Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

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

A strategic business unit is not self-supporting in terms of sales, markets, production, and other resources.

Trek Bicycles, Inc. is a manufacturer of bicycles and sells its bikes to retail outlets that serve the consumer market. Trek bicycles are priced at $300 and over and are typically sold to consumers who are recreational riders or those aspiring to compete in amateur cycling or triathlon events. Trek has enjoyed a steady stream of revenue from its line of road bicycles, which are more traditional, multispeed ? HYPERLINK \l "_msocom_1" bicycles for those who enjoy long rides on city or rural roads. Sales of road bikes are relatively stable, and Trek does little to market the bikes to consumers since they have a dominant share of the market. However, hybrid bikes represent a growing segment as younger consumers prefer the upright riding position of the bikes. They can also be utilized for either road or mountain biking. Trek is supporting the hybrid line of bikes with extensive advertising in specialty magazines as well as social media marketing. Trek believes the category of hybrid bikes is growing. but their market position is not as strong as other manufacturers, such as Cannondale. Using the Boston Consulting Group's Growth Share Matrix, road bicycles would be categorized as __________ while hybrid bikes would fall into the ___________ category.

Coca-Cola realized that more consumers are concerned with health. It has since expanded into the bottled water and bottled juice markets. This is an example of a firm identifying and capitalizing on a _________________.

____ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals.

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's

Marketing managers can take each of the following corrective actions for reducing a discrepancy between established performance standards and actual performance except

Corporate strategy determines the means for utilizing resources in the functional areas of business to reach the organization's goals.

Jimmy's Coffee Shop wants to increase customer satisfaction. Currently, only 75% of customers indicate they are satisfied with the services offered. In the next six months, it plans on implementing a number of changes to improve its services. Jimmy's Coffee plans to implement a survey at the end of the six-month period to determine whether customer satisfaction has improved. Jimmy's wants 90% of its customers to indicate they are satisfied with its service. This is an example of a ________________ .

According to the Boston Consulting Group, which of the following has a small share of a growing market and usually requires a large amount of cash to build market share?

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

You are preparing the marketing budget for the next fiscal year, and the finance department staff has given you the following guidelines to follow when estimating certain aspects of the budget: You should allocate $250,000 for the total annual office expense for the marketing department. For each marketing campaign that you plan to run, you should allocate $10,000 for supplies expense. For each new product introduction that you plan to execute, you should allocate $5,000 for travel expenses. You should allocate $25,000 for storage expenses for the entire year. With respect to the costs included in the guidelines communicated from finance, you can conclude that

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

Communicating with the marketing unit, motivating marketing personnel, and coordinating marketing activities are part of the _____________ component of strategic planning.

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

An expected level of performance against which actual performance can be compared is a

Each of the marketing mix elements must work together with the others.

You are writing an environmental analysis for the marketing plan for your company. You were given the following master list of environmental factors that should be addressed in the plan: Foreign exchange rates Trade policy Population growth rates Tax policy Environmental regulations Production automation trends Health and medical trends You are responsible for the subsection dealing with political and regulatory factors that will impact your company's marketing strategies. Which of the factors from the master list of environmental factors will you include in your subsection?

Financial controls information will most likely be found in the performance evaluation section of the marketing plan.

Managers at the Longshore Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and eventually a marketing plan. This process is called