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Chapter 2 1. The task of any business is to ________. A) create customer needs B) differentiate in terms of cost of production C) deliver customer value at a profit D) reduce competition E) communicate similar value as provided by competitors Answer: C Rationale: The primary objective of any business is to deliver value to customers while ensuring profitability. This involves understanding and meeting customer needs and preferences in a way that generates revenue for the business. 2. What is the traditional view of marketing? A) Firms should just focus on production because if the products are good then they will automatically sell. B) Firms should just focus on production and selling because marketing occurs as a part of the selling process. C) Firms should have a proper marketing team that can increase consumers' awareness of their products and rouse their interest in them. D) Firms should price their products as low as possible so that marketing them becomes easy. E) Firms should remember that promotion is the most important of the four Ps. Answer: B Rationale: The traditional view of marketing emphasizes that marketing occurs primarily as a part of the selling process, focusing on production and selling rather than on the broader concept of understanding and satisfying customer needs. 3. Value delivery process can be divided into three phases, out of which "choosing the value" implies _______, which is the essence of strategic marketing. A) segmentation, developing, and delivering B) targeting, positioning, and communicating C) targeting, positioning, and delivering D) segmentation, targeting, and positioning E) researching, developing, and delivering Answer: D Rationale: "Choosing the value" involves segmentation, targeting, and positioning, which are fundamental aspects of strategic marketing. This phase involves identifying specific market segments, selecting the target segment(s), and positioning the product to meet the needs of those segments effectively. 4. Apex Corporation is one of the best in its industry in terms of costs and performance. Many companies in its industry will probably consider Apex as a ________. A) pioneer B) benchmark C) target for acquisition D) future supplier E) sounding board for ideas Answer: B Rationale: Apex Corporation, being a leader in its industry in terms of costs and performance, serves as a benchmark for other companies. They are likely to look up to Apex as a standard of excellence to emulate or measure against. 5. James Frank has been put in charge of gathering marketing intelligence, disseminating it within his organization, and eventually directing action on the information. Mr. Frank's task is best described as part of the ________. A) market-sensing process B) new-offering realization process C) customer acquisition process D) customer relationship management process E) fulfillment management process Answer: A Rationale: James Frank's task of gathering marketing intelligence, disseminating it, and directing action based on the information aligns with the market-sensing process, which involves gathering information about the market environment and translating it into actionable insights. 6. When a customer places an order at BookBox.com, the company processes the customer's payment information, sends the order to the nearest warehouse, and ships the order via FedEx. This is best described as the ________. A) market-sensing process B) customer acquisition process C) customer relationship management process D) fulfillment management process E) new-offering realization process Answer: D Rationale: The described process involves the fulfillment of the customer's order, which includes processing payment, managing inventory, and arranging for shipment. This aligns with the fulfillment management process. 7. Today, the "mass market" is actually splintering into numerous segments, each with its own wants, perceptions, preferences, and buying criteria. This implies that ________. A) the traditional marketing approach would be the best approach to follow B) the producers must consider themselves as a part of the value-chain process C) the producers should focus on niche markets D) all market segments are equally profitable E) target market strategies are no longer effective Answer: B Rationale: The fragmentation of the mass market into numerous segments implies that producers need to consider themselves as part of the value-chain process, meaning they should understand and cater to the specific needs and preferences of different segments rather than adopting a onesize-fits-all approach. 8. The first phase of the value creation and delivery sequence is ________ that represents the "homework" marketing must do before any product exists. A) choosing the value B) providing the value C) communicating the value D) considering the value E) acquiring the value Answer: A Rationale: "Choosing the value" represents the initial phase in which marketing conducts research, identifies customer needs, selects target markets, and positions the product accordingly, laying the groundwork for value creation and delivery. 9. The last step in the value creation and delivery sequence is ________ the value where the sales force, sales promotion, advertising, and other communication tools announce and promote the product. A) developing B) positioning C) communicating D) reversing E) researching Answer: C Rationale: The final step in the value creation and delivery sequence involves communicating the value to the target market through various promotional activities, informing customers about the product's benefits and persuading them to make a purchase. 10. In the cycle of complete strategic planning, taking corrective action is a part of ________. A) planning B) implementation C) controlling D) organizing E) analyzing Answer: C Rationale: Taking corrective action is a part of the controlling phase in the cycle of strategic planning. This phase involves monitoring performance, comparing it with goals, and making adjustments as necessary to ensure that objectives are achieved effectively. 11. The ________ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service). A) operations processes B) manufacturing processes C) primary activities D) secondary activities E) tertiary activities Answer: C Rationale: Primary activities in the value chain directly contribute to the creation of a product or service, including inbound logistics, operations, outbound logistics, marketing and sales, and service. 12. Michael Porter's value chain would identify which of the following as a support activity? A) shipping out final products B) marketing products C) procurement D) servicing products E) operations Answer: C Rationale: Procurement, which involves obtaining raw materials and other resources, is considered a support activity in Michael Porter's value chain framework as it facilitates the primary activities of the value chain. 13. Which of the following can be considered a primary activity in the value chain process? A) procurement B) human resource management C) technology development D) inbound logistics E) firm infrastructure Answer: D Rationale: Inbound logistics, which involves receiving, storing, and distributing inputs, is considered a primary activity in the value chain process as it directly contributes to the production process. 14. The fulfillment management process includes all the activities in ________. A) gathering and acting upon information about the market B) researching, developing, and launching new high-quality offerings quickly and within budget standards C) defining target markets and prospecting for new customers D) building deeper understanding, relationships, and offerings to individual customers E) receiving and approving orders, shipping the goods on time, and collecting payment Answer: E Rationale: The fulfillment management process involves activities related to processing orders, managing inventory, and delivering products or services to customers, ensuring timely and efficient fulfillment of customer orders. 15. With respect to core business processes, the ________ includes all the activities involved in gathering external information, disseminating it within the organization, and acting on the information. A) market-sensing process B) market research process C) target marketing process D) market pulse process E) deployment process Answer: A Rationale: The market-sensing process involves activities related to gathering market intelligence, disseminating it within the organization, and using it to make informed decisions about marketing strategies and tactics. 