BCOR 350 (exam 1) Questions And Correct
Answers 2024-2025
1. What does a company do to initiate 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. Once it has defined its mission, the second step in strategic planning is to __________.
- Answer - Set company objectives and goals
4. What does strategic planning focus on? - Answer -To develop a game plan for
long-run survival and growth with respect to changing marketing opportunities
5. In portfolio analysis, a firm must identify __________, which are significant businesses
composing the firm. - Answer - strategic business units
6. What two measures does the BCG matrix use to categorize strategic business units? -
Answer - Relative market share; market growth rate
7. The BCG matrix categorizes products that have a high share of the market but are 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. In an effort to drive sales growth, Under Armour increased its advertising spending
by 35% to boost sales in its existing markets. What type of growth strategy is this? -
Answer - Market penetration
11. When Under Armour took its existing products into the global markets, what type of
growth strategy was it pursuing? - Answer - Market development
12. A company has undertaken a business venture, or has acquired one that is beyond
its current products and markets. What growth strategy is the company pursuing?
-Answer -diversification
13. Marketing's role in the company's strategic planning is to __________. -Answer
-provide a guiding philosophy
14. To make the __________ more effective, today many companies partner with other
members of the supply chain---suppliers, distributors, and customers. - Answer
-customer value delivery network
15. How does increasing customer satisfaction disrupt the internal value chain? -
Answer - It can increase production costs, stockpile inventories, and disrupt production
schedules.
16. What is the ultimate purpose of marketing strategy? - Answer - To create customer
value and establish profitable relationships
17. In deciding which customers to serve, a firm is doing what two marketing activities?
- Answer - Segmenting and targeting
18. Some retailers, such as the Dollar Store, Dollar Tree and Family Dollar, focus
profitably on buyers of modest means. This is a type 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 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. Demand for organic produce is growing. Green Acres Farms grows only organic
vegetables. In a SWOT analysis, the increasing demand for organic produce would be a
__________ to Green Acres Farms, and that they grow only organic vegetables is a
__________. - Answer - opportunity; strength
25. Which of the following is a true statement about 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 is the correct listing of actors in a company's
microenvironment? - Answer - competitors, marketing intermediaries, suppliers, publics
2. The __________ consists of the major forces in society that impact how a company will
interact and sell to its customers. -Answer -macroenvironment
Answers 2024-2025
1. What does a company do to initiate 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. Once it has defined its mission, the second step in strategic planning is to __________.
- Answer - Set company objectives and goals
4. What does strategic planning focus on? - Answer -To develop a game plan for
long-run survival and growth with respect to changing marketing opportunities
5. In portfolio analysis, a firm must identify __________, which are significant businesses
composing the firm. - Answer - strategic business units
6. What two measures does the BCG matrix use to categorize strategic business units? -
Answer - Relative market share; market growth rate
7. The BCG matrix categorizes products that have a high share of the market but are 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. In an effort to drive sales growth, Under Armour increased its advertising spending
by 35% to boost sales in its existing markets. What type of growth strategy is this? -
Answer - Market penetration
11. When Under Armour took its existing products into the global markets, what type of
growth strategy was it pursuing? - Answer - Market development
12. A company has undertaken a business venture, or has acquired one that is beyond
its current products and markets. What growth strategy is the company pursuing?
-Answer -diversification
13. Marketing's role in the company's strategic planning is to __________. -Answer
-provide a guiding philosophy
14. To make the __________ more effective, today many companies partner with other
members of the supply chain---suppliers, distributors, and customers. - Answer
-customer value delivery network
15. How does increasing customer satisfaction disrupt the internal value chain? -
Answer - It can increase production costs, stockpile inventories, and disrupt production
schedules.
16. What is the ultimate purpose of marketing strategy? - Answer - To create customer
value and establish profitable relationships
17. In deciding which customers to serve, a firm is doing what two marketing activities?
- Answer - Segmenting and targeting
18. Some retailers, such as the Dollar Store, Dollar Tree and Family Dollar, focus
profitably on buyers of modest means. This is a type 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 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. Demand for organic produce is growing. Green Acres Farms grows only organic
vegetables. In a SWOT analysis, the increasing demand for organic produce would be a
__________ to Green Acres Farms, and that they grow only organic vegetables is a
__________. - Answer - opportunity; strength
25. Which of the following is a true statement about 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 is the correct listing of actors in a company's
microenvironment? - Answer - competitors, marketing intermediaries, suppliers, publics
2. The __________ consists of the major forces in society that impact how a company will
interact and sell to its customers. -Answer -macroenvironment
