101)Marketing is managing profitable customer relationships.

101)Marketing is managing profitable customer relationships.

102) Human needs are shaped by culture and individual personality. Answer: FALSE103) The difference between human needs and wants is that needs are not influenced by marketers.

104) When backed by buying power, needs become wants.

105) Market offerings are limited to physical products.

106) When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia.

107) Only sellers of products, services, and ideas practice marketing; buyers do not. Answer: FALSE

108) Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only.

109)The selling concept holds that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.

110)Your department holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. Your department is practicing the selling concept.

111)The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society’s interests.112)The marketing mix includes production, price, promotion, and packaging; they are known as the four Ps of marketing.

113)For most marketers, customer relationship management (CRM) is exclusively a matter of customer data management.

114)Customer-perceived value is defined as the customer’s evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

115)Value has different meanings to and is perceived differently by different consumers. Answer: TRUE

116)Many companies now use customer profitability analysis to identify and weed out unprofitable customers.

117)Customer-managed relationships are marketing relationships that are initiated by and controlled by customers, not by marketers.

118)Consumer-generated marketing has yet to have much impact as a marketing force. Answer: FALSE

119)To increase its “share of customer,” a firm concentrates on retaining as many customers as possible over their lifetimes.

120)Web 1.0 connected people with information, and Web 2.0 is connecting people to multifunction mobile devices.

121) An experience such as a vacation can be defined as a market offering. Answer: TRUE

122)Amy’s law office has developed a new format and wording for wills. The staff believes they offer the most in quality, performance, and innovative features. Her law office is practicing the production concept.

123)The production concept and product concept are orientations that are more likely to lead to marketing myopia than the marketing concept and the societal marketing concept are.

124)Fast Food, Inc. views marketing as the science and art of finding, retaining, and growing profitable customers by providing them with the food they want. Fast Food, Inc. practices societal marketing.

125)Large-scale marketing approaches that foster two-way customer relationships are made possible by new communication technologies.

126) Briefly compare and contrast the concepts of needs, wants, and demands, giving an example of each. Discuss how these concepts relate to marketing practices.

127) In a short essay, explain how and why marketers go beyond selling a product or service to create brand experiences.

128) Compare the selling and marketing concepts, listing the key components of each philosophy.

129)Briefly explain the societal marketing concept. Give an example of an organization that has effectively used the societal marketing concept.

130)Define Customer Relationship Management and explain its associated tools and levels of relationships.

131)Explain why the aim of customer relationship management is to create not just customer satisfaction, but also customer delight.

132)In a short essay, discuss the challenges and advantages of new communication technologies for marketers as they work to build relationships with their customers..

133)Define customer equity and explain how a company can increase it..

134)In a short essay, describe and compare the four types of customers classified by their potential profitability to an organization. Explain how an organization should manage each type of customergo beyond satisfying and to delight these customers. A company should try to convert true friends into customer evangelists who tell others about their good experiences with the company.

135)Explain how the Internet has transformed the way in which we do business today.

136) What should sellers consider if they wish to avoid marketing myopia?

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137) You are a manufacturer of tents, sleeping bags, and outdoor cooking equipment. How might you go about creating brand experiences for your customers?

138) Think about suppliers and other marketing partners. A modern marketing system relies on profitable relationships all along the way. How might Walmart rely on its marketing partners in order to offer low prices

139) The marketing team at Bead Beautiful, a line of jewelry targeted at preteen girls, is meeting to formulate the products’ value proposition. What should team members consider as they define a value proposition for Bead Beautiful?

140) When demand for Beanie Babies was at its highest, manufacturers purposefully maintained strong demand by limiting supply, which drove the price of Beanie Babies up. Compare the actions of these manufacturers to the production concept.

141)Company X carries organizational and office supplies and follows the selling concept. Explain how Company X may lose sight of customer relationships with their marketing orientation.

