Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

Describe the process of strategic planning. How does this process help marketing managers?

Buddy's Smokin' Bar-B-Que restaurant opened in 2014 and struggled to build a customer base for lunch, dinner, or event catering options. When the owners were planning the restaurant, they had projected they would sell 60 to 80 lunches daily with an average lunch price of $8.00 They believed that dinner business would be higher and they would also benefit from their approved liquor license, which could generate between 100 and 120 plates per day at $12 per customer. However, the actual daily lunch and dinner totals were much less and the owners were barely breaking even and wondered if they should close the business. However, Buddy's restaurant began an aggressive marketing effort, offered lunch and dinner specials and promoted the restaurant as a family-friendly place where everyone could enjoy fresh, smoked bar-b-que meats. As a result of their marketing efforts, the restaurant is selling out of its product almost daily and has built a take-away business as well. They are selling 100 lunches daily with an average price of $10 and approximately 200 dinner plates at $15. The restaurant is pleased with the revenue stream they're generating from the restaurant and considering opening a second location or adding space to accommodate more customers at the existing location. Using the data regarding number of plates sold and the average order amount generated, what kind of analysis can the owners of the restaurant perform to assist them in understanding their business opportunities?

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 strategic planning process begins with

When managers at Solutions Inc.are developing their strategic plan, they use a market orientation as a guide to ensure that ____ is an integral part of the process.

Financial controls information will most likely be found in the performance evaluation section of the marketing plan.

A firm's organizational mission should be derived from its goals.

Suave's new shampoo, HI7, is faltering badly in the market. Suave's marketing personnel are unsure who is responsible for various marketing tasks, when these tasks are to be completed, or what resources have been allocated. Suave Marketing Director Maria Castanza said that the problem is that HI7 has the most poorly written ____ she has ever seen.

Pepsi executives realized that more consumers are concerned with health. It has since expanded into the bottled water and bottled juice markets. This is an example of a firm identifying and capitalizing on a

Apple has made a success from anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition.

Mitchell Finnigan runs the marketing department of a large electronics firm. This firm operates in an extremely competitive business environment. Mitchell wants to ensure that he is involved in all the daily decisions and that there is a clear chain of communication between himself and his marketing employees. He believes that his extensive marketing experience makes him the best person for making all the major marketing decisions. Mitchell believes all employees should act together as a cohesive unit and know their roles. Under Mitchell Finnigan, the marketing department most likely has a _______________ structure.

An organization's business goals should be derived from its

Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a

Luke Matthews is the supply chain manager for a large plastics manufacturing company. He is responsible for procuring a wide variety of raw materials to be utilized in the manufacturing process of their plastic products. As part of an annual quality control and expense analysis, Luke is reviewing the prices charged by the raw materials suppliers and also seeking bids from competing suppliers to determine whether any savings could be realized. Luke is rewarded by the company with bonuses when he is able to reduce expenses associated with the raw materials as this could lead to higher profit margins on the products they manufacture. Luke knows that saving a few cents can make a dramatic difference since they manufacture thousands of products at their state-of-the-art facility in Indiana. What type of analysis do you believe Luke Matthews can perform utilizing the data related to the prices charged by their current and prospective raw materials suppliers?

A sustainable competitive advantage is one that cannot be copied by a firm's competitors.

A marketing objective should be expressed in clear, simple terms; be _____________; specify a time frame for completion; and ensure the marketing objective is _____________ with both business-unit and corporate strategies.

All marketing mix decisions must have two characteristics: ____ and ____.

Shima's employer is currently developing a new marketing strategy. The top managers have developed the marketing strategy and have given it to Shima so that she can now develop an implementation plan. Shima's company will most likely end up with which type of strategy?

You want to include a detailed marketing organizational chart in the company marketing plan. ​ Which of the following sections of the marketing plan will you include this chart in?

Naomi Holden is breaking down and classifying costs of her small business to determine which are associated with specific marketing efforts and then comparing these costs with results. Naomi is engaging in