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Questions
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The U.S. Securities and Exchange Commission has designated just nine credit-rating agencies as "nationally recognized statistical rating organizations" (NRSROs), which include Moody's, Standard & Poor's, and Fitch Ratings. These agencies provide opinions on the creditworthiness of other entities and the financial obligations issued by them. Because so few companies can compete in it, the credit-rating industry would be considered a(n)A. mega monopoly.B. oligopoly.C. pure competition.D. monopolistic competition.E. monopoly.
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In 2012, the four major retailers of online music include the iTunes, Spotify, Amazon, and Google Music. In terms of the form of competition, this industry is an example of a(n) __________.A. monopolyB. mega monopolyC. pure competitionD. oligopolyE. monopolistic competition
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According to a recent Federal Communications Commission report, AT&T, Verizon, Sprint-Nextel, and T-Mobile control 93 percent of the subscribers in the U.S. wireless mobile phone market. Which form of competition characterizes this market?A. pure competitionB. limited competitionC. a monopolyD. an oligopolyE. monopolistic competition
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During the holiday shopping season, many catalog retailers offer buyers price reductions, coupons, two-for-one deals, and/or free delivery. This is because these catalog retailers operate in a(n) __________ environment.A. pure competitionB. oligopolyC. monopolistic competitionD. monopolyE. marginal competition
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The use of coupons is a frequently used marketing tactic for which form of competition?A. pure competitionB. cross-market competitionC. an oligopolyD. a monopolyE. monopolistic competition
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The form of competition in which many sellers compete with substitutable products within a price range is calledA. pure competition.B. cross-market competition.C. an oligopoly.D. monopolistic competition.E. a monopoly.
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__________ is the form of competition where distribution is the only element of the marketing mix that exerts much of an impact on the firm.A. Cross-market competitionB. Limited competitionC. Pure competitionD. Monopolistic competitionE. A monopoly
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Agribusinesses that sell commodity products like wheat, rice, and grain are often in a(n) __________ position with their competitors.A. limited competitionB. pure competitionC. oligopolistic competitionD. monopolistic competitionE. monopolistic
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A situation analysis refers toA. taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it.B. an appraisal of an organization's cash flow and financial ratios to access its health and the potential for new investment.C. the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.D. a technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units as though they were separate investments.E. the process where a firm searches for growth opportunities from among current and new markets as well as current and new products.
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Which of the following statements regarding Ben & Jerry's is most accurate?A. Ben & Jerry's is owned by Unilever, the market leader in the global ice cream industry.B. Ben & Jerry's is a privately owned ice cream producer.C. Ben & Jerry's prides itself on offering more ice cream flavors than its competitors.D. Ben and Jerry are not real people; the names were a clever reference to Tom and Jerry cartoon characters in order to capitalize on childhood nostalgia.E. Ben & Jerry's has only been in business for twenty years and is already the industry leader in premium ice cream.
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Ben & Jerry's has earned B-Corp certification from B-Lab, which means it hasA. reached the goal of generating enough revenue to be a completely nonprofit organization.B. a sustainable financial basis of profitable growth, increasing value for our stakeholders and expanding opportunities for development and career growth for our employees.C. the goal of making profits for selected charitable organizations such as Fair Trade.D. been recognized for its efforts to use the power of business to solve social and environmental problems.E. been instrumental in expanding into international markets by developing dairies for developing nations.
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Ben & Jerry's social entrepreneurship effort is known asA. ISO 9000, promoting the quality concept through its commitment to making the finest ice cream from the best ingredients.B. Sight Life, giving its stakeholders the greatest possible input into company marketing decisions.C. Regeneration Nation, generating enough revenue for the firm to be a completely nonprofit organization.D. Give and Go, donating 10% of its net profits to local charitable causes and an additional 5% to support producers that practice sustainable farming.E. Partnershops, enabling community nonprofits to operate Scoop Shops that help employ at-risk youth and young adults to better their lives.
