STRAYER MKT100 WEEK 3 QUIZ 2 (SOLUTION 20/20) Question 1 Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called strengths. market strategies. market niches. threats. opportunities. Question 2 The term â€œ____â€ describes measuring and evaluating a firmâ€™s quality in products and processes against industry leaders. total quality management benchmarking internal marketing empowerment implementation Question 3 According to the text, a market is defined as a place to buy products. the buyers of the products that a company develops, promotes, prices, and distributes. the specific group of customers on whom an organization focuses its marketing efforts. a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products. the percentage of a group of customers that actually buys a specific product from a specific company. Question 4 An organizationâ€™s business goals should be derived from its mission statement. strategic plan. strategic business plan. marketing plan. marketing strategy. Question 5 The Boston Consulting Group classifies products that have a dominant market share but low prospects for growth and that generate more cash than is required to maintain market share as dogs. cash cows. stars. cash contributors. question marks. Question 6 According to the Boston Consulting Group, marketers may classify their products as all of the following except dogs. cash contributors. question marks. stars. cash cows. Question 7 An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets. opportunities and threats market opportunities strengths and weaknesses activities and responsibilities organizational resources Question 8 A marketing unit can be organized according to functions, products, regions, and sales. target markets. competitive units. types of customers. product features. Answer Question 9 A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace. market opportunity market requirement competitive advantage strategic window competitive opportunity Question 10 Resource deployment and coordination of functional areas of business are determined by the mission statement. corporate strategy. business-unit strategy. marketing strategy. the marketing mix. Answer Question 11 The amount of money received through wages, rents, investments, pensions, and subsidies is called income. wealth. discretionary income. prosperity. credit. Question 12 Employees, customers, communities, and investors are all considered ____ in relation to marketing. Responsibilities Stakeholders Shareholders Constituents owners Question 13 Consumers begin to become more price and value conscious during periods of inflation. prosperity. recession. depression. recovery. Question 14 Procompetitive laws are those designed to preserve competition. protect the consumer. ensure product safety. reduce competition. limit business lobbying of government officials. Question 15 Assuming that inflation is low, high buying power characterizes the ____ stage of the business cycle. Prosperity Depression Recovery Succession recession Question 16 Marketing ethics refers to laws and regulations that govern marketing. refers to principles and standards that define acceptable conduct in marketing. maximizes an organizationâ€™s positive impact and minimizes its negative impact on society. is most important for advertising agencies. applies well-defined rules for appropriate marketing behavior. Question 17 Total buying power declines during periods of economic recovery. prosperity. recession. uncertainty. expansion. Question 18 When a firm has many potential competitors and tries to develop a marketing strategy to differentiate its products from the competitorsâ€™ products, a(n) ____ structure exists in the competitive environment. Oligopoly Monopoly pure competition oligopolistic competition monopolistic competition Question 19 Which of the following agencies would most likely have jurisdiction over the problem with lead in the paint of childrenâ€™s toys? Consumer Product Safety Commission Childrenâ€™s Online Protection Act Food and Drug Administration Environmental Protection Agency National Advertising Review Board Question 20 The 1990 Nutritional Labeling and Education Act directly prohibits exaggerated claims made by health and fitness products. putting the words â€œcholesterol-freeâ€ on any food package. putting nutritional information on most food products. exaggerated health claims on food packages. the use of any health claim on food packaging.