Test Bank For Marketing 6th Edition Grewal Levy 1259709078 9781259709074

Test bank for Marketing 6th Edition Grewal Levy 1259709078
9781259709074
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Chapter 02
Test Bank
1. Strong supplier relations and efficient supply chains help firms such as Walmart achieve operational excellence.
TRUE
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 1 Easy
Learning Objective: 02-01 Define a marketing strategy.
Topic: Supply Chain Management
Feedback: Operational excellence is achieved through efficient operations and excellent supply chain and human resource management.
2. To build a sustainable competitive advantage, companies should focus on a single strategy.

FALSE
Blooms: Remember
Difficulty: 1 Easy
Topic: Developing a Competitive Strategy
Feedback: In most cases, a single strategy, such as low prices or excellent service, is not sufficient to build a sustainable competitive advantage.
Firms require multiple approaches to build a “wall” around their position that stands as high as possible.
3. It is not always necessary to go through all the steps in the marketing planning process.
TRUE
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 02-02 Describe the elements of a marketing plan.
Topic: Elements of the Marketing Plan
Feedback: It is not always necessary to go through the entire process for every evaluation. For instance, a firm could evaluate its performance in Step
5, and then go directly to Step 2 to conduct a situation audit without redefining its overall mission.
4. A mission statement describes the specific actions a firm will take to achieve its goals.
FALSE
Blooms: Remember
Difficulty: 1 Easy
Topic: The Mission Statement
Feedback: A mission statement is a broad description of a firm's objectives and the scope of activities it plans to undertake.
5. iTunes software is often credited with the success of the Apple iPod MP3 player, because it made the iPod easier to use than competing players,
and was difficult for competitors to duplicate. This is an example of a sustainable competitive advantage.
TRUE
AACSB: Knowledge Application
Blooms: Apply
Difficulty: 3 Hard
Feedback: A sustainable competitive advantage is an advantage over the competition that is not easily copied and thus can be maintained over a
long period of time. iTunes made the iPod so easy to use that it was difficult for other MP3 players to compete, even at lower prices. Over time,
some competitors have created similar tools, but it has been difficult enough to copy that these competitors have never really caught up.
6. STP refers to segmentation, testing, and promotion.

FALSE
2-1
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts.
Topic: Steps in Market Segmentation
Feedback: STP stands for segmentation, targeting, and positioning.
7. The components of a SWOT analysis are strengths, weaknesses, opportunities, and tactics.
FALSE
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 02-03 Analyze a marketing situation using SWOT analyses.
Topic: SWOT Analysis
Feedback: The components of a SWOT analysis are strengths, weaknesses, opportunities, and threats.
8. Firms are typically more successful when they focus on opportunities that build on their strengths relative to those of their competition.
TRUE
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts.
Feedback: After identifying its target segments, a firm must evaluate each of its strategic opportunities. Firms typically are most successful when
they focus on opportunities that build on their strengths relative to those of their competition.
9. Duke's is a surfer-themed restaurant chain in Hawaii. Most of its customers are tourists. In a SWOT analysis for Duke's, the possibility that
the recession might cut back on tourism in Hawaii would be considered a weakness.
FALSE
Blooms: Apply
Difficulty: 3 Hard
Learning Objective: 02-03 Analyze a marketing situation using SWOT analyses.
Feedback: A recession is an external factor with possible negative results, so it is a threat.
10. Price should be based on the value that the customer perceives as giving them a good value for the product they receive.
TRUE
Blooms: Understand
Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value.
Topic: Setting Prices
Feedback: As part of the exchange process, a firm provides a product or a service, or some combination thereof, and in return, it gets money.
Value-based marketing requires that firms charge a price that customers perceive as giving them a good value for the product they receive.
11. Geraldo manages the electrical turbine engine division of General Electric Corporation. He makes most decisions independently, without
consulting headquarters. Geraldo manages a strategic business unit.
TRUE
Blooms: Apply
Learning Objective: 02-06 Summarize portfolio analysis and its use to evaluate marketing performance.
Topic: Business Portfolio Analysis
Feedback: A strategic business unit is a division of the firm that can be managed and operated somewhat independently from other divisions and may
have a different mission or objectives.
12. The strategic planning process always proceeds sequentially through the five steps.
FALSE
2-2
Blooms: Understand
Topic: Strategic Marketing Planning
Feedback: Planning processes can move back and forth between the steps as needed.
13. Isaac is looking for ways to offer new goods and services to his existing customers. He is pursuing a market development strategy.
FALSE
Blooms: Understand
Learning Objective: 02-07 Describe how firms grow their business.
Feedback: This is a product development strategy. A market development strategy offers existing products and services to new customers.
14. SanDisk's MP3 player product line (called the Sansa) has a low relative market share. The MP3 player market is expected to decline over the next
few years. In Boston Consulting Group (BCG) portfolio analysis, the Sansa would be considered a dog.
TRUE
Blooms: Apply
Difficulty: 3 Hard
Topic: The BCG Matrix
Feedback: The Sansa has low relative market share in a low-growth market, which is the definition of a dog.
15. The "implement marketing mix" step of the strategic marketing planning process is part of the control phase.
FALSE
Blooms: Remember
Difficulty: 1 Easy
Topic: Elements of the Marketing Plan
Feedback: In the implementation phase, marketing managers identify and evaluate different opportunities by engaging in a process known as
segmentation, targeting, and positioning (STP). They then are responsible for implementing the marketing mix using the four Ps.
16. Relative market share is an example of a marketing metric.

