C2 Exam Flashcards by Trang Bui

1) \_\_\_\_\_\_\_\_ is the process of developing and maintaining a crucial fit between the  organization's goals and capabilities and its changing marketing opportunities. 
A) Benchmarking 
B) SWOT analysis 
C) Market segmentation 
D) Strategic planning 
E) Diversification

D) Strategic planning
+ organization’s goals
+ capabilities
+ its changing marketing opportunities.

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2) Which of the following is true with regard to strategic planning?
A) At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company.
B) A strategic plan deals with a company’s short-term goals.
C) The focus of strategic planning is to define a game plan for long-run survival and growth.
D) The strategic plan is a statement of an organization’s purpose.
E) Strategic planning involves identifying segments of consumers with identical preferences.

C) The focus of strategic planning is to define a game plan for “long-run survival and growth.”

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3) Which of the following is the first step in strategic planning?
A) setting short-term goals
B) developing the business portfolio
C) defining the organizational mission
D) formulating the key marketing strategies
E) identifying the organization’s weaknesses and the threats it faces

C) defining the organizational mission

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4) Which of the following is NOT a step in the strategic planning process?
A) defining the company mission
B) setting company objectives and goals
C) designing the business portfolio
D) planning marketing and other functional strategies
E) evaluating members of the company’s value chain

E) evaluating members of the company’s value chain

strategic planning: mission -> objectives and goals -> bus portfolio -> mkt and functional strategies

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5) A \_\_\_\_\_\_\_\_ documents an organization's purpose—what it wants to accomplish in the larger environment. 
A) vision statement (F)
B) mission statement 
C) business portfolio 
D) value proposition 
E) product strategy

B) mission statement (accomplish in the larger environment)

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6) Mission statements should ________ and be defined in terms of ________.
A) be technology oriented; meeting the self-actualization needs of customers
B) be product oriented; satisfying the esteem needs of customers
C) embody the company’s short-term plans; current opportunities
D) be market oriented; satisfying basic customer needs
E) address sales and profits; the net return on investments

D) be market oriented; satisfying basic customer needs

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7) A mission statement serves as a ________.
A) statement of the organization’s net profits
B) plan for short-term sustainability
C) statement of the organization’s purpose
D) statement of the organization’s current liabilities
E) reward plan for the organization’s highly skilled employees

C) statement of the organization’s purpose

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8) Which of the following is NOT a market-oriented business definition?
A) “We empower customers to realize their dreams.”
B) “We make high-quality consumer food products.”
C) “We sell success and status.”
D) “We create the Hilton experience.”
E) “We bring innovation to every home.”

B) “We make high-quality consumer food “products.”” -> Product-oriented Def

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9) Companies that define their missions in terms of products or technologies are considered myopic (thiển cận) primarily because ________.
A) products and technologies result in low returns on investment
B) consumer preferences with regard to products and technology are difficult to predict
C) consumer preferences for different product categories vary from time to time
D) products and technologies eventually become outdated
E) most consumers are not comfortable using sophisticated technology during the buying process

D) products and technologies eventually become outdated

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10) Mission statements should be defined in terms of ________.
A) the advantages a company’s products provide
B) satisfying basic customer needs
C) the value a company’s products provide
D) the profitability of a company’s products
E) the variety they offer to a customer

B) satisfying basic customer needs

Mission statements customer needs

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11) Orion Inc. operates in many industries, including pharmaceuticals and food products. The  company's goal is to create "abundant and affordable food for all and a healthy environment."  This represents Orion's \_\_\_\_\_\_\_\_. 
A) marketing plan 
B) product mix 
C) business portfolio 
D) marketing mix 
E) mission statement

E) mission statement

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12) A company's broad mission leads it to develop all of the following EXCEPT \_\_\_\_\_\_\_\_. 
A) budget objectives 
B) business objectives 
C) sales objectives 
D) marketing objectives 
E) customer engagement objectives

budget objectives

mission not relate to budget

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13) Which of the following companies has a product-oriented business definition?
A) A luxury hotel, whose business definition is: “We sell out-of-the-world experiences to our guests.”
B) A real estate company, whose business definition is: “We sell dreams.”
C) A cosmetic company, whose business definition is: “We offer hope and self-expression.”
D) A shoe manufacturer, whose business definition is: “We manufacture affordable and long lasting shoes for all.”
E) A high-technology company, whose business definition is: “We sell inspirations.”

