Business Finance Marketing Management Quiz Marketing Management Quiz Question Description QUESTION 1 Employees from different departments such as marketing, production, finance, and human resources are brought together to form a team responsible for creating a strategic plan to serve customers. This is an example of a _____. cross-cultural team cross-functional team traditional team top-management team QUESTION 2 Run for the Cure is an annual marathon that raises money for conducting research on breast cancer. Marketers advertise through local media to attract participants and volunteers for the event. Which of the following types of marketing is depicted in this scenario? Place marketing Product marketing Organization marketing Service marketing QUESTION 3 The _____ for a soft drink manufacturer would include other manufacturers of soft drinks, fruit juices, bottled water, sports drinks, caffeine-free colas, and dairy beverages. competitive environment technological environment cooperative environment economic environment QUESTION 4 It is important for a mission statement to be _____ because it provides a shared sense of purpose outside the various activities taking place within the organization. internally focused product oriented motivational generic QUESTION 5 Which of the following organizational growth strategies aims to find new customers for its present products? Customer retention strategy Product differentiation strategy Market development strategy Market penetration strategy QUESTION 6 The mission statement of an organization should primarily have a(n) _____. product focus external focus internal focus selling focus QUESTION 7 While choosing an appropriate strategy to establish competitive advantage, management should choose an organizational strategy that: allows the organization to practice the strategy of differentiation rather than cost leadership. tries to succeed by following all strategies and trying to be all things to all people. bears consistency with the organization’s mission and capitalizes on its distinctive competencies. empowers the organization to grow without creating new products or entering new markets. QUESTION 8 Which of the following statements best describes the role of marketing executives in the strategic planning process? Marketing executives must always be aware of what the process of strategic planning involves as well as the results. Marketing executives should make plans that are independent of the strategic plan. Marketing executives receive suggestions from the strategic planning team and implement the suggestions relating to customers, products, and middlemen. Marketing executives are not involved in the strategic planning process because this process is the sole responsibility of top management. QUESTION 9 _____ includes all the activities that lead to the development of a clear organizational mission, organizational objectives, and appropriate strategies to achieve the objectives for an entire organization. Marketing mix Marketing planning Strategic planning Marketing concept QUESTION 10 An organization’s mission statement must be _____ to be able to provide direction and guidelines to management when they are choosing between alternative courses of action. challenging broad generic specific QUESTION 11 Which of the following is a difference between an organization with market orientation and an organization with production orientation in terms of interest in innovation? An organization with market orientation sells what it can make and does not focus on innovation, whereas an organization with production orientation makes what it can sell and focuses on innovation. An organization with market orientation keeps costs as low as possible, whereas an organization with production orientation eliminates costs that do not give value to the customer. The focus of an organization with market orientation is on locating new opportunities, whereas the focus of an organization with production orientation is on technology and cost cutting. The focus of an organization with market orientation is on determining customer reaction, whereas the focus of an organization with production orientation is determining customer needs. QUESTION 12 Which of the following changes in an organization’s environment will most likely result in the organization becoming a drifting organization? The organization hires new management executives who are expected to uphold and maintain its mission. The organization has started manufacturing low-cost products as opposed to the luxury products that were a part of its original plan. The organization has successful operations in ten different countries and has decided to open market in two additional countries. The organization has decided to promote efficient employees who adhere to its mission statement instead of hiring managers. QUESTION 13 Elite Inc. is as a brand of luxury clothing and accessories, and it targets affluent working women. However, it alters its offerings to include a large proportion of standard clothes at cheaper prices when the country faces severe recessionary pressures. In this scenario, which of the following environments does Elite primarily respond to by changing its offerings? The legal environment The competitive environment The cooperative environment The economic environment QUESTION 14 PureFruit Inc. prices its products higher than most of its competing brands in the packaged fruit juice industry. However, it still enjoys higher returns than its competitors because it is the only brand that can rightfully claim the use of fresh fruits and no added sugar. What kind of organizational strategy based on competitive advantage does PureFruit most likely use? A strategy based on market development A strategy based on differentiation A strategy based on cost leadership A strategy based on diversification QUESTION 15 Which of the following is a stage of the marketing planning