Deck 2: Developing Marketing Strategies and Plans

Question 1

With respect to core business processes, all the activities involved in gathering market intelligence, disseminating it within the organization, and acting on the information is referred to as the

A) market sensing process.
B) market research process.
C) deployment process.
D) market pulse process.
E) target marketing process.

Answer 1

A

Question 2

A key ingredient of the marketing management process is insightful, ________ marketing strategies and plans that can guide marketing activities.

A) niche
B) measurable
C) creative
D) micro
E) macro

Answer 2

C

Question 3

The holistic marketing framework is designed to address three key management questions: value ______, value creation, and value delivery.

A) proposition
B) chain
C) exploration
D) segmentation
E) network

Answer 3

C

Question 4

The traditional view of marketing is that the firm makes something and then ________ it.

A) markets
B) services
C) distributes
D) prices
E) sells

Question 5

The firm should estimate its competitors' costs and performances as ________ against which to compare its own costs and performance.

A) standards
B) challenges
C) competition
D) moveable standards
E) benchmarks

Question 6

The firm's success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct

A) satellite businesses.
B) core technologies.
C) core values.
D) core strategies.
E) core business processes.

Question 7

The ________ is a tool for identifying ways to create more customer value.

A) promotion channel
B) value chain
C) brand loyalty index
D) supplier database
E) customer survey

Question 8

The task of any business is to deliver ________ at a profit.

A) customer needs
B) products
C) improved quality
D) customer value
E) products and services

Question 9

You've been hired by a company to guide them through replacing the traditional physical process sequence with a value creation and delivery sequence. You would recommend that they replace their first step "make the product" with

A) "communicate the value".
B) "design the product".
C) "choose the value".
D) "sell the product".
E) "provide the value".

Question 10

James Frank has been put in charge of all the activities involved in receiving and approving orders, shipping the goods on time, and collecting payment. Mr. Frank's task is best described as part of the ________.

A) market-sensing process
B) new-offering realization process
C) customer acquisition process
D) customer relationship management process
E) fulfillment management process

Question 11

The ________ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service).

A) secondary activities
B) manufacturing process
C) tertiary activities
D) operations process
E) primary activities

Question 12

The ________ identifies nine strategically relevant activities that create value and cost in a specific business.

A) manager's log
B) value proposition
C) value chain
D) annual report
E) mission statement

Question 13

The last step in the value creation and delivery sequence is ________ the value where the sales force, sales promotion, advertising, and other communication tools announce and promote the product.

A) reversing
B) distributing
C) developing
D) researching
E) communicating

Question 14

With respect to the core business processes, all the activities involved in researching, developing, and launching new high-quality offerings quickly and within budget are referred to as the

A) product development process.
B) product launch process.
C) new offering realization process.
D) return on investment process.
E) new product process.

Question 15

In a hypercompetitive economy such as ours, a company can win only by fine-tuning the value delivery process and choosing, providing, and ________ superior value.

A) composing
B) communicating
C) researching
D) developing
E) selecting target markets with

Question 16

The first phase of the value creation and delivery sequence is ________ that represents the "homework" marketing must do before any product exists.

A) target marketing
B) projective thinking
C) service consideration
D) market research
E) choosing the value

Question 17

Today, teams develop the ______________ with inputs and sign-offs from every important function.

A) market plan
B) organizational plan
C) corporate mission
D) customer-value statement
E) strategic marketing plan

Question 18

Value delivery process can be divided into three phases, out of which "choosing the value" implies _______, which is the essence of strategic marketing

A) segmentation, developing, and delivering
B) segmentation, targeting, and positioning
C) targeting, positioning, and communicating
D) targeting, positioning, and delivering
E) researching, developing, and delivering

Question 19

Which of the following is NOT one of the four planning activities undertaken by all corporate headquarters?

A) defining the corporate mission
B) establishing strategic business units
C) assigning resources to each SBU
D) assessing growth opportunities
E) deciding sales channels

Question 20

Procurement, technology development, human resource management, and firm infrastructure are handled in certain specialized departments and are called

A) support activities.
B) benchmark activities.
C) inventory activities.
D) primary activities.
E) materials handling.

Question 21

With respect to the core business processes, the ________ is considered to be all the activities involved in defining target markets and prospecting for new customers.

A) customer equity process
B) customer relationship management process
C) customer acquisition process
D) fulfillment management process
E) customer prospecting process

Question 22

Which of the following is one of the five major characteristics of good mission statements?

