Deck 2: Planning Marketing Strategies

Question 1

Explain the different types of growth strategies that can be used by a strategic business unit.

Answer 1

Answer not provided.

Question 2

How does a firm use a market opportunity to reach a particular target market?

Answer 2

Answer not provided.

Question 3

Discuss the creation of a marketing plan. What are the major components of a marketing plan?

Answer 3

Answer not provided.

Question 4

Describe the process of strategic planning. How does this process help marketing managers?

Question 5

Discuss the different ways of organizing the marketing unit.

Question 6

In what ways does having a mission statement help an organization achieve its goals?

Question 7

What is internal marketing? Why is it helpful for a firm to initiate an internal marketing program?

Question 8

When managers at Logistics Pro are developing their strategic plan, they use a market orientation as a guide to ensure that ____ is an integral part of the process.

A)customer satisfaction
B)employee satisfaction
C)the best use of their marketing resources
D)the marketing mix
E)the marketing function

Question 9

To formulate a marketing strategy, one must

A)identify and analyze a target market and develop a marketing mix to satisfy individuals in that market.
B)develop a statement of what is to be accomplished through marketing activities.
C)develop plans for implementation and control.
D)develop an adequate marketing control process.
E)determine marketing objectives.

Question 10

Discuss how a firm's orientation is related to the development of its strategic plan.

Question 11

The marketing plan is

A)a plan of all aspects of an organization's business strategy.
B)written differently for each SBU.
C)a written document detailing activities to be performed to implement and control marketing actions.
D)designed to specify not only marketing, but all other functional areas of business activities as well.
E)updated only periodically.

Question 12

Compare and contrast corporate strategy and marketing strategy.

Question 13

CyberCycle Inc., is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the

A)profit plan.
B)marketing program.
C)strategic market program.
D)strategic business plan.
E)marketing plan.

Question 14

Safeway Food Stores is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a

A)corporate strategy.
B)target design.
C)mix strategy.
D)marketing strategy.
E)marketing tactic.

Question 15

Strategic planning is the process of ____________________.

Question 16

Define the four product categories used in the Boston Consulting Group (BCG) product-portfolio analysis.

Question 17

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?

A)Establishing marketing objectives
B)Coordinating marketing activities
C)Organizing marketing functions
D)Developing a marketing strategy
E)Planning marketing activities

Question 18

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

Question 19

Managers at the Littlefield Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called

A)marketing planning.
B)strategic planning.
C)marketing strategy.
D)corporate strategy.
E)strategic business planning.

Question 20

The strategic planning process begins with

A)development of an organizational mission statement.
B)development of marketing strategy.
C)analysis of the marketing environment.
D)analysis of target markets.
E)development of a marketing plan.

Question 21

A strategic window is

A)the right combination of circumstances and timing that permit an organization to take action to reach a particular target market.
B)what determines the factors that are most important in making a market attractive or strong.
C)customers' requirements or desired benefits.
D)a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.
E)the process that seeks information about events and relationships in a company's outside environment.

Question 22

A market opportunity results from

A)the right combination of circumstances and timing that permit an organization to take action to reach a particular target market.
B)monitoring the firm's capabilities.
C)an increase in market share and profits.
D)an assessment of environmental forces.
E)technological determinism.

Question 23

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of

A)a competitive advantage.
B)a well-defined mission statement.
C)good strategic planning.
D)a market opportunity.
E)opportunistic behavior.

Question 24

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

A)It is consistent with both business-unit and corporate strategy.
B)It is a verbal agreement, not in writing.
C)It is not written in measurable terms.
D)It does not specify a time frame for its accomplishment.
E)It clearly identifies how marketing strategy will be implemented.

Question 25

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

A)market objective.
B)market requirement.
C)strategic market plan.
D)market opportunity.
E)corporate objective.

Question 26

Which of the following statements is incorrect?

A)Of the three levels of planning, corporate strategy is the broadest.
B)Business-unit strategy should be consistent with the corporate strategy.
C)Marketing strategy should be consistent with both the business-unit and corporate strategies.
D)Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels.
E)Strategic planning begins at the corporate level and proceeds through business-unit and marketing levels.

