Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

Discuss the different ways of organizing the marketing unit.

Describe the two major components of marketing strategy. What should marketing managers consider when developing marketing strategy?

An expected level of performance against which actual performance can be compared is a

Old Spice used actor and former NFL wide receiver Isaiah Mustafa to act as its spokesman as the "Old Spice Man." It filmed humorous videos of the actor that went viral online. Old Spice saw sales of its deodorants increase substantially from the previous year. What type of competitive growth strategy did Old Spice use?

Describe the two major methods for evaluating the actual performance of marketing strategies.

Wilson Window and Siding Company is a closely held family-owned company that sells exterior siding and windows to businesses and homeowners. The business-to-business market is designed to serve a variety of businesses by replacing wood siding with vinyl siding. In addition, they can customize windows to match any size that a business or homeowner might desire. Wilson Window and Siding employs approximately 35 individuals who report directly to the company president and owner, Max Wilson. Max learned about managing and leading the company from his father, who was a strict but friendly man. Max has developed a reputation as a shrewd businessperson who believes that his way is the right way. He sets all company policies and standards, and expects all employees to follow the rules and standards he has implemented. Employees enjoy the work environment at Wilson Window and Siding Company but are sometimes frustrated because they're not able to quickly respond to customer requests or changes in their needs and are not empowered to make decisions. It's likely that Wilson Window and Siding Company has implemented a ____________ organizational structure.

Communicating with the marketing unit, motivating marketing personnel, and coordinating marketing activities are part of the _____________ component of strategic planning.

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

Karen Santiago is responsible for the traditional media marketing activities for her company and currently utilizes billboards, radio advertising, newspaper advertising, and cable TV advertising to communicate with customers, reinforce customer relationships, and drive revenues and profitability. Karen's company has invested in a proprietary technology scheduling program that allows her to plan the various media investments, messages, and timing over the year to match the various media content to specific marketing objectives, according to the days or months of the year that are most appropriate for the company. Therefore, the proprietary scheduling program assists Karen's with which of the following marketing implementation activities?

The Turmeric Tea Co has become highly efficient in developing and manufacturing new turmeric tea products for the market. It far surpasses its competitors in these areas. Recently, major medical journals have started describing how turmeric tea can be highly advantageous for consumer health. This is likely to give the Turmeric Tea Co a ______________ because it is able to match its skills with opportunities in the marketplace.

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. The fact that Southwest Airlines has a history of being able to retain its employees is a(n) ____ in its SWOT analysis. This low turnover creates more knowledgeable and satisfied employees, a potential _______.

The Altitude Adventure Academyis developing its marketing mix for the coming year. Its managers know that they must first select ____ which may be the most important decision they make in the planning process.

Which of the following is not a characteristic that should be possessed by a marketing objective?

The strategic planning process begins with a detailed analysis of the organization's strengths and weaknesses and the identification of opportunities and threats within the marketing environment.

According to the Boston Consulting Group, which of the following has a small share of a growing market and usually requires a large amount of cash to build market share?

Which of the following is a strategy of increasing sales of current products in new markets?

Which of the following is a characteristic of a marketing objective?

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

Amazon's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers.

Starbucks provides training and support to its employees, including health care benefits. Through these ____ efforts Starbucks is better able to deliver quality products and service to its customers.