Question 1

_____ means trying to increase sales by selling present products in new markets.

Accepted Answer

A)   Differentiation
B)   Market development
C)   Product development
D)   Diversification
E)   Market penetrationF) A) and E)
G) A) and D)

Question 2

Cheese manufacturer, Ashe Mountain Corp., started a new chain of movie theaters called Ashe Mountain's Movie World. The theaters have been a major success and significantly increased the revenues of Ashe Mountain Corp. This is an example of:

Accepted Answer

A)   Diversification
B)   Market development
C)   Product penetration
D)   Differentiation
E)   Market penetrationF) A) and E)
G) All of the above

Question 3

"Target marketing," in contrast to "mass marketing,"

Accepted Answer

A)   ignores the need for the firm to obtain a competitive advantage.
B)   ignores markets that are large and spread out.
C)   is limited to small market segments.
D)   assumes that all customers are basically the same.
E)   None of these answers is correct.F) A) and D)
G) C) and D)

Question 4

Although the customer should be the target of all marketing efforts, customers are not part of a marketing mix.

Accepted Answer

A) True 
 B)False

Question 5

The ______ area of the marketing mix is concerned with decisions about getting the "right" product to the target market when and where it's wanted.

Accepted Answer

A)   product
B)   people
C)   promotion
D)   price
E)   placeF) A) and E)
G) A) and D)

Question 6

"Breakthrough opportunities" are opportunities that:

Accepted Answer

A)   help innovators develop hard-to-copy marketing strategies.
B)   may be turned into marketing strategies that will be profitable for a long time.
C)   help the firm develop a "competitive advantage."
D)   help a firm satisfy customers better than some competitor.
E)   All of these apply to breakthrough opportunities.F) A) and E)
G) A) and D)

Question 7

Market penetration means trying to increase sales of a firm's present products in its present markets-probably through a more aggressive marketing mix.

Accepted Answer

A) True 
 B)False

Question 8

______________ means trying to increase sales of a firm's present products in its present markets.

Accepted Answer

A)   Product development
B)   Market penetration
C)   Market development
D)   Mass marketing
E)   DiversificationF) B) and D)
G) B) and E)

Question 9

If a cola producer bought out a Mango juice producer in an attempt to appeal to health-conscious consumers who do not drink soft drinks, it would be pursuing a ______________ opportunity.

Accepted Answer

A)   market development
B)   diversification
C)   market penetration
D)   product developmentE) A) and D)
F) B) and D)

Question 10

Nike moved beyond shoes and sportswear to offer its athletic target market a running watch, digital audio player, and even a portable heart-rate monitor. This is an example of a market development strategy.

Accepted Answer

A) True 
 B)False

Question 11

_____ help(s)  innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.

Accepted Answer

A)   Opportunity segments
B)   Competitive decisions
C)   Breakthrough opportunities
D)   Competitive marketing
E)   Operational decisionsF) B) and E)
G) C) and E)

Question 12

Controlling the marketing plan is the first step of the marketing management process.

Accepted Answer

A) True 
 B)False

Question 13

Wendy's continues to come out with new offerings like stuffed pitas. This suggests that Wendy's is pursuing _____________.

Accepted Answer

A)   marketing myopia
B)   mass marketing
C)   product development
D)   market development
E)   diversificationF) A) and E)
G) B) and C)

Question 14

A retailer's operational decision to hire new salespeople would best relate to the marketing mix decision area of

Accepted Answer

A)   product.
B)   place.
C)   promotion.
D)   price.
E)   people.F) A) and C)
G) B) and E)

Question 15

A "marketing plan" is:

Accepted Answer

A)   a marketing program.
B)   a marketing strategy.
C)   a marketing strategy-plus the time-related details for carrying it out.
D)   a target market and a related marketing mix.
E)   a plan that contains the necessary operational decisions.F) None of the above
G) A) and B)

Question 16

The "four Ps" of the marketing mix are: People, Products, Price, and Promotion.

Accepted Answer

A) True 
 B)False

Question 17

Finding "competitive advantages" is important because they are needed for survival in increasingly competitive markets.

Accepted Answer

A) True 
 B)False

Question 18

"Product" is concerned with:

Accepted Answer

A)   branding and warranties.
B)   physical goods and/or services.
C)   packaging.
D)   developing the right new product for a market.
E)   all of these might be involved with Product.F) C) and D)
G) A) and E)

Question 19

A firm's decisions regarding channel type, market exposure and kinds of intermediaries would fall under the marketing mix variable of

Accepted Answer

A)   Product.
B)   Place.
C)   Promotion.
D)   Price.
E)   People.F) C) and D)
G) B) and E)

Question 20

"Price":

Accepted Answer

A)   is affected by the kind of competition in the target market.
B)   includes markups and discounts, but not allowances and freight charges.
C)   is not affected by customer reactions.
D)   is the most important part of a marketing mix.E) A) and B)
F) A) and C)

Exam 2: Marketing Strategy Planning

Market penetration means trying to increase sales of a firm's present products in its present markets-probably through a more aggressive marketing mix.

Correct AnswerverifiedShow Answer

"Breakthrough opportunities" are opportunities that:

Correct AnswerverifiedShow Answer

______________ means trying to increase sales of a firm's present products in its present markets.

Correct AnswerverifiedShow Answer

Although the customer should be the target of all marketing efforts, customers are not part of a marketing mix.

Correct AnswerverifiedShow Answer

"Product" is concerned with:

Correct AnswerverifiedShow Answer

Cheese manufacturer, Ashe Mountain Corp., started a new chain of movie theaters called Ashe Mountain's Movie World. The theaters have been a major success and significantly increased the revenues of Ashe Mountain Corp. This is an example of:

Correct AnswerverifiedShow Answer

A "marketing plan" is:

Correct AnswerverifiedShow Answer

The "four Ps" of the marketing mix are: People, Products, Price, and Promotion.

Correct AnswerverifiedShow Answer

If a cola producer bought out a Mango juice producer in an attempt to appeal to health-conscious consumers who do not drink soft drinks, it would be pursuing a ______________ opportunity.

Correct AnswerverifiedShow Answer

The ______ area of the marketing mix is concerned with decisions about getting the "right" product to the target market when and where it's wanted.

Correct AnswerverifiedShow Answer

"Target marketing," in contrast to "mass marketing,"

Correct AnswerverifiedShow Answer

"Price":

Correct AnswerverifiedShow Answer

A firm's decisions regarding channel type, market exposure and kinds of intermediaries would fall under the marketing mix variable of

Correct AnswerverifiedShow Answer

Nike moved beyond shoes and sportswear to offer its athletic target market a running watch, digital audio player, and even a portable heart-rate monitor. This is an example of a market development strategy.

Correct AnswerverifiedShow Answer

Wendy's continues to come out with new offerings like stuffed pitas. This suggests that Wendy's is pursuing _____________.

Correct AnswerverifiedShow Answer

_____ help(s) innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.

Correct AnswerverifiedShow Answer

A retailer's operational decision to hire new salespeople would best relate to the marketing mix decision area of

Correct AnswerverifiedShow Answer

Controlling the marketing plan is the first step of the marketing management process.

Correct AnswerverifiedShow Answer

Finding "competitive advantages" is important because they are needed for survival in increasingly competitive markets.

Correct AnswerverifiedShow Answer

_____ means trying to increase sales by selling present products in new markets.

Correct AnswerverifiedShow Answer

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