142)In nineteenth-century Dublin, Molly Malone sold cockles and mussels while shouting topassers-by, “alive-alive-oh.” Was Molly taking an outside-in or inside-out perspective? Explain

143)Explain why electronics and pharmaceuticals manufacturers may use customer-drivingmarketing.

144)Explain how storing customer information in a database might better prepare car-makerSaturn in customer relationship management (CRM).

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145)What determines whether sellers pursue basic relationships or full partnerships with customers?

146)How can a marketer increase “share of customer”?

147) Explain what marketers can expect from individuals in the customer relationship group classified as “butterflies.”

148)Able works in the marketing department of an international company. In what ways might Able use modern technologies to conduct market research in order to learn more about and better serve his company’s customers?

149)In what ways might even a local retailer find itself touched by global competition? Answer: A local retailer might have global suppliers and customers. The retailer’s goods may come from abroad, or components of those goods may be produced or assembled abroad. In addition, a local retailer may also sell goods over the Internet to international customers.

150)How is marketing being applied in the not-for-profit sector?

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Principles of Marketing, 14e (Kotler)

Chapter 2 Company and Marketing Strategy: Partnering to Build

Customer Relationships

1)Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?

A) long-range planning B) short-range planning C) media planning

D) strategic planning E) annual planning

2)When a firm develops and maintains a strategic fit between its goals and capabilities, it is

performing ________.

A)mission planning

B)values planning

C)strategic planning

D)business-portfolio planning

E)operations planning

3) Which of the following is the first step in strategic planning?

A)set objectives and goals

B)develop the business portfolio

C)define the company mission

D)plan marketing strategies

E)identify threats and weaknesses

4)Which of the following is NOT a step in the strategic planning process? A) defining the company mission

B) setting company objectives and goals C) designing the business portfolio

D) planning marketing and other functional strategies E) evaluating all members of the value chain Answer: E

5)Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?

A) objectives and goals B) a mission statement C) a business portfolio

D) marketing and functional strategies E) operational strategies

6)________ should be market oriented and defined in terms of ________.

A)Annual plans; product needs

B)Strategic plans; company needs

C)Long-range plans; company needs

D)Mission statements; customers’ needs

E)Objectives; competitors’ threats

7) A company’s mission statement serves as a statement of ________.

A)fact

B)sustainability

C)purpose

D)financial goals

E)employee commitment

8)Which of the following is NOT a market-oriented business definition? A) “to nourish lives by making them healthier, easier, and richer”

B) “to sell tools and home repair and improvement items” C) “to deliver low prices every day”

D) “to be the guardian of our customers’ financial dreams”

E) “to bring inspiration and innovation to every athlete in the world” Answer: B

9)All of the following are examples of product-oriented mission statements EXCEPT which one?

A) “We are an online video service.” B) “We run theme parks.”

C) “We sell shoes.”

D) “We sell lifestyle and self-expression; success and status; memories, hopes, and dreams.” E) “We rent hotel rooms.”

10)Which of the following is the principle objective of a market-oriented mission statement?

A)to satisfy basic customer needs

B)to satisfy basic supplier needs

C)to satisfy basic stockholder needs

D)to satisfy basic owner needs

E)to satisfy basic partnership needs:

11) All of the following are accurate guidelines for a company’s mission statement EXCEPT which one?

A)A mission statement should be realistic.

B)A mission statement should be narrow.

C)A mission statement should emphasize the company’s strengths in the marketplace.

D)A mission statement should be specific.

E)A mission statement should motivate employees.

12)Revlon has clearly defined its “mission” of selling lifestyle and self-expression. In order for the firm to launch its strategic plan, the mission needs to next be turned into detailed ________

that guide each level of the company. A) sets of strategies

B) sets of tactics C) product mixes

D) supporting objectives E) sets of promotional tools

13)The collection of businesses and products that make up a company is called its ________. A) strategic business unit

B) mission statement C) strategic plan

D) business portfolio E) operational factor

14)Business portfolio planning involves two steps: ________ and ________.

