Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

The primary way to reduce the discrepancy between planned and actual performance is to rewrite the performance standard.

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of

In a traditional organization, marketing decisions are likely to be

The strategic performance evaluation does not monitor the activities of external sources of marketing assistance.

Describe the two major methods for evaluating the actual performance of marketing strategies.

You work in the marketing department of shoe firm Felton Inc. Over the past month you have been working with management to revise the company's mission statement and set specific marketing goals for the upcoming year. Today you are meeting with your marketing team and discussing the next step in the strategic planning process. What is this next step?

The first step in the strategic performance evaluation is to

Compare and contrast corporate strategy and marketing strategy.

The Boston Consulting Group's matrix is based on the

Your quarterly strategic planning meeting will be held next month. You will schedule all the brainstorming and discussion activities for the meeting in a sequence and structure consistent with the hierarchy of the traditional strategic planning process. Which of the following sequence of activities should you schedule in order to be most consistent with the hierarchy of the traditional strategic planning process?

The reputation and well-known brand name of Rolex watches represents a ____ for Rolex.

The Chia Company has become highly efficient in developing and manufacturing new chia products for the market. It far surpasses its competitors in these areas. Recently, major medical journals have started describing how chia seeds can be highly advantageous for consumer health. This is likely to give the Chia Company a ______________ because it is able to match its skills with opportunities in the marketplace.

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 college-aged student represents EXperience Limited's ____, and the tours it operates represent the ____ element of the marketing mix.

The Boston Consulting Group's model serves as a diagnostic tool to spotlight strategic business units that have an opportunity to grow rather than as a guide for making strategy prescriptions.

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

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(n) ____ in its SWOT analysis. This low turnover creates more knowledgeable and satisfied employees, a potential _______.

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. Southwest's low fares, dependability, and its on-time flights represent its

The ____________ section of the marketing plan states what the company wants to accomplish through marketing activities, using a(n) ___________ of where the firm stands in the market.

Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____.

The marketing plan provides a framework to stimulate thinking and provide strategic direction.