Which of the following would be considered an internal factor in a SWOT analysis?
Take the quiz test your understanding of the key concepts covered in the chapter. Try testing yourself before you read the chapter to see where your strengths and weaknesses are, then test yourself again once you’ve read the chapter to see how well you’ve understood. 1. An organisation with an ‘outside-in’ approach focuses on the needs of the organisation first, and customers and the marketplace second. True or false? True False 2. In a SWOT analysis, strengths and weaknesses are external factors. True or false? True False 3. A business mission statement is an explicit form of words that captures the broad aims of the company. True or false? True False 4. Ansoff’s Matrix illustrates the ways companies can grow through increasing sales opportunities. True or false? True False 5. It is usually cheaper for an international company to sell standard consumer products all over the world, however cultural differences are likely to force them to make some adaptations. True or false? True False 6. XYZ Co has four sales teams: London & the South East, Wales & the Midlands, Northern England, and Scotland. What kind of organisational structure is this?
Answer: e. geographic organisation 7. If a marketing department follows the ‘top down’ planning model, what does it do?
Answer: c. Senior managers set objectives which are passed down to marketing staff. 8. Which of the following is not a typical characteristic of a market-oriented company?
Answer: e. emphasis on short-term objectives 9. McKinsey’s 7S framework helps analyse organisations and improve their effectiveness. The seven elements to be coordinated are: shared values, structure, systems, style and what?
Answer: b. strategy, staff and skills 10. What does SBU stand for?
Answer: d. strategic business unit 11. SWOT is one of the most commonly used analysis tools in business, but what does it analyse?
Answer: d. the organisation’s current situation 12. Maria is the Marketing Manager for Wholefoods Ltd. She is working on the firm’s marketing plan. Her forecasts show that, if they carry on as they have been doing, they are likely to miss their sales revenue targets by £500,000. She needs some new ideas. What kind of analysis has Maria undertaken?
Answer: c. strategic gap analysis 13. Apart from business growth, there are a number of other good reasons for selling products internationally. Which of the following are valid reasons?
Answer: d. all of the above 14. What is the first stage of the marketing planning process?
Answer: d. situation analysis 15. Which one of the following is not a component of a good business mission statement?
Answer: e. a statement of financial assets 16. What are marketing metrics?
Answer: a. ways to measure marketing effectiveness 17. Robert has recently been appointed Marketing Manager for a fashion company. He needs to know whether or not the company’s products have a sustainable advantage in the marketplace. What kind of analysis does he need to do?
Answer: c. competitor analysis 18. Porter’s five forces is an industry analysis model. The five forces are: inter rivalry of competitors, bargaining power of customers, bargaining power of suppliers, threat of new entrants and what?
Answer: d. threat of substitutes 19. According to Ansoff’s matrix, a company that tries to increase sales by selling its existing products in a new market is following what kind of strategy?
Answer: a. market development 20. Which of the following is a well-used marketing evaluation and control method?
Answer: e. none of the above 21. Just like business reports, marketing plans often have an ______ summary at the beginning. 22. When developing a corporate mission statement, it is important to think in terms of customer ______, rather than the products the company makes. 23. A Marketing information System (MkIS) comprises three main functions: data collection and storage, ______ and reporting. 24. Conferences and trade exhibitions are good places to gather competitive ______ quite openly. 25. Coca-Cola and Pepsi are two of the most powerful brands in the world and this presents a significant ______ to entry for other companies trying to launch new cola drinks. |