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					      QUIZ2 - Study Guide                                                 BU270 Principles of Marketing


Study the following scenarios
SCENARIO 1

      FFRS

      Patricia Curtis has been running the Ferrets First Rescue and Shelter (FFRS) since 1996. FFRS is
      in the business of ferret pickup and rescue, as well as ferret boarding and training, and education
      for ferret owners. She would like to expand her operations, and has been asked to write a
      marketing plan in order to apply for a bank loan. Curtis knows she can better serve ferrets and
      ferret owners if she can expand her target audience to schools, animal control officers at city
      facilities, and pet stores. To do this, she must increase marketing communications.

  1. Refer to FFRS. "Serving ferrets and their owners in a 5-county area" would be an example of a:
     a. mission statement
     b. business arena
     c. situation analysis
     d. market strategy
     e. strategic plan
      REF: 36               OBJ: 02-2

  2. Refer to FFRS. Curtis is short of capital and labor and overcrowded with ferrets because they are
     not adopted out fast enough. She also knows she has superior ferret knowledge and an excellent
     facility for housing ferrets, and hopes to increase her capacity to 100 ferrets. This assessment
     process in which she learned this about her environment is called a(n):
     a. market audit
     b. situation analysis
     c. environmental scan
     d. profit and loss assessment
     e. strategic window search

      REF: 40               OBJ: 02-4

  3. Refer to FFRS. The fact that FFRS is the only shelter of its kind in the state of Texas to have a
     "no-kill" policy, to offer pickup services in a 5-county area, and to have exclusive rights in the
     region to market Totally Ferret Food makes up the company's:
     a. sustained window of opportunity
     b. comparative edge
     c. competitive advantage
     d. marketing alliance
     e. penetration strategy
      REF: 39               OBJ: 02-5

  4. Refer to FFRS. By marketing its existing ferret services to people who work with ferrets (such as
     educators, city officers, and pet store managers) in addition to ferret owners, FFRS would be
     engaged in:
     a. expanding her strategic window
     b. market penetration
     c. product development



      COM-FSM National Campus                                           Business Division
     QUIZ2 - Study Guide                                                BU270 Principles of Marketing

     d. diversification
     e. market development
     REF: 42                OBJ: 02-6

  5. Refer to FFRS. Curtis will be exploring aspects of what her service offers, her central location
     and mobile pickup offering, the price of ferret adoptions, and promotions to increase awareness
     and expand donations. These elements in the marketing plan make up the service's:
     a. marketing mix
     b. target marketing plan
     c. strategic goals
     d. situation analysis
     e. environmental audit
     REF: 46                OBJ: 02-8

  6. Refer to FFRS. Curtis should know effective strategic planning for the Ferrets First Rescue and
     Shelter requires all of the following EXCEPT:
     a. continual attention
     b. sound planning based on creativity
     c. top management's support and participation
     d. marketing information systems
     e. an ongoing process
     REF: 49                OBJ: 02-10

SCENARIO 2

     Delta Faucet Company
     Masco is the name of a well-recognized company in the construction industry. It produces
     cabinetry, furniture, lighting, and plumbing fixtures for the upper-end homeowner and builder.
     One of the divisions of Masco is the Delta Faucet Company, which is the leader in the faucet
     industry. Delta Faucet was founded in 1955. Over the decades, it has developed a legacy based on
     well-crafted, high-quality products. Since the 1970s, Delta has focused its energies on building
     loyalty with the builder marketplace. Research in 2002 showed that while builders respect the
     Delta faucet for its quality, durability, and dependability, household consumers were not
     enamored with Delta products. Due to the number of new magazines and television programs
     devoted to home style, homeowners wanted faucets that were chic and stylish. This was not the
     image of the Delta Faucet. To change its image, Delta Faucet began a marketing program in
     which it committed itself to developing new products to appeal to homeowners. It adopted a new
     slogan, "Beautifully Engineered."

