Transcript Chapter 2 pp review - Hinsdale Township High School District 86

Marketing: Real People, Real
Choices, 4e
Chapter 2
Products that produce profit and market
share with very little effort are referred to
as ________ in the BCG matrix.
1. dogs
2. cash cows
3. value products
4. stars
Products that produce profit and market
share with very little effort are referred to
as ________ in the BCG matrix.
1. dogs
2. cash cows
3. value products
4. stars
A growth strategy that emphasizes both
new products and new markets is
called diversification.
1. True
2. False
A growth strategy that emphasizes both
new products and new markets is
called diversification.
1. True
2. False
A competitive advantage is
1. a superior capability of a company in comparison to its direct competitors.
2. a growth strategy designed to increase market share.
3. the ability of the company to outperform its competition.
4. a growth strategy to increase profitability.
A competitive advantage is
1. a superior capability of a company in comparison to its direct competitors.
2. a growth strategy designed to increase market share.
3. the ability of the company to outperform its competition.
4. a growth strategy to increase profitability.
SWOT refers to the analysis of a
company’s sales, workforce,
ownership, and talent.
1. True
2. False
SWOT refers to the analysis of a
company’s sales, workforce,
ownership, and talent.
1. True
2. False
When managers compare a marketing
planning objective to an actual
occurrence, they are implementing
control aspects of the plan.
1. True
2. False
When managers compare a marketing
planning objective to an actual
occurrence, they are implementing
control aspects of the plan.
1. True
2. False
If Chappy Chip Company is developing a brand
new flavor of baked potato chips, they are
implementing a ___________ plan.
1. market development
2. product development
3. strategic
4. diversification
If Chappy Chip Company is developing a brand
new flavor of baked potato chips, they are
implementing a ___________ plan.
1. market development
2. product development
3. strategic
4. diversification
Automobile dealerships in rural America are
having a difficult time selling automobiles
because of the high price of gasoline. This is
due most likely to the __________.
1. internal environment of the automobile industry
2. values in our society
3. demographics of rural America
4. changing dynamics of the external business environment
Automobile dealerships in rural America are
having a difficult time selling automobiles
because of the high price of gasoline. This is
due most likely to the __________.
1. internal environment of the automobile industry
2. values in our society
3. demographics of rural America
4. changing dynamics of the external business environment
Companies that introduce new
products into new markets are
penetrating that market.
1. True
2. False
Companies that introduce new
products into new markets are
penetrating that market.
1. True
2. False
A patent will always give a company a
slight competitive advantage.
1. True
2. False
A patent will always give a company a
slight competitive advantage.
1. True
2. False
A company creates a product portfolio
to reduce the risks of doing business.
1. True
2. False
A company creates a product portfolio
to reduce the risks of doing business.
1. True
2. False
MADD, the Mothers Against Drunk Driving,
seeks to prevent drunk driving, support the
victims of this crime, and prevent underage
drinking. This philosophy is most likely the
organization’s __________.
1. internal analysis
2. marketing plan
3. mission statement
4. profit objective
MADD, the Mothers Against Drunk Driving,
seeks to prevent drunk driving, support the
victims of this crime, and prevent underage
drinking. This philosophy is most likely the
organization’s __________.
1. internal analysis
2. marketing plan
3. mission statement
4. profit objective
The for-profit business schools like the
University of Phoenix most likely compete
in a structure defined as _________.
1. oligopoly
2. pure competition
3. monopolistic competition
4. monopoly
The for-profit business schools like the
University of Phoenix most likely compete
in a structure defined as _________.
1. oligopoly
2. pure competition
3. monopolistic competition
4. monopoly
When a company tries to develop an edge over its
competitors based on a superior product, better
distribution, better services, or lower selling price
based on lower costs, it is trying to establish a(n):
1. business-to-business advantage
2. industrial advantage
3. competitive advantage
4. production advantage
5. market segment
When a company tries to develop an edge over its
competitors based on a superior product, better
distribution, better services, or lower selling price
based on lower costs, it is trying to establish a(n):
1. business-to-business advantage
2. industrial advantage
3. competitive advantage
4. production advantage
5. market segment
Which of the following is not an example of a
competitive advantage?
1. a superior product in relation to the competition
2. a technology level equal to the competition
3. better distribution and services
4. low costs and selling prices
Which of the following is not an example of a
competitive advantage?
1. a superior product in relation to the competition
2. a technology level equal to the competition
3. better distribution and services
4. low costs and selling prices
A company will be more successful in its
marketing planning if it has a knowledge of
changes in the marketing environment.
1. True
2. False
A company will be more successful in its
marketing planning if it has a knowledge of
changes in the marketing environment.
1. True
2. False
The more a company knows about the
weaknesses in a competitor’s marketing
strategy, the better able it will be in exploiting
the weakness to gain competitive
advantage.
1. True
2. False
The more a company knows about the
weaknesses in a competitor’s marketing
strategy, the better able it will be in exploiting
the weakness to gain competitive
advantage.
1. True
2. False
Discovering threats to marketing success,
like Kodak’s finding out about Sony’s new
digital camera technology, forces companies
to rethink their strategic planning.
1. True
2. False
Discovering threats to marketing success,
like Kodak’s finding out about Sony’s new
digital camera technology, forces companies
to rethink their strategic planning.
1. True
2. False
If companies do not have a sufficient
knowledge of the competitive nature of the
environment, they will most likely make poor
marketing decisions in that environment.
1. True
2. False
If companies do not have a sufficient
knowledge of the competitive nature of the
environment, they will most likely make poor
marketing decisions in that environment.
1. True
2. False
Objectives are the part of a marketing
plan that define marketing
opportunities.
1. True
2. False
Objectives are the part of a marketing
plan that define marketing
opportunities.
1. True
2. False
Strategic planning focuses on one
product in the firm’s product mix.
1. True
2. False
Strategic planning focuses on one
product in the firm’s product mix.
1. True
2. False
Evaluation of a marketing plan should
be an ongoing process.
1. True
2. False
Evaluation of a marketing plan should
be an ongoing process.
1. True
2. False
It is important to have information to help make
marketing decisions. Two of the most important
areas of information needed to exploit
opportunities in marketing are a knowledge of:
1. stock prices and interest rates
2. competitors and environmental changes
3. competitors and average inventory
4. the fluctuating dollar and the global environment
It is important to have information to help make
marketing decisions. Two of the most important
areas of information needed to exploit
opportunities in marketing are a knowledge of:
1. stock prices and interest rates
2. competitors and environmental changes
3. competitors and average inventory
4. the fluctuating dollar and the global environment
Strategic planning begins with the notion that
consumers:
1. are ignorant
2. can be exploited
3. have one need to satisfy
4. have a set of needs to satisfy
Strategic planning begins with the notion that
consumers:
1. are ignorant
2. can be exploited
3. have one need to satisfy
4. have a set of needs to satisfy
When Nintendo introduced the Game Cube, it
was implementing:
1. product line extension
2. product development
3. market expansion
4. market penetration
When Nintendo introduced the Game Cube, it
was implementing:
1. product line extension
2. product development
3. market expansion
4. market penetration