16. With respect to the core business processes, the ________ includes all the activities involved in developing, and launching high-quality products quickly and within budget. A) market-sensing process B) new-offering realization process C) fulfillment management process D) customer acquisition process E) customer relationship management process Answer: B Rationale: The new-offering realization process encompasses activities related to researching, developing, and launching new products or services, ensuring that they meet customer needs and are brought to market efficiently. 17. Activities involved in building deeper understanding of existing consumers and what the product offerings mean to them would be a part of ________. A) customer acquisition process B) customer relationship management process C) customer prospecting process D) customer integrating management process E) customer equity process Answer: B Rationale: The customer relationship management process involves activities focused on understanding and managing relationships with existing customers, including gathering feedback, addressing concerns, and customizing offerings to meet their needs. 18. ________ allows the company to discover who its target markets are, how they behave, and what they need or want. It also enables the company to respond appropriately, coherently, and quickly to different customer opportunities. A) Network management B) Supply chain management C) Marketing management D) Customer relationship management E) Total quality management Answer: D Rationale: Customer relationship management (CRM) involves strategies and technologies used by companies to manage interactions with current and potential customers, aiming to improve customer satisfaction, loyalty, and retention by understanding their needs and preferences. 19. Another way to describe a supply chain, where companies partner with specific suppliers and distributors to ensure a smooth functioning of the system, is to call it a ________. A) teamwork group B) horizontal integration C) domestic power center D) value exploration E) value delivery network Answer: E Rationale: A value delivery network describes the collaborative network of suppliers, distributors, and other partners involved in delivering a product or service to customers, ensuring efficient operations and customer satisfaction. 20. The key to utilizing organizational core competencies is to ________ that make up the essence of the business. A) force organizational departments to justify the budgetary components B) vertically integrate and own all intermediaries C) own and nurture the resources and competencies D) emphasize global promotions E) segment the workforces Answer: C Rationale: The effective utilization of organizational core competencies involves owning and nurturing the unique resources and capabilities that define the essence of the business, enabling it to maintain a competitive advantage and deliver value to customers. 21. ________ has three characteristics: (1) it is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits; (2) it has applications in a wide variety of markets; and (3) it is difficult for competitors to imitate. A) Core competency B) Market sensing process C) Corporate social responsibility D) Strategic business unit E) Philanthropy Answer: A Rationale: Core competency refers to a set of unique capabilities and resources possessed by a company, which provide a competitive advantage, are applicable across various markets, and are not easily replicated by competitors. 22. Core competencies tend to refer to areas of special technical and production expertise, whereas ________ tend to describe excellence in broader business processes. A) process benchmarks B) distinctive capabilities C) distributive capabilities D) facultative benchmarks E) concentric capabilities Answer: B Rationale: Core competencies typically involve specialized technical or production skills, while distinctive capabilities encompass broader business processes that contribute to a company's overall excellence and competitive advantage. 23. Holistic marketers achieve profitable growth by expanding customer share, ________, and capturing customer lifetime value. A) undermining competitive competencies B) building customer loyalty C) creating customer needs D) renewing a customer base E) cannibalizing products Answer: B Rationale: Holistic marketers focus on building customer loyalty, which involves expanding customer share, retaining existing customers, and maximizing the lifetime value of customers through relationship-building efforts. 24. The holistic marketing framework is designed to address three key management questions. Which of the following is one of those questions? A) Value claims—how does the company deal with value clutter? B) Value proposition—how can value propositions be made profitable? C) Value erosion—are there weak links in the company's value chain? D) Value network—how can a company effectively network? E) Value exploration—how can a company identify new value opportunities? Answer: E Rationale: One of the key management questions addressed by the holistic marketing framework is value exploration—how a company can identify new opportunities for creating value for customers and capturing value for itself. 25. As Kodak addresses the digital revolution taking over the photographic industry, it wants customers to see it as a leader in digital photography. Thus, it is moving away from the production of film roll cameras. This would be an example of which of the following value creation steps? A) abandoning current product lines B) changing the corporate vision C) repositioning the company's brand identity D) redoing the corporate logo E) realigning core competencies Answer: C Rationale: Repositioning the company's brand identity involves altering the perception of the company in the minds of customers, often by shifting its focus or offerings to better align with changing market dynamics or customer preferences. 26. Of the four organizational levels, the corporate level is likely to take which of the following decisions? A) entering a new market B) resource allocation for each product C) strategic plan for individual business units D) choosing specific suppliers for each business unit E) marketing plan for each product Answer: A Rationale: The corporate level typically makes decisions related to the overall direction and strategy of the company, including decisions such as entering new markets, diversification, mergers and acquisitions, and resource allocation among various business units. 27. Most large companies consist of four organizational levels: the corporate level, the ________, the business unit level, and the product level. A) board of director level B) major stakeholder level C) management team level D) division level E) strategic level Answer: D Rationale: The division level represents the level of the organization responsible for managing distinct business units or divisions, each with its own set of products, markets, and strategies. 28. During Jill's market research study, many customers indicated that traditional oven mitts made it very difficult to hold baking dishes, resulting in frequent spills. Jill brought her findings to the research department, and her company leveraged its engineering and design competencies to develop a new hand-held hot-pad that allows for significantly greater dexterity in handling hot cooking implements, while protecting the cook from burns. This is an example of the ________ element of the holistic marketing framework. A) integrated marketing B) value creation C) negative demand D) value networking E) value focus Answer: B Rationale: Developing a new product based on customer feedback and leveraging internal competencies to create value for customers represents the value creation element of the holistic marketing framework. 29. The marketing plan, the central instrument for directing and coordinating the marketing effort, operates at ________ levels. A) functional and operational B) strategic and tactical C) corporate and operational D) customer and expenditure E) corporate and division Answer: B Rationale: The marketing plan operates at both strategic and tactical levels, outlining the overall marketing strategy as well as specific actions and tactics to be implemented to achieve marketing objectives. 30. The ________ lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities. A) organizational plan B) strategic marketing plan C) corporate tactical plan D) corporate mission E) customer-value statement Answer: B Rationale: The strategic marketing plan outlines the target markets and the value proposition to be offered, based on an analysis of market opportunities and the company's capabilities, guiding the overall marketing strategy and tactics. 