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Step 1 in the planning phase of the strategic marketing process involves __________.A. establishing the budgetB. developing the marketing programC. setting goalsD. auditing the marketing planE. conducting a situation (SWOT) analysis
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Ben & Jerry's mission to improve humanity is linked to various organizational and marketing strategies, one of which isA. using milk and cream obtained from Caring Dairy, a cooperative that guarantees it suppliers are bovine growth hormone free.B. the intent of making modest profits without sacrificing high product quality standards.C. ingredients that are all completely organic and are available only in Vermont to ensure freshness and contribute to the local economy.D. a commitment to donating a percentage of profits to Teach for America.E. ingredients that come exclusively from developed countries promoting Fair Trade practices.
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The initial step in the strategic marketing process is to begin planning by conducting aA. business portfolio analysis.B. market-product analysis and setting goals.C. marketing program.D. situation (SWOT) analysis.E. diversification analysis.
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The key steps of planning, implementation, and evaluation are part of (the)A. gap analysis.B. strategic marketing process.C. situational analysis.D. synergy analysis.E. diversification analysis.
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Within the strategic marketing process, the __________ is the result of the planning phase that proceeds to the implementation phase where it is carried out.A. marketing tacticsB. business planC. product protocolD. marketing planE. marketing strategy
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The strategic marketing processA. involves taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it.B. is a technique to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs) as though they were a collection of separate investments.C. describes an organization's appraisal of its internal strengths and weaknesses and its external opportunities and threats.D. is an approach whereby an organization allocates its marketing mix resources to reach its target markets.E. seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.
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If Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in Latvia, it would be using a __________ strategy.A. product developmentB. market developmentC. market penetrationD. diversificationE. market saturation
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Which of the marketing strategies for expanding sales revenue below presents the most risk for an organization?A. product developmentB. product-market evolutionC. market developmentD. market penetrationE. diversification
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Diversification refers to the marketing strategy ofA. increasing sales of current products in current markets.B. selling current products to new markets.C. selling new products to new markets.D. selling new products to current markets.E. selling the same brands in both current and new markets.
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In a BCG growth-share matrix, a relative market share of 10x at the left end of the scale on its horizontal axis means that the SBU has 10 times the share of its largest competitor, whereas a relative market share of 0.1x at the right end of the scale on its horizontal axis means thatA. the SBU has only 10 percent of the share of its average competitor.B. the SBU has 100 percent of the share of its largest competitor.C. the growth rate between the SBU and the next largest competitor is actually identical.D. the SBU has only 10 percent of the share of its largest competitor.E. the industry growth rate is declining.
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The purpose of business portfolio analysis is toA. add or delete product line and brand extensions.B. search for growth opportunities from among current and new markets as well as current and new products.C. alter a product's characteristic, such as its quality, performance, or appearance, to increase its value to customers and increase sales.D. determine the appeal of each SBU or offering and then determine the amount of cash each should receive.E. seek opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.
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A technique that managers use to categorize strategic business units (SBUs) as question marks, stars, cash cows, or dogs is referred to as a(n)A. investment (ROI) analysis.B. synergy analysis.C. marketing audit.D. diversification analysis.E. business portfolio analysis.
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Business portfolio analysis refers toA. a tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products.B. a technique that managers use to graphically track their firm's strategic business units (SBUs) as though they were a single expense in order to identify cost-cutting measures.C. a technique that managers use to quantify performance measures and growth targets to analyze their firm's strategic business units (SBUs) as though they were a collection of separate investments.D. an analysis that uses percentage points of market share as the common basis of comparison to allocate marketing resources effectively for different product lines within the same firm.E. a tool that seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.
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All of the following retailers are principal or direct competitors to Lands' End EXCEPT:A. Amazon.comB. SearsC. L.L. BeanD. TargetE. Pierre Cardin
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Netflix is a company that rents DVD movies and television either by mail or streaming over the Internet. It jumped into an industry where there were many competitors, both local and national video stores. Initially, it established a loyal clientele by providing a service that was not available - reliable and fast shipment. Its delivery system created Netflix'sA. viable mission.B. competitive advantage.C. tactical innovation.D. core benefit.E. sales orientation.
