MARK 3000 FINAL EXAM Chapter 2 (TEST REVIEW) Questions and Answers Verified Solutions Latest Update (2026/2027)

MARK 3000 FINAL EXAM Chapter 2
(TEST REVIEW) Questions and
Answers Verified Solutions Latest
Update (2026/2027)



Question:

Terms in this set (118)
Strong supplier relations and
True
efficient supply chains help firms
such as Walmart achieve operational
excellence.
TRUE or FALSE
False
Strong supplier relations and
efficient supply chains help firms
such as Walmart achieve operational
excellence.
TRUE or FALSE
It is not always necessary to go
True
through all the steps in the marketing
planning process.
TRUE or FALSE
A mission statement describes the
False
specific actions a firm will take to
achieve its goals.
TRUE or FALSE
True
iTunes software is often credited with
the success of the Apple iPod MP3

,player, because it made the iPod
easier to use than competing players
and was difficult for competitors to
duplicate. This is an example of a
sustainable competitive advantage.
TRUE or FALSE
False
STP refers to segmentation, testing,
(segmentation, targeting, and positioning)
and promotion.
TRUE or FALSE
False
The components of a SWOT analysis
are strengths, weaknesses,
opportunities, and tactics.
TRUE or FALSE
Firms are typically more successful
True
when they focus on opportunities
that build on their strengths relative
to those of their competition.
TRUE or FALSE
Duke's is a surfer-themed restaurant
False
chain in Hawaii. Most of its
customers are tourists. In a SWOT
analysis for Duke's, the possibility that
the recession might cut back on
tourism in Hawaii would be
considered a weakness.
TRUE or FALSE
Price should be based on the value
True
that the customer perceives.
TRUE or FALSE
Geraldo manages the electrical

,True
turbine engine division of General
Electric Corporation. He makes most
decisions independently, without
consulting headquarters. Geraldo
manages a strategic business unit.
TRUE or FALSE
False
The strategic planning process
always proceeds sequentially
through the five steps.
TRUE or FALSE
False
Isaac is looking for ways to offer new
goods and services to his existing
customers. He is pursuing a market
development strategy.
TRUE or FALSE
SanDisk's MP3 player product line
True
(called the Sansa) has a low relative
market share. The MP3 player market
is expected to decline over the next
few years. In the Boston Consulting
Group (BCG) portfolio analysis, the
Sansa would be considered a dog.
TRUE or FALSE
False
The "implement marketing mix" step
of the strategic marketing planning
process is part of the control phase.
TRUE or FALSE
Relative market share is an example
True
of a marketing metric.
TRUE or FALSE

, False
Product penetration is one of the
four major growth strategies.
TRUE or FALSE
C. examine its operations and customer relations to
If a firm wants to develop a
identify significant things competitors cannot easily
sustainable competitive advantage, it
copy.
should
A. begin an aggressive campaign to
buy up competitors.
B. copy the innovative features of
other firms that are attractive to
customers.
C. examine its operations and
customer relations to identify
significant things competitors cannot
easily copy.
D. increase its marketing budget so
that it outspends its competitors.
E. arrange to meet with competitors
to discuss how to avoid direct
competition.
E. planning excellence
Which of the following is not one of
the four overarching strategies to
create and deliver value and to
develop sustainable competitive
advantages?
A. locational excellence
B. customer excellence
C. operational excellence
D. product excellence
E. planning excellence
A. customer excellence.