A) They define the major competitive spheres within which the company will operate.
B) They focus on a large number of goals.
C) They expand the range of individual employee discretion.
D) They take a short-term view.
E) They are long and comprehensive to ensure that all critical concepts are included.

Question 23

We can say that a ________ has three characteristics: (1) It is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits, (2) it has applications in a wide variety of markets, and (3) it is difficult for competitors to imitate.

A) core technology
B) winning strategy
C) strategic business unit
D) business strategy
E) core competency

Question 24

Core competencies tend to refer to areas of special technical and production expertise, whereas ________ tend to describe excellence in broader business processes.

A) distinctive capabilities
B) core business values
C) mission statements
D) value statements
E) process benchmarks

Question 25

Holistic marketers achieve profitable growth by expanding customer share, ________, and capturing customer lifetime value.

A) inspecting all market share data
B) undermining competitive competencies
C) building customer loyalty
D) milking the market for product desires
E) renewing a customer base

Question 26

Competitors find it hard to imitate companies such as WestJet Airlines, Dell, or IKEA because they are unable to copy their

A) logistics system.
B) pricing policies.
C) activity systems.
D) distribution strategy.
E) product innovations.

Question 27

If Canadian retailer, HBC, seeks to be a more holistic marketer, it should achieve profitable growth by expanding ________, building customer loyalty, and capturing customer lifetime value.

A) customer share
B) promotion venues
C) database resources
D) design skills
E) competitive space share

Question 28

In the cycle of complete strategic planning, taking corrective action is a part of ________.

A) planning
B) implementation
C) organizing
D) analyzing
E) controlling

Question 29

When a customer places an order at amazon.com, the company processes the customer's payment information, sends the order to the nearest warehouse, and ships the order via FedEx. This is best described as the ________.

A) fulfillment management process
B) market-sensing process
C) customer acquisition process
D) customer relationship management process
E) new-offering realization process

Question 30

The key to utilizing organizational core competencies is to ________ that make up the essence of the business.

A) own all intermediaries who come in contact with your goods and services
B) own and nurture the resources and competencies
C) emphasize global promotions
D) make the competencies pay for themselves
E) segment workforces

Question 31

A good way to describe the ________ would be discuss all the activities involved in building deeper understanding, relationships, and offerings to individual customers.

A) customer relationship management process
B) customer acquisition process
C) customer prospecting process
D) customer equity process
E) customer fulfillment management process

Question 32

In the past Kodak was not necessarily known for embracing technology that did not come from Kodak engineers and designers. However, as Kodak addresses the digital revolution taking over the photographic industry, it wants customers to see it as a leader in digital photography and is moving away from its connection to print-only photography. This would be an example of which of the following value-creation steps?

A) redefining the big idea
B) identifying new customer benefits
C) reshaping the business scope
D) researching its competitors
E) redoing its corporate logo

Question 33

Lee Wong has been put in charge of gathering marketing intelligence, disseminating it within his organization, and eventually directing action on the information. Which of the following core business processes most closely matches with the task that Mr. Wong has been given?

A) customer acquisition process
B) market sensing process
C) fulfillment management process
D) new offering realization process
E) customer relationship management process

Question 34

Another way to describe a value delivery network (partnering with specific suppliers and distributors) is to call it a

A) cabal.
B) domestic power centre.
C) supply chain.
D) teamwork group.
E) link to relationships.

Question 35

The ________ in the value chain cover these activities: marketing (marketing and sales), and service.

A) operations processes
B) manufacturing processes
C) secondary activities
D) tertiary activities
E) primary activities

Question 36

A clear, thoughtful mission statement provides employees with a shared sense of purpose, _____________, and opportunity.

A) profitability
B) target market feasibility
C) vision
D) direction
E) quality products

Question 37

One conception of holistic marketing views it as "integrating the value exploration, ________, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and co-prosperity among key stakeholders."

A) value creation
B) value research
C) value proposition
D) value chain
E) value management

Question 38

Apex Corporation is known in its industry being "best of class" in terms of costs and performance. Your firm could probably use Apex Corporation as a

A) benchmark.
B) target.
C) competitor to beat.
D) sounding board for ideas.
E) future supplier.

Question 39

The Hospital for Sick Children, located in Toronto, has what is called ________ because they have demonstrated excellence in broader business processes.

A) market savvy
B) distinctive capabilities
C) intuitive synergy
D) business touch
E) core competency

Question 40

The holistic marketing framework is designed to address three key management questions. Which of the following is one of those questions?

A) Value network. how can a company effectively network?
B) Value chain. are there weak links in the company's value chain
C) Value proposition. how can value propositions be made profitable?
D) Value exploration. how can a company identify new value opportunities?
E) Value claims. how does the company deal with value erosion?