D) A shoe manufacturer, whose business definition is: “We manufacture affordable and long lasting shoes for all.”

product-oriented “shoes”

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17) Mission statements should be ________.
A) meaningful and specific yet motivating
B) technology oriented
C) written solely for public relations purposes
D) focused on increasing sales or profits
E) strictly product oriented

A) meaningful and specific yet “motivating”

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18) A company’s broad mission leads to ________.
A) increasing profits and more customers
B) increasing sales and decreasing costs
C) a higher share price
D) a hierarchy of objectives, including business objective and marketing objectives
E) increased market share and increasing profitability

D) a hierarchy of objectives, including business objective and marketing objectives
(broad mission -> objectives)

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19) The purpose of strategic planning is to find ways in which your company can best use its strengths to take advantage of attractive opportunities in the environment.

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20) A company’s mission statement provides the depth needed for all segments of the company to reach their goals.

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21) A mission statement is a document embodying an organization’s short-term goals

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22) A clear mission statement acts as an “invisible hand” that guides people in the organization.

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25) “At Trader Joe’s, our mission is to provide all our customers the best food and beverage values to be found anywhere, and the information to make informed buying decisions.” This is a product-oriented business definition.

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26) A company’s mission could appropriately be stated as “making more sales or profits.”

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31) Which of the following is the first step of business portfolio planning?
A) shaping the future portfolio by developing strategies for growth and downsizing
B) determining which businesses should receive more, less, or no investment
C) identifying internal strengths and weaknesses
D) identifying future opportunities
E) determining short-term goals

B) determining which businesses should receive more, less, or no investment

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32) The major activity in strategic planning is \_\_\_\_\_\_\_\_, whereby management evaluates the  products and businesses that make up the company. 
A) SWOT analysis 
B) benchmarking 
C) business portfolio analysis 
D) breakeven analysis 
E) prospecting

business portfolio analysis

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33) The best business portfolio is the one that ________.
A) provides the greatest opportunity for increasing profits
B) best fits the company’s strengths and weaknesses to opportunities in the environment
C) ensures that the company will realize increased share of market
D) allows the company to decrease its overall costs
E) entices customers to purchase even more products from the company

B) best fits the company’s strengths and weaknesses to opportunities in the environment

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34) Which of the following best describes a strategic business unit? A) the internal value chain of a company B) the supply chain of a company C) the key businesses that make up a company D) the key channel intermediaries of a service company E) the key competitors of a company

C) the key businesses that make up a company | strategic business unit -> make up a company

35) During portfolio analysis, a company ________ after identifying the key businesses that make up the company. A) formulates a short-term marketing plan B) assesses the attractiveness of its various SBUs C) assesses its strengths and weaknesses D) performs a SWOT analysis E) assesses the effectiveness of its various channel intermediaries

B) assesses the "attractiveness of its various SBUs"

36) Which of the following is NOT something a company must determine when analyzing its current business portfolio? A) which businesses should receive more investment B) which businesses should receive less investment C) which businesses should receive no investment D) which businesses should be sold or closed E) which businesses shape the future portfolio

D) which businesses should be sold or closed

37) Most standard portfolio analysis methods evaluate SBUs on the ________. A) potential for niche or global marketing B) degree of product differentiation C) strength of the market or industry position D) accessibility to rural markets E) number of successful business acquisitions

C) strength of the market or industry position SBU - strength

40) Which of the following is true of the BCG matrix approach? A) It is inexpensive to implement. B) It does not have any limitations. C) It considers market growth rate to be a measure of market attractiveness. D) It describes consumer motivations and needs. E) It does not consider relative market share to be a measure of company strength in the market.

