Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

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

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 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.According to the BCG matrix,the hang-gliding and bungee jumping tours have been a ____ for EXperience Limited,while the skydiving and motorcross tours represent a ____.

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

Mama Vertalli's Bakery is a family-owned business with over $1 million in annual revenues and six locations.At Mama Vertalli's,decisions are sometimes slow in coming and top-level managers delegate very little authority to lower-level employees.Mama Vertalli's is a(n)____ organization.

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

A competitive advantage is created when a company matches its core competency to the opportunities it has discovered in the market.

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

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 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 information in EXperience Limited's database could be best used to develop

One way that Honda evaluates its product and service level is by how well it ranks on the J.D.Power & Associates Sales Satisfaction Survey.In doing so,Honda is

A strategic window is

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)____.

A strategic window results from the right combination of circumstances and timing,allowing a firm to take action to reach a particular target market.

Which of the following is the most specific and detailed type of business strategy?

A market is a group of individuals and/or organizations that have needs for products in a product class and have the ability,willingness,and authority to purchase these products.

To formulate a marketing strategy,one must

The director of marketing for 3M tapes tells the rest of the management team,"When it comes to our transparent packaging tape unit,our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the packaging tape unit falls into which one of the following classifications?

Morris Business Products Co.distributes its business supply products through direct sales personnel.Recently,the company has established a monthly sales quota of $150,000 for each sales representative.This is a(n)

A disadvantage of organizing a firm's marketing unit by products is that

A firm that wants to put more senior management personnel into the field,to get closer to customers,and to enable the company to respond more quickly and efficiently to competitors would probably organize its marketing unit on the basis of

Marketing managers at Consolidated Equipment Corporation are involved in establishing marketing performance standards,evaluating performance,and reducing the differences between actual and desired performance.These marketing managers are engaged in