  1. Refer to Delta Faucet Company. The marketing program, which Delta designed to develop new
     products to appeal to homeowners, is an example of:
     a. strategic planning
     b. a mission statement
     c. mass marketing
     d. production-oriented marketing
     e. tactical planning
     REF: 34                OBJ: 02-1




     COM-FSM National Campus                                          Business Division
   QUIZ2 - Study Guide                                                BU270 Principles of Marketing

2. Refer to Delta Faucet Company. The Delta Faucet Company is a _____ of Masco.
   a. target market
   b. transactional division
   c. strategic business unit (SBU)
   d. share-bearing unit (SBU)
   e. situational business usage (SBU)

   REF: 39                OBJ: 02-3

3. Refer to Delta Faucet Company. Delta Faucet would most likely have gathered the information
   about how homeowners perceive its products through the use of a(n):
   a. break-even analysis
   b. correlation analysis
   c. sales potential assessment
   d. situation analysis
   e. economic forecast
   REF: 38                OBJ: 02-4

4. Refer to Delta Faucet Company. The reputation the Delta faucet has for its quality, durability, and
   dependability among builders is an example of a(n):
   a. tactical threat
   b. competitive advantage
   c. experience curve
   d. economy of scale
   e. market differentiator
   REF: 39                OBJ: 02-5

5. 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
   REF: 42                OBJ: 02-6

6. 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
   REF: 46                OBJ: 02-7

7. Refer to Delta Faucet Company. Delta's development of a new slogan represents a change in the
   _____ element of its marketing mix.



   COM-FSM National Campus                                          Business Division
     QUIZ2 - Study Guide                                               BU270 Principles of Marketing

     a.   product
     b.   promotion
     c.   place
     d.   production
     e.   Distribution
     REF: 47               OBJ: 02-7

  8. 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

     REF: 45               OBJ: 02-6

SCENARIO 3

     Eastman Kodak Company

     As the head of Eastman Kodak Company, George M. C. Fisher devised a plan to save Kodak
     from being trapped in the slow growth photography industry, hobbled by huge debts, a
     dysfunctional management culture, and a dispirited workforce. At the time of his takeover of
     Kodak, the product development and sales functions for the company were scattered among
     divisions, and the business mission was ill-focused. Fisher envisioned a long-term strategy in
     which Kodak focused on its core competencies. By evaluating the pros and cons associated with
     its various businesses, Fisher decided imaging was the key to the future. He then sold Kodak's
     health and household-products arms. He also assembled most of the corporate talent into one
     division and hired an experienced computer marketing executive to head it. Further, by stressing
     accountability, quality, and cycle time, Fisher began to transform Kodak's slow moving culture.
     Fisher believes Kodak could double its growth rate in photography, a tough challenge in a slow-
     growing market, by becoming more global and by challenging Fujifilm in China.

  1. Refer to Eastman Kodak Company. As Kodak actively redefined its business mission,
     organization culture, global strategy, and so on, it was engaged in:
     a. market planning
     b. writing the mission statement
     c. financial analysis
     d. the strategic planning processes
     e. strategic contingency planning
     REF: 34               OBJ: 02-1

  2. Refer to Eastman Kodak Company. By redefining the business to focus on imaging technology,
     Fisher created a new:
     a. mission statement
     b. financial analysis
     c. situational analysis
     d. market strategy


     COM-FSM National Campus                                         Business Division
   QUIZ2 - Study Guide                                               BU270 Principles of Marketing

   e. strategic planning
   REF: 36                 OBJ: 02-2

3. Refer to Eastman Kodak Company. Fisher evaluated Kodak's current status based on core
   capabilities and future expectations. This evaluation process is called a(n):
   a. situation analysis
   b. market audit
   c. environmental scan
   d. profit and loss assessment
   e. strategic window search
   REF: 38                 OBJ: 02-4

4. Refer to Eastman Kodak Company. By pruning product lines and assembling the corporate talent
   into one division, Fisher engaged in _____, which often results in a cost competitive advantage.
   a. reverse engineering
   b. strategic implosion
   c. augmented production
   d. reengineering
   e. production diversification
   REF: 40                 OBJ: 02-5

5. Refer to Eastman Kodak Company. Fisher realized the market for photography is growing
   slowly, so he planned to expand into China. Which growth strategy is Fisher practicing?
   a. vertical integration
   b. market penetration
   c. diversification
   d. product development
   e. market development
   REF: 42                 OBJ: 02-6

   Review your assigned Chapter homework


   /2011 mmm




   COM-FSM National Campus                                         Business Division

				
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