MKTG 9th Edition by Charles W. Lamb -Test Bank

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MKTG 9th Edition by Charles W. Lamb -Test Bank

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WITH ANSWERS

MKTG 9th Edition by Charles W. Lamb -Test Bank

Chapter 2

 

 

1. A diversification strategy can be risky when a firm is entering unfamiliar markets.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   A diversification strategy can be risky when a firm is entering unfamiliar markets. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Remember
BUSPROG: Analytic
Diversification
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: ABYQAS7600N8G16CZ730
QUESTION ID:   JFND-GO4G-G3BU-KPTA

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMMB-CFTU-O3TA-COAD-1PJ3-COSU-OAUN-8YSS-NQMB-GOSU-KQMG-GCSU-RC5R-G7TG-CPBZ-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

2. A companys skills are functionssuch as customer service and promotionsthat the firm performs better than its competitors.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   Skills are functionssuch as customer service and promotionsthat the firm performs better than its competitors. Marketing managers should continually focus the firms skills and assets on sustaining and creating competitive advantages. See 2-6: Competitive Advantage
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.06
TOPICS:   A-head: Competitive Advantage
Blooms: Remember
BUSPROG: Analytic
Sustainable Competitive Advantage
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: ANCJRTK309XAG33WG950
QUESTION ID:   JFND-GO4G-G3BU-KP1G

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMMR-CR4D-Q3TZ-GRAS-KCMR-CESU-1CT3-CESS-CPT1-GOSU-GA3T-CCSU-C3UG-CE3G-NPTU-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

3. A market segment is a group of individuals or organizations who share one or more characteristics.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   A market segment is a group of individuals or organizations who share one or more characteristics. See 2-8: Describing the Target Market
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.08 2-8
TOPICS:   A-head: Describing the Target Market
Blooms: Remember
BUSPROG: Analytic
Target Markets
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: BBYJJVG6TBD57MHUF485
QUESTION ID:   JFND-GO4G-G3BU-KP1F

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJW-GWAU-NCJI-8YAD-O3MF-GASU-R3TI-CRSS-NPBW-GOSU-1C33-GRSS-RCJW-GRAS-KQBI-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

4. Organizations use product development strategies to serve customers in their existing markets.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   A product development strategy entails the creation of new products for present markets. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Remember
BUSPROG: Analytic
Product Development
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: BGLZH0D41W9HNXZQ9048
QUESTION ID:   JFND-GO4G-G3BU-KP1R

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJA-GIUD-Q3MF-GJOU-YQDD-8YSS-CCB3-CRSS-RPTU-GOSS-NP5N-CASU-YQDG-8Y5D-YAJ3-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

5. A product/service differentiation competitive advantage refers to defining a business in terms of goods and services rather than in terms of the benefits customers seek.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   A product/service differentiation competitive advantage exists when a firm provides something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition. See 2-6: Competitive Advantage
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.06
TOPICS:   A-head: Competitive Advantage
Blooms: Remember
BUSPROG: Analytic
Product Differentiation
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: CVKV0GQ74X1XT6TRA220
QUESTION ID:   JFND-GO4G-G3BU-KP1D

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMMB-CC4G-GAUG-GE3U-RPT3-CASU-O3JU-CRSU-OPTO-GOSU-K3TI-CWSU-RCJ1-G71U-RPUR-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

6. A company that sells paper stationery made of recycled materials, which no other paper manufacturing company in the market has the ability produce, has a competitive advantage.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   A sustainable competitive advantage is one that cannot be copied by the competition. The key to having a competitive advantage is the ability to sustain that advantage. See 2-6: Competitive Advantage
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.06
TOPICS:   A-head: Competitive Advantage
Blooms: Apply
BUSPROG: Reflective Thinking
Sustainable Competitive Advantage
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: EDUFQAN0TWSZ4DSEW115
QUESTION ID:   JFND-GO4G-G3BU-KPTU

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJA-GC4U-KQJS-8Y3D-YP33-GCSS-GPJ1-8RSS-KC3T-GOSS-GPJ1-CESU-C3JW-GA5G-EPDR-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

7. An ideal marketing penetration strategy would be to offer cash backs and discounts on products to customers.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   A firm using the market penetration alternative would try to increase market share among existing customers. An ideal marketing penetration strategy would be to offer cash backs and discounts on products to customers. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Remember
BUSPROG: Analytic
Market Penetration
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: EXYS0GV7P45E55TWC949
QUESTION ID:   JFND-GO4G-G3BU-KPT1