C) It considers market growth rate to be a measure of market attractiveness. (lớn -> attract)

``` 39) According to the Boston Consulting Group approach, ________ serves as a measure of company strength in the market. A) relative market share B) product development C) market diversification D) product attribute E) market segmentation ```

A) relative market share strength | có sức mạnh -> bully -> share

41) Within a company, who is most likely to perform strategic planning? A) the president and vice presidents B) the accounting and finance departments C) the marketing and sales departments D) cross-functional teams of divisional managers close to their markets E) the manufacturing and production departments

D) cross-functional teams of divisional managers close to their markets (strategic planning -> cross-functional teams)

``` 42) The "key businesses" of Kimberley and Price consist of a division that produces and sells "breakfast cereals" and another that manufactures "gardening tools". Each of these businesses is called a ________. A) market segment B) strategic business unit C) question mark D) prospect E) product portfolio ```

B) strategic business unit (key businesses)

``` 43) ________ are a type of SBU that often require heavy investments to finance their rapid growth. A) Cash cows B) Question marks C) Stars D) Dogs E) Bears ```

C) Stars (heavy investment)

``` 44) ________ are low-growth, high-share businesses/products that need less investment to hold their market share. A) Stars B) Cash cows C) Question marks D) Dogs E) Bears ```

B) Cash cows

45) Which of the following is true with regard to cash cows? A) They are high-growth, high-share businesses or products. B) They can be used to help finance the company's question marks and stars. C) They require significant cash to maintain market share. D) They are low-share businesses and products. E) They do not promise to be large sources of cash.

B) They can be used to help finance the company's question marks and stars.

``` 47) The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________. A) star B) bear C) question mark D) cash cow E) dog ```

C) Question marks (low-share, high-growth, require a lot of cash to hold their share)

48) By harvesting its SBU, a company would most likely be ________. A) milking the SBU's short-term cash flow regardless of the long-term effect B) selling the SBU or phasing it out and using the resources elsewhere C) investing just enough to hold the SBU's current market share D) investing more in the business unit to build its share E) diversifying the company's product line

A) milking the SBU's short-term cash flow regardless of the long-term effect

``` 49) A company can ________ an SBU by selling it or phasing it out and using the resources elsewhere. A) divest (tước bỏ) B) promote C) expand D) harvest E) hold ```

A) divest (tước bỏ)

50) Modern strategic planning ________. A) exclusively consists of a company's short-term goals B) is decentralized C) does not involve cross-functional teams D) does not take the overall mission of the company into consideration E) is highly centralized

B) is decentralized (phân quyền)

51) The BCG matrix approach is problematic in that it ________. A) focuses on planning for the future at the cost of ignoring the present B) focuses solely on current businesses and provides little scope for future planning C) tends to undermine (làm suy yếu dần) the importance of market growth rate as a measure of market attractiveness D) tends to undermine the importance of relative market share as a measure of company strength in the market E) fails to classify SBUs

B) focuses solely on "current businesses" and provides "little scope for future planning"

``` 52) Which of the following is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification? A) BCG matrix B) analysis of variance C) product/market expansion grid D) Harris matrix E) SWOT analysis ```

C) product/market expansion grid (market penetration, market development, product development, or diversification)

``` 53) Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________. A) product differentiation B) product development C) diversification D) market penetration E) market segmentation ```

D) market penetration (existing products, existing markets) (opened 400 stores)

54) Which of the following is true with regard to the product/expansion grid? A) It classifies SBUs into four distinct categories. B) It is a useful device for identifying growth opportunities. C) It helps companies analyze their internal strengths and weaknesses. D) It functions on the premise that firms should downsize to regain market share. E) It is a useful device for segregating customers into distinct categories.

