Chapter 12 - Marketing Decisions and Planning

Small businesses can be more innovative compared to larger companies because of:
1. their entrepreneurial management style
2. shorter internal lines of communication
3. their intuitive feel for the market
4. they can react quickly and opportunistically
5. all of the above
Analysis should include which of the following?
1. Corporate objectives
2. External and internal audit
3. Assumptions
4. SWOT analysis
5. All of the above
The internet has affected business strategies in each of the following ways EXCEPT:
1. it has created new substitution threats
2. it has reduced barriers to entry
3. it has increased the bargaining power of end users
4. it has sharpened the differences among competitors
An example of a firm's 'strength' discovered by a SWOT analysis might be:
1. ownership of valuable patents
2. a narrow current product line
3. changing buyer tastes in the market place
4. existing government policies adverse to the industry
In marketing the term 'product':
1. refers only to tangible terms that can be seen, tasted or touched
2. is a broad concept that encompasses the satisfaction of consumer need
3. is limited in meaning to goods, services and ideas only
4. never refers to such things as package design, brand name or warranty
A firm has decided to alter its pricing and promotional strategies in response to slower than expected job growth and declining personal incomes. The firm is responding to changes in its:
1. socio-cultural environment
2. political-legal environment
3. competitive environment
4. economic environment
All of the following are marketing mix variables EXCEPT:
1. distribution
2. product
3. target market
4. pricing
An example of a 'threat' to a firm discovered by SWOT analysis might be:
1. cost advantages present because of advanced technology
2. the chance to acquire firms with needed technology
3. likely entry of new competitors in the industry
4. too narrow a product line for the firm
South West Airlines has one of the lowest levels of operating expenses in the airline industry. This is classified as a(n):
1. opportunity
2. constraint
3. strength
4. threat
All of the following are objectives EXCEPT:
1. increasing sales by 10% per year
2. reducing product errors to less than 1%
3. being regarded as the quality and market leader of the hotel industry worldwide
4. achieving a 25% market share in less than three years.

Chapter 12 - Marketing Decisions and Planning

Quiz