A)identifying SBUs; assessing the attractiveness of SBUs

B)analyzing the current business portfolio; shaping the future business portfolio

C)identifying internal strengths; identifying external opportunities

D)conducting a SWOT analysis; establishing marketing controls

E)identifying growth opportunities; evaluating growth opportunities

15) Paul Pierce is busy working with other managers evaluating the products and businesses making up their company. Paul is engaged in ________.

A)defining the company’s mission statement

B)preparing a business portfolio

C)portfolio analysis

D)marketing planning

E)marketing control

16)Which of the following can be a company division, a product line within a division, or sometimes a single product or brand?

A) a market B) the BCG C) an SBU D) a PLC

E) a value delivery network

17)After management has identified the key businesses making up its company, what is the next step in portfolio analysis?

A) identifying businesses in which to invest B) assessing the attractiveness of its SBUs C) deciding whether to harvest any businesses D) completing short-range planning

E) identifying SBUs

18)The best-known product portfolio planning method was developed by ________.

A)the Boston Consulting Group

B)Philip Kotler

C)the SWOT Consulting Group

D)the SRI Consulting Firm

E)James P. Hess

19) Most portfolio analysis methods evaluate SBUs on two dimensions, namely ________ and

________.

A)market share; strength of the SBU’s position

B)market diversification; relative market share

C)market or industry attractiveness; strength of the SBU’s position

D)market growth rates; profits

E)market penetration; market development

20)In the Boston Consulting Group approach, ________ provides a measure of market attractiveness.

A) relative market share B) market development C) market penetration D) market growth rate E) market segmentation

21)In the Boston Consulting Group approach, ________ serves as a measure of company strength in the market.

A) relative market share B) market development C) market diversification D) market growth rate E) market segmentation

22)The BCG growth-share matrix classifies four types of SBUs. They are ________, ________,

________, and ________.

A) product; price; promotion; placement B) sales; market share; price; promotion C) stars; cash cows; question marks; dogs

D) planning; implementing; leading; controlling

E) market penetration; market development; product development; diversification

23)In the BCG approach, ________ are high-share, high-growth businesses or products. They need heavy investment to finance rapid growth. When their growth slows down, they turn into

________.

A) cash cows; stars

B) question marks; dogs C) stars; question marks D) stars; cash cows

E) dogs; cash cows

24)________ are low-growth, high share businesses or products. They generate a lot of cash that the firm uses to pay its bills and support other SBUs that need investment.

A) Stars

B) Cash cows

C) Question marks D) Dogs

E) Cats:

25)In the BCG matrix, income from ________ can be used to help finance the company’s question marks and stars.

A) dogs

B) cash cows

C) exclamation marks D) pruned SBUs

E) holding SBUs

26)When dealing with a(n) ________, managers must decide whether to invest in it in an attempt to build it into a star or cash cow or whether to phase it out.

A) exclamation mark B) dog

C) question mark D) cash cow

E) cat

27)The four possible strategies that can be pursued for each SBU are building, holding,

________, and ________. A) harvesting; divesting B) promoting; selling

C) downsizing; expanding D) diversifying; penetrating E) developing; growing

28)Which of the following does NOT accurately reflect a problem with the BCG matrix approach?

A) It focuses on planning for the future. B) It can be costly to conduct.

C) It can be time consuming to implement.

D) It is difficult to define SBUs and measure market share and growth. E) It focuses on classifying current businesses.

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29)Unlike strategic-planning efforts of the past, which were conducted primarily by senior managers, today’s strategic planning is ________.

A) short-term oriented B) decentralized

C) limitation-free D) product oriented E) centralized

30)While a valuable planning tool, the BCG matrix is problematic in that it focuses on

________.

A) the future instead of the present B) the present instead of the future

C) financial issues instead of the customer D) the customer instead of suppliers

E) the past instead of the present

31)According to your text, which department in a company carries the primary responsibility for achieving profitable growth?

