Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

The goals of any organization should derive from its:

The long-term health of the firm depends solely on having products that generate cash and provide acceptable reported profits.

Cash cows are products with a dominant share of the market and good prospects for growth.

Scenario 2.2 Use the following to answer the questions. EXperience Limited is a company which offers tours and vacations that include participation in an extreme sport, such as hang-gliding, bungee jumping, skydiving, and motocross. Adrian Moss, EXperience Limited's owner, has just finished developing the strategic plan, including marketing objective of growing his customer base by 15% during the coming year. He believes that the best way of reaching that objective is to advertise to the college-aged student. In the past, the majority of his sales have been to males under the age of 29, participating in hang-gliding and bungee jumping at various tourist locations. He wants to expand his skydiving and motocross tours, but isn't sure whether or not the expansion will be profitable. He currently has a database containing all the customers who have gone on a hang-gliding or bungee jumping vacation with his company. -Refer to Scenario 2.2. According to the BCG matrix, the hang-gliding and bungee jumping tours have been a for EXperience Limited.

Which of the following statements is incorrect?

Scenario 2.2 Use the following to answer the questions. EXperience Limited is a company which offers tours and vacations that include participation in an extreme sport, such as hang-gliding, bungee jumping, skydiving, and motocross. Adrian Moss, EXperience Limited's owner, has just finished developing the strategic plan, including marketing objective of growing his customer base by 15% during the coming year. He believes that the best way of reaching that objective is to advertise to the college-aged student. In the past, the majority of his sales have been to males under the age of 29, participating in hang-gliding and bungee jumping at various tourist locations. He wants to expand his skydiving and motocross tours, but isn't sure whether or not the expansion will be profitable. He currently has a database containing all the customers who have gone on a hang-gliding or bungee jumping vacation with his company. -Refer to Scenario 2.2. The fact that college enrollments have been increasing at a rapid rate over the past few years is an example of .

How does a firm use a market opportunity to reach a particular target market?

Question marks have a dominant share of the market, but low prospects for growth.

Scenario 2.1 Use the following to answer the questions. Southwest Airlines has a history of being able to retain its employees due to the atmosphere and culture of the company. Employees have been known to dress up in costume on an airplane, engage in "games" with the passengers, and generally provide a fun atmosphere for traveling. While other airlines have low rates of customer satisfaction, Southwest tends to maintain a high rating with its customers. Recent gas price hikes have caused most airlines to charge for checked luggage and to fill every flight to its maximum, adding to the negative experience of airline travel. Southwest keeps its costs low through several methods, one being that they do not serve meals on flights, or provide pre-boarding passes. The typical flight is two hours or less and occurs between several selected cities rather than flying to practically anywhere in the country. Southwest is known for its low fares, its dependability, and its on-time flights. -Refer to Scenario 2.1. The fact that Southwest Airlines has a history of being able to retain its employees is a in its SWOT analysis.

Ashman's Deli operates seven retail stores throughout the city. It plans to develop a new marketing plan to extend its number of stores and operating hours. In developing this marketing plan, it has asked its employees for feedback on the changes it plans to makes. In this case, the employees are Ashman's .

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a .

A firm's organizational goals should be derived from its opportunities.

In response to the increase in demand for organic foods, Raego Inc., a regional supermarket, recently created organic food departments within their large stores. The creation of these departments was a result of:

Marketing managers can classify a firm's products into four basic types: stars, cash cows, dogs, and question marks.

Through the process of strategic planning, a firm establishes an organizational mission and goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.

Trogan Co. is a multinational electronic commerce company. The company's pricing, service, and customer support enable it to generate more sales and retain more customers than its competition. In this scenario, what does Trogan Co. have over its competitors?

All marketing mix decisions must have two characteristics: consistency and .

Alpeco Inc., a manufacturer of motorcycles, helps to foster strong relationships between riders and their motorcycles. Alpeco's rivals will find it difficult to mimic this in the foreseeable future. In this scenario, Alpeco Inc. has a(n) over its competitors.

When properly implemented, a good marketing strategy enables a company to achieve its business-unit and corporate objectives.

Marketing plans may be developed for strategic business units, product lines, individual products or brands, or specific markets.