Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

Which of the following is a characteristic of a marketing objective?

Sayed's employer is currently developing a new marketing strategy. The top managers have developed the marketing strategy and have given it to Sayed so that he can now develop an implementation plan. Sayed's company will most likely end up with which type of strategy?

Marketers understand that the best marketing strategy in the world is doomed to fail if it is not properly implemented. With that in mind, an effective implementation strategy

A core competency is something a firm does extremely well, sometimes so well that it gives the company an advantage over its competition.

The marketing plan is

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

SUP ATX, based in Austin, Texas, is the largest stand-up paddle board maker that markets their products directly to consumers via their website. The SUP ATX mission is to spread the sport of stand-up paddle surfing from oceans to lakes and rivers around the world. Stand-up paddle surfing or boarding is a relatively new sport but is growing due to the relatively low price of the boards, ease in transportation and storage of the boards, and the fact that the sport provides a fun way to exercise and allows users to enjoy the outdoors. Which of the following would be the "best" target market for SUP ATX paddle board products?

Apple has made a success from anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition.

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 the 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 promote 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 fast rate the past few years is an example of ____ and creates a ____ for EXperience Limited.

CyberCycle Inc. is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the

Which of the following is not a component of a marketing plan?

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

Performance standards are derived from _____________ that were set while developing the marketing strategy.

Selecting an appropriate target market may be the most important decision a company makes in the strategic planning process.

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's

Wilson Siding and Window Company is a closely held family-owned company that sells exterior siding and windows to businesses and homeowners. The business-to-business market is designed to serve a variety of businesses by replacing wood siding with vinyl siding. In addition, they can customize windows to match any size that a business or household consumer might desire. Wilson Siding and Window employs approximately 35 individuals who report directly to the company president and owner, Max Wilson. Max learned about managing and leading the company from his father, who was a strict but friendly man. Max has developed a reputation as a shrewd businessperson who believes that his way is the right way. He sets all company policies and standards, and expects all employees to follow the rules and standards he has implemented. Employees enjoy the work environment at Wilson Siding and Window Company but are sometimes frustrated because they're not able to quickly respond to customer requests or changes in their needs and are not empowered to make decisions. It's likely that Wilson Siding and Window Company has implemented a ____________ organizational structure.

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. In Southwest Airlines' SWOT analysis, the rising gas prices are a(n) ____, while the fact that other airlines are charging for all checked baggage may create a(n) ____.

What is one way to analyze costs when conducting marketing cost analysis?

Which of the following is not a purpose of the marketing plan?

Discuss the creation of a marketing plan. What are the major components of a marketing plan?