A potential weakness for Luther Trucking Company is the age of its tractors and the high turnover of drivers. On the other hand, the company's low operating costs result in lower prices for customers and a high market share. The company managers were able to gather this information by means of a(n) _________.

A potential weakness for Luther Trucking Company is the age of its tractors and the high turnover of drivers. On the other hand, the company's low operating costs result in lower prices for customers and a high market share. The company managers were able to gather this information by means of a(n) _________.

a. opportunity cost study
b. mission statement
c. opportunity cost study
d. SWOT analysis


Answer: d. SWOT analysis

Designing activities relating to marketing objectives and the changing marketing environment is known as _________.

Designing activities relating to marketing objectives and the changing marketing environment is known as _________.

a. marketing planning
b. marketing mix modeling
c. marketing operation
d. marketing activation


Answer: a. marketing planning

A product development strategy entails:

A product development strategy entails:

a. increasing the market share among present customers.
b. attracting new customers to existing products.
c. creating new products for present markets.
d. introducing new products to new markets to increase sales.


Answer: c. creating new products for present markets.

____ is a marketing strategy that entails attracting new customers to existing products.

____ is a marketing strategy that entails attracting new customers to existing products.

a. Market development
b. Product development
c. Diversification
d. Market penetration


Answer: c. Market development.

In the portfolio matrix, a business unit that shows rapid growth but poor profit margins is called a _________.

In the portfolio matrix, a business unit that shows rapid growth but poor profit margins is called a _________.

a. star
b. dog
c. problem child
d. cash cow


Answer: c. problem child.

In the portfolio matrix, a business unit that has low growth potential and a small market share is known as a _________.

In the portfolio matrix, a business unit that has low growth potential and a small market share is known as a _________.

a. star
b. question mark
c. question mark
d. dog


Answer: d. dog

_______ is defined as an advantage that cannot be copied by the competition.

_______ is defined as an advantage that cannot be copied by the competition.

a. Cost competitive advantage
b. Niche competitive advantage
c. Production competitive advantage
d. Sustainable competitive advantage


Answer: d. Sustainable competitive advantage.

Distribution strategies are concerned with:

Distribution strategies are concerned with:

a. making products available when and where customers want them.
b. what a buyer gives up in order to obtain a product.
c. advertising and organization or product in order to promote sales.
d. informing and educating target markets about products.


Answer: a. making products available when and where the customers want them

The ________ classifies a strategic business unit on the basis of its relative market share and market growth rate.

The ________ classifies a strategic business unit on the basis of its relative market share and market growth rate.

a. market attractiveness
b. market attractiveness
c. portfolio matrix
d. innovation matrix


Answer: c. portfolio matrix

The process that turns a marketing plan into action assignments that are executed is known as _________.

The process that turns a marketing plan into action assignments that are executed is known as _________.

a. segmentation
b. diversification
c. promotion
d. implementation


Answer: d. implementation

The goal of strategic planning is:

The goal of strategic planning is:

a. long-run profitability and growth.
b. the creation of a marketing plan.
c. maintaining short-term cash flow.
d. ensuring adequate staffing.


Answer: a. long-run profitability and growth

In the portfolio matrix, a business unit that has low growth potential and a small market share is known as a _________.

In the portfolio matrix, a business unit that has low growth potential and a small market share is known as a _________.

a. question mark
b. question mark
c. dog
d. star


Answer: c. dog

______ aims to increase sales by introducing new products to new markets.

______ aims to increase sales by introducing new products to new markets.

a. Diversification
b. Product development
c. Market penetration
d. Market development


Answer: a. Diversification