Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

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

In many cases, companies that enter a market after innovative products have been introduced can achieve long-term competitive advantages by continuing to develop a better mousetrap. For example, VisiCalc was the first company to introduce a desktop spreadsheet program, but Lotus Notes cornered a large market share when it introduced the 1-2-3 program. Today, however, Microsoft's Excel is the dominant spreadsheet software program and has continued to endure due to the popularity of the Microsoft Office Suite of products. VisiCalc possessed a ___________ advantage while Microsoft enjoyed a ___________ advantage.

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

Kraft purchased the Duracell Battery Company and now operates this division as a separate profit center within the firm. In this example, Duracell is a(n) ____ unit of Kraft.

A marketing plan document usually begins with a(n)

​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 ____.

Bree Spencer is director of career services at a major Midwestern university and works with corporations who are seeking to recruit recent college graduates. Bree is interested in attracting DePuyOrthopaedics, Inc., a division of Johnson & Johnson, to recruit entry-level marketing and sales representatives. Bree has received very favorable word-of-mouth communication from alumni about DePuyOrthopaedics, and employees are extremely satisfied with the company's culture and feel empowered to make decisions. In addition, they report that they are given a high degree of flexibility and autonomy, which enables them to quickly respond and adapt rapidly to changing customer needs. It's likely that DePuyOrthopaedics has implemented a ____________ organizational structure.

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

Ethan Hathaway recently graduated from an East Coast university and has joined a small start-up based in New York City. One of his first assignments is to work collaboratively with other members of the marketing team to draft the marketing plan for the next fiscal year. Ethan is highly skilled in conducting secondary research and, as an alumnus of his university, he continues to have complimentary access to the university's library resources. He's now realizing how important data analysis is to firms and is glad he took a marketing research course. Ethan is utilizing the library resources to uncover information about a variety of external factors that could provide opportunities or threats and is exploring such factors as competitive, economic, political, legal, regulatory, technological, and sociocultural. Which section of the marketing plan would be most appropriate for the information that Ethan is obtaining through secondary market research?

Product development is a strategy of increasing sales by improving present products or developing new products for current markets.

Marketing strategies should be established before marketing objectives are decided.

The Boston Consulting Group's matrix is based on the

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's

A long-term view, or vision, of what the organization wants to become is called a mission proclamation.

______ allows marketing managers to understand the problems and requirements of lower-level employees.

Google introduced Google Home, a smart speaker/home automation device. For Google, Google Home represents a strategy of

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

Tesla executives have set an objective for the firm's new Model 3 to boost Tesla's market share by 10%. What is the main problem with this objective?

When conducting a SWOT analysis, Walmart's massive distribution network should be classified as an opportunity.

Compare and contrast corporate strategy and marketing strategy.