31. Which of the following plans would most likely include directions for implementing and addressing daily challenges and opportunities in product features, promotion, merchandising, pricing, sales channels, and service areas? A) the tactical marketing plan B) the target marketing plan C) the deployment plan D) the product-launch plan E) the product-development plan Answer: A Rationale: The tactical marketing plan focuses on specific actions and tactics to be implemented in various areas such as product features, promotion, pricing, distribution channels, and customer service on a daily basis to achieve marketing objectives. 32. Which of the following is NOT one of the four planning activities undertaken by all corporate headquarters? A) defining the corporate mission B) establishing strategic business units C) assigning resources to each SBU D) assessing growth opportunities E) deciding sales channels Answer: E Rationale: While deciding sales channels is an important aspect of corporate planning, it may not necessarily be undertaken by all corporate headquarters as part of their planning activities. Other activities listed, such as defining the corporate mission, establishing strategic business units, assigning resources, and assessing growth opportunities, are typically universal planning functions at the corporate level. 33. Juan Garcia plans the daily promotional releases about his company's products and services. He can be described as a(n) ________ planner. A) strategic B) selective C) tactical D) niche E) operational Answer: C Rationale: Juan Garcia, who plans the daily promotional releases, is involved in tactical planning, which focuses on specific actions and decisions related to implementing the overall marketing strategy on a day-to-day basis. 34. A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction, and ________. A) profitability B) target market feasibility C) opportunity D) continuous improvement E) quality products Answer: C Rationale: A clear and thoughtful mission statement provides employees with a shared sense of purpose, direction, and opportunity, guiding their actions and decisions towards achieving the company's objectives. 35. Mission statements are at their best when they reflect a ________. A) market B) strength C) competency D) vision E) value Answer: D Rationale: Mission statements are most effective when they reflect a clear vision of the company's future direction and goals, guiding its actions and decisions in alignment with its long-term objectives. 36. Which of the following is one of the five major characteristics of good mission statements? A) They focus on a large number of goals. B) They expand the range of individual employee discretion. C) They define the major competitive spheres within which the company will operate. D) They take a short-term view. E) They are long and comprehensive to ensure that all critical concepts are included. Answer: C Rationale: One of the major characteristics of good mission statements is that they define the major competitive spheres within which the company will operate, providing clarity about its scope and focus. 37. The ________ is the number of channel levels, from raw materials to final product and distribution, in which a company will participate. A) industry sphere B) vertical sphere C) product/application sphere D) competence sphere E) market segment sphere Answer: B Rationale: The vertical sphere refers to the number of channel levels, from raw materials to final product and distribution, in which a company chooses to participate, indicating the extent of its vertical integration in the supply chain. 38. Gerber primarily serves the baby food market. In choosing to focus on this market, Gerber is defining its competitive sphere on the basis of ________. A) vertical segmentation B) backward integration C) market segmentation D) diversification E) differentiation Answer: C Rationale: Gerber's focus on the baby food market represents a form of market segmentation, defining its competitive sphere based on the specific needs and preferences of the target market. 39. While viewing businesses in terms of customer needs can suggest additional growth opportunities, a ________ tends to focus on selling a product or service to a current market. A) strategic market definition B) target market definition C) cognitive definition D) product definition E) tactical definition Answer: B Rationale: Target market definition focuses on identifying and serving the needs of a specific group of customers, while strategic market definition involves broader considerations such as market segmentation and positioning. 40. What are hollow corporations? A) companies that market their products through franchisees B) companies that have liabilities exceeding their assets C) companies that outsource all production to suppliers D) companies that do not have any physical presence and only operate online E) companies that are horizontally integrated Answer: C Rationale: Hollow corporations are companies that outsource most or all of their production activities to suppliers, focusing primarily on design, marketing, and other high-value-added functions. 41. A ________ of a business focuses on selling a product or service to an existing market. A) target market definition B) strategic market definition C) mass-market definition D) differentiated market definition E) integrated market definition Answer: A Rationale: Target market definition refers to identifying and focusing on a specific segment of the market that a business aims to serve. This involves understanding the characteristics and needs of the existing market to tailor products or services accordingly. 42. Which of the following is best described as a market-oriented business definition? A) Missouri-Pacific Railroad: We run a railroad. B) Xerox: We make copying equipment. C) Standard Oil: We sell gasoline. D) Encyclopedia Britannica: We distribute information. E) Columbia Pictures: We make movies. Answer: D Rationale: A market-oriented business definition emphasizes the customer need or market served rather than the product or service offered. Encyclopedia Britannica's definition ("We distribute information") aligns with this approach by focusing on the value provided to customers rather than the specific product or service. 43. A characteristic of a ________ is that it can be a single business or collection of related businesses that can be planned separately from the rest of the company. A) strategic business unit B) subsidiary unit C) merged unit D) niche market unit E) specialized business unit Answer: A Rationale: A strategic business unit (SBU) is a distinct unit within a larger corporation that operates as an independent entity. It can have its own mission, objectives, and strategies, and can be managed separately from the rest of the company. 44. A strategic-planning gap can be corrected by ________. A) changing the company's mission B) adjusting its core values C) choosing integrative growth strategies D) redefining organizational culture E) increasing resource use Answer: C Rationale: A strategic-planning gap refers to the disparity between the desired and actual performance of a company. Integrative growth strategies, such as market penetration, product development, and market development, can help bridge this gap by expanding the company's operations within its current market or into new markets. 45. Market-penetration, product-development, and market-development strategies would all be examples of ________ strategies. A) concentric growth B) conglomerate C) horizontal D) intensive growth E) integrative growth Answer: D Rationale: Intensive growth strategies involve efforts to improve the performance of a company within its existing markets or products. Market-penetration, product-development, and marketdevelopment strategies all aim at enhancing the company's position within its current market segments, thus falling under the category of intensive growth. 46. Which of the following is an example of growth by diversification? A) a company introducing its existing products in a new market B) a company introducing new product category in a new market C) a company increases its product line in an existing market D) a company introducing a new product category in an existing market E) a company integrates backward to cut costs Answer: B Rationale: Growth by diversification involves entering new markets with new products or services that are unrelated to the existing business. Introducing a new product category in a new market, as described in option B, best exemplifies diversification. 