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122) The marketing mix consists of people, property, planning, and position.
123) Product refers to the goods-and-services combination that a company offers to its target
market.
124) One valid criticism of the four Ps concept of the marketing mix is that services are not
considered.
125) The four Cs concept adopts the buyer's view of the market.
126) What are the components of a company's marketing mix?
127) What does a market segment consist of?
128) What does market targeting involve?
129) What is a marketing strategy? How do marketing strategies help firms?
130) Distinguish between market segmentation and market targeting.
Refer to the scenario below to answer the following question(s).
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 know what 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 the arbors. "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 the park's motto at the entrance reads, '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."
131) 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.
132) Which of the following is true with regard to a SWOT analysis?
A) It classifies SBUs into four distinct categories.
B) It measures customer response to a new product.
C) It evaluates the company's overall strengths.
D) It evaluates the growth potential of a market segment.
E) It ignores the threats faced by a company while assessing its situation in the market.
133) ________ analysis is an overall evaluation of the company's strengths, weaknesses,
opportunities, and threats.
A) Porter's five forces
B) A breakeven
C) A regression
D) A SWOT
E) A cluster
134) 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
135) In a SWOT analysis, ________ include favorable trends in the external environment.
A) strengths
B) challenges
C) weaknesses
D) opportunities
E) threats
136) Harris Brown, the marketing manager at a small retail chain, wants to assess his firm's
strengths, opportunities, weaknesses, and threats. Which of the following would be best suited
for his purpose?
A) SWOT analysis
B) cluster analysis
C) portfolio analysis
D) regression analysis
E) Porter's five forces analysis
137) Which of the following functions is NOT part of managing the marketing process?
A) planning
B) control
C) budgeting
D) implementation
E) organization
138) ________ provides a complete analysis of the company's situation.
A) A SWOT analysis
B) A marketing audit
C) Regression analysis
D) Return on marketing investment
E) Marketing budget evaluation
139) Marketing ________ addresses the what and why of marketing activities, while marketing
________ addresses the who, where, when, and how.
A) analysis; planning
B) planning; implementation
C) implementation; planning
D) organization; implementation
E) control; planning
140) Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people who
love to hunt, hike, and ride bikes. The company's long-term plans include the development of
lenses that, in addition to protecting users from UV rays, would help reduce lens spotting
through effective water-sheeting methods. This new feature would be valuable to people who
fish. Given the rising popularity of recreational fishing in the United States, Omega products
clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a
market ________.
A) weakness
B) strength
C) threat
D) opportunity
E) challenge
141) The main section of the marketing plan most likely presents a detailed ________ analysis
of the current marketing situation.
A) breakeven
B) SBU
C) SWOT
D) regression
E) cluster
142) A marketing plan begins with a(n) ________, which presents a brief summary of the main
goals and recommendations of the plan for management review.
A) budget
B) opportunity analysis
C) threat analysis
D) executive summary
E) action program
143) Many managers think that "doing things right," or ________, is as important as, or even
more important than, "doing the right things."
A) strategy
B) planning
C) positioning
D) implementation
E) targeting
144) The most common form of marketing organization is the ________ organization. Under
this organization, an operational specialist heads different marketing activities.
A) geographic
B) product management
C) functional
D) customer management
E) market
145) Berman Electronics, a chain of appliance stores in North America, caters to a wide range
of customers. It has a marketing organization in which different operational specialists head
different marketing activities. Berman Electronics is a(n) ________.
A) customer management organization
B) niche marketer
C) early adopter
D) functional organization
E) laggard
146) ________ refer(s) to meaningful sets of marketing performance measures in a single
display used to monitor strategic marketing performance.
A) Field automation systems
B) Market segments
C) Market share
D) Marketing dashboards
E) Line extensions
147) Emerson Studios has designed its marketing organization along the lines of a ________
organization in which operational specialists head different marketing activities.
A) geographic
B) product
C) functional
D) customer
E) market
148) 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
149) Which of the following is true with regard to geographic organization?
A) It is the most common form of marketing organization.
B) Different marketing activities are headed by a functional specialist.
C) It requires salespeople to have international experience.
D) It reduces the overall efficiency of salespeople.
E) It allows salespeople to work with a minimum of travel time and cost.
150) Which of the following is a major advantage of the market organization?
A) The company is organized around the needs of specific customer segments.
B) The company exploits bleeding-edge technologies to keep ahead in the market.
C) The company has a flat organizational structure.
D) The company allows its salespeople to settle into a specific territory.
E) The company caters to a single, small market segment.
151) 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
152) ________ refers to measuring and evaluating the results of marketing strategies and plans
and taking corrective action to ensure that the objectives are achieved.
A) Marketing control
B) Marketing implementation
C) Satisficing
D) Prospecting
E) Benchmarking
153) Marketing control involves four steps including all the following EXCEPT ________.
A) setting specific marketing goals
B) measuring the marketing plan's performance in the marketplace
C) evaluating the causes of any differences between expected and actual performance
D) increasing the staffing in the planning department
E) taking corrective action to close the gaps between goals and performance
154) All of the following steps pertain to the marketing control process EXCEPT ________.
A) setting goals
B) measuring performance
C) taking corrective action
D) defining the company's mission
E) evaluating the causes of gaps between expected and actual performance
155) The purpose of ________ is to ensure that the company achieves the sales, profits, and
other goals set out in its annual marketing plan.
A) benchmarking
B) operating control
C) strategic control
D) SWOT analysis
E) a marketing audit
156) ________ involves looking at whether a company's key action plans are well-matched to
its opportunities.
A) Operating control
B) Benchmarking
C) Strategic control
D) Regression analysis
E) Portfolio analysis
157) ________ measures the profits generated by investments in marketing activities.
A) A SWOT analysis
B) A marketing audit
C) Regression analysis
D) Return on marketing investment
E) Marketing budget evaluation
158) A SWOT analysis allows a marketer to evaluate the company's overall strengths,
weaknesses, opportunities and threats.
159) The four marketing management functions are analysis, planning, implementation, and
control.
160) Benchmarking refers to the process that turns marketing plans into marketing actions to
accomplish strategic marketing objectives.
161) Operating control involves checking ongoing performance against the annual plan and
taking corrective action when necessary.
162) Return on marketing investment refers to the net return from a marketing investment
divided by the costs of the marketing investment.
163) What is SWOT analysis?
164) What is the main purpose of the executive summary in a marketing plan?
165) What is the difference between marketing planning and marketing implementation?
166) Define marketing planning. What are the contents of a marketing plan?
167) Describe the most common forms of marketing organizations.
168) What does marketing ROI measure?
169) How do marketers measure return on marketing investment? Why is this figure difficult to
assess?