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMMG-GR4G-G3DB-GFOU-QQMF-CRSU-OAJ3-8YSU-E3BO-GOSS-E3TI-8RSU-OATT-CI1S-GPUD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

8. Marketing managers rely on customer databases for effective implementation of the market penetration strategy.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   A firm using the market penetration alternative would try to increase market share among existing customers. Customer databases would help managers implement this strategy. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Remember
BUSPROG: Analytic
Market Penetration
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: FCXHJBPJF938FH705361
QUESTION ID:   JFND-GO4G-G3BU-KPTT

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJ1-CTTG-E3JW-CO5U-NPTS-GASS-KPBZ-CESU-G3BS-GOSS-GCBA-8RSU-KC3U-C3UD-1PJW-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

9. Individuals in the age group of 12 to 18 years, who extensively use the internet is an example of a market segment.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   A market segment is a group of individuals or organizations who share one or more characteristics. They therefore, may have relatively similar product needs. For example, parents of newborn babies need formula, diapers, and special foods. See 2-8: Describing the Target Market
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.08 2-8
TOPICS:   A-head: Describing the Target Market
Blooms: Apply
BUSPROG: Reflective Thinking
Target Markets
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: JXPJCT0Y0KZ4YYVZQ102
QUESTION ID:   JFND-GO4G-G3BU-KPTO

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMMN-GOAD-QP31-CITG-KQJO-GRSU-N3UN-CRSU-GCDR-GOSS-RQMD-GWSU-E3BZ-CITS-RPTU-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

10. Target markets can be selected by appealing to the entire market with one marketing mix.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   Target markets can be selected by appealing to the entire market with one marketing mix, concentrating on one segment, or appealing to multiple market segments using multiple marketing mixes. See 2-8: Describing the Target Market
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.08 2-8
TOPICS:   A-head: Describing the Target Market
Blooms: Remember
BUSPROG: Analytic
Target Markets
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: KRPLE6GY6UH9THNUJ216
QUESTION ID:   JFND-GO4G-G3BU-KPTZ

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJA-GJ1U-RPUD-8R5S-NCBS-8YSS-EPJ3-8RSU-CCBI-GOSU-OPUG-8YSU-QAUF-GR5U-QQDF-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

11. A companys assets include patents, copyrights, and technology that are superior to those of the competition.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   Assets include patents, copyrights, locations, equipment, and technology that are superior to those of the competition. See 2-6: Competitive Advantage
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.06
TOPICS:   A-head: Competitive Advantage
Blooms: Remember
BUSPROG: Analytic
Sustainable Competitive Advantage
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: MLHKFQ0HWJRFQQNP6484
QUESTION ID:   JFND-GO4G-G3BU-KPTS

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJW-G7OU-EP5F-GWHU-EP5F-CWSU-Q3JW-CRSS-R3UB-GOSU-EAUF-COSU-RCJ3-CA5S-GCBS-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

12. Market segments can be differentiated by ethnicity and multicultural aspects.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   If segments are differentiated by ethnicity, multicultural aspects of the marketing mix should be examined. See 2-8: Describing the Target Market
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.08 2-8
TOPICS:   A-head: Describing the Target Market
Blooms: Remember
BUSPROG: Analytic
Target Markets
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: MQGHB5NTYEWEYTEDT888
QUESTION ID:   JFND-GO4G-G3BU-KPTI

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJT-GE3S-N3BO-GEAD-NPMB-COSU-1ATU-8YSS-NC3T-GOSS-GAUB-CWSS-RCJS-GA5G-G3DF-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

13. A market development strategy may involve creating new uses for old products to stimulate additional sales among existing customers, while also bringing in new buyers.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   Market development means attracting new customers to existing products. Ideally, new uses for old products stimulate additional sales among existing customers, while also bringing in new buyers. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Remember
BUSPROG: Analytic
Market Development
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: NGCNVN5REZHQ17TRU250
QUESTION ID:   JFND-GO4G-G3BU-KPTW

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMMN-CC4U-EC31-CJTU-YA5R-CWSS-G3JS-CESS-NPJU-GOSU-NQMB-8YSU-NAT1-GE4S-CCTO-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

14. Marketing objectives must be consistent with and indicate the priorities of the organization.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   Objectives must also be consistent with and indicate the priorities of the organization. See 2-7: Setting Marketing Plan Objectives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.07 2-7
TOPICS:   A-head: Setting Marketing Plan Objectives
Blooms: Remember
BUSPROG: Analytic
Marketing Objectives
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: NMWPBYMWKT72W4DK9187
QUESTION ID:   JFND-GO4G-G3BU-KP4N

