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Question 1

The strategic business unit (SBU) concept is best identified as a:

1. planning tool that separates tactical and operational issues for analysis.
2. marketing planning tool best suited to the needs of large, diversified organizations.
3. way to create units of business activity based solely on sales potential.
4. device used primarily to separate marketing costs from production expenses.

2 points

Question 2

Which of the following is now the second-largest market in the world?

1. China
2. United Kingdom
3. Japan
4. India

2 points

Question 3

1. One of the busiest areas of interactive marketing involves online auction sites, such as eBay.
2. False
3. True

2 points

Question 4

The emergence of the marketing concept can best be explained by:

1. higher production levels.
2. a focus on product quality.
3. a shift from a seller’s market to a buyer’s market.
4. a shift from a production to a sales orientation.

2 points

Question 5

In the relationship era, firms focus on:

1. long term relationships with customers and suppliers.
2. short term relationships with customers and suppliers.
3. long term relationships with customers.
4. short term relationships with suppliers.

2 points

Question 6

Production and marketing of goods and services are two basic functions that create utility.

1. True
2. False

2 points

Question 7

To be most effective, the planning process should include input from a wide range of sources both internal and external to the organization.

1. False
2. True

2 points

Question 8

1. The buying function of marketing involves advertising, personal selling, and sales promotion in the attempt to match products and services to consumer needs.
2. True
3. False

2 points

Question 9

The rapid development of telecommunications from Internet to cell phones allows marketers to accomplish all of the following except:

1. standardize product lines and marketing promotions to appeal to the largest possible audience.
2. realize improved marketing efficiencies, including lower sales and marketing costs.
3. find new markets on a global level.
4. target markets to locate, secure, and maintain customers in a one-to-one marketing relationship.

2 points

Question 10

Relationship marketing focuses more attention on _____ customers because new customers are _____ to acquire compared to existing customers.

1. new; less expensive
2. existing; more expensive
3. existing; less expensive
4. new; more expensive

2 points

Question 11

Sally Myers, head of marketing at Sally’s Salon, serviced six new customers over the past two weeks. Through a feedback form, Sally learnt that all of them had acted upon the opinions of their friends and family members. What Sally encountered is an example of:

1. interactive marketing success.
2. a success story in buzz marketing.
3. effective target market strategies.
4. marketing myopia.

2 points

Question 12

When determining product costs, marketing expenses will amount to approximately one half of the total cost of the product.

1. True
2. False

2 points

Question 13

Whirlpool combines metal, rubber, and other components in the production of appliances. In doing so the company creates _____ utility.

1. ownership
2. place
3. form
4. time

2 points

Question 14

Decisions about distribution strategy involve such challenges as:

1. placing an automatic stamping machine in the plant.
2. when to raise prices to cover costs.
3. warehouse design and inventory control.
4. where to advertise.

2 points

Question 15

What is the third step in the planning process?

Obtaining necessary financing

Writing a marketing plan

Assessing strengths, weaknesses, and opportunities

Establishing organizational objectives

2 points

Question 16

Some Florida drivers have license plates that say “Save the Manatee.” This is an example of _____ marketing.

1. organization
2. cause
3. event
4. place

2 points

Question 17

Operational planning should be completed:

1. at the same time the total budget is prepared.
2. by top management.
3. to create and implement strategic plans for the entire company.
4. by mid-level managers, typically for their own departments.

2 points

Question 18

1. Relationship marketing begins after the sales transaction is completed.
2. True
3. False

2 points

Question 19

The advertising director, marketing research manager, and other middle-level managers should be involved in planning fundamental organization-wide strategies and the corporate budget.

1. True
2. False

2 points

Question 20

Developing a trust relationship between companies and their customers is the key to survival and success in the sophisticated consumer market.

1. True
2. False

2 points

Question 21

Strategic Business Units (SBUs) of a diversified firm have common managers, resources, objectives, and competitors.

True

False

2 points

Question 22

When General Electric’s NBC division acquired Universal Studios, the highest executive who approved this acquisition was most likely _____, with the decision being the result of _____ planning.

1. the head of NBC; strategic
2. GE’s CEO; tactical
3. GE’s CEO; strategic
4. the head of NBC; tactical

2 points

Question 23

Decisions involving transportation, warehousing, inventory control, and order processing relate to _____ strategy.

1. pricing
2. competitive
3. distribution
4. product

2 points

Question 24

In a SWOT analysis, a constraint is present when:

1. organizational strengths grasp opportunities.
2. internal organizational weaknesses prevent taking advantage of an opportunity.
3. environmental threats attack organizational weaknesses.
4. environmental threats are stronger than organizational strengths.

2 points

Question 25

Marketers seek to rid themselves of their cash cows because those products hold low market shares in low-growth markets.

1. True
2. False