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Question
Explain what a visionary organization is and the three questions (why, what, and how) that need to be answered that formulate its strategies.Answer
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According to the textbook, the terms firm, company, and organizationA. refer to for-profits, non-profits, and government agencies respectively.B. refer to non-profits, government agencies, and for-profits respectively.C. refer to government agencies, for-profits, and non-profits respectively.D. refer to for-profits, government agencies, and non-profits respectively.E. can be used interchangeably to cover both profit and nonprofit organizations.
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The marketing mix refers toA. the selection of product benefits and attributes that are to be added to or subtracted from a given product to create variations within a product line.B. the specific ratio within a budget that divides resources between advertising, sales promotion, and personal selling.C. the marketing manager's controllable factors - product, price, promotion, and place - that can be used to solve a marketing problem.D. the allocation of resources within a firm towards individual marketing programs.E. the environmental forces - social, economic, technological, competitive, and regulatory - that impact the marketing decisions for a particular product at any given time.
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A target market refers toA. people who could purchase a product regardless of who ultimately uses it.B. one or more specific groups of potential consumers toward which an organization directs its marketing program.C. former customers who now use competitors' products.D. the cluster of benefits that an organization develops to satisfy consumers' needs.E. people with both the desire and the ability to buy a specific offering.
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Figure 1-2In Figure 1-2 above, "B" is accomplished by __________.A. designing a marketing programB. conducting marketing researchC. discovering consumer needsD. developing a distribution strategyE. identifying target markets
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The first objective in marketing is to discover consumers' __________.A. diversity of opinion to create advertising messagesB. income to determine the most lucrative price point for a productC. lifetime value of an offering to the organizationD. characteristics that would be useful to segment marketsE. needs to create products that could satisfy them
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A student would like to buy cross-over SUV from a local dealer, but she thinks the payments will be too high. Marketing does not occur in this situation becauseA. two or more parties have unsatisfied needs.B. there is no desire on the part of either party to satisfy its needs.C. one of the involved parties does not have the ability to satisfy its needs.D. there is no way for each party to communicate with one another.E. there has been no assessment of consumer wants and needs.
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Which of the following conditions are necessary for marketing to occur?A. a changing environment, a method of assessing needs, a way to communicate, and an exchange locationB. parties with cash or credit, a product, a reasonable price, and a place to make an exchangeC. a quality product, a fair price, a clever method of promotion, and a place where a customer can buy the productD. two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchangeE. an ability to see a trend within an environmental force, a product, and an affordable and actionable advertising campaign
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Which of the following statements regarding organizational foundation is most accurate?A. An organizational foundation specifies its goals.B. An organizational foundation defines the business that it is in.C. An organization's foundation empowers stakeholders to have a voice in the strategic marketing process.D. An organization's foundation is its philosophical reason for being - why it exists.E. An organization's foundation is the company, its product, and its customers.
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Today's visionary organization uses three key elements to specify its foundation, set a direction, and __________.A. set financial goalsB. assign job responsibilitiesC. formulate strategiesD. establish production parametersE. establish detailed marketing tactics
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Today's visionary organization uses three key elements to __________, set a direction, and formulate strategies.A. set financial goalsB. specify its foundationC. establish detailed marketing tacticsD. assign job responsibilitiesE. establish an organizational chart
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Profit refers toA. the point at which a company's assets equal its liabilities plus shareholder equity.B. the difference between the list and final price of a product or service.C. the money earned when the economic order quantity is minimized.D. the money left over after a business firm's total expenses are subtracted from its total revenues.E. the total amount of revenue accrued through product sales or service distribution.