Question 27

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

A)strengths.
B)market strategies.
C)market niches.
D)threats.
E)opportunities.

Question 28

A ____ is something that an organization does extremely well and may give a company an advantage over its competition.

A)benchmark
B)sustainable competitive advantage
C)core competency
D)strategic vision
E)marketing opportunity

Question 29

Realizing that consumers have begun to seek vehicles that use less gasoline, Toyota heavily promotes its hybrid automobiles to capitalize on this ____ while the strategic window is open.

A)marketing mix
B)market opportunity
C)objective
D)requirement
E)goal

Question 30

A firm's unique symbols, personalities, and philosophies comprise its

A)corporate persona.
B)corporate identity.
C)corporate character.
D)CEO's identity.
E)ethics.

Question 31

Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____.

A)opportunities; core competencies
B)core competencies; strengths
C)opportunities; strengths
D)strengths; core competencies
E)strengths; opportunities

Question 32

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's

A)strengths.
B)opportunities.
C)weaknesses.
D)threats.
E)strategies.

Question 33

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

A)opportunities and threats
B)market opportunities
C)strengths and weaknesses
D)activities and responsibilities
E)organizational resources

Question 34

A competitive advantage exists when a

A)firm matches a core competency to opportunities it has discovered in the marketplace.
B)firm does marketing better than its competitors.
C)combination of circumstances and timing allow a firm to reach an attractive target market.
D)firm observes a fit between the key requirements of a market and its own capabilities.
E)firm has a strong marketing plan.

Question 35

In response to the increase in demand for organic foods, Wegmans, Inc., a regional supermarket, recently created organic food departments within their large stores. The creation of these departments was a result of

A)a core compentency
B)a market opportunity
C)its sales orientation
D)its distribution plan
E)a competitive advantage

Question 36

The reputation and well-known brand name of Rolex watches represents a ____ for Rolex.

A)competitive advantage
B)core competency
C)market opportunity
D)strategic window
E)pricing strategy

Question 37

Microsoft's marketing, technical skills, and continuing investment in improving its software systems give it a(n) ____ because it makes computers easier to use.

A)organizational opportunity advantage
B)strategic window
C)market requirement
D)market opportunity
E)competitive advantage

Question 38

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

A)market opportunity
B)market requirement
C)competitive advantage
D)strategic window
E)competitive opportunity

Question 39

When Opryland Hotel wants to have at least 90 percent of its customers indicating they had a memorable and satisfying experience at the hotel, this is an example of

A)implementing the marketing mix
B)maintaining their corporate identity
C)a marketing objective
D)a strategic plan
E)a mission statement

Question 40

An organization's business goals should be derived from its

A)mission statement.
B)strategic plan.
C)strategic business plan.
D)marketing plan.
E)marketing strategy.

Question 41

A group that has the willingness, ability, and authority to buy a product is a

A)market.
B)consumer.
C)strategic business unit.
D)business customer.
E)strategic window.

Question 42

Gucci Group, a marketer of high-fashion products, achieved a company turnaround by ensuring that its brand had the same image and proper display around the world. It also lowered prices on some items, like handbags, to be more competitive. This illustrates a company working to develop a marketing mix that is both ____ and ____.

A)consistent; flexible
B)formal; flexible
C)variable; flexible
D)consistent; rigid
E)consistent; formal

Question 43

The Boston Consulting Group classifies products that have a dominant market share but low prospects for growth and that generate more cash than is required to maintain market share as

A)dogs.
B)cash cows.
C)stars.
D)cash contributors.
E)question marks.

Question 44

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?

A)Problem child
B)Star
C)Cash cow
D)Dog
E)Question mark

Question 45

Jason, a 17-year old high school student, wants to buy a pack of Marlboro Lights. He has the money to purchase them, but he is still not considered to be a market for the product due to his lack of ____ to buy.