47. A company that seeks to increase its sales and profits through backward, forward, or horizontal integration within the industry is said to be employing a(n) ________ strategy. A) diversification growth B) intensive growth C) target growth D) integrative growth E) conglomerate growth Answer: D Rationale: Integrative growth strategies involve various forms of integration within the industry, such as backward integration (towards suppliers), forward integration (towards customers), or horizontal integration (with competitors). These strategies aim to increase efficiency, control, and market power within the industry. 48. Which of the following is an example of intensive growth? A) a company improves its market share with its current products in the current markets B) a company enters a new market with current products C) a company develops new products for its existing markets D) a company improving sales by integrating backward E) a company developing new products for new markets Answer: A Rationale: Intensive growth strategies focus on improving the performance of a company within its existing markets or products. Improving market share with current products in current markets, as described in option A, is an example of intensive growth. 49. If you were the CEO of a company that was looking to implement strategies to fill a perceived strategic-planning gap, you would most likely explore ________ strategy first because it is easier to improve an existing business than to build a new one. A) market-penetration B) market-development C) diversification D) product-development E) exclusive Answer: A Rationale: Market-penetration strategy involves increasing market share in existing markets with existing products. Since it leverages the company's current strengths and resources, it is often easier to implement compared to other strategies, making it a suitable option for addressing strategic-planning gaps. 50. Once Starbucks had established its presence in thousands of cities internationally, the company sought to increase the number of purchases by existing customers with a ________ strategy that led to new in-store merchandise, including compilation CDs and high-speed wireless access. A) product-development B) market-penetration C) diversification D) market-development E) conglomerate Answer: A Rationale: Product-development strategy involves creating new products or services to cater to existing markets. Starbucks introducing new in-store merchandise, such as compilation CDs and highspeed wireless access, aims at encouraging additional purchases from existing customers, which aligns with a product-development strategy. 51. Qantas, the Australian national carrier, introduces flights to the Middle East. This is an example of ________. A) product development B) diversification C) market development D) market penetration E) differentiation Answer: D Rationale: Qantas introducing flights to the Middle East represents a strategy of penetrating a new market (the Middle East) with its existing product (flights). Market penetration aims to increase market share within existing markets or to enter new markets with existing products or services. 52. A(n) ________ is when a company might seek new businesses that have no relationship to its current technology, products, or markets. A) concentric strategy B) conglomerate strategy C) horizontal strategy D) intensive growth strategy E) integrative strategy Answer: B Rationale: A conglomerate strategy involves diversifying into businesses unrelated to the company's current products, technologies, or markets. It entails expanding into entirely new areas that may not have any synergies with the existing business. 53. Which of the following terms can be defined as "the shared experiences, stories, beliefs, and norms that characterize an organization"? A) organizational dynamics B) a business mission C) an ethical/value statement D) customer relationships E) corporate culture Answer: E Rationale: Corporate culture encompasses the shared experiences, stories, beliefs, and norms that define and characterize an organization. It influences how employees interact, make decisions, and perceive the company. 54. When it was first launched, Google's paid search platform represented a new strategy for revenue generation on the Internet. This is an example of innovation along which of the following dimensions? A) process B) supply chain C) value capture D) presence E) brand Answer: C Rationale: Innovation along the dimension of value capture involves finding new ways to monetize products or services. Google's introduction of a paid search platform represented a novel approach to capturing value from online search activities. 55. The first step in the business unit strategic-planning process deals with which of the following? A) formulate goals B) define business mission C) implement strategies D) execute programs E) conduct SWOT analysis Answer: B Rationale: The first step in the business unit strategic-planning process typically involves defining the business mission. This step sets the overall direction and purpose of the business unit's strategic planning efforts. 56. Through its cutting-edge point-of-sale inventory management technology and highly efficient shipping practices, Walmart is able to keep its inventory expenditure extremely low and to pass these savings on to consumers in the form of low prices. Walmart's strategy is best described as ________. A) a focused approach B) integrative growth C) differentiation D) market development E) overall cost leadership Answer: E Rationale: Walmart's strategy is best described as overall cost leadership. This strategy involves offering products or services at the lowest cost in the industry, achieved through efficient operations, economies of scale, and aggressive cost management. 57. When a firm aims to underprice competitors and win market share, it is using a(n) ________ strategy that requires relatively less marketing skills as compared to other strategies. A) product differentiation B) overall cost leadership C) focus D) domestic customer relationship E) price skimming Answer: B Rationale: An overall cost leadership strategy involves offering products or services at the lowest cost in the industry. This often entails underpricing competitors to gain market share, and it requires less emphasis on marketing skills compared to strategies like product differentiation or focus. 58. After analyzing their company's strengths and weaknesses, top managers at Loan Bright decided that they would serve individual loan officers who typically only wanted to purchase small sets of homebuyer data, rather than bigger institutional clients. To meet the needs of this segment, Loan Bright simplified its sales contract, restructured its advertising efforts to focus on Google ads, and created a separate customer-service department. Loan Bright's strategy is best described as a(n) ________ strategy. A) overall cost leadership B) focus C) differentiation D) diversification E) promotional Answer: B Rationale: Loan Bright's strategy of serving individual loan officers with tailored services represents a focus strategy. This strategy involves targeting a specific segment of the market (individual loan officers in this case) and tailoring products or services to meet their unique needs. 59. Unlike its competitors in the online air travel industry, Travelocity provides its customers with a greater variety of services such as cruise reservations, package tours, hotel bookings, and car rentals. This is an example of a(n) ________ strategy. A) overall cost leadership B) focus C) differentiation D) diversification E) promotional Answer: C Rationale: Travelocity's strategy of offering a greater variety of services than its competitors represents a differentiation strategy. By providing additional services beyond basic air travel bookings, Travelocity seeks to distinguish itself from competitors and attract customers who value this variety. 60. McDonald's has often teamed up with Disney to offer products related to current Disney films as part of its meals for children. The best description of this form of alliance would be a(n) ________. A) product alliance B) logistics alliance C) pricing collaboration D) network alliance E) promotional alliance Answer: E Rationale: McDonald's teaming up with Disney to offer products related to Disney films as part of its meals for children represents a promotional alliance. This type of alliance involves joint marketing efforts aimed at promoting products or services to customers. 61. Abbot Laboratories warehouses and delivers 3M's medical and surgical products to hospitals across the United States. The best description of this form of alliance would be a(n) ________. A) product alliance B) logistics alliance C) pricing collaboration D) indirect collaboration E) promotional alliance Answer: B Rationale: Abbot Laboratories providing logistics services for 3M's products involves warehousing and delivery, which are logistics functions. Therefore, this represents a logistics alliance between the two companies. 