Question 41

The ________ is the central instrument for directing and coordinating the marketing effort.

A) tactical plan
B) corporate mission
C) strategic plan
D) marketing plan
E) customer value statement

Question 42

A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction, and

A) opportunity.
B) profitability.
C) quality products.
D) target market feasibility.
E) continuous improvement.

Question 43

Strategic planning calls for action in three key areas. Which of these key areas deals specifically with devising a game plan for achieving long-run objectives?

A) expanding core competencies
B) producing a strategic fit
C) creating a viable business opportunity
D) establishing a strategy
E) developing an investment portfolio

Question 44

Which of the following can be considered a primary activity in the value chain process?

A) procurement
B) inbound logistics
C) human resource management
D) technology development
E) firm infrastructure

Question 45

If you wanted to find out more about target markets and the organization's value proposition, which of the following types of plans would most likely contain information that might be useful to you in your quest?

A) strategic marketing plan
B) organizational plan
C) marketing mix plan
D) marketing plan
E) tactical marketing plan

Question 46

Gerta Schulz is seen as a ________ planner because she plans the daily promotional releases about her company's products and services.

A) organizational
B) selective
C) strategic
D) niche
E) tactical

Question 47

All corporate headquarters undertake four planning activities, the first of which is

A) defining the corporate mission.
B) assigning resources to each SBU.
C) understanding target markets.
D) assessing growth opportunities.
E) establishing strategic business units.

Question 48

The ________ lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities.

A) corporate mission
B) strategic marketing plan
C) organizational plan
D) corporate tactical plan
E) customer value statement

Question 49

In which of the following plans would we most likely find directions for implementing and addressing daily challenges and opportunities in product features, promotion, merchandising, pricing, sales channels, and service areas?

A) target marketing plan
B) product launch plan
C) deployment plan
D) product development plan
E) tactical marketing plan

Question 50

The ________ process consists of corporate, division, business, and product planning.

A) planning
B) implementing
C) innovation
D) competitive
E) controlling

Question 51

Michael Porter's value chain would identify which of the following as a support activity?

A) shipping out final products
B) marketing products
C) servicing products
D) procurement
E) operations

Question 52

Which aspect of value delivery allows the company to discover who its customers are, how they behave, and what they need or want?

A) core competency management
B) business partnership management
C) internal resource management
D) cognitive space management
E) customer relationship management

Question 53

________ allows the company to discover who its customers are, how they behave, and what they need or want. It also enables the company to respond appropriately, coherently, and quickly to different customer opportunities.

A) Total quality management
B) Network management
C) Strategic management
D) Marketing management
E) Customer relationship management

Question 54

Most large companies consist of four organizational levels: the ________, the division level, the business unit level, and the product level.

A) board of director level
B) major stakeholder level
C) corporate level
D) strategic level
E) management team level

Question 55

Business realignment may be necessary to maximize core competencies. Which of the following would be one of the steps in this realignment process?

A) revamping the ethics statement.
B) reviewing global outreach projections.
C) reviewing successes from e-commerce (if any).
D) redefining the business concept (the "big idea").
E) reviewing all macro relationships.

Question 56

Which of the following is an example of a value-creation skill?

A) handling complex relationships with trading partners
B) broadening the scope of the business
C) choosing partners for their ability to exploit related market opportunities
D) substantial investment in infrastructure and capabilities
E) identifying new customer benefits from the customer's view

Question 57

Mission statements are at their best when they are guided by a

A) market.
B) vision.
C) value.
D) strength.
E) competency.

Question 58

While viewing businesses in terms of customer needs can suggest additional growth opportunities, a ________ tends to focus on selling a product or service to a current market.

A) target market definition
B) strategic market definition
C) cognitive definition
D) product definition
E) tactical definition

Question 59

Holistic marketers achieve profitable growth by expanding customer share, building customer loyalty, and

A) training a stronger sales force.
B) mirroring the competition.
C) building better products.
D) increasing production capacity.
E) capturing customer lifetime value.

Question 60

What master marketer is known for building a brand in a product area where no brand name had ever existed before?

A) IKEA
B) Intel
C) Molson
D) Canadian Tire
E) Virgin

Question 61

The most frequently cited shortcomings of current marketing plans, according to marketing executives, are lack of realism, insufficient competitive analysis, and a ________ focus.

A) profit
B) long-term
C) price
D) short-run
E) product

Question 62

Which of the following terms matches to the phrase "it is a single business or collection of related businesses that can be planned separately from the rest of the company"?

