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MAR 255: Homework Chapter 2 Answer Review

marketing myopia
When companies focus greater attention on the attributes of the products and services they sell rather than on the benefits and experiences produced by their market offerings.
Develop detailed marketing and departmental plans that will support the? company-wide plan.
Sarah has started a new? company, Sarah’s Soaps. She has decided upon the overall purpose and? mission, created detailed objectives to guide the? company, and performed detailed portfolio analysis. Unsure of her next? step, she looks to her partner Mildred for advice. What is the BEST advice Mildred could? give?

A.
Create a? growth-share matrix to find cash cows to help fund question marks.
B.
Develop detailed marketing and departmental plans that will support the? company-wide plan.
C.
Reevaluate the mission statement to make sure it reflects the detailed objectives.
D.
Let the new department heads take over responsibility to test their effectiveness.
E.
Determine a target market and begin aggressively marketing to them.

market segment
When consumers respond in a similar way to a given set of marketing? efforts, they can be referred to as? a(n) _________.
A.
differentiation
B.
target market
C.
market
D.
market segment
E.
value chain
Promoting
Which of the following is NOT one of the marketing management? functions?
A.
Control
B.
Planning
C.
Promoting
D.
Implementation
E.
Analysis
?High-growth, high-share businesses or products
What are stars in the growth share? matrix?
A.
The growth star matrix does not contain stars.
B.
?High-growth, high-share businesses or products
C.
?Low-growth, high-share businesses or products
D.
?Low-growth, low-share businesses and products
E.
?Low-share, high-growth businesses or products
Noah? Lopez, a marketing specialist who would be hired as? Connie’s new chief marketing officer
correct, Chapter Quiz 2.5.6
?Connie’s Cupcakes has started to grow larger than Connie could ever have imagined. She is having a hard time keeping track of all of the? business’ marketing activities. She knows that she is going to need help to keep her business growing and is looking to hire. Whom should Connie? hire?
A.
Craig? Moore, an extremely successful entrepreneur who is actually looking to buy out Connie and grow the business exponentially
B.
Cash? Money, a? well-educated accountant who would begin working as the new chief financial officer
C.
Frances? French, her best friend and fellow entrepreneur who would come on as an additional chief executive officer
D.
Tim? Forrest, an operations specialist who would be hired as the new chief operating officer
E.
Noah? Lopez, a marketing specialist who would be hired as? Connie’s new chief marketing officer
By ascertaining a? company’s strengths, relating them to? opportunities, minimizing? weaknesses, and identifying threats to growth and development
How do the individual components of a SWOT analysis work together to determine the status of a? company?
A.
By creating a niche in a market that can be exploited by a company to gain the greatest profits
B.
By streamlining a? company’s core processes so that all of the? company’s operations flow smoothly and contribute to the development and sale of its products
C.
By developing a course of action that best determines a core? market, the proper product to give the core? market, and how to do so at an affordable price
D.
By ascertaining a? company’s strengths, relating them to? opportunities, minimizing? weaknesses, and identifying threats to growth and development
E.
By developing a marketing strategy that promotes a? company’s highest-selling products in such a way that there is a measurable return on the? company’s investment
We will help customers? build, invigorate,? restore, refurbish, or completely redesign their homes or businesses.
A brand new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new? company?
A.
We embrace the deeper meaning of the home and commercial improvements.
B.
We will have two million dollars in profit by the end of our second fiscal year and twice that amount by the end of year five.
C.
We will be the best hardware company in the world. No other company will ever outsell us.
D.
We will help customers? build, invigorate,? restore, refurbish, or completely redesign their homes or businesses.
E.
We are providers of? hardware, lumber-based, and appliance products to be used for home improvement and commercial construction projects.
The goals and objectives outline the steps necessary to accomplish the? company’s mission statement.
How do company objectives and goals relate to the company mission? statement?
A.
The goals and objectives outline the steps necessary to accomplish the? company’s mission statement.
B.
The mission statement defines what the company? does, and the goals and objectives outline why the company does it.
C.
The mission statement and the company goals are two different pieces used to explain the business of the company to its shareholders.
D.
The mission statement is developed based upon the? company’s goals and objectives.
E.
The goals and objectives are a restatement of the mission statement in more understandable terms.
Market or customer organization
Denim Blue Jean Corporation is a growing company located in Washington? State, but it is beginning to develop a presence in the surrounding states as well. It sells only one productlong dash—blue jeanslong dash—but it has 12 different lines of jeans that cater to? men, women,? children, babies,? toddlers, and teens. Which marketing organization would BEST suit Denim Blue Jean? Corporation?
A.
Combination organization
B.
Market or customer organization
C.
Geographic organization
D.
Product management organization
E.
Functional organization
There is no consistent definition.
Why is marketing return on investment so difficult to? measure?
A.
There is no consistent definition.
Your answer is correct.B.
Marketing dashboards are inconsistent.
C.
Marketers do not keep adequate records.
D.
?Customer-centered measures are inconvenient.
E.
Customer engagement is hard to measure.
Create a promotion strategy to increase customer awareness.
Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the? company’s niche productlong dash—?premium, organic dog and cat foodlong dash—and contracted to sell it in several? high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do? now?
A.
Determine the target market for the product.
B.
Develop the formula for the organic pet food.
C.
