Mgt301 Quiz 2 Solution 2021
Marketing strategy is the marketing logic by which a company hopes to achieve profitable customer relationships
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Guided by marketing strategy, the company designs a marketing mix made up of factors under its control-product, price, place, and promotion.
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False
The first step in strategic planning is to define the company mission.
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True
In the Boston Consulting Group approach, relative market shares serves as a measure of campany strength in the market.
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False
In the Boston Consulting Group approach, relative market provides a measure of market attractiveness.
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True
Holiday inn has divided the total customer market into smaller segments and selected the most promising segments. Deciding what position it wants to occupy in these segments is called targeting.
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True
At Air Online, “we provide online services,” is a market-oriented business definition.
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False
At America Online, “we create customer connectivity, anytime, anywhere,” is a product-oriented business definition.
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False
A supplier can be a person who provides the products or goods to consumers. A supplier could be a manufacture.
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More and more campanies are shifting their brand management focus toward customer relationship management.
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Recently Pakistan has been added to Amazon’s (E-commerce company) seller list, with the inclusion, the seller from Pakistan will offer their existing product in the new market. This is related to the Product development concept.
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False
The product management organizational format was founded by Procter and Gamble.
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False
Starbucks has introduced a debit card that lets customers prepay for coffee and snacks.Starbucks management is considering whether the company can achieve deeper productdevelopment.
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False
The first step in the marketing control process is to measure performance.
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The image a product reflects in the minds of consumers is called market segmentation.
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Strategic control involves looking at whether a company’s basic strategies are well matchedto its opportunities.
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False
Strategic market planning is the task of selecting an overall company strategy for long-runsurvival and growth.
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A market segment consists of consumers who respond in different ways to a given set ofmarketing efforts.
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False
Through annual marketing planning, the company decides what it wants to do with eachbusiness unit.
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A company with limited resources might decide to serve all segments of a market.
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Marketing mix is the set of uncontrollable, marketing tools that the firm can use toinfluence the demand for its product.
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“At Nike, we sell shoes” is a market-oriented business definition.
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The elements of the marketing mix commonly known as the “four Ps” include: product,price, place, and promotion.
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False
At America Online, “we create customer connectivity, anytime, anywhere,” is a product-oriented business definition.
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False
Revlon has clearly defined its “mission” of selling lifestyle and self-expression. As the firmprepares to launch its strategic plan, the mission needs to be turned into a detailed set ofobjectives that guide the whole company.
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False
Making more sales to current customers without changing a firm’s products is marketpenetration.
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False
Unlike former strategic planning efforts, today’s strategic planning has been centralized.
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False
Mission statements must fit the market environment, as indicated here by the Girl Scouts ofAmerica’s mission: “where girls grow strong.”
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The collection of businesses and products that make up a company is called its marketingstrategy.
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An SBU can be a company division, a product line within a division, or sometimes a singleproduct or brand.
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ABC Fortunes has just developed a formal statement of its purpose. This firm has puttogether a mission statement.
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Mission statements should be realistic and general in nature.
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Mission statements should both fit the market environment and be motivating.
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False
The societal marketing concept call on marketers to balance consumer wants and desires, company profits, and society's interest.
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False
Customer value is defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
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False
Demarketing is a marketing philosophy focused upon product differentiation and positioning.
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False
Your accounting department must measure revenues and costs to help the marketing department know how well it is achieving its objectives.
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False
When sellers focus on existing needs and lose sight of the underlying customer wants, they suffer from marketing myopia.
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False
Most firms follow the production concept when they face overcapacity.
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False
The significant trends in the natural environment include shortages of raw materials and increased pollution.
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False
When firms take aggressive action to affect the public and forces in their marketing environment, they are taking an environmental management perspective.
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At times it becomes necessary to reduce demand for some products and services. When the government tries to reduce the smoking of tobacco products, it adds more tax to the products and is practicing demarketing.
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False
Marketing management is interested in serving all customers in every way to remain competitive in today's markets.
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