A) diverse business unit
B) niche market unit
C) specialized business unit
D) growth business unit
E) strategic business unit

Question 63

When a business gets to know market segments intimately and pursues either cost leadership or differentiation within the target segment it is referred to as a

A) customer-focused strategy.
B) defined strategy.
C) focused strategy.
D) competitive advantage strategy.
E) value-added strategy.

Question 64

The first step in the business unit strategic-planning process deals with which of the following?

A) goal formulation
B) program formulation
C) SWOT analysis
D) strategy formulation
E) business mission

Question 65

Which of the following most closely matches a correct market definition of a business?

A) Imperial Oil. we sell gasoline.
B) Alliance Atlantis. we make movies.
C) Xerox. we make copying equipment.
D) Canadian National Railroad. we run a railroad.
E) Encyclopedia Britannica. we distribute information.

Question 66

To keep their strategic alliances thriving, corporations have begun to develop organizational structures to support them and have come to view the ability to form and manage partnerships as core skills. This is called

A) synergistic partnership.
B) win-win relationship management.
C) value managed partnership.
D) partner relationship management.
E) centralized partnership.

Question 67

A(n) ________ is when a company might seek new businesses that have no relationship to its current technology, products, or markets.

A) concentric strategy
B) intensive growth strategy
C) integrative strategy
D) conglomerate strategy
E) horizontal strategy

Question 68

If you were the marketing manager of an organization that had chosen growth via current products sold to new markets, your organization would have chosen a ________ strategy.

A) market-penetration
B) diversification
C) product-development
D) market-development
E) concentric

Question 69

Market-penetration, product-development, and market-development strategies would all be examples of ________ strategies.

A) concentric
B) conglomerate
C) integrative growth
D) horizontal
E) intensive growth

Question 70

Which of the following terms most closely matches to "the shared experiences, stories, beliefs, and norms that characterize an organization"?

A) a business mission
B) customer relationships
C) corporate culture
D) organizational dynamics
E) an ethical/value statement

Question 71

If a firm pursues a(n) ________ strategy, it must be good at engineering, purchasing, manufacturing, and physical distribution.

A) domestic customer relationship
B) market share
C) overall cost leadership
D) focus
E) differentiation

Question 72

Tim Hortons has become a major Canadian cultural icon and business success due to a well-planned and carefully executed marketing strategy. In its annual planning process, once Tim Hortons establishes its business mission, conducts a SWOT analysis, and goes through a goal formulation process, it is ready to go through a step called ________ to continue with a strategic-planning process.

A) implementation
B) functional analysis
C) program formulation
D) strategy formulation
E) feedback and control

Question 73

When Mairu Ahmed arrived on his first day of work for his new employer, a small high-tech start-up, he was surprised at how casually his new co-workers were dressed, how informally they talked to one another, and the relaxed way in which they greeted their customers. Mairu was experiencing his new company's

A) strategic orientation.
B) distinctive advantage.
C) HR training strategy.
D) competitive positioning.
E) corporate culture.

Question 74

If you were the CEO of a company that was looking to implement strategies to fill a perceived gap between future desired sales and projected sales, you would most likely explore ________ growth first because it would be easier to improve an existing business rather than building a new one.

A) intensive
B) diversification
C) conglomerate
D) integrative
E) concentric

Question 75

Fred Smith wanted to deliver mail anywhere in the United States before 10:30 a.m. the next day, so he created FedEx. Which of the following planning aids most likely assisted Mr. Smith with his vision?

A) the mission statement
B) a SWOT analysis
C) knowledge of customers
D) an executive summary
E) a database

Question 76

A ________ is a written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives.

A) strategic plan
B) sales plan
C) target market plan
D) marketing plan
E) competitive analysis plan

Question 77

The Aeroplan rewards program promotes the products and services of its partners, including Fairmont hotels, Avis car rental, etc. The best description of this form of alliance would a ________ alliance.

A) logistics alliance
B) service
C) promotional
D) pricing collaboration
E) product alliance

Question 78

According to McKinsey & Company, strategy is only one of seven elements in successful business practice. The first three elements are considered the "hardware" of success, and include

A) skills.
B) systems.
C) shared values.
D) staff.
E) style.

Question 79

Which of the following permits senior management to grasp the marketing plan's major thrust?

A) marketing strategy
B) executive summary and table of contents
C) implementation and controls
D) financial projections
E) situation analysis

Question 80

Most marketing plans cover

A) one year.
B) five years.
C) three years.
D) four years.
E) two years.