62. MasterCard and Visa may team up with university alumni associations to offer affinity credit cards that typically display an iconic image associated with the university on the card itself and may include an incremental donation program associated with purchases made using the card. The best description of this form of alliance would be a ________. A) product alliance B) logistics alliance C) pricing collaboration D) network alliance E) promotional alliance Answer: E Rationale: MasterCard and Visa teaming up with university alumni associations to offer affinity credit cards involves joint marketing efforts aimed at promoting the credit cards to customers. This aligns with a promotional alliance, as it leverages promotional activities to attract customers. 63. When a business gets to know market segments intimately and pursues either cost leadership or differentiation within the target segment, it is employing a ________. A) defined strategy B) focused strategy C) value-added strategy D) competitive advantage strategy E) customer-focused strategy Answer: B Rationale: A focused strategy involves concentrating efforts on specific market segments and either pursuing cost leadership or differentiation within those segments. This allows the business to tailor its offerings to the specific needs and preferences of the target segment. 64. When one company licenses another to produce its offerings, or two companies jointly market their complementary offerings, it is called a ________. A) pricing collaboration B) product or service alliance C) promotional alliance D) logistics collaboration E) total quality management Answer: B Rationale: A product or service alliance involves two companies collaborating to produce or market their complementary offerings. This could include licensing agreements, joint marketing efforts, or other forms of collaboration related to products or services. 65. To keep their strategic alliances thriving, corporations have begun to develop organizational structures to support them and have come to view the ability to form and manage strategic alliances as core skills. This is called ________. A) value managed partnership B) decentralized partnership C) centralized partnership D) partner relationship management E) intensive growth management Answer: D Rationale: Partner relationship management refers to the organizational structures and processes developed by corporations to support and manage strategic alliances effectively. It involves cultivating and managing relationships with alliance partners to ensure mutual success. 66. Which of the following statements is true of marketing plans? A) They can be independently developed without worrying about other functional areas. B) They provide direction and focus for a brand, product, or company. C) They are usually profit-oriented. D) They are of limited use to non-profit organizations. E) They are typically five-year plans and they lay out the strategies required to achieve targets in those five years. Answer: B Rationale: Marketing plans provide direction and focus for a brand, product, or company by outlining objectives, strategies, and tactics to achieve marketing goals. They guide marketing efforts across various functional areas to ensure alignment with overall business objectives. 67. Which of the following elements of a marketing plan permits senior management to grasp the plan's major thrust? A) the situation analysis B) the marketing strategy C) the executive summary D) the financial projections E) the short-term targets Answer: C Rationale: The executive summary of a marketing plan provides a concise overview of the plan's major objectives, strategies, and key initiatives. It allows senior management to grasp the plan's major thrust without delving into detailed analyses or projections. 68. The most frequently cited shortcomings of current marketing plans, according to marketing executives, are lack of realism, insufficient competitive analysis, and a ________ focus. A) long-term B) profit C) short-run D) product E) price Answer: C Rationale: Marketing executives often cite a short-run focus as a common shortcoming of marketing plans. This refers to a focus on immediate or short-term objectives rather than considering longer-term strategic goals and implications. 69. The ________ is the last section of the marketing plan and spells out the goals and budget for each month or quarter, so management can review each period's results and take action as needed. A) executive summary B) situation analysis C) marketing strategy D) financial projections E) implementation and controls Answer: E Rationale: The implementation and controls section of a marketing plan outlines specific goals, budgets, and timelines for implementing marketing strategies and tactics. It also establishes metrics and procedures for monitoring and evaluating performance over time. 70. The traditional view of marketing is that the firm makes something and then sells it. Answer: True Rationale: The traditional view of marketing emphasizes production first, followed by selling. It focuses on manufacturing products and then employing sales tactics to promote and sell those products to customers. 71. Marketing goods that are currently in short supply would require significant marketing talent. Answer: False Rationale: Marketing goods that are in short supply may require less marketing effort, as demand often exceeds supply in such situations. In these cases, the challenge may lie more in managing distribution channels and maintaining customer satisfaction rather than aggressive marketing efforts. 72. The traditional view of marketing works best in economies with many different types of people, each with individual wants, perceptions, preferences, and buying criteria. Answer: False Rationale: The traditional view of marketing tends to focus on mass production and mass marketing, assuming a relatively homogeneous market with standardized products. It may not be as effective in catering to diverse consumer needs and preferences. 73. In the communication stage of the value creation and delivery sequence, marketing must determine specific product features, prices, and distribution channels. Answer: False Rationale: The communication stage of the value creation and delivery sequence involves conveying information about the product or service to the target market. Determining product features, prices, and distribution channels typically occurs earlier in the value creation process. 74. The customer relationship management process involves all the activities related to receiving and approving orders, shipping the goods on time, and collecting payment. Answer: False Rationale: The customer relationship management process involves activities focused on building and maintaining long-term relationships with customers, such as understanding customer needs, providing personalized services, and addressing concerns or issues. 75. The new-offering realization process involves all activities in defining target markets and prospecting for new customers. Answer: False Rationale: The new-offering realization process encompasses activities related to developing and launching new products or services, including research and development, prototyping, testing, and market introduction. 76. A principle of the value chain is that every firm is a synthesis of activities performed to design, produce, market, deliver, and support its product. Answer: True Rationale: The value chain concept emphasizes that every firm is a collection of activities that are performed to design, produce, market, deliver, and support its products or services. These activities collectively add value to the product or service. 77. Another name for a company's value delivery network is "distribution chain." Answer: False Rationale: While distribution chain is a component of the value delivery network, the value delivery network encompasses a broader range of entities and activities involved in delivering value to customers, including suppliers, distributors, partners, and service providers. 78. Competitors in a given industry can be identified by the similarities in their core competencies. Answer: False Rationale: Competitors in a given industry may have different core competencies and strategic approaches. Identifying competitors typically involves analyzing factors such as market position, product offerings, customer segments, and competitive advantages. 79. A firm's core competency has applications only in the specific market in which the firm operates. Answer: False Rationale: A firm's core competency refers to its unique strengths or capabilities that distinguish it from competitors and provide a competitive advantage. While core competencies may be initially developed for a specific market, they can often be applied across different markets and industries. 