Exam 2: Developing and Implementing Marketing Strategies and Plans

Unlike its competitors in the online air travel industry, Travelocity provides its customers with a greater variety of services such as cruise reservations, package tours, hotel bookings, and car rentals. This is an example of a(n) ________ strategy.

The traditional view of marketing works best in economies with many different types of people, each with individual wants, perceptions, preferences, and buying criteria.

James Frank has been put in charge of gathering marketing intelligence, disseminating it within his organization, and eventually directing action on the information. Mr. Frank's task is best described as part of the ________ process.

When a firm aims to underprice competitors and win market share, it is using a(n) ________ strategy that requires relatively less marketing skills as compared to other strategies.

Hot Topic, a chain that sells rock-band-inspired clothes for teens, launched Torrid to give plus-size teens the same fashion options. Identify the three parts of the value delivery process and their function for Hot Topic.

The ________ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service).

Profitability control is the prime responsibility of line and staff management.

Once Starbucks established its presence in thousands of cities internationally, the company sought to increase the number of purchases by existing customers with a ________ strategy that led to new in-store merchandise, including compilation CDs, and high-speed wireless access.

A principle of the value chain is that every firm is a synthesis of activities performed to design, produce, market, deliver, and support its product.

A ________ is a comprehensive, systematic, independent, and periodic examination of a company's or business unit's marketing environment, objectives, strategies, and activities, with a view to determining problem areas and opportunities and recommending a plan of action to improve the company's marketing performance.

Briefly explain the concept of annual-plan control.

The ________ is the last section of the marketing plan. It spells out the goals and budget for each month or quarter so management can review each period's results and take action as needed.

Annual-plan control requires making sure the company isn't overspending to achieve sales goals. To do this, management sets monthly or quarterly goals, monitors marketing performance in the marketplace, ________, and takes corrective action.

Most marketing plans conclude with a section that indicates how the plan will be implemented.

The ________ sphere is the number of channel levels, from raw materials to final product and distribution, in which a company will participate.

In a marketing plan, the financial projections include a sales forecast, expense forecast, and ________.

Marketing effectiveness rating instruments and marketing audits are approaches to ________ control.

Activities involved in building deeper understanding of existing consumers and what the product offerings mean to them would be a part of the ________ process.

The key to utilizing organizational core competencies is to ________ that make up the essence of the business.

The customer relationship management process involves all the activities related to receiving and approving orders, shipping the goods on time, and collecting payment.