process that involves the analysis of the past, present, and likely future in six major areas of concern? Situation analysis Target market selection Marketing objectives Marketing mix QUESTION 16 The final step of marketing planning is _____. selecting the target market developing the marketing mix establishing objectives based on the organizational mission determining performance objectives for individual members of the marketing team QUESTION 17 Since September 11, 2001, the number of people attending church and looking toward religion to provide solace has increased. As a result, Bible publishers have developed the Starting Point Study Bible, which explains what they are reading and includes a dictionary of biblical terms. In this scenario, the changes in the _____ have led to the publication of the Starting Point Study Bible. social environment competitive environment cooperative environment economic environment QUESTION 18 The _____ involves a set of controllable variables that must be managed to satisfy the target market and achieve organizational objectives. demographic profile mission statement organizational history marketing mix QUESTION 19 If a firm chooses to succeed by building long-term relationships with its customers by offering either best price, best product, or best service, it implies that the firm’s organizational strategy is: based on competitive parity. based on value. based on products and markets. based on selling. QUESTION 20 Which of the following statements about an organization’s mission statement is true? Even though no one denies the importance of the mission statement, it is the least used of all the management tools. An effective mission statement takes an internal organizational focus. It should focus on the physical product or service that the organization is offering at present. It should focus on the broad class of needs that the organization is seeking to satisfy. QUESTION 21 The first step in controlling an implemented marketing plan is: comparing the results of the marketing plan with the objectives. deciding whether the marketing plan is achieving the objectives. formulating a new marketing plan. measuring the results of the implemented marketing plan. QUESTION 22 Which of the following is the principle task of an organization with a market orientation? To manipulate customers to do what suits its interests To focus on making products and then trying to sell them to customers To find effective and efficient means to satisfy the interests of customers To ensure that employees come first in organizational decision making QUESTION 23 Which of the following is the first step in marketing planning? Stating standards of performance or tasks to be achieved by given dates Selecting the groups or segments of potential customers the firm is going to serve Analyzing the different elements of the marketing mix Identifying the market with the greatest potential QUESTION 24 Which of the following is the greatest advantage of strategic planning with a cross-functional team? It ensures that strategic planning remains exclusively a top-management responsibility. It helps the organization arrive at a strategic plan directly from the functional area plans. It allows the team members to consider a situation from a number of viewpoints. It improves the cross-cultural relations between employees. QUESTION 25 Essential Products Inc. manufactures a wide range of healthcare products for infants, toddlers, and adults. The company is not able to allocate large budgets for each of its product groups because of resource constraints, and it is making huge losses in most of its product groups. In the context of strategic planning, which of the following is the final phase that Essential Products Inc. should adopt to revive its business? Creating an organizational mission Formulating an organizational portfolio plan Setting organizational objectives Creating organizational strategies QUESTION 26 Mealtimes was started as a fine-dining restaurant serving the most exotic European dishes in the city. The meals ran into several courses, and the restaurant was frequented by people looking for a fancy and leisurely meal. However, with changing times and needs of consumers, the restaurant altered its offerings to incorporate fast food like pizzas, burgers, and hot dogs. The company had to venture into new and different markets to maintain profitability. These new conditions and a redundant mission statement would most likely make the restaurant a _____. matrix organization static organization drifting organization multidomestic organization QUESTION 27 Emergo International Company conducts market research to find out the interests and needs of its customers. Based on the research reports, the organization devises plans to meet the customers’ needs and wants and manufactures products that are useful to them. Identify the marketing concept that Emergo International Company has adopted. Production orientation Market orientation The BCG model The GE model QUESTION 28 The removal of tariffs on the import of Canadian lumber will adversely affect the U.S. lumber industry because Canada is able to produce lumber much more inexpensively than the U.S. This tariff removal is an example of how the _____ environment can affect businesses. cooperative functional social legal QUESTION 29 The final step in controlling an implemented marketing plan is: performing marketing tasks. comparing results of the marketing plan with objectives. measuring the results of the marketing plan. deciding whether the marketing plan is achieving objectives. QUESTION 30 Which of the following is an organizational strategy based on competitive advantage? Cost leadership strategy Market differentiation strategy Market diversification strategy Product development strategy QUESTION 31 The strategic plan at Steve Walden Inc. helps in the creation of functional area plans for its production, human