80. Holistic marketing focuses on the integration of value exploration, value creation, and value delivery as a means to build long-term relationships with consumers. Answer: True Rationale: Holistic marketing is a comprehensive approach that considers the integration of value exploration (understanding customer needs), value creation (developing offerings that satisfy those needs), and value delivery (ensuring efficient and effective delivery of offerings) to build and maintain long-term relationships with consumers. 81. When a manager is trying to identify how the company can efficiently create promising new offerings, he is addressing the question of value delivery. Answer: False Rationale: Identifying how the company can efficiently create promising new offerings involves value creation, not value delivery. Value delivery focuses on efficiently delivering the offerings to customers once they have been created. 82. The marketing plan is the central instrument for directing and coordinating the marketing effort. Answer: True Rationale: The marketing plan serves as a central document that outlines the marketing objectives, strategies, tactics, and resource allocation to achieve the organization's goals. It provides direction and guidance for the marketing effort and helps coordinate activities across departments. 83. A strategy is a game plan for achieving what the business unit wants to achieve. Answer: True Rationale: A strategy outlines a set of actions or approaches designed to achieve specific objectives or goals. It serves as a roadmap or game plan for the business unit to achieve desired outcomes. 84. Mission statements that express unrealistic visions are usually unable to inspire employees to achieve their targets. Answer: False Rationale: Mission statements that express ambitious and inspiring visions can motivate and inspire employees to work towards achieving their targets. However, it's important that these visions remain realistic and achievable to maintain credibility and focus. 85. Good mission statements should be long and clear, should emphasize on a wide range of goals, and stress on the company's major policies and values. Answer: False Rationale: Good mission statements should be concise, clear, and focused. They should communicate the organization's purpose, core values, and primary objectives in a succinct manner that is easy to understand and remember. 86. If Xerox Corporation defined its scope of business as "making copying equipment", it can be classified as a marketing definition. Answer: False Rationale: Defining the scope of business as "making copying equipment" is more of a product-oriented definition rather than a marketing-oriented one. A marketing definition would focus on the value provided to customers rather than the product itself. 87. An intensive growth strategy involving marketing current products to new markets is a market-development strategy. Answer: True Rationale: Market development involves introducing existing products to new markets. This is an example of an intensive growth strategy aimed at expanding the customer base for current products. 88. A company seeking to expand the number of existing products sold to its current markets would be using a "market-penetration strategy." Answer: False Rationale: Expanding the number of existing products sold to current markets would typically involve product development or diversification strategies, not market penetration. Market penetration involves increasing market share within existing markets with existing products. 89. If a company sought to grow by starting new businesses that have no relation to its current technology, products, or markets, the company would be using a market penetration strategy. Answer: False Rationale: Starting new businesses unrelated to current technology, products, or markets would typically involve diversification strategies, not market penetration. Market penetration focuses on increasing sales of existing products in existing markets. 90. "What will we do if it happens?" is a question that managers typically ask while conducting a scenario analysis. Answer: True Rationale: Scenario analysis involves considering various possible future scenarios and evaluating how the organization would respond to each scenario. Asking "What will we do if it happens?" helps managers prepare contingency plans and responses to potential future events. 91. An environmental threat is a challenge posed by an unfavorable trend or development that, in the absence of defensive marketing action, would lead to lower sales or profit. Answer: True Rationale: An environmental threat refers to any external factor or trend that poses a challenge to the organization's performance or competitiveness. These threats may include factors such as changes in consumer preferences, technological advancements, or competitive pressures that could negatively impact sales or profits if not addressed. 92. Internal analysis in SWOT involves analyzing the possible opportunities and threats that can come from the market. Answer: True Rationale: Internal analysis in SWOT (Strengths, Weaknesses, Opportunities, Threats) involves assessing the organization's internal resources, capabilities, and competencies, as well as its external environment. Opportunities and threats are external factors that arise from the market or other external forces. 93. Once a SWOT analysis has been completed, the strategic planner is ready to proceed to the goal formulation stage of the strategic-planning process model. Answer: True Rationale: After completing a SWOT analysis, which involves assessing internal strengths and weaknesses as well as external opportunities and threats, the strategic planner can proceed to the goal formulation stage. In this stage, specific objectives and goals are established based on the findings of the SWOT analysis. 94. In applying MBO (management by objectives) all objectives are treated as being equally important. Answer: False Rationale: In MBO (Management by Objectives), objectives are not necessarily treated as equally important. Instead, priorities may be assigned based on factors such as organizational goals, resource availability, and strategic importance. 95. For an MBO (management by objectives) system to work, one of the four criteria that the unit's objectives must meet is that objectives must be stated quantitatively whenever possible. Answer: True Rationale: One of the criteria for objectives in an MBO system is that they should be stated quantitatively whenever possible. This allows for clear measurement and evaluation of performance against objectives. 96. Contrary to popular belief, it is not possible to maximize sales and profits simultaneously. Answer: True Rationale: Maximizing sales may require strategies such as price reductions or promotions that could potentially reduce profit margins. Conversely, maximizing profits may involve strategies that focus on cost control or premium pricing, which could limit sales volume. Balancing sales and profits requires strategic trade-offs and careful management decisions. 97. A firm that is always working to improve its product offerings such that consumer needs are addressed more efficiently is following a differentiation strategy. Answer: True Rationale: Differentiation strategy involves offering unique or superior products or services that are valued by customers. Continuously improving product offerings to better address consumer needs is consistent with a differentiation strategy aimed at creating value and differentiation in the market. 98. A firm employing a focus strategy concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market. Answer: False Rationale: A focus strategy involves concentrating efforts on serving a specific segment of the market rather than trying to appeal to the entire market. The goal is to achieve superior performance within a niche or targeted segment, not necessarily a large part of the market. 99. Partner relationship management is now considered as a core skill fundamental to the development and maintenance of strategic alliances. Answer: True Rationale: Partner relationship management involves developing and managing relationships with strategic partners, suppliers, distributors, and other external stakeholders. In today's business environment, where strategic alliances are increasingly important for growth and competitiveness, partner relationship management is recognized as a core skill essential for successful collaboration and alliance management. 