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St. Jude Medical makes cardiovascular medical devices, including the world's most widely used mechanical heart valve. Its products include tissue heart valves, pacemakers, and implantable cardiovascular defibrillators. St. Jude's innovation in cardiac devices helps it outperform rivals, and thus provides it with aA. competitive advantage.B. set of core values.C. core benefit proposition.D. marketing edge.E. viable mission.
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Weight Watchers is a weight-management company with operations in about 30 countries. Consumers buy almost $5 billion of Weight Watchers-branded products each year, and every week approximately 1.3 million people attend Weight Watchers meetings. The company's brand recognition and meeting infrastructure are difficult for competitors to match, providing aA. viable mission.B. competitive advantage.C. tactical innovation.D. core benefit.E. sales orientation.
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A competitive advantage refers toA. the cluster of benefits that an organization promises customers to satisfy their needs.B. those characteristics of a product that make it superior to competitive substitutes.C. a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.D. actions taken by a firm with the sole intent of putting a competitor out of business.E. the added value given to a product beyond the functional benefits provided.
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An organization's competencies include all of the following EXCEPT:A. profit.B. customer service.C. technologies.D. resources.E. employee skills.
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Data visualizationA. is the visual computer display of the essential information related to achieving a marketing objective.B. is a road map for the marketing activities of an organization for a specified future time period.C. is the process of continuously collecting information about customers' needs, sharing this information across departments, and using it to create marketing metrics.D. is a measure of the quantitative value or trend of a marketing activity or result is the visual computer display of the essential information related to achieving a marketing objective.E. presents information about an organization's marketing metrics graphically so marketers can quickly spot deviations from plans and take corrective actions.
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The primary purpose of a marketing metric is toA. assign qualitative values to quantitative data.B. allow the sharing of information across product lines.C. measure the quantitative value of a marketing activity.D. forecast potential product/service opportunities over a period of five years.E. provide a numerically precise measurement of management judgment for an industry's growth.
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A marketing metric refers toA. a measure of the quantitative value or trend of a marketing activity or result.B. a form of linear trend analysis used to project future profits based on existing marketing plans.C. one of a series of mathematical formulas used to calculate potential profits based upon different scenarios of the forces in the marketing environment.D. information about an organization's core values and code of ethics so marketers can quickly spot deviations and take corrective actions.E. the value of a product in terms of its contribution to employee welfare.
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Which of the following statements regarding a marketing dashboard is most accurate?A. The more text (words) that is displayed, the better it is for a marketing manager to identify trends, interpret the data, and take corrective actions.B. A marketing dashboard very often includes 20 or more marketing metrics on the computer screen.C. Marketing dashboards provide graphic displays of a product's performance, such as sales, website traffic, etc.D. For accuracy, the marketing dashboard should be updated weekly.E. Marketing dashboards often show key measures such as human resource turnover, strategy success, and societal well-being.
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A marketing dashboard refers toA. a "report card" prepared by the marketing department regarding its performance in terms of environmental and social responsibility.B. the display of information found on a car's dashboard.C. an "app" that uses a car navigation device metaphorically to indicate the specific direction in which a company wishes to grow based on its annual marketing plan.D. information about an organization's marketing metrics presented orally so marketers can quickly spot deviations from plans and take corrective actions.E. the visual computer display of the essential information related to achieving a marketing objective.
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A marketing plan refers toA. the long-term decisions made to implement the marketing program and the monitoring of those decisions.B. a technique that marketing managers use to quantify performance measures and growth targets to analyze their firm's strategic business units (SBUs) as though they were a collection of separate investments.C. a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.D. the detailed day-to-day operational decisions essential to the overall success of marketing strategies.E. a road map for the entire organization for a specified future period of time, such as one year or five years.
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Organizational strategies vary in two ways, depending onA. the strategy's level in the organization and the offerings an organization provides to its customers.B. the corporate level and the SBU level in the organization.C. whether an offering is a product or a service.D. whether they are mission statements or core values.E. the organizational culture and its core values.
