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| 1.
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Profit is: |
| | A) | the point at which company assets equal company liabilities. |
| | B) | the money left over after a firm's total expenses are subtracted from its total revenues. |
| | C) | the goodwill earned from implementing the societal marketing concept. |
| | D) | the money earned as long as the economic order quantity is maintained. |
| | E) | accurately described by all of the above. |
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| 2.
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Which of the following statements about cross-functional teams is true? |
| | A) | There is no conflict when cross-functional teams are used. |
| | B) | Cross-functional teams are only used in consumer products industries. |
| | C) | Cross-functional teams have a small number of people on them. |
| | D) | The most effective marketing takes place in functional areas not in cross-functional teams. |
| | E) | None of the above statements about cross-functional teams is true. |
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| 3.
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Railroads may have let other forms of transportation take business away from them because their vision included only the railroad business, rather than the broader vision of: |
| | A) | transportation. |
| | B) | aerospace. |
| | C) | entertainment. |
| | D) | retailing. |
| | E) | wholesaling. |
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| 4.
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Brittany read on the second page of the stockholder's report for a manufacturer of automobile parts, "Our goal for the next five year period is to double our return on investment." She now knows the company has __________ goals. |
| | A) | profit |
| | B) | sales revenue |
| | C) | market share |
| | D) | unit sales |
| | E) | survival |
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| 5.
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Kellie Johnson is the owner of Yesterday's Kitchen in Minnesota. She produces and markets 35 different kinds of jams and jellies at her home-based business. In 2001, she sold $25,000. Her goal for 2002 was to sell $30,000. This is an example of a __________ goal. |
| | A) | quality |
| | B) | customer satisfaction |
| | C) | sales |
| | D) | profit |
| | E) | market share |
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| 6.
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Pfizer Pharmaceuticals is offering low-income senior citizens some of its most widely used prescriptions for $15 each a month-well below the regular costs for these drugs. This program to better serve senior citizens likely grew out of a __________ goal. |
| | A) | profit |
| | B) | unit sales |
| | C) | sales revenue |
| | D) | market share |
| | E) | social responsibility |
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| 7.
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When Zierer GMBH, a German manufacturer of amusement park rides began manufacturing gravity rides such as the runaway mine train ride, it studied a ride built by a U.S. competitor to learn how its braking system worked and to use this information in its own design. It was engaging in: |
| | A) | benchmarking. |
| | B) | demarketing. |
| | C) | swotting. |
| | D) | resourcing. |
| | E) | outsourcing. |
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| 8.
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In 1980, Ford Motor Co. introduced the Ford Escort, which at one time was the company's best-selling car. By 2002, Ford sales managers were describing the Escort as dated. Its success had been overshadowed by the subcompact Focus, which is now the best-selling car in the world. Because its sales were down, and there was no substantial market for the Ford Escort, it would be labeled as a __________ by the Boston Consulting Group growth-share matrix. |
| | A) | cash cow |
| | B) | dog |
| | C) | question mark |
| | D) | problem child |
| | E) | fading star |
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| 9.
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One of the strengths inherent in the use of the BCG portfolio analysis is that it: |
| | A) | is remarkably easy to locate an SBU on the BCG matrix. |
| | B) | considers all factors that might impact an SBU's value to an organization. |
| | C) | acts as a strong motivational tool for employees in SBUs that have been labeled dogs or problem children. |
| | D) | forces firms to assess their SBUs in terms of relative market share and industry growth rate, showing which will be cash producers and cash users in the future. |
| | E) | does none of the above. |
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| 10.
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A __________ has a high share of a low growth market. |
| | A) | cash cow |
| | B) | dog |
| | C) | question mark |
| | D) | star |
| | E) | problem child |
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| 11.
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Which market-product strategy involves selling a new product to existing markets? |
| | A) | market penetration |
| | B) | market development |
| | C) | divestment |
| | D) | diversification |
| | E) | product development |
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| 12.
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In January 2002, Honda announced plans to increase the light truck share of its U.S. sales by 30 percent in 2002. This would be an example of a __________ strategy. |
| | A) | market penetration |
| | B) | product development |
| | C) | market development |
| | D) | product penetration |
| | E) | diversification |
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| 13.
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The key steps of planning, implementation, and control are part of what is called: |
| | A) | gap analysis. |
| | B) | the strategic marketing process. |
| | C) | the situational marketing process. |
| | D) | the developmental market analysis. |
| | E) | the market determinant method. |
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| 14.
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Finding a focus on what product offerings will be directed toward which customers is essential for developing an effective: |
| | A) | marketing program. |
| | B) | market divestiture. |
| | C) | market dramatization. |
| | D) | product demonstration. |
| | E) | product warranty. |
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| 15.
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There are many perfumes on the market, but only one that breaks down fragrances into elements so people can wear the particular scents with which they have emotional ties. The perfume's manufacturer is Demeter, and it makes over 150 different fragrances. It makes fragrances, which includes Glue, Dust, Turpentine, Mildew, and Earthworm, specifically for riot girls. For women who consider themselves sultry, it makes Fireplace, Woodsmoke, and Holy Smoke. Because it selectively markets groups of fragrances to various groups of consumers, it can be said to use: |
| | A) | mass marketing. |
| | B) | demarketing. |
| | C) | market segmentation. |
| | D) | market differentiation. |
| | E) | market augmentation. |
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| 16.
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Two major elements of the implementation phase of the strategic marketing process are: |
| | A) | segmenting the market and selecting target markets. |
| | B) | establishing a business mission and designing measurable goals and objectives. |
| | C) | designing the marketing mix and setting the budget. |
| | D) | identifying deviations in the marketing plan and acting on them. |
| | E) | executing the marketing program and designing the marketing organization. |
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| 17.
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Kellie Johnson is the owner of Yesterday's Kitchen in Minnesota. She produces and markets 35 different kinds of jams and jellies at her home-based business. She wants to gradually increase her sales until she is selling 9,000 jars annually. (In 2001, she sold 2,500 jars.) Her __________ for the next five-years is to develop promotions to reach the tourists that visit Minnesota. |
| | A) | tactics |
| | B) | action program |
| | C) | mission |
| | D) | marketing strategy |
| | E) | functional-level strategy |
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| 18.
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Kellie Johnson is the owner of Yesterday's Kitchen in Minnesota. She produces and markets 35 different kinds of jams and jellies at her home-based business. She sells the jams in packages of three in a small retail store in the basement of her home. The decision on how to sell her product and where to sell it are both examples of: |
| | A) | a marketing program. |
| | B) | marketing tactics. |
| | C) | place strategies. |
| | D) | points of deviation. |
| | E) | controls. |
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| 19.
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When would a marketing manager compare desired performance goals with actual performance? |
| | A) | prior to entering the implementation phase of the strategic marketing process |
| | B) | during the planning stage of the marketing program |
| | C) | during the control phase of the strategic marketing process |
| | D) | beginning with the planning phase of the strategic marketing process |
| | E) | any time during the strategic marketing process |
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| 20.
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Which of the following is an example of a guideline that should be used if you want to write an effective marketing plan? |
| | A) | Set no page limitations; let the subject matter dictate the length. |
| | B) | Use words like unique, exclusive, and matchless to make your ideas seem more powerful. |
| | C) | Use a unique typeface that says something about your personality. |
| | D) | Use present and future tense as well as active voice. |
| | E) | Avoid the use of visuals because they will be perceived as clutter. |
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