100. Firms directing the same strategy to the same target market constitute a strategic group. Answer: True Rationale: A strategic group consists of firms within an industry that pursue similar strategies and target similar market segments. They compete more directly with each other than with firms outside of their strategic group. 101. A written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives is called a vision statement. Answer: False Rationale: A written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives is called a marketing plan, not a vision statement. A vision statement typically outlines the long-term goals and aspirations of the organization. 102. Marketing plans are becoming more production oriented because of the high costs of doing business in today's economy. Answer: False Rationale: Marketing plans are not becoming more production oriented; rather, they are becoming more customer-centric and focused on delivering value to customers. The emphasis is on understanding customer needs and preferences and tailoring marketing strategies accordingly. 103. A marketing plan should open with a situation analysis. Answer: False Rationale: A marketing plan typically begins with an executive summary, which provides a concise overview of the key points in the plan. The situation analysis usually follows the executive summary and provides a detailed assessment of the current marketing environment. 104. Definitions of a firm's mission as well as its marketing and financial objectives are included in the marketing strategy section of the marketing plan. Answer: True Rationale: The marketing strategy section of a marketing plan outlines the overall approach to achieving marketing objectives, which includes defining the firm's mission, setting marketing objectives, and specifying strategies to achieve those objectives. 105. Sales forecasts, expense forecasts, and break-even analysis are usually found in the section on financial projections in the marketing plan. Answer: True Rationale: The financial projections section of a marketing plan typically includes sales forecasts, expense forecasts, break-even analysis, and other financial metrics related to the implementation of marketing strategies. 106. A marketing plan is evaluated on the basis of how simple, specific, realistic, and complete it is. Answer: True Rationale: A good marketing plan is evaluated based on criteria such as simplicity, specificity, realism, and completeness. It should be clear, focused, achievable, and comprehensive in addressing key aspects of the marketing strategy. 107. Good marketing plans are usually short and to the point. Answer: False Rationale: While good marketing plans should be concise and focused, they also need to provide sufficient detail and analysis to guide decision-making and implementation. Therefore, they may not always be short but should be thorough and comprehensive. 108. Most marketing plans conclude with a section that indicates how the plan will be implemented. Answer: True Rationale: The implementation section of a marketing plan outlines the specific actions, timelines, responsibilities, and resources required to execute the marketing strategies outlined in the plan. 109. The marketing strategy section of the marketing plan spells out goals and budgets for each month or quarter so the management can review each period's results and take corrective action as needed. Answer: False Rationale: The implementation and controls section of a marketing plan typically spells out goals and budgets for each month or quarter, along with metrics and procedures for monitoring and evaluating performance. The marketing strategy section outlines the overall approach to achieving marketing objectives. 110. Briefly summarize the two views of the value delivery process that may be followed by organizations. Answer: The traditional view of marketing is that the firm makes something and then sells it. Companies that subscribe to this view have the best chance of succeeding in economies marked by goods shortages where consumers are not fussy about the quality, features, or style. If abundant choices are present, this view does not work well. Another view emphasizes the organization's role in the value delivery process. Strategic and tactical marketing are used to choose the value, provide the value, and communicate the value to consumers and channel partners. The value delivery process begins before there is a product and continues through development and after launch. 111. The firm's success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct core business processes. List and briefly describe the five core business processes. Answer: The core business processes include (1) the market-sensing process—all the activities involved in gathering market intelligence, disseminating it within the organization, and acting on the information; (2) the new-offering realization process—all the activities involved in researching, developing, and launching new high-quality offerings quickly and within budget; (3) the customer acquisition process—all the activities involved in defining target markets and prospecting for new customers; (4) the customer relationship management process—all the activities involved in building deeper understanding, relationships, and offerings to individual customers; and (5) the fulfillment management process—all the activities involved in receiving and approving orders, shipping the goods on time, and collecting payment. 112. Describe the characteristics a core competency should possess. Answer: Core competency has three characteristics. They are: (1) it is a source of competitive advantage; (2) it has applications in a wide variety of markets; and (3) it is difficult for competitors to imitate. 113. A holistic marketing orientation can provide insight into the process of capturing customer value and is designed to address three key management questions. Describe each of these key management questions in brief. Answer: The three management questions are: (1) value exploration—how can a company identify new customer-value opportunities? (2) value creation—how can a company efficiently create more promising new customer-value offerings? and (3) value delivery— how can a company use its capabilities and infrastructure to deliver the new customer-value offerings more efficiently? 114. Indicate the differences and similarities between the following terms: marketing plan, strategic marketing plan, and tactical marketing plan. Answer: The marketing plan is the central instrument for directing and coordinating the marketing effort. It operates at two levels: strategic and tactical. The strategic marketing plan lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities. The tactical marketing plan specifies the marketing tactics, including product features, promotion, merchandising, pricing, sales channels, and service. 115. Good mission statements are essential to being a success in business. Describe the three major characteristics that good mission statements should have. Answer: Major characteristics of mission statements include the following: (1) focus on a limited number of goals; (2) stress on the company's major policies and values; (3) definition of the major competitive spheres within which the company will operate (e.g., industry, products and applications, competence, market segment, vertical, and geographical); (4) a long-term view; and (5) should be as short, memorable, and meaningful as possible. 116. During the planning process, if there is a gap between future desired sales and projected sales, corporate management will need to develop or acquire new businesses to fill it. Identify and describe the three strategies that can be used to fill the strategic gap. Answer: The first option is to identify opportunities to achieve further growth with current businesses intensive growth opportunities. The second option is to identify opportunities to build or acquire businesses that are related to current businesses integrative growth opportunities. The third is to identify opportunities to add attractive businesses that are unrelated to the existing businesses diversification growth opportunities. 117. Outline the steps involved in business unit strategic-planning process. Answer: Students should describe (in order) the business mission, SWOT analysis, goal formulation, strategy formulation, program formulation and implementation, and feedback and control. 118. Identify and give examples of the four major categories of strategic alliances. Answer: The four major categories of strategic alliances include (1) product or service alliances, where one company licenses its product, or two companies jointly market their complementary products or a new product; (2) promotional alliances, where one company agrees to carry a promotion for another company's product or service; (3) logistics alliances, where one company offers logistical services for another company's product; and (4) pricing collaboration, where one or more companies join in an agreement on coordinated pricing. 