BCOR 350 Quizzes (exam 1) with complete verified solutions(GUARANTEED SUCCESS).
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1. What does a company do to start the strategic planning process?
-Define its overall purpose and mission
2. Mission statements should be defined in terms of satisfying basic customer needs. In other words, they should be __________.
-Market oriented
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BCOR 350 Quizzes (exam 1)
with complete verified
solutions(GUARANTEED
SUCCESS)
1. What does a company do to start the strategic planning process? -
answer -Define its overall purpose and mission
2. Mission statements should be defined in terms of satisfying basic
customer needs. In other words, they should be __________. - answer -
Market oriented
3. After defining its mission, the next step in strategic planning is to
__________. - answer - Set company objectives and goals
4. What is the overall focus of strategic planning? - answer -To create a
game plan for long-run survival and growth in consideration of changing
marketing opportunities
5. In portfolio analysis, a company must identify __________, which are key
businesses that make up the company. - answer - strategic business units
6. What are the two measurements used in the BCG matrix to classify
strategic business units? - answer - Relative market share; market growth
rate
7. The BCG matrix classifies products which have a high market share in a
low growth market as __________. - answer - Cash Cows
8. According to the growth-share matrix, __________ are high-share, high-
growth products. When the market growth slows these products become
__________. - answer - Stars, Cash Cows
,9. Strategically, a company may phase out or sell an SBU. This is known as
__________. - answer - Divesting
10. To grow sales, Under Armour increased its spending on advertising by
35 percent to increase sales in its current markets. Which growth strategy
does this represent? - answer - Market penetration
11. When Under Armour expanded its current products into global
markets, it was pursuing which growth strategy? - answer - Market
development
12. When a firm starts up or buys a business outside of its current product
line and markets, it is pursuing which growth strategy? - answer -
diversification
13. One key role marketing plays in a company's strategic planning is to
__________. - answer -providing a guiding philosophy
14. To improve the performance of the __________, many companies today
are partnering with other members of the supply chain---suppliers,
distributors, and customers. - answer -customer value delivery network
15. In which way does increasing customer satisfaction disrupt the
internal value chain? - answer - It can increase production costs, increase
inventories, and disrupt production schedules.
16. What is the overall goal of marketing strategy? - answer - To create
customer value and build profitable relationships
17. In determining which customers to serve, a company engages in which
two marketing activities? - answer - Segmentation and targeting
18. Some retailers, such as the Dollar Store, Dollar Tree, and Family Dollar,
profitably focus on buyers with modest means. This is an example of
__________. - answer - market targeting
, 19. What does a market segment consist of? - answer -group of consumers
who respond to the marketing effort in the same way
20. Effective positioning is based on __________. - answer -differentiation
21. The four Ps of the marketing mix have been redefined in buyer's terms
as the four As. Product design influences __________, price affects __________,
place affects __________, and promotion influences __________. - answer -
acceptability; affordability; accessibility; awareness
22. What are the main components of a marketing plan? - answer - An
executive summary, situation analysis, objectives, marketing strategy,
action programs, budgets and controls, and threats and opportunities
23. Which of the following is not one of the five marketing management
functions? - answer - customer service
24. The demand for organic produce is growing. Green Acres Farms grows
only organic vegetables. In a SWOT analysis, the rising demand for
organic produce would be a(n) __________ for Green Acres Farms, and the
fact that they grow only organic vegetables is a(n) __________. - answer -
opportunity; strength
25. Which of the following is a true statement regarding managing and
measuring marketing return on investment (ROI)? - answer - Marketers are
increasingly using measures such as customer acquisition and retention,
customer engagement, and customer equity as measures of ROI.
1. Which of the following correctly lists actors in a company's
microenvironment? - answer - competitors, marketing intermediaries,
suppliers, publics
2. The __________ consists of larger societal forces that affect how a
company engages and serves its customers. - answer -macroenvironment
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