Hunt Marketing 2e Chapter 2 College Marketing Review

Question 1

Market strategy of selling new goods for existing markets.

Accepted Answer

product development

Question 2

Johnson & Johnson makes baby and beauty products, and medical devices. What strategy is this?

Accepted Answer

diversification

Question 3

In the BCG matrix - low market share in a low-growth market is which product category?

Accepted Answer

dog

Question 4

Selling domestically produced products to foreign markets.

Accepted Answer

exporting

Question 5

The vertical axis on the BCG matrix shows

Accepted Answer

market growth

Question 6

When a domestic firm partners with a foreign firm creating a new entity.

Accepted Answer

joint venture

Question 7

A concise affirmation of a company's long-term purpose.

Accepted Answer

mission statement

Question 8

A document that guides analysis, implementation and control of a firm's marketing strategy.

Accepted Answer

marketing plan

Question 9

In the BCG matrix - dominant market share in a high-growth market is which product category?

Accepted Answer

star

Question 10

Market strategy of selling more of existing goods to existing customers.

Accepted Answer

market penetration

Question 11

When doing a SWOT analysis, a company looks internally at its opportunities and threats.

Accepted Answer

False

Question 12

Group of consumers that an organization has decided to direct its marketing efforts

Accepted Answer

target market

Question 13

The horizontal axis on the BCG matrix shows

Accepted Answer

Relative market share

Question 14

Cash cows are located in which quadrant of the BCG matrix?

Accepted Answer

lower left quadrant

Question 15

Chobani coming out with Chobani Drink is an example of which marketing strategy?

Accepted Answer

product development

Question 16

In the BCG matrix - low market share in a high-growth market is which product category?

Accepted Answer

question mark

Question 17

ROMI shows the effectiveness of a firm's marketing spending.

Accepted Answer

True

Question 18

Superior position a product has over competing products if consumers believe it has more value.

Accepted Answer

competitive advantage

Question 19

The BCG matrix is an example of a

Accepted Answer

situation/portfolio analysis

Question 20

Market strategy of selling new goods to attract new customers.

Accepted Answer

diversification

Question 21

An organization's plans for marketing, human resources, finance and risk management.

Accepted Answer

strategic plan

Question 22

The practice of measuring, managing, and analyzing market performance.

Accepted Answer

marketing analytics

Question 23

A SWOT analysis looks at a firm's

Accepted Answer

strengths, weaknesses, opportunities, and threats

Question 24

Question Marks are located in which quadrant of the BCG matrix?

Accepted Answer

upper right quadrant

Question 25

In the BCG matrix - high market share in a low-growth market is which product category?

Accepted Answer

cash cow

Question 26

Right to use a company name and receive operational and marketing support in exchange for a fee

Accepted Answer

franchising

Question 27

Where one firm pays to use another firm's products, trademarks, patents, intellectual property.

Accepted Answer

licensing

Question 28

The activities a firm undertakes to create a certain perception of its products.

Accepted Answer

positioning

Question 29

Lululemon adding/expanding a men's line is an example of which marketing strategy?

Accepted Answer

market development

Question 30

The group of consumers who have shared characteristics and similar product needs.

Accepted Answer

market segment

Question 31

Market share shows how much the firm has in sales dollars in relation to its competitors.

Accepted Answer

False

Question 32

A threat for Tesla may be the reduction or removal of tax breaks on electric vehicles.

Accepted Answer

True

Question 33

Market strategy of selling more of existing goods to new customers.

Accepted Answer

market development

Question 34

A competition analysis looks only at a firm's direct competitors.

Accepted Answer

False

Question 35

ROMI = Sales x Gross margin % minus Marketing expenditures divided by Marketing expenditures

Accepted Answer

True

Question 36

Chick-Fil-A opening stores in upstate New York is an example of what marketing strategy?

Accepted Answer

market development

Hunt Marketing 2e Chapter 2 College Marketing Review

Questions 36

Hunt Marketing 2e Chapter 2 College Marketing Review

Questions 36