119. Characterize a marketing plan. Answer: A marketing plan is a written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives. It contains tactical guidelines for the marketing programs and financial allocations over the planning period. 120. Briefly summarize the contents of a marketing plan. Answer: The contents of a marketing plan include (1) an executive summary and table of contents; (2) a situation analysis; (3) marketing strategy; (4) financial projections; and (5) implementation controls. 121. Hot Topic, a chain that sells rock-band-inspired clothes for teens, recently launched Torrid to give plus-size teens the same fashion options. Identify the three parts of the value delivery process and their function for Hot Topic. Answer: The first phase, choosing the value, represents the "homework" marketing must do before any product exists. The second phase, providing the value, is where product features, prices, and distribution are selected. The third phase, communicating the value, utilizes the sales force, sales promotion, advertising, and other communication tools to announce and promote the product. 122. Critics of Nike often complain that its shoes cost almost nothing to make, yet they are priced so high. Identify the elements of providing and communicating value that add to Nike's cost structure and result in the high price of Nike shoes. Answer: Although the raw materials and manufacturing costs of a sneaker are relatively low, marketing the product to the consumer is quite expensive. Providing value includes R&D costs and the costs associated with shipping to retail locations as well as the retailers' overhead. Communicating value includes obtaining celebrity endorsement and extensive advertising. Nike must also pay for a sales force that communicates the product's value to retailers and helps ensure that products are available in retail locations convenient to end consumers. 123. Over the past 10 years, Cisco Systems has drastically reduced its number of suppliers and aligned itself more closely with its remaining suppliers for each of its product-based teams. How might this have helped Cisco improve its new-offering realization process? Answer: By reducing the number of suppliers it uses, Cisco is able to work more closely with its few remaining suppliers, involving them in new-product development and tapping their expertise in improving overall product quality and supplier relationship. 124. In the central role of strategic planning, only a handful of companies stand out as master marketers—Procter & Gamble, Southwest Airlines, Nike, Disney, Nordstrom, Wal-Mart, and McDonald's to name a few. From a consumer's perspective why do you think they stand out? Explain. Answer: Students should explain that these companies focus on the customer and are organized to respond effectively to changing customer needs. They all have well-staffed marketing departments, and all their other departments—manufacturing, finance, research and development, personnel, purchasing—also accept the concept that the customer is king. 125. Identify the elements of a tactical marketing plan for a new kind of cola. Answer: The tactical marketing plan specifies the marketing tactics, including product features, promotion, merchandising, pricing, sales channels, and service. For a new kind of cola, the tactical marketing plan might include the packaging size and shape, the flavor, the kinds of advertising used (print, television, buzz marketing), how to price the new cola relative to other colas currently on the market, and where to sell the new cola (grocery stores, gas stations, vending machines, sandwich shops. 126. Goodwin's Grocery has decided to purchase a meat-processing plant to gain more control of its beef supply and improve its profits. Which form of integrative growth strategy has Goodwin's employed? Answer: Goodwin's has selected a backward integration strategy. 127. From its origins as an animated film producer, Walt Disney Company has moved into licensing characters for merchandised goods and developed theme parks and vacation and resort properties. What strategy best describes Disney's growth? Answer: Disney has employed a diversification growth strategy, taking advantage of opportunities outside its original animated film business, leveraging the strength of its characters in new businesses. 128. When Yahoo! began to flounder in 2001, CEO Terry Semel imposed a more conservative, buttoned-down atmosphere on the freewheeling Internet start-up. At the new Yahoo!, spontaneity is out and order is in. Identify this organizational phenomenon. Answer: This could be described as a change in corporate or organizational culture. Corporate culture has been defined as "the shared experiences, stories, beliefs, and norms that characterize an organization." 129. Describe what happens in scenario analysis and explain why firms such as Royal Dutch/Shell Group use the technique. Answer: Scenario analysis consists of developing plausible representations of a firm's possible future that make different assumptions about forces driving the market and include different uncertainties. Answers may vary on why to use the concept but answers should be mindful of the definition given. Students should try to anticipate the problems that are likely to aggravate in the energy industry and how scenario analysis may help the companies to anticipate the future and be prepared to adjust their processes accordingly. 130. Explain what happens in a SWOT analysis during the strategic planning process. Answer: SWOT (strengths, weaknesses, opportunities, and threats) monitors the external and internal environment by examining key macroeconomic and microeconomic forces and actors that have an impact on the organization's business and industry. 131. Good marketing is the art of finding, developing, and profiting from marketing opportunities. What are the three primary methods for uncovering possible product or service improvements? Answer: Methods for uncovering possible product or service improvements include (1) the problem detection method, which asks consumers for their suggestions; (2) the ideal method, which asks consumers to imagine an ideal version of the product or service; and (3) the consumption chain method, which asks consumers to chart their steps in acquiring, using, and disposing of a product. 132. What questions would typically be asked during a market opportunity analysis (MOA)? Answer: Questions would typically be: (1) Can the benefits involved in the opportunity be articulated convincingly to a defined target market(s)? (2) Can the target market(s) be located and reached with cost-effective media and trade channels? (3) Does the company possess or have access to the critical capabilities and resources needed to deliver the customer benefits? (4) Can the company deliver the benefits better than any actual or potential competitors? and (5) Will the financial rate of return meet or exceed the company's required threshold for investment? 133. For an MBO system (manage by objectives) to work, the business unit attempting to implement the process must meet four criteria. What are those criteria? Answer: The criteria are: (1) they must be arranged hierarchically, from the most to the least important; (2) objectives should be stated quantitatively whenever possible; (3) goals must be realistic; and (4) objectives must be consistent. 134. Michael Porter draws a firm distinction between operational effectiveness and a strategy. Briefly describe this distinction and identify when a company can claim that it has a strategy. Answer: Competitors can quickly copy the operationally effective company using benchmarking and other tools, thus diminishing the advantage of operational effectiveness. Porter defines strategy as "the creation of a unique and valuable position involving a different set of activities." A company can claim that it has a strategy when its activities differ from those of its rivals or performs similar activities in different ways. 135. When two service businesses, H&R Block and Hyatt Legal Services, combined their efforts, they also joined marketing forces to create a strong alliance. This would classify as which type of strategic alliance? Explain your answer. Answer: This alliance is called a product or service alliance where one company licenses another to produce its product, or two companies jointly market their complementary products or a new product. Test Bank for Marketing Management Philip T Kotler, Kevin Lane Keller 9780132102926, 9780273753360, 9781292092621, 9780133856460, 9789332587403, 9780136009986
