Exam 2: Planning, Implementing, and Evaluating Marketing Strategies

​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: 1) Foreign exchange rates 2) Trade policy 3) Population growth rates 4) Tax policy 5) Environmental regulations 6) Production automation trends 7) 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?

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a

The director of marketing for 3M tapes tells the rest of the management team, "When it comes to our transparent packaging tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the packaging tape unit falls into which one of the following classifications?

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 first step in the strategic performance evaluation is to

Marketing managers can take each of the following corrective actions for reducing a discrepancy between established performance standards and actual performance except

Each of the marketing mix elements must work together with the others.

​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

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

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

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

Firms that truly adopt the marketing concept develop a distinct organizational culture based on a shared set of beliefs that makes customers' needs the pivotal point of the firm's decisions about strategy and operations.

Marketing plans may be developed for strategic business units, product lines, individual products or brands, or specific markets.

Marketing managers at Consolidated Equipment Corporation are involved in establishing marketing performance standards, evaluating performance, and reducing the differences between actual and desired performance. These marketing managers are engaged in

According to the Boston Consulting Group, question marks are characterized as products

An organization's goals focus on the ends or results that the firm seeks.

The Texas Pitt Barbecue Corporation has conducted a SWOT analysis of its competition, and sees a marketing opportunity for its new Texas Pit Barbecue restaurant. It has developed its marketing plan to include the type of products it will sell, the location for the restaurant, and the pricing it will use. Their plan includes a marketing objective to make a profit of 5% the first year of operation. So far, the owners of the restaurant have eliminated a key piece of the marketing plan, which is ____.

The process of putting marketing strategies into action is called

Emma is responsible for developing and implementing the marketing plan for a new type of walking shoe targeted toward older women. Her responsibility includes making sure that the production and deliveries to the retail stores are coordinated for this new product. In order for the marketing implementation to be successful, Emma should be sure the needs of ____ customers are met.

Marketing planning establishes an organizational mission and goals, corporate strategy, marketing objectives, and a marketing strategy.