Question 1

four problems that occur in the planning phase of a firm's strategic marketing process.

Accepted Answer

(1)Plans may be based on very poor assumptions about environmental forces.
(2)Planners and their plans may have lost sight of their customers' needs.
(3)Too much time and effort may be spent on data collection and writing plans that are too complex to implement.
(4)Line operating managers often feel no sense of ownership in implementing the plans.

Question 2

company that uses an organizational structure based on __________ uses functional groupings.

Accepted Answer

A)  specific product types or product offerings 
B)  a particular method of distribution 
C)  a specific type of customer 
D)  areas of geographic location 
E)  different departments or business activities within the firm 
A)  specific product types or product offerings 
B)  a particular method of distribution 
C)  a specific type of customer 
D)  areas of geographic location 
E)  different departments or business activities within the firm E

Question 3

reformulation of the original less sweet,more bitter Coca-Cola (now Coca-Cola Classic)into a new sweeter one (eventually called New Coke)was one of the biggest decisions in the firm's history.Coke was responding to Pepsi's gain in market share with its sweeter formulation and its Pepsi Challenge taste tests and commercials.New Coke replaced "old Coke" on supermarket shelves.Loyal Coke customers were incensed that "old Coke" was discontinued.They loved the taste and brand identity of "old Coke" and rebelled against New Coke.TV and print ads designed to persuade Coke and Pepsi drinkers to switch to New Coke were ineffective.After a short period of time,Coca-Cola reintroduced old Coke as Coca-Cola Classic.Eventually,Coca-Cola withdrew New Coke from the market.The launch of New Coke is an example of __________.

Accepted Answer

A)  good planning and good implementation 
B)  good planning and poor implementation 
C)  poor planning and good implementation 
D)  poor planning and poor implementation 
E)  poor evaluation 
A)  good planning and good implementation 
B)  good planning and poor implementation 
C)  poor planning and good implementation 
D)  poor planning and poor implementation 
E)  poor evaluation D

Question 4

actions taken during the implementation phase of the strategic marketing process include: (1)obtain resources, (2)design the marketing organization, (3)develop schedules,and (4)__________.

Accepted Answer

A)  position the product 
B)  select target markets 
C)  find points of difference 
D)  execute the marketing program 
E)  develop the budget by estimating revenues, expenses, and profits 
A)  position the product 
B)  select target markets 
C)  find points of difference 
D)  execute the marketing program 
E)  develop the budget by estimating revenues, expenses, and profits

Question 5

Figure 22-A
-Consider Figure 22-A above.Effective managers track the progress of their marketing plans to identify problems that need to be corrected.Sometimes,the problems are with the marketing plan and its strategies; at other times,they may be due to their implementation; and at still other times,they may be due to both.Recall that research on what really works shows that successful firms have excellence on both the planning and strategy side and the implementation or execution side.As Figure 22-A shows,marketers can develop and implement strategies that have four possible results.For "D," identify the likely result of the planning and implementation of the marketing plan and its strategies for a product or service.

Accepted Answer

A)  Trouble: The solution is to recognize that only implementation is at fault and to correct it. 
B)  Success: The marketing program achieves its objectives. 
C)  Failure: The marketing program flounders and fails to achieve its objectives. 
D)  Trouble: The solution is to recognize that only the strategy is at fault and to correct it. 
E)  Cannot be determined with the information provided. 
A)  Trouble: The solution is to recognize that only implementation is at fault and to correct it. 
B)  Success: The marketing program achieves its objectives. 
C)  Failure: The marketing program flounders and fails to achieve its objectives. 
D)  Trouble: The solution is to recognize that only the strategy is at fault and to correct it. 
E)  Cannot be determined with the information provided.

Question 6

actions taken during market product focus and goal setting,Step 2 of the planning phase,include: (1)set market and product goals; (2)__________; (3)find points of difference; and (4)position the product.

Accepted Answer

A)  identify industry trends 
B)  select target markets 
C)  research customers 
D)  develop the program's marketing mix 
E)  develop the budget by estimating revenues, expenses, and profits 
A)  identify industry trends 
B)  select target markets 
C)  research customers 
D)  develop the program's marketing mix 
E)  develop the budget by estimating revenues, expenses, and profits

Question 7

Which of the following pieces of information is used in the implementation phase of the strategic marketing process?

Accepted Answer

A)  marketing return on investment 
B)  Gantt charts 
C)  revenues associated with each point of market share 
D)  trends for industry and competitors 
E)  possible cannibalization effects on other products in the line 
A)  marketing return on investment 
B)  Gantt charts 
C)  revenues associated with each point of market share 
D)  trends for industry and competitors 
E)  possible cannibalization effects on other products in the line

Question 8

firm following a cost focus strategy shown in Figure 22-4 above would be found in __________.

