Marketing Final Exam

Aacsb reflective msc blooms application 131 refer to

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Refer to Delta Faucet Company. Since Delta was already marketing to homeowners (although not very successfully), its development of new styles of faucets to appeal to this underserved market would be an example of a _____ strategy. a. market penetration b. product diversification c. market development d. product development e. product penetration ANS: D A product development strategy entails the creation of new products for present markets. PTS: 1 REF: 23 Thinking KEY: CB&E Model Strategy OBJ: 02-6 TOP: AACSB Reflective MSC: BLOOMS Application 132. Refer to Delta Faucet Company. While new home construction is not growing as rapidly as it once did, the number of homeowners who are remodeling bathrooms and kitchens is growing. According to the portfolio matrix, Masco would consider Delta a(n): a. question mark b. exclamation point c. star d. cash cow e. problem child ANS: D A cash cow is an strategic business unit that usually generates more cash than it needs to maintain its market share. PTS: 1 REF: 23 Thinking KEY: CB&E Model Strategy OBJ: 02-6 TOP: AACSB Reflective MSC: BLOOMS Application 133. Refer to Delta Faucet Company. Delta’s decision to make more stylish faucets represents a change in the _____ element of its marketing mix. a. product b. promotion c. place d. production e. distribution ANS: A The product includes not only the physical unit but also its package, warranty, after-sale service, brand name, company image, value, and many other factors. PTS: 1 REF: 25 Thinking KEY: CB&E Model Product OBJ: 02-8 TOP: AACSB Reflective MSC: BLOOMS Application 134. Refer to Delta Faucet Company. Delta’s development of a new slogan represents a change in the _____ element of its marketing mix. a. product b. promotion c. place d. production e. distribution ANS: B Promotion includes advertising, public relations, sales promotion, and personal selling. PTS: 1 REF: 26 Thinking KEY: CB&E Model Promotion OBJ: 02-8 TOP: AACSB Reflective MSC: BLOOMS Application ESSAY 1. What is the difference between planning, strategic planning, and marketing planning? ANS: Planning is the process of anticipating future events and determining strategies to achieve organizational objectives in the future. Strategic planning is the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities. The goal of strategic planning is long-run profitability and growth. Thus, strategic decisions require long-term commitments of resources. Marketing planning involves designing activities relating to marketing objectives and the changing marketing environment. Marketing planning is the basis for all marketing strategies and decisions. Issues such as product lines, distribution channels, marketing communications, and pricing are all delineated in the marketing plan. PTS: 1 REF: 15-16 OBJ: 02-1 Communication KEY: CB&E Model Strategy | CB&E Model Marketing Plan TOP: AACSB MSC: B...
View Full Document

Ask a homework question - tutors are online