A)ability
B)willingness
C)authority
D)need
E)location

Question 46

The Boston Consulting Group's matrix is based on the

A)idea that a firm's market share and market attractiveness are the important factors for a marketing strategy.
B)assumption that a firm's actions have a profitable impact on marketing strategy.
C)business position and market attractiveness of the firm.
D)philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy.
E)idea that a product's market growth rate and market attractiveness determine the marketing strategy.

Question 47

Which of the following statements about the marketing mix is incorrect?

A)The selection of the target market serves as the basis for the creation of the marketing mix.
B)The elements of the marketing mix are sometimes referred to as marketing mix variables.
C)Each element of the marketing mix must be precisely matched with the needs of the target market.
D)Once a marketing mix has been created for a particular target market, it cannot be changed until a new strategic window opens.
E)Each element of the marketing mix must be precisely matched with the other elements of the marketing mix.

Question 48

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

A)profit entity.
B)strategic business unit.
C)marketing program.
D)small business.
E)diversified corporation.

Question 49

Resource deployment and coordination of functional areas of business are determined by

A)the mission statement.
B)corporate strategy.
C)business-unit strategy.
D)marketing strategy.
E)the marketing mix.

Question 50

Business decisions made in creating a marketing mix

A)are made before a target market is identified.
B)are unchangeable once they are agreed upon by management.
C)are only as good as the organization's understanding of the needs of the target market.
D)usually take place when a strategic window is open.
E)must always be consistent with the firm's opportunities.

Question 51

All marketing mix decisions must have two characteristics: ____ and ____.

A)consistency; flexibility
B)consistency; rigidity
C)formality; flexibility
D)variability; flexibility
E)formality; rigidity

Question 52

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

A)having a small share of a growing market and requiring large amounts of cash to build market share.
B)generating more cash than is required to maintain share.
C)encompassing the greatest number of products.
D)existing at a cost disadvantage and revealing few opportunities for growth at a reasonable cost.
E)having substantial reported profits but needing a lot of cash to finance the rate of growth.

Question 53

High Gliding Air Academy is 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.

A)the promotional strategy
B)a distribution method
C)the pricing strategy
D)a target market
E)the desired profit margin

Question 54

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's

A)strategic segment
B)target market
C)market share
D)market cut
E)market position

Question 55

According to the text, a market is defined as

A)a place to buy products.
B)the buyers of the products that a company develops, promotes, prices, and distributes.
C)the specific group of customers on whom an organization focuses its marketing efforts.
D)a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.
E)the percentage of a group of customers that actually buys a specific product from a specific company.

Question 56

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are

A)dogs.
B)cash cows.
C)stars.
D)question marks.
E)pigs.

Question 57

____ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals.

A)Corporate
B)Business-unit
C)Marketing
D)Mission statement
E)Marketing mix

Question 58

Which of the following is the most specific and detailed type of business strategy?

A)business-unit
B)marketing
C)corporate
D)customer service
E)tactical

Question 59

Kraft purchased the Duracell Battery Company and now operates this division as a separate profit center within the firm. In this example, Duracell is a(n) ____ unit of Kraft.

A)strategic business
B)marketing
C)dependent
D)independent
E)corporate

Question 60

According to the Boston Consulting Group, marketers may classify their products as all of the following except

A)dogs.
B)cash contributors.
C)question marks.
D)stars.
E)cash cows.

Question 61

Electronic marketing has greatly improved the ability of marketers to target individual customers. As a result, many feel that marketing's emphasis is shifting from share of market to share of

A)budget.
B)consumer online time.
C)customer.
D)awareness.
E)commitment.

Question 62

A marketing plan usually begins with a(n)

A)executive summary.
B)introduction to the company's marketing objectives.
C)summary of current performance as compared with past performance.
D)situation analysis.
E)opportunity and threat analysis.

Question 63

Hallaway's Corp.'s new shampoo, VS2, is faltering badly in the market. Hallaway's marketing personnel are unsure who is responsible for various marketing tasks, when these tasks are to be completed, or what resources have been allocated. Hallaway Marketing Director Carolyn Willis said that the problem is that VS2 has the most poorly written ____ she has ever seen.