Accepted Answer

A)  "A" 
B)  "B" 
C)  "C" 
D)  "D" 
E)  both "A" and "C" 
A)  "A" 
B)  "B" 
C)  "C" 
D)  "D" 
E)  both "A" and "C"

Question 9

basic business and management practices are important,according to researchers who studied more than 200 management tools and techniques.These are: (1)strategy, (2)execution, (3)culture,and (4)__________.

Accepted Answer

A)  structure 
B)  charismatic leadership 
C)  quality 
D)  sustainability 
E)  ethics 
A)  structure 
B)  charismatic leadership 
C)  quality 
D)  sustainability 
E)  ethics

Question 10

Porter's four generic business strategies involve combinations of (1)__________ and (2)a stress on costs versus product differentiation.

Accepted Answer

A)  organizational structure 
B)  degree of geographical distribution 
C)  investment in research and development 
D)  relative number of products in a product line 
E)  competitive scope or the breadth of the target markets 
A)  organizational structure 
B)  degree of geographical distribution 
C)  investment in research and development 
D)  relative number of products in a product line 
E)  competitive scope or the breadth of the target markets

Question 11

Economists would most likely recommend that marketing managers allocate the firm's marketing resources to the markets and products where

Accepted Answer

A)  the firm has its greatest sales. 
B)  an SBU is considered a cash cow. 
C)  there is the greatest current market share and the fastest industry growth rate. 
D)  the excess of incremental revenues over incremental costs is greatest. 
E)  total revenue equals total cost. 
A)  the firm has its greatest sales. 
B)  an SBU is considered a cash cow. 
C)  there is the greatest current market share and the fastest industry growth rate. 
D)  the excess of incremental revenues over incremental costs is greatest. 
E)  total revenue equals total cost.

Question 12

more a marketing plan is based on __________,the less uncertainty and fewer risks are associated with executing it.

Accepted Answer

A)  opinions 
B)  intuition 
C)  facts and valid assumptions 
D)  past historical data 
E)  alternative contingencies 
A)  opinions 
B)  intuition 
C)  facts and valid assumptions 
D)  past historical data 
E)  alternative contingencies

Question 13

output report would be associated with the planning phase of the strategic marketing process?

Accepted Answer

A)  action memo 
B)  operating statement 
C)  marketing dashboard 
D)  marketing plan 
E)  corrective action memo 
A)  action memo 
B)  operating statement 
C)  marketing dashboard 
D)  marketing plan 
E)  corrective action memo

Question 14

Figure 22-5
-Figure 22-5 above,the market-product grid labeled "C" illustrates which of the following market-product strategies?

Accepted Answer

A)  full coverage 
B)  market specialization 
C)  product specialization 
D)  selective specialization 
E)  market-product concentration 
A)  full coverage 
B)  market specialization 
C)  product specialization 
D)  selective specialization 
E)  market-product concentration

Question 15

the seven guidelines for developing effective plans and planning.

Accepted Answer

Effective plans and planning: 
(1)set me

Question 16

differentiation focus strategy refers to one of Porter's generic business strategies that

Accepted Answer

A)  involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of markets segments. 
B)  focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments. 
C)  requires products to have significant points of difference to target one or only a few market segments. 
D)  requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments. 
E)  seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies. 
A)  involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of markets segments. 
B)  focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments. 
C)  requires products to have significant points of difference to target one or only a few market segments. 
D)  requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments. 
E)  seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

Question 17

of Porter's generic business strategies that focuses on reducing expenses and,in turn,lowers product prices while targeting a broad array of market segments,is referred to as a

Accepted Answer

A)  differentiation focus strategy. 
B)  cost focus strategy. 
C)  differentiation strategy. 
D)  cost leadership strategy. 
E)  supply focus strategy. 
A)  differentiation focus strategy. 
B)  cost focus strategy. 
C)  differentiation strategy. 
D)  cost leadership strategy. 
E)  supply focus strategy.

Question 18

Office Max provides low product prices for office supplies.In terms of Porter's generic business strategy,Office Max uses a __________ strategy.

Accepted Answer

A)  differentiation focus 
B)  cost focus 
C)  differentiation 
D)  revenue leadership 
E)  profit enhancement 
A)  differentiation focus 
B)  cost focus 
C)  differentiation 
D)  revenue leadership 
E)  profit enhancement

Question 19

Regardless of the product or industry involved,the strategy that a firm adopts to achieve a competitive advantage is referred to as a(n)__________.

