MKTG 3310 Chapter 2 SmartBook Exam With
Complete Solutions
The purpose of a mission statement is to provide ____ with a shared sense of
ambition, direction, and opportunity. - ANSWER Employees
The specific actions a firm must take in order to accomplish its overall
marketing objectives is laid out in its - ANSWER Marketing strategy
Which of the following are the three characteristics of a quality marketing
objective? - ANSWER Specific, realistic, and measurable
Proctor and Gamble offers its Gillette brand of deodorant for men and its Secret
brand of deodorant for women. By taking the overall market and dividing it into
smaller groups, Proctor and Gamble has engaged in ____. - ANSWER Market
segmentation
The process of market segmentation results in _____. - ANSWER Market
segments
A ___ ____ is the group of customers toward which an organization has decided
to direct its marketing efforts. - ANSWER Target market
When Budweiser uses the slogan "King of Beers" to promote its beer, the firm is
trying to create a perception in the eyes of its target market that the Budweiser
product is superior to its competitors. In doing so, Budweiser is ____ its product.
- ANSWER Positioning
Identify the four basic categories of marketing growth strategies from the list
below. - ANSWER Market development, diversification, market penetration,
product development
Which section of the marketing plan would include information on any
warranties or guarantees that accompany what the company is selling? -
ANSWER Product
The goal for firms is to achieve a ___ competitive advantage by developing
products that outperform competitors over a long period of time. - ANSWER
Sustainable
A company relies on which element of the marketing mix when determining how
it will communicate the value of its product? - ANSWER Promotion
, The ___ section of the marketing plan should outline all the different companies,
people, and technologies that will be involved in the process of delivering the
product to customers. - ANSWER Distribution
The ____ section of the marketing plan specifies how much money a customer
must pay for a product. - ANSWER Pricing
Which of the following strategic options can a firm use for entering the
international marketplace? - ANSWER Exporting, licensing, franchising, joint
venture, or direct ownership
Competitors of McDonald's can be classified two ways. Restaurants like
Wendy's and Burger King are it's ___ competitors, while Subway and Taco Bell
would be its ____ competitors. - ANSWER Direct, indirect
When a firm accomplishes a successful marketing strategy, it can lead to ____. -
ANSWER Higher profits, stronger brands, larger market share
Trisha has been asked to complete a situation analysis for her company to help
guide the firm toward making strategic decisions for the future. Which of the
following will Trisha be able to provide from her situation analysis? - ANSWER
Marketplace trends, current competition, and market conditions
If Susan is asked to review the market summary, SWOT analysis, and
competition information for her company, then Susan is in the process of
completing a ___ ____. - ANSWER Situation analysis
Readers of a marketing plan can see the detailed estimate of an organization's
profitability in the ____ section. - ANSWER Financials
Which of the following should be included in the controls section of the
marketing plan? - ANSWER Implementation, organizational structure,
contingency planning
Which of the following subsections of a situation analysis? - ANSWER Market
summary, SWOT analysis, competition analysis
The Boston Consulting Group matrix is a tool used to describe ____. - ANSWER
The current market
It is common for companies to make which of the following mistakes when
conducting a SWOT analysis? - ANSWER Failing to separate internal issues from
external issues
Complete Solutions
The purpose of a mission statement is to provide ____ with a shared sense of
ambition, direction, and opportunity. - ANSWER Employees
The specific actions a firm must take in order to accomplish its overall
marketing objectives is laid out in its - ANSWER Marketing strategy
Which of the following are the three characteristics of a quality marketing
objective? - ANSWER Specific, realistic, and measurable
Proctor and Gamble offers its Gillette brand of deodorant for men and its Secret
brand of deodorant for women. By taking the overall market and dividing it into
smaller groups, Proctor and Gamble has engaged in ____. - ANSWER Market
segmentation
The process of market segmentation results in _____. - ANSWER Market
segments
A ___ ____ is the group of customers toward which an organization has decided
to direct its marketing efforts. - ANSWER Target market
When Budweiser uses the slogan "King of Beers" to promote its beer, the firm is
trying to create a perception in the eyes of its target market that the Budweiser
product is superior to its competitors. In doing so, Budweiser is ____ its product.
- ANSWER Positioning
Identify the four basic categories of marketing growth strategies from the list
below. - ANSWER Market development, diversification, market penetration,
product development
Which section of the marketing plan would include information on any
warranties or guarantees that accompany what the company is selling? -
ANSWER Product
The goal for firms is to achieve a ___ competitive advantage by developing
products that outperform competitors over a long period of time. - ANSWER
Sustainable
A company relies on which element of the marketing mix when determining how
it will communicate the value of its product? - ANSWER Promotion
, The ___ section of the marketing plan should outline all the different companies,
people, and technologies that will be involved in the process of delivering the
product to customers. - ANSWER Distribution
The ____ section of the marketing plan specifies how much money a customer
must pay for a product. - ANSWER Pricing
Which of the following strategic options can a firm use for entering the
international marketplace? - ANSWER Exporting, licensing, franchising, joint
venture, or direct ownership
Competitors of McDonald's can be classified two ways. Restaurants like
Wendy's and Burger King are it's ___ competitors, while Subway and Taco Bell
would be its ____ competitors. - ANSWER Direct, indirect
When a firm accomplishes a successful marketing strategy, it can lead to ____. -
ANSWER Higher profits, stronger brands, larger market share
Trisha has been asked to complete a situation analysis for her company to help
guide the firm toward making strategic decisions for the future. Which of the
following will Trisha be able to provide from her situation analysis? - ANSWER
Marketplace trends, current competition, and market conditions
If Susan is asked to review the market summary, SWOT analysis, and
competition information for her company, then Susan is in the process of
completing a ___ ____. - ANSWER Situation analysis
Readers of a marketing plan can see the detailed estimate of an organization's
profitability in the ____ section. - ANSWER Financials
Which of the following should be included in the controls section of the
marketing plan? - ANSWER Implementation, organizational structure,
contingency planning
Which of the following subsections of a situation analysis? - ANSWER Market
summary, SWOT analysis, competition analysis
The Boston Consulting Group matrix is a tool used to describe ____. - ANSWER
The current market
It is common for companies to make which of the following mistakes when
conducting a SWOT analysis? - ANSWER Failing to separate internal issues from
external issues
