Multiple choice questions: basic

Try the basic multiple choice questions below to test your knowledge of Chapter 2. Once you have completed the test, click on 'Submit Answers for Grading' to get your results. If your lecturer has requested that you send your results to them, please complete the Routing Information found at the bottom of your graded page and click on the 'E-Mail Results' button. Please do not forward your results unless your lecturer has specifically requested that you do so.
This activity contains 9 questions.

When a company acquires a supplier through an acquisition strategy, this is referred to as:
vertical marketing system. forward integration. horizontal integration. backward integration.

Introducing new products to existing markets is an example of:

concentric diversification. horizontal diversification. conglomerate diversification. vertical diversification.

What is the statement of the organisation's purpose?

Organisational intent. Mission statement. Organisational perspective.

Corporate strategy is:

more specific and practical than marketing strategy. reactive to short-term competitive activity. decided by functional marketing strategy. the framework for functional marketing strategy. the implementation of plans to achieve long-term aims.

Which of the following statements are not true of market challengers?

They often direct their competitive activity at smaller firms. They tend to use penetration pricing strategies as a way of expanding their existing business. They have a vested interest in the status quo. They carry out flanking activities.

West Coast Fish have no formal organisation for marketing. Where this would be stated in its marketing plan?
SWOT Analysis. Executive summary. Financial controls. Marketing strategy.

The ACME Company sets its marketing budget by estimating the market leader's marketing spends. This approach to setting a budget is called:
marginal approach. objective and task method. percent of sales method.

comparative parity method.

To develop its market segments, West Coast Fish planned sales visits to the top 25 hotels and restaurants in Ireland. Where would this appear in a marketing plan?
Marketing strategies. Objectives. Action plans. Critical issues. Executive summary.

ACME Company sets its advertising budget by only spending up to the point where any further spending wouldnot generate enough extra business to justify the outlay. What approach is it using to setting the budget?
Task method. Objective method. All-you-can-afford method. Marginal approach. Comparative parity method.

1.

When a company acquires a supplier through an acquisition strategy, this is referred to as: Your Answer: forward integration. Correct Answer: backward integration.

2.

Introducing new products to existing markets is an example of: Your Answer: conglomerate diversification. Correct Answer: horizontal diversification.

3.

What is the statement of the organisation's purpose? Your Answer: Mission statement.

4.

Corporate strategy is: Your Answer: decided by functional marketing strategy. Correct Answer: the implementation of plans to achieve long-term aims.

5.

Which of the following statements are not true of market challengers? Your Answer: They tend to use penetration pricing strategies as a way of expanding their existing business. Correct Answer: They have a vested interest in the status quo.

6.

West Coast Fish have no formal organisation for marketing. Where this would be stated in its marketing plan? Your Answer: SWOT Analysis.

7.

The ACME Company sets its marketing budget by estimating the market leader's marketing spends. This approach to setting a budget is called: Your Answer: (blank)

8.

To develop its market segments, West Coast Fish planned sales visits to the top 25 hotels and restaurants in Ireland. Where would this appear in a marketing plan? Your Answer: Objectives. Correct Answer: Action plans.

9.

ACME Company sets its advertising budget by only spending up to the point where any further spending would not generate enough extra business to justify the outlay. What approach is it using to setting the budget? Your Answer: Objective method. Correct Answer: Marginal approach.