Accepted Answer

A)  generic business strategy 
B)  annual business plan 
C)  long-range marketing plan 
D)  marketing action program 
E)  synergy analysis framework 
A)  generic business strategy 
B)  annual business plan 
C)  long-range marketing plan 
D)  marketing action program 
E)  synergy analysis framework

Question 20

Figure 22-5
-Figure 22-5 above,the market-product grid labeled "E" illustrates which of the following market-product strategies?

Accepted Answer

A)  full coverage 
B)  market specialization 
C)  product specialization 
D)  selective specialization 
E)  market-product concentration 
A)  full coverage 
B)  market specialization 
C)  product specialization 
D)  selective specialization 
E)  market-product concentration

four problems that occur in the planning phase of a firm's strategic marketing process.

company that uses an organizational structure based on __________ uses functional groupings.

actions taken during the implementation phase of the strategic marketing process include: (1)obtain resources, (2)design the marketing organization, (3)develop schedules,and (4)__________.

actions taken during market product focus and goal setting,Step 2 of the planning phase,include: (1)set market and product goals; (2)__________; (3)find points of difference; and (4)position the product.

Which of the following pieces of information is used in the implementation phase of the strategic marketing process?

firm following a cost focus strategy shown in Figure 22-4 above would be found in __________.

basic business and management practices are important,according to researchers who studied more than 200 management tools and techniques.These are: (1)strategy, (2)execution, (3)culture,and (4)__________.

Porter's four generic business strategies involve combinations of (1)__________ and (2)a stress on costs versus product differentiation.

Economists would most likely recommend that marketing managers allocate the firm's marketing resources to the markets and products where

more a marketing plan is based on __________,the less uncertainty and fewer risks are associated with executing it.

output report would be associated with the planning phase of the strategic marketing process?

Figure 22-5 -Figure 22-5 above,the market-product grid labeled "C" illustrates which of the following market-product strategies?

the seven guidelines for developing effective plans and planning.

differentiation focus strategy refers to one of Porter's generic business strategies that

of Porter's generic business strategies that focuses on reducing expenses and,in turn,lowers product prices while targeting a broad array of market segments,is referred to as a

Office Max provides low product prices for office supplies.In terms of Porter's generic business strategy,Office Max uses a __________ strategy.

Regardless of the product or industry involved,the strategy that a firm adopts to achieve a competitive advantage is referred to as a(n)__________.

Figure 22-5 -Figure 22-5 above,the market-product grid labeled "E" illustrates which of the following market-product strategies?

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility for Sustainable Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Market Segmentation,Targeting,and Positioning

Developing New Products and Services

Managing Successful Products,Services,and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media and Mobile Marketing to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multi-Channel Marketing

Filters

Exam 22: Pulling It All Together: The Strategic Marketing Process

four problems that occur in the planning phase of a firm's strategic marketing process.

company that uses an organizational structure based on __________ uses functional groupings.

actions taken during the implementation phase of the strategic marketing process include: (1)obtain resources, (2)design the marketing organization, (3)develop schedules,and (4)__________.

actions taken during market product focus and goal setting,Step 2 of the planning phase,include: (1)set market and product goals; (2)__________; (3)find points of difference; and (4)position the product.

Which of the following pieces of information is used in the implementation phase of the strategic marketing process?

firm following a cost focus strategy shown in Figure 22-4 above would be found in __________.

basic business and management practices are important,according to researchers who studied more than 200 management tools and techniques.These are: (1)strategy, (2)execution, (3)culture,and (4)__________.

Porter's four generic business strategies involve combinations of (1)__________ and (2)a stress on costs versus product differentiation.

Economists would most likely recommend that marketing managers allocate the firm's marketing resources to the markets and products where

more a marketing plan is based on __________,the less uncertainty and fewer risks are associated with executing it.

output report would be associated with the planning phase of the strategic marketing process?

Figure 22-5 -Figure 22-5 above,the market-product grid labeled "C" illustrates which of the following market-product strategies?

the seven guidelines for developing effective plans and planning.

differentiation focus strategy refers to one of Porter's generic business strategies that

of Porter's generic business strategies that focuses on reducing expenses and,in turn,lowers product prices while targeting a broad array of market segments,is referred to as a

Office Max provides low product prices for office supplies.In terms of Porter's generic business strategy,Office Max uses a __________ strategy.

Regardless of the product or industry involved,the strategy that a firm adopts to achieve a competitive advantage is referred to as a(n)__________.

Figure 22-5 -Figure 22-5 above,the market-product grid labeled "E" illustrates which of the following market-product strategies?

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility for Sustainable Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Market Segmentation,Targeting,and Positioning

Developing New Products and Services

Managing Successful Products,Services,and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media and Mobile Marketing to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multi-Channel Marketing

Filters