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJI-CA3U-KCMB-CR3D-C3MF-GYSS-GAMN-CRSS-CA5N-GOSU-EPUG-CASS-KPJZ-GHHD-EPJT-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

15. Product development strategies require creation of new markets.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   A product development strategy entails the creation of new products for present markets. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Remember
BUSPROG: Analytic
Product Development
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: PBFUQQVS0EEVBPP1P396
QUESTION ID:   JFND-GO4G-G3BU-KP4B

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMMG-GP1D-CP3O-GPUG-NCMN-COSS-GATO-8YSU-1AT3-GOSS-EATW-COSS-EPMD-GJOS-ECUR-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

16. Diversification strategies involve increasing sales of existing products in existing markets.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   Diversification is a strategy of increasing sales by introducing new products into new markets. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Remember
BUSPROG: Analytic
Diversification
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: QBYVT9JNGE4UG099N327
QUESTION ID:   JFND-GO4G-G3BU-KP33

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJZ-GB1U-K3UR-CFTS-KCUB-CESS-C3MN-CRSU-CA3Z-GOSU-O3JZ-CESS-NAJO-CITU-ECBS-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

17. Market segments cannot be differentiated by demographic characteristics.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   Any market segment that is targeted must be fully described. Demographics, psychographics, and buyer behavior should be assessed. See 2-8: Describing the Target Market
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.08 2-8
TOPICS:   A-head: Describing the Target Market
Blooms: Remember
BUSPROG: Analytic
Target Markets
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: QPMJC7JR30QPZRAWY071
QUESTION ID:   JFND-GO4G-G3BU-KP3A

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJT-GEHD-1ATU-GAHG-CC3A-8YSU-RCMN-CRSU-YAUF-GOSS-ECBW-CASU-QAJS-CJTU-1A5N-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

18. An organization is most likely to opt for a market development strategy to boost sales of a new product.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   Market development means attracting new customers to existing products. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Remember
BUSPROG: Analytic
Market Development
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: RMRJ5D0L620YUEFW4631
QUESTION ID:   JFND-GO4G-G3BU-KP4G

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJ3-GWAU-N3TU-GO3G-CA31-8YSU-KAUR-8RSS-NA5G-GOSS-RQMR-GCSS-K3UD-GIUG-RATO-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

19. Manufacturers use product development strategies to create new products for new markets.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   Manufacturers use product development strategies to create new products for new markets. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Remember
BUSPROG: Analytic
Product Development
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: RPXFF4FEVJ6HHQL0C089
QUESTION ID:   JFND-GO4G-G3BU-KP4F

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJ1-CWHU-NAUD-GC3U-YQBI-CASU-EAT1-CESU-KPJA-GOSS-RCB3-CASU-EAMB-CA5D-OPTI-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

20. A firm using the market penetration strategy would try to attract new customers to existing products.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   A firm using the market penetration alternative would try to increase market share among existing customers. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Remember
BUSPROG: Analytic
Market Penetration
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: RVFK6LNW757EW1NU1885
QUESTION ID:   JFND-GO4G-G3BU-KP4R

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMMF-CPOU-NP31-CP1U-RAJT-GHSU-QCDD-8YSU-Q3JO-GOSU-CCBU-CCSS-CATI-8BTU-1QJW-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

21. A sustainable competitive advantage is a function of the speed with which competitors can imitate a leading companys strategy and plans.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   A sustainable competitive advantage is a function of the speed with which competitors can imitate a leading companys strategy and plans. Imitation requires a competitor to identify the leaders competitive advantage, determine how it is achieved, and then learn how to duplicate it. See 2-6: Competitive Advantage
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.06
TOPICS:   A-head: Competitive Advantage
Blooms: Remember
BUSPROG: Analytic
Sustainable Competitive Advantage
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: SLCQMWKP1A1RGJU0H290
QUESTION ID:   JFND-GO4G-G3BU-KP4D

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJ1-GP1U-NC5F-GFUG-ECB1-GHSU-OQJI-CESU-GCJA-GOSS-NCJI-GYSS-CPDN-GY5S-EQJO-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

22. A marketing strategy involves the activities of selecting and describing one or more target markets.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   A marketing strategy involves the activities of selecting and describing one or more target markets, and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets. See 2-8: Describing the Target Market
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.08 2-8
TOPICS:   A-head: Describing the Target Market
Blooms: Remember
BUSPROG: Analytic../chapter_%20(12)/PPFGTW8023SVLL2A3056.xml
Marketing Strategy
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: SMYVF15UNAG23VH9L179
QUESTION ID:   JFND-GO4G-G3BU-KP3U