B) It is a useful device for identifying growth opportunities. product/expansion grid - growth opportunities

``` 55) Making more sales to current customers without changing a firm's products is known as ________. A) market segmentation B) market penetration C) product diversification D) product development E) prospecting ```

B) market penetration (more sales to current customers)

``` 56) Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ________ strategy. A) local marketing B) market development C) diversification D) product adaptation E) product development ```

B) market development (new geographical markets, new stores across all the major South Asian cities) (new markets, existing products)

``` 57) The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________. A) market penetration B) product development C) mass marketing D) market development E) product adaptation ```

D) market development (new demographic markets)

``` 58) The managers of Alfredo's Pizza, a popular pizzeria in New York City, have been increasingly encouraging senior citizens to visit the pizzeria's numerous outlets spread across the city. Anticipating a rise in the population of senior citizens in the area, the management of Alfredo's Pizza is seeking to tap into this promising segment that consists of retired, affluent consumers. In this instance, the managers of Alfredo's Pizza are anticipating company growth through ________. A) market development B) product development C) mass customization D) niche marketing E) product differentiation ```

A) market development (encouraging senior citizens to visit the pizzeria's numerous outlets spread across the city)

``` 59) FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy. A) market penetration B) market development C) downsizing D) product adaptation E) product development ```

B) market development (market its products nationwide)

``` 60) Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________. A) mass customization B) niche marketing C) diversification D) prospecting E) product adaptation ```

C) diversification (women's clothing -> fitness equipment) (new products, new markets)

``` 61) Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________. A) benchmarking B) diversification C) mass customization D) product development E) downsizing ```

D) product development (introduced Eva, a mild roast, which became immensely popular) (new products, existing markets)

``` 62) A women's apparel manufacturer in California recently acquired a Houston-based company that manufactures office furniture. This is an example of ________. A) product development B) market development C) market penetration D) diversification E) product differentiation ```

D) diversification (women's apparel manufacturer -> office furniture)

``` 63) Cleats, Unlimited developed a new style of soccer shoe. This is an example of ________. A) product development B) market development C) market penetration D) diversification E) product differentiation ```

A) product development (new style of soccer shoe)

64) Companies may want to downsize their business portfolios for all but which of the following reasons? A) The firm may have grown too fast. B) The firm may have entered areas where it lacks experience. C) The customers may have purchased all they need. D) The market environment might change. E) The products might simply age.

C) The customers may have purchased all they need.

``` 65) Elmo Corp., a manufacturer of personal computers and printers, recently established an office furniture exporting business. This is an example of ________. A) niche marketing B) local marketing C) diversification D) product adaptation E) downsizing ```

C) diversification (manufacturer of personal computers and printers -> an office furniture exporting business)

``` 68) Ron and Gail plan to lower Fun-Spot's prices in an effort to encourage customers to stay longer, visit more often, and spend more money during each visit. What type of strategy are Ron and Gail planning? A) market penetration B) market development C) product development D) product adaptation E) diversification ```

A) market penetration (stay longer, visit more often, and spend more money during each visit)

``` 69) Ron and Gail, owners of Fun-Spot, strive to provide new offerings and entertainment options for their visitors. This type of strategy can be best described as ________. A) market penetration B) market development C) product development D) niche marketing E) diversification ```

C) product development

C) product development (new offerings and entertainment options)

70) The major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses that make up the company.

T (The major activity in strategic planning is business portfolio analysis)

Market development involves company growth by identifying and developing new market segments for current company products.

What is a strategic business unit (SBU)?

- company "division" - a "product line" within a division - sometimes a "single product or brand"

78) What are stars according to the BCG growth-share matrix?

- high-growth, - high-share businesses or products. - often need heavy investments to finance their rapid growth.

79) What type of strategy should a company use to manage its cash cows?

- low-growth - high-share businesses or products, - require less investment, - > should finance other SBUs with the help of cash cows.

