Multiple Choice
1. A key ingredient of the marketing management process is insightful, ________ marketing strategies and plans that can guide marketing activities.
a. creative
b. measurable
c. macro
d. micro
e. niche
2. According to a chapter story about H&M clothing stores, H&M is able to put products out quickly and inexpensively by all of the following EXCEPT ________.
a. having few middlemen and owning no factories
b. buying large volumes
c. having extensive experience in the clothing industry
d. having a great knowledge of which goods should be bought from which markets
e. having total control of its distribution channel from the time the goods are produced until the time they are sold
3. The task of any business is to deliver ________ at a profit.
a. customer needs
b. products
c. customer value
d. products and services
e. improved quality
4. In a hypercompetitive economy such as ours, a company can win only by fine-tuning the value delivery process and choosing, providing, and ________ superior value.
a. communicating
b. selecting target markets with
c. composing
d. developing
e. researching
5. The traditional view of marketing is that the firm makes something and then ________ it.
a. markets
b. sells
c. distributes
d. prices
e. services
6. Today, the "mass-market" is actually splintering into numerous ________, each with its own wants, perceptions, preferences, and buying criteria.
a. micromarkets
b. market targets
c. macromarkets
d. customer cliques
e. demographic units
7. The first phase of the value creation and delivery sequence is ________ that represents the "homework" marketing must do before any product exists.
a. choosing the value
b. market research
c. target marketing
d. service consideration
e. projective thinking
8. The last step in the value creation and delivery sequence is ________ the value where the sales force, sales promotion, advertising, and other communication tools announce and promote the product.
a. developing
b. distributing
c. communicating
d. reversing
e. researching
9. The Japanese have refined the value delivery process to include a component that emphasizes ________.
a. zero servicing
b. zero customer feedback time
c. zero promotion
d. zero dependency on intermediaries
e. zero marketing costs
10.The ________ is a tool for identifying ways to create more customer value.
a. value chain
b. customer survey
c. brand loyalty index
d. promotion channel
e. supplier database
11. The ________ identifies nine strategically relevant activities that create value and cost in a specific business.
a. value proposition
b. value chain
c. mission statement
d. annual report
e. manager's log
12. The ________ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service).
a. operations process
b. manufacturing process
c. primary activities
d. secondary activities
e. tertiary activities
13.Procurement, technology development, human resource management, and firm infrastructure are handled in certain specialized departments and are called ________.
a. materials handling
b. support activities
c. inventory activities
d. primary activities
e. benchmark activities
14.The firm should estimate its competitors' costs and performances as ________ against which to compare its own costs and performance.
a. competition
b. standards
c. challenges
d. benchmarks
e. moveable standards
15.The firm's success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct ________.
a. core strategies
b. satellite businesses
c. core values
d. core business processes
e. core technologies
16.With respect to core business processes, all the activities involved in gathering market intelligence, disseminating it within the organization, and acting on the information is referred to as the ________.
a. market sensing process
b. market research process
c. target marketing process
d. market pulse process
e. deployment process
17.With respect to the core business processes, all the activities involved in researching, developing, and launching new high-quality offerings quickly and within budget are referred to as the ________.
a. new product process
b. new offering realization process
c. product development process
d. product launch process
e. return on investment process
18.With respect to the core business processes, the ________ is considered to be all the activities involved in defining target markets and prospecting for new customers.
a. customer acquisition process
b. customer relationship management process
c. fulfillment management process
d. customer prospecting process
e. customer equity process
19.A good way to describe the ________ would be discuss all the activities involved in building deeper understanding, relationships, and offerings to individual customers.
a. customer acquisition process
b. customer relationship management process
c. customer prospecting process
d. customer fulfillment management process
e. customer equity process
20.Another way to describe a value delivery network (partnering with specific suppliers and distributors) is to call it a ________.
a. teamwork group
b. cabal
c. domestic power center
d. link to relationships
e. supply chain
21. The key to utilizing organizational core competencies is to ________ that make up the essence of the business.
a. make the competencies pay for themselves
b. own all intermediaries who come in contact with your goods and services
c. own and nurture the resources and competencies
d. emphasize global promotions
e. segment workforces
22.We can say that a ________ has three characteristics: (1) It is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits, (2) it has applications in a wide variety of markets, and (3) it is difficult for competitors to imitate.
a. core competency
b. business strategy
c. core technology
d. strategic business unit
e. winning strategy
23.Core competencies tend to refer to areas of special technical and production expertise, where ________ tend to describe excellence in broader business processes.
a. process benchmarks
b. distinctive capabilities
c. core business values
d. value statements
e. mission statements
24.George Day sees market-driven organizations as excelling in three distinctive capabilities: ________, customer linking, and channel bonding.
a. target marketing
b. market research
c. fulfilling customer needs
d. market sensing
e. customer service relationships
25.Competitors find it hard to imitate companies such as Southwest Airlines, Dell, or IKEA because they are unable to copy their ________.
a. product innovations
b. distribution strategy
c. pricing policies
d. activity systems
e. logistics system
26.One conception of holistic marketing views it as "integrating the value exploration, ________, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and co-prosperity among key stakeholders."
a. value creation
b. value proposition
c. value management
d. value research
e. value chain
27.Holistic marketers achieve profitable growth by expanding customer share, ________, and capturing customer lifetime value.
a. undermining competitive competencies
b. building customer loyalty
c. milking the market for product desires
d. renewing a customer base
e. inspecting all market share data
28.The holistic marketing framework is designed to address three key management questions. Which of the following is one of those questions?
a. Value claims-how does the company deal with value erosion?
b. Value proposition-how can value propositions be made profitable?
c. Value chain-are there weak links in the company's value chain
d. Value network-how can a company effectively network?
e. Value exploration-how can a company identify new value opportunities?
29.The customer's ________ reflects existing and latent needs and includes dimensions such as the need for participation, stability, freedom, and change.
a. competence space
b. resource space
c. emotional space
d. relationship space
e. cognitive space
30.The company's ________ can be described in terms of breadth-broad versus focused scope of business; and depth-physical versus knowledge-based capabilities.
a. business mission
b. core strategy
c. cognitive space
d. competency space
e. resource space