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Hasbro is a $4-plus billion toy company that prides itself on donating to organizations that help children, since this group and their parents comprise the target market for its business. This is an example of a(n)A. unit sales goal.B. market share goal.C. social responsibility goal.D. sales revenue goal.E. customer satisfaction goal.
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American Express has a long history of working for the good of all in its New York community. In 1885, it engaged its employees to help raise money to build the pedestal of the Statue of Liberty. Today, it has a program to help restore, preserve and revitalize historic sites in New York City. These actions by American Express are partial fulfillment of the __________ the firm has established for itself as a corporate citizen.A. unit sales goalsB. market share goalsC. sales revenue goalsD. customer satisfaction goalsE. social responsibility goals
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Businesses sometimes pursue a(n) __________ goal to balance the conflicting goals of stakeholders to promote their overall welfare, even at the expense of profits.A. customer satisfactionB. shareholderC. profit minimizationD. social responsibilityE. employee welfare
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In the context of organizational direction, a business refers toA. the daily operational decisions that must be implemented for an organization to remain viable.B. exchange transactions between seller and buyer in order for the seller to make sales and earn profits.C. the clear, broad, underlying industry or market sector of an organization's offering.D. an organization that develops an offering.E. the objectives of a firm and the strategies and tactics that will allow it to achieve them.
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The organizational __________ answers the question, "What will we do?"A. foundationB. directionC. cultureD. strategyE. mission
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Recently, St. Joseph Hospital was named one of the "Best Places to Work in Indiana" for the sixth consecutive year. The hospital touts universal values to "keep healthcare human" and employees consistently put patients first, which unites them in a common goal. Hospital President Kathy Young believes that St. Joseph __________ makes both her employees and patients happier in her hospital.A. visionB. service offeringsC. organizational cultureD. pathosE. behavioral protocol
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Which of the following statements regarding organizational culture is most accurate?A. Organizational culture exists only at the corporate level of an organization.B. Organizational culture involves communicating and connecting with all of the firm's stakeholders.C. Organizational culture is best used only at the functional level for the most effective results.D. Organizational culture cannot be learned or taught.E. Organizational culture is a statement of the organization's function in society.
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Organizational culture refers toA. the personal moral and ethical codes of ethics of its top management.B. a written statement expressing its goals and objectives to be achieved through enacting a comprehensive strategic plan.C. the fundamental, passionate, and enduring principles that guide its conduct over time.D. the ethos of an organization that excludes its core values.E. a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.
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Recently, many organizations have added __________ to their mission statements.A. a business definitionB. a social element to reflect an ideal that is morally right and worthwhileC. an economic element to promote profit maximizationD. an expanded definition of stakeholders to include its competitorsE. their level of pricing and product quality
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The American railroad industry faced a serious decline in the 20th century. What business did rail executives believe they were in at that time? What business is a railroad company really in? Why is the difference important?
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"HowAboutWe is the fastest, easiest, most fun way to go on awesome dates" is the __________ for the online dating service that focuses on setting up actual activities as dates for its users.A. sustainability doctrineB. core benefit propositionC. corporate philosophyD. mission statementE. code of ethics
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In 25 words of less, write a mission statement for a local community college.
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The __________ for Facebook is "To give people the power to share and make the world more open and connected."A. sustainability doctrineB. core benefit propositionC. mission statementD. corporate philosophyE. code of ethics
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The __________ for American Red Cross is "to prevent and alleviate human suffering in the face of emergencies by mobilizing the power of volunteers and the generosity of donors."A. core benefit propositionB. business definitionC. sustainability doctrineD. mission statementE. customer value proposition
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A mission statement should beA. short-term.B. inspirational.C. fact-based.D. complex.E. permanent.
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A mission statement should be all of these EXCEPT:A. short-term.B. inspirational.C. clear.D. meaningful.E. concise.
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Often used interchangeably with the term vision, a(n) __________ frequently has a meaningful theme and a long-term orientation.A. point of differenceB. mission statementC. business definitionD. customer value propositionE. marketing plan
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Explain what a visionary organization is and the three questions (why, what, and how) that need to be answered that formulate its strategies.