A) accounting

B) product development C) operations

D) human resources E) marketing

32)Which of the following is a useful tool for identifying growth opportunities?

A)the BCG matrix

B)the business portfolio

C)the product/market expansion grid

D)the value chain

E)the value delivery network:

33) Mountain Home Farms is now using the product/market expansion grid to develop strategies. The owners of the company have most likely found the grid to be quite useful for identifying

________.

A)target markets

B)growth opportunities

C)key customers

D)new products

E)suppliers

34)Making more sales to current customers without changing a firm’s products is ________. A) market attractiveness

B) market penetration C) market development D) product development E) diversification Answer: B

35)A common practice among marketers is to identify and develop new markets for their existing products. This practice is called ________.

A) market development B) product development C) market penetration D) market skimming E) dual adaptation

36)If Under Armour, the successful maker of moisture-wicking shirts and shorts, considered introducing a line of Under Armour fitness equipment, the company would be considering

________.

A) marketing controls B) market development C) diversification

D) market penetration E) product adaptation:

37)Which of the following entails reducing the business portfolio by eliminating products that no longer fit the company’s overall strategy?

A) market segmentation B) the BCG approach C) product line extension D) downsizing

E) market redesign

38)Which of the following is NOT a reason that a firm might want to abandon products or markets?

A) The market has changed, making some of the products less profitable. B) The firm has entered areas in which it does not have expertise.

C) The economic environment is showing signs of recovery. D) The firm has grown too rapidly.

E) The firm has not properly researched foreign markets which it has entered.

39)Each department in a company that carries out value-creating activities can be thought of as a link in the company’s ________.

A) market development B) product development C) business portfolio D) value chain

E) supplier chain

40)Multinationals like Honda Motor Co. and Walmart stores have designed programs to work closely with their suppliers to help them reduce their costs and improve quality. This illustrates the importance of an efficient ________.

A) business portfolio B) low-cost operator C) product mix

D) value delivery network E) value chain

41)Which of the following is the marketing logic by which a company hopes to achieve profitable customer relationships?

A) price

B) a consistent product mix C) the value delivery network D) marketing strategy

E) differentiation

42)Lucy Ortiz is preparing a PowerPoint presentation of the marketing process to show at a sales meeting. ________ should appear in the center of her diagram depicting marketing strategies and the marketing mix.

A) Sales goals

B) Customer value and relationships C) Company objectives

D) Customer retention rates E) Competitors

43)A sound marketing strategy begins with which of the following?

A)customer analysis

B)positioning

C)differentiation

D)promotion

E)BCG analysis

44)Your firm is attempting to divide up the total market to determine the best segments it can serve. Which is the correct order of doing so?

A) market segmentation then market targeting B) differentiation then market targeting

C) positioning then differentiation

D) market segmentation then positioning E) market targeting then differentiation

45)The process of customer-driven marketing involves which of the following?

A)product; price; promotion; adaptation

B)market segmentation; market targeting; differentiation; positioning

C)marketing analysis; planning; implementation; feedback

D)analysis; targeting; implementation; control

E)problem identification; information search; decision; implementation

46)Which of the following is the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors?

A) market targeting

B) market segmentation C) positioning

D) marketing strategy E) differentiation:

47)Your new employer has asked you, as a new marketing graduate, to develop a group of potential customers who might respond in a similar way to a given set of marketing efforts. You have been asked to develop a(n) ________.

A) target market B) market segment C) market

D) market strategy E) undefined niche

48)Which of the following involves evaluating each market segment’s attractiveness and selecting one or more segments to enter?

A) market segmentation B) differentiation

C) market targeting D) servicing

E) positioning

49)Favorite Memories specializes in serving gift shoppers that major competitors overlook and ignore. Which of the following best describes Favorite Memories?