80) Define market penetration.

Market penetration refers to - company growth - by increasing sales of current products to current market segments - without changing the product.

81) What is a business portfolio? What are the steps involved in business portfolio planning?

A business portfolio is the collection of businesses and products that make up a company. Business portfolio planning involves two steps. 1. analyze its "current business portfolio" and determine which businesses should "receive more, less, or no investment." 2. shape the future portfolio by "developing strategies for growth and downsizing."

86) RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a(n) ________. A) link in the company's internal value chain B) separate organization C) independent subsidiary of the company D) separate market segment E) SBU

A) link in the company's internal value chain (Each department in RedFin contributes to its success - Each department in a company that carries out value-creating activities) -> Each department in a company can be thought of as a link in the company's internal value chain. TRUE

``` 94) The marketing logic by which a company hopes to create customer value and achieve profitable customer relationships is referred to as the ________. A) price B) marketing implementation C) value chain D) marketing strategy E) downsizing ```

D) marketing "strategy" (marketing "logic" - customer value and achieve profitable customer relationships)

``` 105) Paul Robinson has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product. Paul has identified a ________. A) target market B) market segment C) niche market D) product attribute E) product design ```

B) market segment - identified a group of potential customers who seem to respond in a similar way

``` 108) Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus? A) market follower B) market challenger C) early adopter D) market nicher E) laggar ```

D) market nicher

``` 109) Arrow is "a different kind of company, manufacturing a different kind of a car"; the RoadPro is "like nothing else." Statements such as these reflect a firm's ________. A) portfolio B) marketing segment C) positioning D) marketing mix E) mission statemen ```

C) positioning (a different kind)

``` 110) Alpha Motors offers "Green automobiles for a greener world." This refers to the ________ of Alpha automobiles. A) brand resonance B) position C) brand equity D) pleasure value E) added value ```

B) position

``` 112) Effective positioning begins with ________. A) pricing B) diversification C) differentiation D) promotion E) segmentation ```

C) differentiation -> positioning

115) In the context of a company's marketing mix, ________ includes company activities that make the product available to target consumers. A) position B) place C) price D) promotion E) brandin

B) place (make the product available, logistics)

A product's position is the place it occupies relative to competitors' products in consumers' minds.

One valid criticism of the four Ps concept of the marketing mix is that services are not considered.

F (services = Product)

The four Cs concept adopts the buyer's view of the market.

What are the components of a company's marketing mix?

A company designs an integrated marketing mix made up of factors under its control—product, price, place, and promotion

What does a market segment consist of?

- consumers who "respond in a similar way" | - to a "given set of marketing efforts."

What does market targeting involve?

Market targeting involves evaluating each market segment's attractiveness and selecting one or more segments to enter.

132) Which of the following is true with regard to a SWOT analysis? A) It classifies SBUs into four distinct categories. B) It measures customer response to a new product. C) It evaluates the company's overall strengths. D) It evaluates the growth potential of a market segment. E) It ignores the threats faced by a company while assessing its situation in the market

C) It evaluates the company's overall strengths.

``` 137) Which of the following functions is NOT part of managing the marketing process? A) planning B) control C) budgeting D) implementation E) organization ```

C) budgeting

``` 138) ________ provides a complete analysis of the company's situation. A) A SWOT analysis B) A marketing audit C) Regression analysis D) Return on marketing investment E) Marketing budget evaluation ```

A) A SWOT analysis

``` 139) Marketing ________ addresses the what and why of marketing activities, while marketing ________ addresses the who, where, when, and how. A) analysis; planning B) planning; implementation C) implementation; planning D) organization; implementation E) control; planning ```

B) planning; implementation planning -> what, why implementation -> who, where, when, and how

``` 140) Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people who love to hunt, hike, and ride bikes. The company's long-term plans include the development of lenses that, in addition to protecting users from UV rays, would help reduce lens spotting through effective water-sheeting methods. This new feature would be valuable to people who fish. Given the "rising popularity of recreational fishing" in the United States, Omega products clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a market ________. A) weakness B) strength C) threat D) opportunity E) challenge ```