Determine the? company’s primary competition in the pet food market.
D.
Work on a line of? leashes, pet? brushes, and pet furniture.
E.
Create a promotion strategy to increase customer awareness.
How to take advantage of current business opportunities
When a company engages in strategic? planning, it must consider which of the? following?
A.
How to make the most money possible during a fiscal year
B.
How to divide its assets among stockholders
C.
How to keep current businesses running smoothly
D.
How to take advantage of current business opportunities
E.
How to best market its products
Strategy
Which of the following is NOT part of an overall SWOT analysis evaluation of a? company?
A.
Weakness
B.
Threats
C.
Strategy
D.
Strengths
E.
Opportunities
MorningLinks did not deliver on the promise it made.
?MorningLinks, Inc., makes breakfast sausages and has begun to use the? slogan, “Start Your Day the Organic? Way” to jump on the? eco-friendly movement.? Unfortunately, as soon as consumers discovered? MorningLinks’ not-so-organic? ingredients, the company began to see a rapid decline in profits and customer loyalty. What was? MorningLinks’ mistake?
A.
?MorningLinks’ slogan was not catchy enough.
B.
MorningLinks did not deliver on the promise it made.
C.
MorningLinks focused only on breakfast sausages instead of diversifying its product mix.
D.
MorningLinks did not properly differentiate its position.
E.
MorningLinks failed to target the correct market segments.
It uses the? seller’s view of the market.
Which of the following is a valid concern when it comes to the four? Ps?
A.
It uses the? seller’s view of the market.
B.
It uses the? buyer’s view of the markets.
C.
It does not include packaging.
D.
It does not include services.
E.
It is not helpful for? not-for-profit companies.
Examine the? company’s partner relationship management.
A? company’s value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually? improve?
A.
Evaluate its value delivery network.
B.
Determine the? company’s proper marketing mix.
C.
Examine the? company’s partner relationship management.
D.
Perform a? growth-share matrix.
E.
Perform a SWOT analysis.
Identify strategic business units.
What is? management’s first step when performing a portfolio? analysis?
A.
Outline the? company’s mission statement.
B.
Perform a SWOT analysis.
C.
Determine the? company’s goals.
D.
Determine the? company’s target market.
E.
Identify strategic business units.
Monitor strategic marketing performance.
A marketing dashboard is used to do which of the? following?
A.
Determine the financial cost of developing a product.
B.
Promote a product to a target group.
C.
Develop a course of action to market a product.
D.
Analyze the new product lines being developed.
E.
Monitor strategic marketing performance.
?Growth-share matrix
Question? marks, cash? cows, dogs, and stars are the four types of SBUs defined in which of the? following?
A.
Market segmentation
B.
Value delivery network
C.
Product expansion grid
D.
SWOT analysis
E.
?Growth-share matrix
Identify and develop new markets for current products of a? company’s market.
The goal of a market development growth strategy is to do which of the? following?
A.
Offer modified or new products to current markets.
B.
Identify and develop new markets for current products of a? company’s market.
C.
Start up businesses beyond its current products and markets.
D.
Make more sales to current customers without changing its original products.
E.
Buy businesses beyond its current products and markets.
The collection of businesses and products that make up a company
What is a business? portfolio?
A.
A collection of a group of companies within the same area of business
B.
A projection of a future marketing direction for a company
C.
A record of business investments
D.
The collection of businesses and products that make up a company
E.
The record of the responsibilities of the CEO and the CFO
value delivery network
To create value for? customers, marketers must improve the performance of the? ______, which includes partnering with? suppliers, distributors, and customers.
A.
competitive delivery network
B.
value delivery network
C.
internal value chain
D.
marketing system
E.
strategic plan
To elicit a response that influences a demand for the product from the customers the company is targeting
What is the purpose of the marketing mix as part of the overall marketing? strategy?
A.
To elicit a response that influences a demand for the product from the customers the company is targeting
B.
To create an overall positive image in the? customer’s mind that is favorably associated with the company
C.
To maximize the? company’s profits through successful marketing and sales of a particular product
D.
To streamline a? company’s research,? marketing, production, and sales of a particular product
E.
To compare some or all of the? company’s products with the products of the? company’s competitors
The growth of the company will be unpredictable since there is no guarantee a question mark will become a star.
?Tammy’s Tap Dancing School currently has several question marks in its business? portfolio, but it is currently maintaining its market share. At the most recent board? meeting, the CEO of? Tammy’s Tap Dancing School decided to allocate all of the? company’s profits toward the growth and expansion of this question? mark, in order to cause the question marks to become stars. What is likely to happen to this? company?
A.
The company will not show any growth or change at? all, because profits will neither increase nor decrease.
B.
The company will be unable to sustain? itself, because its profits will be spent on developing question marks and not on maintaining more profitable SBUs.
C.
The growth of the company will be unpredictable since there is no guarantee a question mark will become a star.
D.
The company will go? bankrupt, because all of its profits will be wasted on uncertain SBUs.
E.
The company will gain market share and prosper as the question marks are developed.
The series of internal departments that carry out? value-creating activities
A value chain consists of which of the? following?
A.
The customers who assign value to products within the company
B.
A chain of SBUs within a company that provide the most value
C.
The acquisitions team that buys products for the company to sell
D.
The series of internal departments that carry out? value-creating activities
E.
The network of distributors and suppliers that support a company

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