1.Which of the Following Make an Effective Strategic Plan?

Marketing 3350 Section 2

Chapter 2 Quiz

1.Which of the following make an effective strategic plan?

A) Continual Attention

B) Creativity

C) Management Commitment

D) All of the Above

2. What is Diversification?

A) a business unit that has low growth potential and a small market share

B) a statement of what is to be accomplished through marketing activities

C) a strategy of increasing sales by introducing new products into new markets

D) process of anticipating future events and determining strategies to achieve organizational objectives

3. Which of the following methods would try to increase market share among existing customers?
a. Market development
b. Market penetration
c. Product development
d. Diversification

4. What method would be used to increase sales by introducing new products into new markets?
a. Market penetration
b. Product development
c. Diversification
d. Market development

5. What is sustainable competitive advantage?

A. It seeks to target and effectively serve a single segment of the market

B. An advantage that cannot be copied by the competition

C. A set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition

D. the advantage achieved when a firm seeks to target and effectively serve a small segment of the market

6. Which technique is not used for effective strategic planning.

A. Creativity

B. Management Commitment

C. Continual Attention

D. Long Hours

7. Which of the following is not a type of competitive advantage.

A. Cost

B. Product/Service Differentiation

C. Niche

D. Open

8. Which of the following is NOT true about strategic business units?

A) A distinct mission and a specific target market

B) Its own competitors

C) Control over all risks

D) Control over its resources

E) A single business or a collection of related businesses

9. In Marketing Strategy, the marketing mix contains all but...

A) Price

B) Product

C) Distribution

D) Promotion

E) Planning

10. Strategic marketing management addresses which two questions?

What is the organizations main activity at the time?
How will an organization reach its goals?
What is the target consumer?
Both A&B

11. Strategic Planning is…?

Meetings with employees to handle disputes
Call-Backs to customers
Process of creating a fit between an organizations objectives and resources
None of the above

12. What is a subgroup of a single business or collection of related businesses within the larger organization called?

Strategic business Unit
Committee
Delegation
Sub business group

13. What does SBU stand for?

Service Before Units
Subject By Units
Strategic Business Unit
None of the above

14. What tool could be used by a company to manage the strategic direction of its portfolio of business?

Ansoffs strategic opportunity matrix
The Boston Consulting Group model
General Electric Model
All of the above

15. What is Market Development?

marketing strategy that tries to increase market share among existing customers
marketing strategy that entails attracting new customers to existing products
a marketing strategy that entails the creation of new products for present markets
Both A&C

16. When attracting new customers to existing products, firms are using what option of Ansoff’s strategic opportunity matrix?

a) Market Penetration

b) Market Development

c) Product Development

d) Diversification

17. Which is an example of Competitive Advantage?

a. Cost

b. Niche

c. Product/Service Differentiation

d. All of the above

18. When marketers develop the pricing, promotion, place and product strategies(often referred to as the four Ps), they are in the ______of marketing planning.

A. A. Evaluation stage

B. B. Controlling stage

C. C. Marketing mix stage

D. D.Planning stage

19. The advantage achieved when a firm seeks to target and effectively serve a small segment of the market is______.

A. A. Sustainable competitive advantage

B. B. Cost competitive advantage

C. C. Niche competitive advantage

D. D. Product/service differentiation competitive advantage

20. Which of the following is NOT one of the three Marketing Plans?
A.Situating or SWOT Analysis
B.Objectives
C. Strategies & Tactics
D.Business Mission Statements