A) market follower B) market challenger C) market seeker

D) market nicher

E) full market coverer 50)Which of the following is the place a product occupies in the consumer’s mind relative to competition?

A) position B) placement

C) market segmentation D) market targeting

E) product promotion

51)Effective positioning begins with ________ the company’s marketing offer in order to give consumers more perceived value.

A) pricing B) aligning

C) differentiating D) promoting

E) placing

52)Which of the four Ps describes the goods-and-services combination the company offers to the target market?

A) price

B) promotion C) product D) place

E) package

53)In the four Ps of the marketing mix, design, packaging, services, and variety all fall under the category of ________.

A) product B) price

C) promotion D) place

E) position

54)Today the four Ps are compared to the four Cs. Product and place are called ________ and

________, respectively.

A) convenience; customer solution B) customer cost; convenience

C) communication; customer solution D) customer solution; convenience E) communication; convenience

55)In the marketing management functions, a SWOT analysis should ________ a marketing plan.

A) precede B) replace C) follow D) evaluate

E) take priority over

56)In a basic SWOT analysis the “T” stands for ________. A) timing

B) trust C) threats D) trade E) tangible:

57)In a basic SWOT analysis, the “S” stands for ________. A) situation

B) solutions C) satisfactions D) strengths E) strategies

58)In SWOT analysis, which of the following would be considered a strength? A) internal limitations

B) trends in the market

C) favorable factors in the environment

D) factors that challenge the company’s performance E) internal resources

59)In SWOT analysis, which of the following refers to factors in the external environment? A) strengths

B) strategies C) weaknesses

D) opportunities E) trends

60)The main section of the marketing plan presents a detailed ________ analysis of the current marketing situation.

A) who, when, where B) when, where, how C) SWOT

D) competitor E) economic

61)A marketing plan begins with a(n) ________, which quickly overviews goals and recommendations.

A) ROI

B) marketing dashboard C) SWOT analysis

D) executive summary E) action program

62)According to the textbook, your boss is most likely referring to ________ when she mentions “doing things right.”

A) strategy B) planning C) objectives

D) implementation E) efficiency

63)IBM has its sales and marketing people assigned to markets in specific countries, regions, and districts. This is an example of which type of marketing organization?

A) geographic B) product C) functional D) divisional

E) psychographic

64)Which of the following is the most common approach to marketing organization?

A)geographic

B)product management

C)functional

D)divisional

E)combination:

65)Berman Electric, a chain of 18 appliance stores, has a marketing organization in which specialists head different marketing activities. What is this type of organization called? A) geographic

B) product C) organic D) functional E) market Answer: D

66)Modern marketing departments are arranged in the following ways EXCEPT which one? A) functional organization

B) geographic organization

C) product management organization D) market management organization E) strategic management organization

67)The ________ organizational system’s main advantage is that the company is organized around the needs of specific market segments.

A) market management B) geographic

C) product management D) vertical

E) functional

68)An increasingly large number of firms are changing their organizational focus from

________ to ________.

A) product management; functional management B) product management; geographic management C) brand management; customer management

D) geographic management; functional management E) global management; regional management Answer: C

69)Evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained is called ________.

A) marketing control B) strategic control C) operating control

D) developmental control E) efficiency

70)The marketing control process entails the following steps in order: setting goals, ________, evaluating performance, and ________.

A) evaluating goals; measuring performance B) achieving goals; measuring performance

C) taking corrective action; measuring performance D) measuring performance; taking corrective action E) taking corrective action; following up

71)Which of the following is NOT a step in the marketing control process? A) setting goals

B) measuring performance C) taking corrective action D) defining the mission

E) evaluating the causes of gaps between expected and actual performance

72)Ensuring that the company achieves the sales, profits, and other goals set out in its annual marketing plan is the purpose of ________.

