Exam 2: Developing Marketing Strategies and Plans

If a manager asks,"How can my company identify new value opportunities?" he or she is examining a management question identified as being value creation.

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.

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.

A good illustration of a marketing objective would to "decrease customer acquisition costs by 1.5 percent per quarter."

A successful company nurtures its resources and competencies.A core competency has three characteristics.Describe those characteristics.

Juan Garcia is seen as a ________ planner because he plans the daily promotional releases about his company's products and services.

Which of the three key areas of strategic planning deals specifically with devising a long-term game plan for achieving long-run objectives?

A firm employing a focus strategy must be good at engineering,purchasing,manufacturing,and physical distribution.

If a company sought to grow via a strategy that required the company to seek new businesses that have no relationship to its current technology,products,or markets,the company would be using a diversification strategy called a conglomerate strategy.

Holistic marketing focuses on the integration of value exploration,value creation,and value delivery as a means to build long-term relationships with consumers.

Marketing plans are becoming more production oriented because of the high costs of doing business in today's economy.

Scenario analysis can be used to assist companies in appraising how well their corporate culture might match (or not match)potential business partners or acquisitions.

The marketing strategy section of a marketing plan includes definitions of the mission and marketing and financial objectives.

The firm should estimate its competitors' costs and performances as ________ against which to compare its own costs and performance.

In applying MBO (management by objectives)all objectives are treated as being equally important-objective discrimination is not allowed.

When H&R Block and Hyatt Legal Services combined their efforts (two service businesses),they also joined marketing forces to create a strong alliance.Which of the alliance forms cited in the text most closely matches the H&R Block and Hyatt Legal Services alliance? Explain.

The most frequently cited shortcomings of current marketing plans,according to marketing executives,are lack of realism,insufficient competitive analysis,and a ________ focus.

A marketing vision statement 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.

Most marketing plans cover ________.

One of the characteristics of a good mission statement is that it has an expansive number of goals for doing business.