D) opportunity (rising popularity of recreational fishing)

142) A marketing plan begins with a(n) ________, which presents a brief summary of the main goals and recommendations of the plan for management review. A) budget B) opportunity analysis C) threat analysis D) executive summary E) action program

D) executive summary

``` 143) Many managers think that "doing things right," or ________, is as important as, or even more important than, "doing the right things." A) strategy B) planning C) positioning D) implementation E) targeting ```

D) implementation

``` 144) The most common form of marketing organization is the ________ organization. Under this organization, an operational specialist heads different marketing activities. A) geographic B) product management C) functional D) customer management E) market ```

C) functional (an operational specialist heads different marketing activities)

``` 145) Berman Electronics, a chain of appliance stores in North America, caters to a wide range of customers. It has a marketing organization in which different operational specialists head different marketing activities. Berman Electronics is a(n) ________. A) customer management organization B) niche marketer C) early adopter D) functional organization E) laggard ```

D) functional organization (operational specialists head different marketing activities)

``` 146) ________ refer(s) to meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance. A) Field automation systems B) Market segments C) Market share D) Marketing dashboards E) Line extensions ```

D) Marketing dashboards (meaningful sets of marketing performance measures in a single display)

``` 148) Ravenshaw Corp. assigns its sales and marketing people to specific countries, regions, and districts. Ravenshaw Corp. is most likely an example of a ________. A) geographic organization B) product organization C) functional organization D) niche marketer E) mass marketer ```

A) geographic organization -> work with a minimum of travel time and cost.

150) Which of the following is a major advantage of the market organization? A) The company is organized around the needs of specific customer segments. B) The company exploits bleeding-edge technologies to keep ahead in the market. C) The company has a flat organizational structure. D) The company allows its salespeople to settle into a specific territory. E) The company caters to a single, small market segment.

A. The company is organized around the needs of specific customer segments. - market organization

``` 151) More and more, companies are shifting their brand management focus from brand profitability toward ________. A) technology management B) product management C) customer management D) functional management E) geographic management ```

(brand management) -> customer management

``` 152) ________ refers to measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved. A) Marketing control B) Marketing implementation C) Satisficing D) Prospecting E) Benchmarking ```

A) Marketing control (measuring and evaluating)

153) Marketing control involves four steps including all the following EXCEPT ________. A) setting specific marketing goals B) measuring the marketing plan's performance in the marketplace C) evaluating the causes of any differences between expected and actual performance D) increasing the staffing in the planning department E) taking corrective action to close the gaps between goals and performance

D) increasing the staffing in the planning department

``` 155) The purpose of ________ is to ensure that the company achieves the sales, profits, and other goals set out in its annual marketing plan. A) benchmarking B) operating control C) strategic control D) SWOT analysis E) a marketing audit ```

B) operating control (ensure achieves "the sales, profits, and other goals")

``` 156) ________ involves looking at whether a company's key action plans are well-matched to its opportunities. A) Operating control B) Benchmarking C) Strategic control D) Regression analysis E) Portfolio analysis ```

C) Strategic control (whether a company's key "action plans" are well-matched to its "opportunities".)

The four marketing management functions are analysis, planning, implementation, and control.

Benchmarking refers to the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.

F (benchmarking -> comparing com's to competitors...)

Operating control involves checking ongoing performance against the annual plan and taking corrective action when necessary.

163) What is SWOT analysis?

- overall evaluation - of the company's - strengths (S), weaknesses (W), opportunities (O), and threats (T).

164) What is the main purpose of the executive summary in a marketing plan?

- presents a brief summary - of the main goals and recommendations - of the plan - for management review - helping top management find the plan's major points quickly.

168) What does marketing ROI measure?

- measures the profits - generated by investments - in marketing activities.