A)marketing plan
B)competitive plan
C)implementation plan
D)media schedule
E)product specification sheet

Question 64

In essence, all organizations have two types of strategy: ____ is the strategy that the organization decides on during the planning phase, and ____ is the strategy that actually takes place.

A)planned strategy; realized strategy
B)intended strategy; realized strategy
C)intended strategy; implemented strategy
D)planned strategy; implemented strategy
E)realized strategy; implemented strategy

Question 65

Because of its highly efficient and low-cost distribution system, Walmart has a ____ advantage over Kmart.

A)nonsustainable competitive
B)sustainable marketing
C)sustainable control
D)sustainable implementation
E)sustainable competitive

Question 66

Which of the following is not a purpose of the marketing plan?

A)Communicate internally with employees
B)Assign tasks and responsibilities for implementation
C)Specify the allocation of resources
D)Monitor the performance of a marketing strategy
E)Serve as a contract with the customer

Question 67

The process of putting marketing strategies into action is called

A)marketing implementation.
B)marketing control.
C)marketing action.
D)marketing auditing.
E)the marketing action plan.

Question 68

A marketing plan

A)is characteristic of production-oriented firms and other mass producers.
B)provides a framework for implementing and controlling marketing activities.
C)always increases the marketing manager's operating costs.
D)produces plans that are short term in orientation.
E)restricts the marketing manager's future options.

Question 69

The Texas Pitt Barbecuem 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 ____.

A)specifying how they will achieve their marketing objective
B)how they will address the competition's prices
C)coming up with a quantitative measure for their objective
D)developing a qualitative measure for their objective
E)assessing their weaknesses

Question 70

Borders Books uses technology to help them identify specific customers, establish interactive dialogues with them to learn about their needs, and combine this information with their purchase histories to customize products to meet those needs. Borders Books is using the ____ approach.

A)target market positioning
B)SWOT analysis
C)customer relationship management
D)total quality management
E)internal marketing

Question 71

Which of the following is not a component of a marketing plan?

A)Environmental analysis
B)Marketing strategies
C)Product
D)Executive summary
E)Marketing implementation

Question 72

For marketing implementation to be successful, the needs of ____ customers must be met.

A)external
B)internal
C)both internal and external
D)planned
E)both planned and realized

Question 73

Using information about customers to create marketing strategies that develop and sustain desirable long-term customer relationships is known as

A)computer resource management.
B)customer resource management.
C)customer relationship management.
D)customer research management.
E)e-marketing.

Question 74

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

A)Decentralized
B)Centralized
C)Rigid
D)Intended
E)Realized

Question 75

Starbucks is presently involved in a process of assessing marketing opportunities and resources, determining marketing objectives, re-defining marketing strategies, and developing guidelines for implementation and control. Thus, Starbucks is involved in

A)strategic analysis.
B)marketing planning.
C)marketing management.
D)marketing.
E)market organization.

Question 76

A competitive advantage that cannot be readily copied by the competition is referred to as a(n) ____ advantage.

A)controllable
B)sustainable
C)noncopyable
D)effective
E)implementable

Question 77

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.

A)internal management
B)extended marketing
C)intended marketing
D)external marketing
E)internal marketing

Question 78

What focuses on using information about customers to create marketing strategies that develop and sustain desirable customer relationships?

A)Customer relationship management
B)Electronic data interchange
C)Business-to-consumer marketing
D)Strategic partnerships
E)The marketing concept

Question 79

Harley-Davidson's Harley Owner's Group (HOG) helps to foster strong relationships between riders and their motorcycles, giving it a(n) ____ over other motorcycle manufacturers.

A)controllable advantage
B)uncontrollable competitive advantage
C)sustainable marketing advantage
D)effective competitive advantage
E)sustainable competitive advantage

Question 80

The ____ strategy in an organization often does not live up to marketing planners' expectations.

A)intended
B)expected
C)planned
D)control
E)realized