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MKT101 Tutorial 2: Chapter 2 - Marketing Concepts and Strategies, Exercises of Marketing

Principal of marketing chap 2,3,4

Typology: Exercises

2023/2024

Uploaded on 04/07/2024

vy-phan-9
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MKT101 TUTORIAL 2 (CHAPTER 2)
True or False
1. A mission statement is a document embodying an organization's short-term goals.
2. "At Joe's Diner, we serve great burgers" is a product-oriented business definition.
3. On the BCG matrix, "question marks" are high-growth, high-share businesses or
products.
4. To succeed in today's competitive marketplace, companies must be product-centered.
5. The marketing mix consists of people, property, planning, and position.
6. Customer engagement and value are the key ingredients in the marketer's formula for
success.
Multiple Choice Questions
1. Mission statements should be ________.
A) meaningful and specific yet motivating
B) technology oriented
C) written solely for public relations purposes
D) focused on increasing sales or profits
E) strictly product oriented
2. Within a company, who is most likely to perform strategic planning?
A) the president and vice presidents
B) the accounting and finance departments
C) the marketing and sales departments
D) cross-functional teams of divisional managers close to their markets
E) the manufacturing and production departments
3. Which of the following is true with regard to cash cows?
A) They are high-growth, high-share businesses or products.
B) They can be used to help finance the company's question marks and stars.
C) They require significant cash to maintain market share.
D) They are low-share businesses and products.
E) They do not promise to be large sources of cash.
4. Lark Inc., an American electronics company, is currently reviewing new geographical
markets to sell its highly popular televisions. By 2020, it plans to open new stores across all
the major South Asian cities. Lark is most likely following a ________ strategy.
A) local marketing
B) market development
C) diversification
D) product adaptation
E) product development
5. Amor, a successful brand of women's clothing, recently introduced a line of fitness
equipment. This is an example of ________.
A) mass customization
B) niche marketing
C) diversification
D) prospecting
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MKT101 TUTORIAL 2 (CHAPTER 2 )

True or False

  1. A mission statement is a document embodying an organization's short-term goals.

  2. "At Joe's Diner, we serve great burgers" is a product-oriented business definition.

  3. On the BCG matrix, "question marks" are high-growth, high-share businesses or products.

  4. To succeed in today's competitive marketplace, companies must be product-centered.

  5. The marketing mix consists of people, property, planning, and position.

  6. Customer engagement and value are the key ingredients in the marketer's formula for success. Multiple Choice Questions

  7. Mission statements should be ________. A) meaningful and specific yet motivating B) technology oriented C) written solely for public relations purposes D) focused on increasing sales or profits E) strictly product oriented

  8. Within a company, who is most likely to perform strategic planning? A) the president and vice presidents B) the accounting and finance departments C) the marketing and sales departments D) cross-functional teams of divisional managers close to their markets E) the manufacturing and production departments

  9. Which of the following is true with regard to cash cows? A) They are high-growth, high-share businesses or products. B) They can be used to help finance the company's question marks and stars. C) They require significant cash to maintain market share. D) They are low-share businesses and products. E) They do not promise to be large sources of cash.

  10. Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ________ strategy. A) local marketing B) market development C) diversification D) product adaptation E) product development

  11. Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________. A) mass customization B) niche marketing C) diversification D) prospecting

E) product adaptation

  1. Which of the following is NOT part of a company's decision about which customers it will serve and how? A) differentiation B) targeting C) budgeting D) segmentation E) positioning

  2. In a SWOT analysis, which of the following would be considered a strength? A) industry trends B) technological shifts C) environmental demands D) performance challenges E) internal capabilities

  3. Which of the following would be classified as an opportunity in a SWOT analysis of Fun- Spot? A) A rival amusement park announces plans to open three new rides next season. B) A new luxury hotel is being constructed in the area, with the aim of attracting more high- spending families on vacation. C) Ron and Gail have paid off the mortgage on Fun-Spot, significantly reducing their monthly expenses. D) Fun-Spot employees tend to be enthusiastic and young, projecting an image of fun and vitality. E) Fun-Spot plans to further diversify its offerings by beginning a two-week summer camp for elementary school students.

  4. More and more, companies are shifting their brand management focus from brand profitability toward ________. A) technology management B) product management C) customer management D) functional management E) geographic management

  5. Ravenshaw Corp. assigns its sales and marketing people to specific countries, regions, and districts. Ravenshaw Corp. is most likely an example of a ________. A) geographic organization B) product organization C) functional organization D) niche marketer E) mass marketer Essay Questions

  6. What is a growth-share matrix? Discuss the BCG growth-share matrix.

  7. What is a marketing strategy? How do marketing strategies help firms?

  8. Distinguish between market segmentation and market targeting.