Deck 6: The Strategic Marketing System and Marketing Objectives

Question 1

The ultimate purpose of SWOT analysis is to develop distinct competencies and a competitive advantage.

Answer 1

True

Question 2

SWOT analysis is an indication of past performance and it does not produce an assessment of future opportunities.

Answer 2

False

Question 3

A market position statement defines who the competition will be.

Answer 3

True

Question 4

Strategic planning occurs at every level where a strategic business unit exists.

Question 5

The text used Howard Johnson's as an example of how a diligent use of SWOT analysis contributed to its success.

Question 6

The mission statement sets expectations and goals.

Question 7

All elements used by the firm to decrease the tangibility of the product/service mix in the perception of the target market at the right time and place is known as Presentation strategy.

Question 8

The major purpose of an environmental analysis is to identify external opportunities and threats to the organization.

Question 9

Functional strategies are tactics to get to "where" we want to go.

Question 10

A master marketing strategy is designed for short-term use.

Question 11

Mission statements exist only at the corporate level.

Question 12

There are two feedback loops in the strategic marketing systems model.

Question 13

The master strategy is designed to be short term, not long term.

Question 14

Solid strength and weakness analysis may be the most neglected phase of strategic planning in the hospitality industry.

Question 15

Target market strategy is concerned with the offering of different products and services to satisfy market needs.

Question 16

Product strategies should be based on the owner's and management's concept of what the product should be.

Question 17

Mission statements exist only at the corporate level.

Question 18

Positioning strategy entails the creation and enhancement that makes the brand image specific in the customer's mind.

Question 19

The most neglected phase of strategic planning in the hospitality industry is a solid strength and weakness analysis.

Question 20

Congruency is not a relevant aspect among strategy, tactics and mission statement.

Question 21

The master marketing strategy should be:

A) Short term
B) Changeable
C) Long term
D) Both B & C

Question 22

The presentation mix includes:

A) Price
B) Customers
C) Atmospherics
D) All of the above

Question 23

A strategic business unit is:

A) A unit created specifically to set the company strategy
B) A unit that conducts business separate from the overall corporate strategy
C) A sub-unit of a business that serves its own product-market segment with its own strategy
D) None of the above

Question 24

When the market conditions change, master strategy should:

A) Change every time the market condition changes
B) Never change
C) Sometimes change depending on the consumers
D) None of the above

Question 25

Which three entities should be represented in the mission statement?

A) Employees, customers and shareholders
B) Employees, customers and investors
C) Customers, contractors and investors
D) Stakeholders, employees and employers

Question 26

Tactics are supposed to:

A) Deny the strategies
B) Support the strategies
C) Modify the strategies
D) Replace the strategies

Question 27

Which of the following could be an example of an objective of the strategic plan?

A) To convince customers that we have a unique hotel in terms of its being traditional in décor, equipped with the most modern business aids and greater accent on personalized service.
B) To creatively highlight the uniqueness of the product.
C) A list of advertising material, in house materials, sales material, direct mail, publicity materials, brochures, sales trips and blitzes, research, personal invitations and other strategic and tactical plans.
D) None of the above.

Question 28

All entities (employees, customers and shareholders) represented in the mission statement:

A) Should be equally represented.
B) Are important, but the owners and profit should be most represented.
C) Should be proportionally represented based on overall company objectives.
D) Will have varying amounts of representation depending on the company strategy.

Question 29

Which of the following is not an internal strength or weakness?

A) Product/Service
B) Customer profile
C) Organization values
D) Environment
E) Resources

Question 30

During a situation analysis, it is important to consider:

A) Policies, organization, objectives and resources
B) Environment, competition, generic demand and customer profile
C) Both A & B
D) None of the above

Question 31

A solid strength and weakness analysis may be in strategic planning.

A) The most demanding phase
B) The most neglected phase
C) The least important phase
D) The most exhaustive phase

Question 32

Which of the following is a reason for failure of strategic plans?

A) Faulty definition
B) Vaguely formulated goals
C) Poor preparation
D) All of the above

Question 33

The mission statement identifies the needs of its constituents. These include:

A) Community
B) Customers
C) Employees
D) Owners
E) All of the above

Question 34

Elements in the presentation mix include:

A) Physical plant
B) Price
C) Location
D) Employees
E) All of the above

Question 35

One method that would ensure that a SWOT analysis would produce an assessment of future opportunities would be:

A) Involve the managers who will make the final strategic choices
B) Separate weaknesses from simple problems "to be overcome"
C) Evaluate strengths and weaknesses in terms of the future and their strategic significance relative to the competition
D) Test alternative strategies against strengths and weaknesses
E) All of the above

Question 36

The term "stakeholders" includes:

A) Employees
B) Customers
C) Owners
D) Financial backers
E) All of the above

Question 37

Reasons strategic plans fail include all of the following except:

A) Faulty definition of business units
B) Adequate linkage of strategic planning with other control systems
C) Poor preparation of line managers
D) Vaguely formulated goals
E) All of the above are reasons strategic plans fail

Question 38

Identify the two feedback loops:

A) Survey, sales
B) Survey, synthesis
C) Risk/fit, survey
D) Risk/fit, synthesis
E) None of the above

Question 39

In the hospitality industry, you can reach the market by:

A) Taking the product to the market
B) Bringing the market to the product
C) Both A & B
D) None of the above

Question 40

SWOT stands for:

A) Strengths, weaknesses, others, threats
B) Strengths, weaknesses, opportunities, threats
C) Studies, weaknesses, opportunities, threats
D) Strengths, weather, opportunities, threats
E) Strengths, weaknesses, opportunities, trends

Question 41

Target market strategy depends on:

A) Management prowess and competition
B) Respect and confidence
C) Resources and competition
D) Resources and capabilities

Question 42

What is the main objective of a SWOT analysis? Identify and discuss the four elements of situational analysis in the context of evaluating a hospitality business. What types of questions would you ask for both internal and external analysis?

Question 43

When developing strategy, the firm chooses its competition and when and where it will compete.

A) Synergistic
B) Competitive
C) Competent
D) Oppositional

Question 44

Can strategic plans fail? If so, what are some of the typical reasons for failure? Give an example of a strategic failure either from your own experience or from the textbook.

Question 45

Good strategic plans can fail if they are:

A) Designed with the customer in mind
B) Poorly implemented
C) Badly formulated
D) None of the above

Question 46

The distinctive competency of an organization is more than what it can do;

A) It is what it can do well.
B) It is how it can empower employees.
C) It is what it can sell.
D) It is how it can generate profits.

Question 47

The sub-strategy deals with channels and how to move the physical customer to the product.

A) Product/service
B) Presentation
C) Pricing
D) Distribution

Question 48

Strategy selection should ultimately begin and end with:

A) The customer
B) The profitability of the plan
C) The needs of each business unit
D) Management's expectations

Question 49

Examples of competitive strategies would be:

A) Objectives and master strategies
B) Focus and differentiation strategies
C) Mission statements and objectives
D) Product and target market strategies

Question 50

There is/are feedback loop(s) in the strategic marketing systems model.

A) One
B) Two
C) Three
D) Four
E) Five

Question 51

Putting the pieces of all of the analysis back together in a meaningful way is called .

A) Synopsis
B) Synoscope
C) Synthesis
D) Feedback

Question 52

Functional strategies state:

A) "What" we are going to do to get where we want to go
B) "When" we hope to achieve what we intend to do
C) "Why" we are doing what we are doing
D) "Who" we are and what we are doing