Deck 2: Strategic Marketing Planning

Question 1

When creating a corporate vision statement, organizations are attempting to answer which of the following questions?

A) What do we want to become?
B) What business are we in?
C) What are our competitive advantages?
D) How can we be the best?
E) Who are we and what do we stand for?

Answer 1

A

Question 2

_____ firms are those that successfully generate, disseminate, and respond to market information.

A) Customer-oriented
B) Information-oriented
C) Satisfaction-oriented
D) Market-oriented
E) Competitive-oriented

Answer 2

D

Question 3

In today's business environment, firms that truly focus on customers instill a corporate culture that places customers and other stakeholders at the top of the organizational hierarchy. When this occurs, the firm shifts its focus from transactions to _____, and from _____ to collaboration.

A) market share; competition
B) information; rivalry
C) relationships; competition
D) value; cooperation
E) long-range planning; contracts

Answer 3

C

Question 4

Which of the following IS NOT a purpose of a marketing plan?

A) It explains the present and future situations of the organization.
B) It specifies the expected outcomes of the plan.
C) It describes specific actions that are to take place.
D) It explains how marketing activities mesh with other functional areas.
E) It identifies resources needed to carry out the plan.

Question 5

In a marketing plan, the executive summary should be a complete but concise overview of the entire marketing plan because:

A) the executive summary is the most important part of the plan.
B) the executive summary is the first part of the marketing plan to be written.
C) most readers of a marketing plan are busy and value condensed information.
D) the executive summary is the least read part of the marketing plan.
E) the executive summary does not provide any quantitative information.

Question 6

Many firms have shifted to balanced strategic planning because traditional planning and measurement approaches are not able to capture:

A) key competitive information to drive marketing planning.
B) real-time customer satisfaction metrics.
C) the value created by an organization's intangible assets.
D) either internal or external innovation.
E) real-time financial performance metrics.

Question 7

When a firm possesses capabilities that allow it to serve customers' needs better than the competition, the firm is said to have a:

A) resource advantage
B) competitive advantage
C) value-based advantage
D) marketing advantage
E) relative advantage

Question 8

In the context of marketing planning, why is it vital that the marketing plan be capable of selling itself to top management?

A) Because top managers are responsible for executing the marketing plan
B) Because top managers must be able to evaluate the performance of the marketing program
C) Because top managers must be able to clearly communicate the strategy to external stakeholders
D) Because top managers must decide whether the marketing plan is the best use for the organization's scarce resources
E) Because top managers are compensated on how well the marketing strategy works

Question 9

The Balanced Performance Scorecard cautions business leaders to look at strategy and performance through four interrelated perspectives. Which of the following IS NOT one of these perspectives?

A) Financial Perspective
B) Customer Perspective
C) Vision and Strategy Perspective
D) Learning and Growth Perspective
E) Internal Process Perspective

Question 10

Focusing on customers has not always been the hallmark of strategic planning. In fact, in the early 20ᵗʰ century, firms tended to focus strictly on _____ rather than on developing relationships with customers.

A) efficiency and quality
B) selling products to customers
C) marketing research
D) growth and corporate profits
E) new product development

Question 11

All organizations need a _____, the central scheme for utilizing and integrating resources in the areas of production, finance, research and development, human resources, and marketing to carry out the organization's mission and achieve desired goals and objectives.

A) marketing strategy
B) cross-functional strategy
C) cross-functional goal
D) corporate strategy
E) corporate mission

Question 12

Sears at one time lost sight of its mission and jumped into markets that did not fit its strengths. This occurred because Sears lacked a mission statement with the appropriate:

A) focus
B) strategic fit
C) stability
D) profitability
E) width

Question 13

In developing a marketing plan, the section on goals and objectives defines the parameters by which the firm will measure actual performance. In this respect, the goals and objectives section is tied closely to the _____ section of the marketing plan.

A) SWOT analysis
B) evaluation and control
C) executive summary
D) marketing implementation
E) situation analysis

Question 14

Whether at the corporate, business-unit, or functional level, the planning process always begins with an in-depth:

A) a statement of goals and objectives.
B) a situation analysis.
C) strategy for achieving growth.
D) statement of the organization's competitive advantages.
E) assessment of the organization's resources.

Question 15

With respect to developing a marketing plan, what does it mean for a marketing plan outline to be consistent?

A) The outline should be sufficient to ensure that information is not omitted
B) The outline should have the ability to be modified to fit the situation
C) The outline should flow in a logical manner
D) The outline should have some connection to other functional area plans
E) The outline should be consistent across firms in the same industry

Question 16

Which of the following statements best describes the nature of a marketing plan?

A) It clearly outlines the organization's mission and vision.
B) It outlines how the organization will raise capital to finance growth.
C) It focuses solely on the internal resources needed to develop a marketing strategy.
D) It clearly outlines the organization's marketing activities.
E) All of these statements describe a marketing plan.

Question 17

Which of the following is one of the five basic questions that a good mission statement should answer?

A) Who are our competitors?
B) What is our market position?
C) What is our operating philosophy?
D) What are our opportunities?
E) Where have we been?

Question 18

While all marketing plans face a number of obstacles in development and implementation, _____ is by far the most commonly occurring obstacle across most firms.

A) failure to see the whole picture
B) inadequate information
C) resistance to change
D) lack of time for planning
E) inadequate communication

Question 19

Motorola continuously establishes performance standards and assesses actual performance by comparing it with these standards. Afterwards, Motorola often takes corrective action to reduce any discrepancies. This process is most likely outlined in the _____ section of Motorola's marketing plan.

A) evaluation and control
B) marketing strategy
C) marketing implementation
D) SWOT analysis
E) goals and objectives

Question 20

It is a well-known fact that most American firms focus on short-term results and tend to ignore long-range strategy. Why is this mindset not a good approach when dealing with marketing strategy?

A) Because many foreign competitors respond to market conditions faster than American firms
B) Because the results of marketing activities occur over longer planning horizons
C) Because the short-term results of marketing efforts are always favorable
D) Because the most innovative firms always take a long-term approach toward marketing strategy
E) All of the above are valid reasons.

Question 21

Discuss the concept of balanced strategic planning and the approach outlined by the Balanced Performance Scorecard. What are the five common principles associated with implementing the balanced approach to strategic planning?

Question 22

Defend or contradict this statement: "The most important aspect of strategic market planning is marketing implementation. Without good implementation, nothing gets accomplished and customers do not receive desired benefits."

Question 23

Identify and discuss the major problems associated with creating marketing plans. What are some potential ways that firms and managers can overcome these problems?

Question 24

Explain how and why the process of developing a marketing plan might be more important than the marketing plan document itself. What are the benefits of the planning process irrespective of the actual outcomes of the process?

Question 25

Identify and discuss the five questions that should be answered by a good mission statement. Why do you think some firms have mission statements that do not answer these basic questions?