Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

You are the senior financial analyst supporting the marketing department in your company, and head of marketing has asked you to come up with one performance metric that can be used to evaluate how effective each marketing campaign is in terms of contribution to the firm's profits. It should be a metric that can be easily used to compare different marketing campaigns against each other. In response, you propose using:

Describe the two major components of marketing strategy. What should marketing managers consider when developing marketing strategy?

A marketing strategy is a written document that specifies the activities to be performed to implement and control a firm's marketing activities.

An organization's business goals should be derived from its

Marketing cost analysis uses sales figures to evaluate a firm's current performance.

According to the text, a market is defined as

Carmen Santiago is responsible for the traditional media marketing activities for her company and currently utilizes billboards, radio advertising, newspaper advertising, and cable TV advertising to communicate with customers, reinforce customer relationships, and drive revenues and profitability. Carmen's company has invested in a proprietary technology scheduling program that allows her to plan the various media investments, messages, and timing over the year to match the various media content to specific marketing objectives, according to the days or months of the year that are most appropriate for the company. Therefore, the proprietary scheduling program assists Carmen with which of the following marketing implementation activities?

Analyzing demographic information, customer needs, preferences, and behaviors with respect to product design, pricing, distribution, and promotion is which of the following parts of strategic planning?

The analysis of strengths and weaknesses focuses on internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

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

In many cases companies who enter a market after innovative products have been introduced can achieve long-term competitive advantages by continuing to develop a better mousetrap. For example, VisiCalc was the first company to introduce a desktop spreadsheet program, but Lotus Notes cornered a large market share when it introduced the 1-2-3 program. Today, however, Microsoft's Excel is the dominant spreadsheet software program and has continued to endure due to the popularity of the Microsoft Office Suite of products. VisiCalc possessed a ___________ advantage while Microsoft enjoyed a ___________ advantage.

The strategic planning process begins with a detailed analysis of the organization's strengths and weaknesses and the identification of opportunities and threats within the marketing environment.

Question marks exist at a cost disadvantage and exhibit few opportunities for growth at a reasonable cost.

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a

Amazon's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers.

Colgate Palmolive's regular Colgate toothpaste is highly popular but is unlikely to experience much more market growth. As a result, Colgate is examining other forms of toothpaste with high potential for growth. However, because its regular toothpaste remains so profitable, it can use these profits to invest in newer toothpastes. Colgate's regular toothpaste is an example of a ______________.

Business decisions made in creating a marketing mix

A long-term view, or vision, of what the organization wants to become is called a mission proclamation.

A marketing plan document usually begins with a(n)

A marketing plan