TRUE
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value.
Topic: Marketing Metrics
Feedback: Relative market share might be used as a metric to evaluate a firm's performance compared to its competitors.
17. Product penetration is one of the four major growth strategies.

FALSE
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 02-07 Describe how firms grow their business.
Feedback: The four major growth strategies are market penetration, product development, market development, and diversification.
18. If a firm wants to develop a sustainable competitive advantage, it

should A. begin an aggressive campaign to buy up competitors.
B. copy the innovative features of other firms that are attractive to customers.
C. examine its operations and customer relations to identify significant things competitors cannot easily copy.
2-3
D. increase its marketing budget so that it outspends its competitors.
E. arrange to meet with competitors to discuss how to avoid direct competition.
Blooms: Understand
Feedback: A sustainable competitive advantage comes from doing things that add value and that are not easily imitated by competitors. The other
options do not achieve this objective.
19. Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages?
A. locational excellence
B. customer excellence C.
operational excellence D.
product excellence E.
planning excellence
Blooms: Remember
Difficulty: 1 Easy
Feedback: The four overarching strategies are locational excellence, customer excellence, operational excellence, and product excellence.
20. When Ramona, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz-Carlton, she was
exhausted and her suit was wrinkled from her 10-hour plane trip. The night clerk found someone to dry clean Ramona's suit and have it ready for her
morning presentation. She has been a loyal Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of
A. customer excellence. B.
operational excellence. C.
product excellence.
D. promotional excellence.
E. global excellence.
Blooms: Apply
Difficulty: 3 Hard
Feedback: The Ritz-Carlton clerk went to extra trouble to offer excellent customer service, which is one way to pursue a customer excellence strategy.
21. Amazon’s latest attempt to shore up and enhance its competitive barriers by introducing a home service marketplace that may help it achieve
a lasting, powerful advantage is an example of excellence.
A. operational
B. locational
C. customer
D. product E.
service
Blooms: Understand
Feedback: A customer excellence macro strategy, which is one way to pursue a sustainable competitive advantage, focuses on retaining loyal
customers and excellent customer service. Amazon’s latest attempt to shore up and enhance its competitive barriers by introducing a home service
marketplace that may help it achieve a lasting, powerful advantage, is an example of customer excellence.
22. Some banks offer special accounts designed to attract junior high school students. These kids save in such small amounts that the accounts cost
banks more to maintain than they are worth; however bankers know that consumers are creatures of habit and hope that the young people they serve
now will become adult customers. These banks recognize
A. that operational excellence is an important macro
strategy. B. the lifetime value of customers.
C. that product excellence leads to loyal customers.
D. the importance of making decisions based on short-term results.
2-4
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2. To build a sustainable competitive advantage, companies should focus on a single strategy.

6. STP refers to segmentation, testing, and promotion.

Feedback: STP stands for segmentation, targeting, and positioning.

Feedback: A recession is an external factor with possible negative results, so it is a threat.

16. Relative market share is an example of a marketing metric.

17. Product penetration is one of the four major growth strategies.

18. If a firm wants to develop a sustainable competitive advantage, it

1.E.7. Do not charge a fee for access to, viewing, displaying,

1.E.8. You may charge a reasonable fee for copies of or providing

• You provide, in accordance with paragraph 1.F.3, a full refund of

1.E.9. If you wish to charge a fee or distribute a Project

1.F.1. Project Gutenberg volunteers and employees expend

1.F.2. LIMITED WARRANTY, DISCLAIMER OF DAMAGES -

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1.F.6. INDEMNITY - You agree to indemnify and hold the

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