) progress control
B) SWOT analysis
C) premise control
D) staircase analysis
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