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJO-GH3D-QPBO-CC4S-KQJZ-8RSU-KATO-CRSS-EPBS-GOSS-KQMD-GHSS-GCB1-8RHS-GAJA-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

23. Relish is a bakery that has introduced a range of low-fat pizzas for its present customers. This is an example of product development strategy.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   A product development strategy entails the creation of new products for present markets. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Remember
BUSPROG: Analytic
Product Development
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: UJJA8T7EUG6A6Z0ND202
QUESTION ID:   JFND-GO4G-G3BU-KP31

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMMB-GFUD-YCMD-CWHD-1QB1-CCSU-KA3A-8YSS-C3JO-GOSU-1PTT-GASU-QATA-CO4D-Y3BT-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

24. The growing emphasis on continuing education and executive development by colleges and universities is a market development strategy.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   Market development means attracting new customers to existing products. The growing emphasis on continuing education and executive development by colleges and universities is a market development strategy. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Remember
BUSPROG: Analytic
Market Development
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: WJPL3SFA7AVQSS3JS598
QUESTION ID:   JFND-GO4G-G3BU-KP3T

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMMD-GFTD-YPBU-GO3U-1PMG-CWSU-C3DF-CESS-CCJU-GOSS-RCBA-GESU-OAJ1-CTTU-NCBZ-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

25. Imitating a rivals competitive advantage requires the company to first identify the rivals competitive advantage.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   Imitation requires a competitor to identify the leaders competitive advantage, determine how it is achieved, and then learn how to duplicate it. See 2-6: Competitive Advantage
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.06
TOPICS:   A-head: Competitive Advantage
Blooms: Remember
BUSPROG: Analytic
Sustainable Competitive Advantage
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: YZUM4MCLMNEBSNRSH276
QUESTION ID:   JFND-GO4G-G3BU-KP3O

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJA-GH4D-G3TT-GR5D-QP5F-GRSU-RC3S-8RSU-EPDB-GOSU-G3JW-GHSU-YP3T-CJ1U-O3JO-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

26. The key to having a competitive advantage is the ability to imitate a competitors strategy.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   The key to having a competitive advantage is the ability to sustain that advantage. A sustainable competitive advantage is one that cannot be copied by the competition. See 2-6: Competitive Advantage
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.06
TOPICS:   A-head: Competitive Advantage
Blooms: Remember
BUSPROG: Analytic
Sustainable Competitive Advantage
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: ZEGEMFH8FB13T05A7296
QUESTION ID:   JFND-GO4G-G3BU-KP3Z

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJW-CAHU-ECUG-CA5S-RPTI-CASU-K3JO-8RSU-E3BU-GOSS-NQJT-COSS-CQMF-GAAU-RA5B-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

27. Marketing objectives serve as motivators by creating something for employees to strive for.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   Marketing objectives serve as motivators by creating something for employees to strive for. See 2-7: Setting Marketing Plan Objectives
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.07 2-7
TOPICS:   A-head: Setting Marketing Plan Objectives
Blooms: Remember
BUSPROG: Analytic
Marketing Objectives
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: ZUBUQ5WACGV0CMAD6455
QUESTION ID:   JFND-GO4G-G3BU-KP3S

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJI-G7OS-C3BO-CPTS-GPJU-GESU-RATU-8RSS-RPJT-GOSS-KATI-8YSU-RAJI-GR4S-CPTT-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

28. A marketing strategy involves developing and maintaining a marketing mix.

  a. True
  b. False

 

ANSWER:   True
RATIONALE:   A marketing strategy involves the activities of selecting and describing one or more target markets, and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets. See 2-8: Describing the Target Market
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.08 2-8
TOPICS:   A-head: Describing the Target Market
Blooms: Remember
BUSPROG: Analytic
Marketing Strategy
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: ZZFB8Q3XHT4F77KS6637
QUESTION ID:   JFND-GO4G-G3BU-KP3I

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMMF-8Y3G-RQMR-GJ1D-KCTU-GHSU-CAJS-CRSU-YCTO-GOSS-KATA-GASS-R3DN-C3TU-Y3DN-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

29. Gemini Inc. has prepared a market plan for its air conditioners. The managers at Gemini have outlined several activities for their subordinates based on a marketing plan. The employees are required to finish these activities within specific time frames. The managers have also allocated a budget for each activity. In the context of marketing planning, which of the following concepts is illustrated in the scenario?