resource, finance, and technology functions. This best demonstrates the process of: market diversification. product-related diversification. cross-functional strategic planning. marketing planning. QUESTION 32 Identify the accurate statement regarding an effective mission statement. It should focus on the physical product that the organization is offering at present, not on the external forces that the organization is seeking to satisfy. It should focus on public relations as its primary purpose. It should not consider the critical characteristics and events of the past. It should provide guidance to employees and managers in geographically dispersed units. QUESTION 33 The purpose of the marketing concept is to rivet the attention of organizations on serving _____. supplier needs and wants employee needs and wants management needs and wants customer needs and wants QUESTION 34 Run with Scissors Inc., a hair salon, advertises its trendy and affordable offerings primarily through the use of social media. The type of strategy the hair salon uses can best be classified as marketing for a(n) _____. product service cause organization QUESTION 35 A cross-functional team responsible for the creation of its company’s marketing plan had to make adjustments to the marketing plan since the plan failed to meet the determined objectives. This implies that the cross-functional team is: controlling the marketing plan. redefining the organizational mission. implementing the marketing plan. altering the organizational portfolio plan. QUESTION 36 In the context of situational analysis, the _____ includes the attitudes and reactions of the general public, social and business critics, and other organizations, such as the Better Business Bureau. competitive environment political environment social environment legal environment QUESTION 37 Which of the following is the first component of a strategic plan? Organizational objectives Organizational strategies Organizational mission Organizational portfolio plan QUESTION 38 In determining its mission statement, an organization must: look at the business from the inside, from the point of view of the employee and the management. ensure that the name of the product or service it is producing is an essential part of its name. reflect a market-driven approach by targeting a broad class of needs that it is seeking to satisfy. state the mission in terms of serving a generic group of clients or customers and meeting generic, not specific, needs. QUESTION 39 Zest Sports Inc. manufactures sports goods and recently introduced a new line of sportswear for children between the ages of seven and ten years. The marketing team envisions an entirely new marketing strategy to create exchange for its new line of sportswear. This best exemplifies _____. service marketing product marketing cause marketing place marketing QUESTION 40 The things that an organization does so well that they give it an advantage over similar organizations represent that organization’s _____. competitive parity distinctive competencies external opportunities vendor analysis variables QUESTION 41 Beryl Toys makes toys for children of ages three and above, while Lobster-Price makes toys for infants. In 1999, Beryl Toys acquired Lobster-Price for $1.1 billion. This acquisition gave Beryl Toys a new product line aimed at the younger siblings of its current target market. In this scenario, Beryl Toys has most likely implemented a _____ strategy. diversification product differentiation market development market penetration QUESTION 42 Which of the following statements is true of strategic planning in well-managed institutions? Strategic planning is clearly a top management responsibility and does not require the active participation of marketing managers. Planning done in the functional areas of the organization should be independent of the strategic plan. There is no direct relationship between strategic planning and the planning done by the marketing team. Marketing executives are involved in the strategic planning process as they influence the process by providing important inputs. QUESTION 43 Chello Inc., a large smartphone manufacturing company, has been selling the world’s cheapest smartphone, Zing. Recently, to increase its sales, Chello reduced the price of the phone even further. The marketing slogan for the Zing series is “The cheapest way to get smart.” Chello Inc. is most likely using a _____ in this scenario. product diversification strategy market penetration strategy product development strategy market integration strategy QUESTION 44 When using a cost leadership strategy, a firm is most likely to offer: a standard, no-frills product. a highly differentiated product. a prestige product. an expensive product of superior design and quality. QUESTION 45 An organization’s mission statement is described as not ruling out any opportunity management might wish to pursue. This mission statement is most likely to be _____. too distinctive incomplete too broad too specific QUESTION 46 Which of the following statements is true according to the model developed by Michael Porter for formulating organizational strategy? Firms should first analyze their industry and then develop a cost leadership strategy or a strategy based on differentiation. Firms should first analyze their market and then develop a strategy based on association. Firms should develop alternative portfolio models to incorporate information about market opportunities and competitive positions. Firms must continually strive to be the Have a similar assignment? "Place an order for your assignment and have exceptional work written by our team of experts, guaranteeing you A results." Our Service Charter 1. Professional & Expert Writers: Eminence Papers only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers. 2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. 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