Answer the questions below.

Question 1

The SWOT acronym refers to a firm's analysis of its:

1. situations, wealth, organizational strengths, and target markets
2. service levels, willingness to spend, organizational culture, and total revenues.
3. sales, width of product mix, observations, and technology.
4. strengths, weaknesses, opportunities, and threats.

Question 2

Strategic plans require:

1. long-term resource commitments
2. a change in organizational structure
3. the addition of new personnel
4. new product development

Question 3

Coca-Cola vending machines are found all over the world. The newest machines have an interactive screen that runs advertisements and allows users to obtain free photos of themselves and ringtones after they have bought a drink. The reason for the introduction of this new style of vending machine is to "allow the company to interact more directly with its customers." According to a SWOT analysis, the technology used by these machines is an example of a(n):

1. strength because it is part of Coca-Cola's external environment.
2. advantage because it is part of Coca-Cola's marketing environment.
3. opportunity because it is part of Coca-Cola's external environment.
4. benefit because Coca-Cola has the resources to make use of the new technology.

Question 4

An advantage that cannot be copied by the competition is called a(n) _____ competitive advantage.

1. primary
2. unique
3. dominant
4. sustainable

Question 5

A statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions is known as a(n):

1. business audit
2. marketing plan
3. mission statement
4. environmental focus

Question 6

A _____ is a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats.

1. marketing audit
2. situation analysis
3. trend analysis
4. competitive advantage audit

Question 7

Which of the following occurs when people give up something in order to receive something they would rather have?

1. Exchange
2. Synergy
3. Transformation
4. Leveraging

Question 8

Which marketing management philosophy focuses on the question, "What do customers want and need, and how can we benefit society?"

1. Internal
2. External
3. Sales
4. Social marketing

Question 9

After hearing his company criticized for its failure to respond to consumer needs, the CEO of a bank realized that his company needs to adhere to the marketing concept and implement a market-oriented strategy. Which of the following actions would be the best approach in achieving this goal?

1. Reorganizing the company and making marketing its most important department
2. Hiring new salespeople to find new customers
3. Creating cross-functional teams and instructing them to focus on creating greater customer value
4. Expanding the advertising budget to make potential customers more aware of its product offerings

Question 10

A business is concerned with many day-to-day activities. Some of the most important of these activities are the planning and development of a product, its ability to communicate value, its pricing policy, and the distribution strategy. These activities are all a part of:

1. control system
2. marketing
3. accounting
4. production