A) marketing control B) operating control C) strategic control D) ROMI

E) a marketing audit

73)Which of the following involves looking at whether a company’s basic strategies are well matched to its opportunities?

A) operating control B) marketing control C) strategic control D) ROMI

E) portfolio analysis

74)Which of the following measures the profits generated by investments in marketing activities?

A) SWOT analysis B) a marketing audit

C) an executive summary D) marketing ROI

E) a budget

75)Which of the following would NOT be useful in determining marketing ROI? A) a marketing dashboard

B) brand awareness C) market share D) SWOT analysis E) customer equity

76)Monsanto operates in many businesses, including pharmaceuticals and food products. The company defines its ________ as creating “abundant food and a healthy environment.”

A) strategy

B) marketing development C) business portfolio

D) value-delivery network E) mission

77)When the makers of a ballpoint pen state they are in the communication equipment business, they are defining their mission too ________.

A) narrowly B) realistically C) specifically D) broadly

E) futuristically

78)Kimball Gardens is a company that operates as two distinct businesses: one that sells lawn and garden products and one that markets booklets. Each business is called a ________.

A) return on investment (ROI) B) strategic business unit (SBU) C) cash cow

D) star

E) business portfolio

79)Starbucks has introduced a debit card that lets customers prepay for coffee and snacks. This effort by Starbucks management is an example of ________.

A) market development B) product development C) diversification

D) market penetration E) product adaptation:

80)Walmart, the world’s largest retailer, has successfully launched its stores in Mexico, Canada, the U.K., Germany, and other nations. This is an example of how Walmart is pursuing ________

as a growth strategy. A) market penetration B) product development

C) demographic market development D) geographic market development E) diversification

81)Acme, Inc. has slightly modified the production processes of its widgets and gadgets in order to tap into the Eastern European market. Acme is likely following a ________ strategy.

A) market penetration B) market development C) diversification

D) harvesting

E) product development

82)Starbucks Coffee has recently begun selling and playing compilation CDs and is supporting its own XM satellite radio station. This represents which strategy for growth?

A) product development B) market development C) market penetration D) diversification

E) partner development

83)Walmart relies on sound relationships with its low-cost suppliers in order to pass low prices on to consumers. Thus, forming a ________ is crucial to Walmart’s success.

A) value delivery network B) growth-share matrix

C) customer relationship management policy D) market concept philosophy

E) diversification strategy

84)For Hyundai Corporation, customers who care about the price of a car and its operating economy make up one ________.

A) market position B) value network C) market segment

D) customer extension E) value chain

85)Paul Pendergraff has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company’s product. Paul has identified a(n) ________.

A) target market B) market segment C) market

D) market position E) undefined niche

86)Saturn is “a different kind of company, different kind of a car”; the Hummer is “like nothing else.” Statements such as these reflect a firm’s ________.

A) product portfolio B) target markets C) positioning

D) marketing mix E) niche

87)Harris, the marketing manager at a small sports retail chain, has conducted a marketing analysis. He has investigated the company’s internal resources and situational factors, as well as factors and trends in the competitive sports retail chain market. Which of the following has Harris completed?

A) a SWOT analysis

B) a business portfolio analysis C) an executive summary

D) a marketing plan E) a marketing mix:

88)Serengeti makes lightweight sunglasses with 100 percent UV protection for people who love to hunt, hike, and bike ride. Its long-term plans include the development of lenses that, in addition to protecting users from UV rays, will also have effective water-sheeting action to reduce lens spotting. This new feature will be valuable to people who fish. In terms of a SWOT analysis, the company believes it can use the ________ of its reputation as a sunglass manufacturer for a specialized market in combination with its current manufacturing facilities and labor force to enter this new market.

