Deck 2: Developing Marketing Strategies and Plans

Question 1

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

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

Answer 1

E

Question 2

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

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

Answer 2

B

Question 3

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

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

Answer 3

B

Question 4

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

Question 5

Today,the "mass market" is actually splintering into numerous ________,each with its own wants,perceptions,preferences,and buying criteria.

A)micromarkets
B)market targets
C)macromarkets
D)customer cliques
E)demographic units

Question 6

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

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

Question 7

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

Question 8

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

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

Question 9

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

Question 10

The firm's success depends both on how well each department performs its work,and on how well the various departmental activities are coordinated to conduct ________.

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

Question 11

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

A)force organizational departments to justify the budgetary components
B)own all intermediaries who come in contact with the goods and services
C)own and nurture the resources and competencies
D)emphasize global promotions
E)segment the workforces

Question 12

With respect to core business processes,the ________ includes all the activities involved in gathering market intelligence,disseminating it within the organization,and acting on the information.

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

Question 13

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

Question 14

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

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

Question 15

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

Question 16

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

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

Question 17

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

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

Question 18

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

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

Question 19

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

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

Question 20

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

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

Question 21

The customer's ________ reflects existing and latent needs and includes dimensions such as the need for participation,stability,freedom,and change.

A)competence space
B)resource space
C)emotional space
D)relationship space
E)cognitive space

Question 22

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

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

Question 23

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

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

Question 24

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

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

Question 25

To respond effectively and provide value delivery,the company requires ________ to integrate major business processes within a single family of software modules.

A)human resource management
B)internal auditing management
C)internal resource management
D)strategic management
E)marketing management

Question 26

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

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

Question 27

Which of the three key areas of strategic planning deals specifically with devising a long-term game plan for achieving long-run objectives?

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

Question 28

Which of the following is 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)all of the above

Question 29

With respect to value delivery,________ allows the company to handle complex relationships with its trading partners to source,process,and deliver products.

A)a value matrix
B)a global distribution policy
C)a business development strategy
D)business partnership management
E)total quality management

Question 30

The collaborator's ________ involves horizontal partnerships,where companies choose partners based on their ability to exploit related market opportunities,and vertical partnerships,where companies choose partners based on their ability to serve their value creation.

A)resource space
B)competency space
C)cognitive space
D)rational space
E)service space

Question 31

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

Question 32

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

Question 33

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)management team level
D)corporate level
E)strategic level

Question 34

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)the marketing plan
B)the organizational plan
C)the strategic marketing plan
D)the tactical marketing plan
E)the marketing-mix plan

Question 35

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

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

Question 36

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

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

Question 37

The company's ________ can be described in terms of breadth-broad versus focused scope of business;and depth-physical versus knowledge-based capabilities.

A)business mission
B)core strategy
C)cognitive space
D)competency space
E)resource space

Question 38

Market-driven organizations tend to excel in three distinctive capabilities: ________,customer linking,and channel bonding.

A)target marketing
B)market research
C)fulfilling customer needs
D)market sensing
E)customer-service relationships

Question 39

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 coprosperity among key stakeholders."

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

Question 40

Successful marketing requires having capabilities such as understanding,creating,delivering,capturing,and sustaining ________.

A)customer loyalty
B)customer perks
C)customer retention
D)customer value
E)customer benefits

Question 41

Harvard professor Ted Levitt argues that ________ of a business are superior to ________.

A)product definitions;service definitions
B)service definitions;market definitions
C)marketing definitions;market definitions
D)market definitions;product definitions
E)none of the above

Question 42

A company that seeks to increase its sales and profits through backward,forward,or horizontal integration within the industry is said to be employing a(n)________ strategy.

A)diversification growth
B)intensive growth
C)target growth
D)integrative growth
E)conglomerate growth

Question 43

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

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

Question 44

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

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

Question 45

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)conglomerate strategy
C)horizontal strategy
D)intensive growth strategy
E)integrative strategy

Question 46

A ________ of a business focuses on selling a product or service to an existing market.

A)target market definition
B)strategic market definition
C)mass-market definition
D)differentiated market definition
E)integrated market definition

Question 47

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

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

Question 48

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

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

Question 49

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

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

Question 50

Traditionally,most businesses focused on stockholders.Today,the focus is on what are called ________.

A)stakeholders
B)partners
C)regulators
D)consumer triads
E)supply chain relationships

Question 51

Most marketing plans cover ________.

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

Question 52

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

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

Question 53

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

Question 54

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

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

Question 55

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

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

Question 56

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

Question 57

When a business gets to know market segments intimately and pursues either cost leadership or differentiation within the target segment,it is employing a ________.

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

Question 58

The ________ is the number of channel levels,from raw materials to final product and distribution,in which a company will participate.

A)industry sphere
B)vertical sphere
C)product/application sphere
D)competence sphere
E)market segment sphere

Question 59

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)marketing plan
C)sales plan
D)target market plan
E)competitive analysis plan

Question 60

Mission statements are at their best when they reflect a ________.

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

Question 61

If a manager asks,"How can my company identify new value opportunities?" he or she is examining a management question identified as being value creation.

Question 62

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

Question 63

The customer relationship management process is all the activities involved in receiving and approving orders,shipping the goods on time,and collecting payment.

Question 64

Another name for a company's value delivery network is "the intermediary team."

Question 65

A core competency is usually common among competitors in a given industry.

Question 66

A good illustration of a market definition of the business a company is in would be "We sell gasoline."

Question 67

Scenario analysis can be used to assist companies in appraising how well their corporate culture might match (or not match)potential business partners or acquisitions.

Question 68

An intensive growth strategy involving marketing current products to new markets is a market-development strategy.

Question 69

The new-offering realization process involves all activities in defining target markets and prospecting for new customers.

Question 70

If a company sought to expand the number of existing products sold to its current markets,it would use an integrative growth strategy labeled as "market-penetration strategy."

Question 71

If a company sought to grow via a strategy that required the company to seek new businesses that have no relationship to its current technology,products,or markets,the company would be using a diversification strategy called a conglomerate strategy.

Question 72

Competitive advantage ultimately derives from how well the company has guarded its core competencies from theft by competitors.

Question 73

The traditional view of marketing begins with a first step called strategic marketing.

Question 74

A principle of the value chain is that every firm is a synthesis of activities performed to design,produce,market,deliver,and support its product.

Question 75

One of the characteristics of a good mission statement is that it has an expansive number of goals for doing business.

Question 76

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

Question 77

Marketing opportunities to supply something that is currently in short supply require significant marketing talent.

Question 78

Segmentation,targeting,and positioning constitute the essence of strategic marketing.

Question 79

A mission statement has as its primary focus the product and how to make it.

Question 80

Holistic marketing focuses on the integration of value exploration,value creation,and value delivery as a means to build long-term relationships with consumers.