  a. Divestment
  b. Implementation
  c. Diversification
  d. Vertical integration

 

ANSWER:   b
RATIONALE:   The concept of implementation is illustrated in the scenario. Implementation is the process that turns a marketing plan into action assignments, and ensures that these assignments are executed in a way that accomplishes the plans objectives. Implementation activities may involve detailed job assignments, activity descriptions, time lines, budgets, and lots of communication. See 2-10: Following Up on the Marketing Plan
POINTS:   1
DIFFICULTY:   Challenging
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.10
TOPICS:   A-head: Following Up on the Marketing Plan
Blooms: Apply
BUSPROG: Reflective Thinking
Implementation
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: AGLZYXMAQU3U50J0B264
QUESTION ID:   JFND-GO4G-G3BU-KP3W

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMMN-8FTS-CP5G-C31U-G3BS-GASU-CATO-CESU-1AJ3-GOSU-13UD-CASU-RA3I-GTOS-CCJI-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

30. NutriPro has many business divisions. One of its business divisions has a large customer base for its breakfast cereal in Oriel. NutriPros other business division sells cookies in Lanslot. NutriPro has now introduced its cookies in Oriel. To ensure good sales, the company is also offering discounts. Which of the following strategies is illustrated in this scenario?

  a. Restraint of trade
  b. Self-dealing
  c. Market penetration
  d. Divestment

 

ANSWER:   c
RATIONALE:   NutriPro has implemented a market penetration strategy. A firm using the market penetration alternative would try to increase its market share among existing customers. See 2-3: Strategic Alternatives
POINTS:   1
DIFFICULTY:   Challenging
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.03
TOPICS:   A-head: Strategic Alternatives
Blooms: Apply
BUSPROG: Reflective Thinking
Market Penetration
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: ARQH7QQZA857DULFL282
QUESTION ID:   JFND-GO4G-G3BU-KPNN

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJU-CA4S-RAUG-GBUD-CAJU-CRSU-C3BO-8RSS-G3BU-GOSU-QCMN-COSS-N3TS-GA3D-1PUB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

31. Which of the following questions considered by markets is closely associated with promotion?

  a. How can we use social media to increase our products sales?
  b. Should we increase the prices of our products?
  c. What should the packaging of our products look like?
  d. How can we improve our product quality?

 

ANSWER:   a
RATIONALE:   Promotion includes advertising, public relations, sales promotion, and personal selling. Promotions role in the marketing mix is to bring about mutually satisfying exchanges with target markets by informing, educating, persuading, and reminding them of the benefits of an organization or a product. See 2-9: The Marketing Mix
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.09
TOPICS:   A-head: The Marketing Mix
Blooms: Understand
BUSPROG: Analytic
Promotion Strategies
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: AVXYT5XDUZP5H1ZZW977
QUESTION ID:   JFND-GO4G-G3BU-KPNB

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJZ-8R4D-GPDF-C31D-EPMR-GCSU-CPJI-CESS-RATS-GOSU-1AJU-GOSU-EA3A-GTTG-RCDB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

32. In the context of SWOT analysis, marketers can identify strengths and weaknesses by focusing on:

  a. employee capabilities.
  b. government policies.
  c. quality of products produced by competitors.
  d. foreign competitors.

 

ANSWER:   a
RATIONALE:   When examining internal strengths and weaknesses, the marketing manager should focus on organizational resources such as production costs, marketing skills, financial resources, company or brand image, employee capabilities, and available technology. See 2-5: Conducting a Situation Analysis
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
LEARNING OBJECTIVES:   MKTG.LAMB.15.02.05
TOPICS:   A-head: Conducting a Situation Analysis
Blooms: Understand
BUSPROG: Analytic
SWOT Analysis
DATE CREATED:   5/1/2015 4:22 PM
DATE MODIFIED:   5/26/2015 12:42 AM
CUSTOM ID:   CGI: BLUMXNKAC8QX99V5X187
QUESTION ID:   JFND-GO4G-G3BU-KPB3

 

QUESTION GLOBAL ID:   GCID-E7BW-1TBP-GIUD-YCBU-GY5G-RPJO-CTTN-4PBI-GPTN-4AUR-GY4N-4A3U-GOH1-4ATT-GY5U-G3BS-CTDI-GWN8-EPRW-EMJI-GR4D-EPB1-GE4G-GPBO-COSS-CP3W-CESU-QC3U-GOSS-EQB1-GASU-YPBU-8RAU-QAMD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE

 

33. The price component of a marketing mix is:

  a. a competitive weapon for companies.

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