A) weights B) strengths C) threats

D) opportunities E) trends:

89)Serengeti makes lightweight sunglasses with 100 percent UV protection for people who love to hunt, hike, and bike ride. Its long-term plans include the development of lenses that, in addition to protecting users from UV rays, will also have effective water-sheeting action to reduce lens spotting. This new feature will be valuable to people who fish. Serengeti has determined that fishing is one of the fastest growing sports in the United States. In terms of a SWOT analysis, Serengeti has recognized a market ________.

A) weakness B) strength C) threat

D) opportunity E) trend

90)Emerson Studios, a chain of 25 portrait stores in five states, has organized its marketing organization into groups headed by a sales manager, an advertising manager, and a customer- service manager. What type of organization is this?

A) geographic B) product C) functional D) customer E) market

91)The current mission statement of the Girl Scouts of America is to build “girls of courage, confidence, and character, who make the world a better place.” The organization’s former mission statement had read “to prepare young girls for motherhood and wifely duties.” This change reflects the guideline that mission statements should be ________.

A) realistic B) broad C) narrow

D) market-orientedE) specific

92)The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. In order to increase market share, managers would be most likely to decide which of the following?

A) hold the pharmaceuticals division’s share B) implement a harvest strategy

C) use money from a cash cow to promote the pharmaceuticals division D) divest the SBU

E) diversify the pharmaceutical division

93)Fence Patrol has developed an entirely new mounting system for chain link fences. Although it is a local company, through the acquisition of a distributor it now has the ability to market its products nationwide. Fence Patrol is most likely following a ________ strategy.

A) market penetration B) market development C) downsizing

D) divesting

E) product development

94)Of the following, it is most important for marketers to develop ________ for their products. A) customer management organizations

B) unique market positions

C) market management organizations D) marketing ROI data

E) marketing dashboards

95) Which of the following most accurately identifies a difference between a weakness and a threat in SWOT analysis?

A)A company is more able to change a threat than a weakness.

B)A company is more able to change a weakness than a threat.

C)A company can be more negatively affected by a weakness than by a threat.

D)A company can be more negatively affected by a threat than by a weakness.

E)A company can more easily identify threats than weaknesses.

Refer to the scenario below to answer the following questions.

Fun-Spot Fun Park began as a small amusement park in 1985. With nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater.

“My wife, Gail, and I didn’t knowwhat we were getting into,” commented Ron Hart, the owner. “We just knew that weekenders coming to the lakes in our rural area represented an untapped market.”

Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and arbor.

“There’s something here for everyone,” Gail Hart said with a smile. “Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!”

“Here’s the funny thing,” Ron chimed in. “We really don’t know why we’ve been so successful. There is nothing else like Fun-Spot Fun Park in the area. We were just lucky.”

“I think it’s the ambience of the park that has brought so many visitors,” Gail added. “We provide a ‘total package’ of entertainment. Plus, we try to change our rides and various attractions from time to time for variety”

Ron and Gail Hart admitted that making every visitor happy is a priority. “That has always been our philosophy,” they said. “Like it says on the entrance to the park, ‘We’re here to make you happy!’ And we’ve always been able to deliver on that because we’ve never allowed ourselves to grow too big too quickly.”

71

96)Fun-Spot’s mission is ________. A) product-oriented

B) technology-orientedC) market-oriented

D) too specific

E) too focused on profits

97)Into which quadrant of the BCG matrix does Fun-Spot fall? A) star

B) question mark C) profit center D) diversification E) dog

:

98)Ron and Gail plan to lower prices in an effort to encourage customers to stay longer, visit more often, and spend more money during each visit. What type of strategy are Ron and Gail planning?

A) market penetration B) market development C) product development

D) customer development E) diversification

99)Gail and Ron strive to provide new offerings and entertainment options for their visitors. What type of strategy is this?

A) market penetration B) market development C) product development

D) customer development E) diversification

100)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 luring more high- spending families on vacation.

C) Gail and Ron 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 at Fun-Spot.

E) Fun-Spot plans to further diversify its offerings by beginning a two-week summer camp for elementary school students.

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