Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

You are leading the breakout session on developing the marketing strategy at your company's strategic planning conference. You have prepared discussion guidelines and rules of engagement to keep all attendees in the session focused on the task at hand. ​ Your guidelines for developing the company's marketing 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

Marketing objectives should be stated in such a way that the degree of accomplishment can be measured accurately.

Ian, a 17-year-old high school student, wants to buy a pack of Marlboro Lights. He has the money to purchase them, but he is still not considered to be a market for the product due to his lack of ____ to buy.

Marketing objectives state what is to be accomplished through marketing activities.

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

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

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

SUP ATX is the largest stand-up paddle board maker based in Austin, Texas, that markets their products directly to consumers via their website. 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 as well as the sport providing a fun way to exercise and allow users to enjoy the outdoors. Which of the following would be the "best" target market for SUP ATX paddle board products?

A marketing objective need not be consistent with the firm's overall objectives.

Which of the following includes an assessment of the competitive, economic, political, legal, regulatory, technological, and sociocultural factors that could affect marketing activities?

The marketing plan is

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

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

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

Givency, a marketer of high-fashion products, achieved a company turnaround by ensuring that its brand had the same image and proper display around the world. It also lowered prices on some items, like handbags, to be more competitive. This illustrates a company working to develop a marketing mix that is both ____ and ____.

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

You are writing an Environmental Analysis for the marketing plan for your company. You were given the following master list of environmental factors that should be addressed in the plan: Foreign exchange rates Trade policy Population growth rates Tax policy Environmental regulations Production automation trends Health and medical trends You are responsible for the subsection dealing with political and regulatory factors that will impact your company's marketing strategies. ​ Which of the factors from the master list of environmental factors will you include in your subsection?

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

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