Deck 3: Planning, Implementing and Evaluating Marketing Strategy

Question 1

Realising Australian consumers began to perceive the prices of many national food brands as being more expensive than food prices abroad, especially in Europe and the USA.Coles and Woolworths recognised a(n) __________ for introducing their own private label brands priced significantly below the national brands.

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

Answer 1

E

Question 2

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

Answer 2

no answer

Question 3

When the right combination of circumstances occurs at the right time to allow an organisation to take action towards 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.

Answer 3

D

Question 4

The marketing plan is:

A)a plan of all aspects of an organisation'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 5

__________ are internal factors that can influence an organisation's ability to satisfy its target markets.

A)Opportunities and threats
B)Market opportunities
C)Strengths and weaknesses
D)Activities and responsibilities
E)Organisational resources

Question 6

Strategic planning is the process of:

A)identifying and analysing a target market and developing a marketing mix to satisfy individuals in that market.
B)establishing an organisational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy and a marketing plan.
C)establishing an organisational mission and formulating goals, corporate strategy, corporate objectives and a corporate plan.
D)determining the means for utilising resources in the functional areas of marketing, production, finance, research and development, and human resources to reach an organisation's goals.
E)assessing marketing opportunities and resources, determining marketing objectives, defining marketing strategies and establishing guidelines for implementation and control of the marketing program.

Question 7

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

Question 8

According the Boston Consulting Group's matrix, General Electric's business unit, GE Capital, became a ________ as a result of creating losses that lowered prices and stock prices during the most recent recession

A)star
B)question mark
C)cash cow
D)dog

Question 9

A strategic window is:

A)the right combination of circumstances and timing that permit an organisation 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 10

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

Question 11

Compare and contrast corporate strategy and marketing strategy.

Question 12

A __________ is something that an organisation does extremely well, which may give a company an advantage over its competition.

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

Question 13

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 14

To formulate a marketing strategy, one must:

A)identify and analyse 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 15

Tesco, a higher-end supermarket from the United Kingdom, entered the USA market in late 2007 with its Fresh & Easy stores.A year later, a recession caused consumers to cut back on spending.The company reformulated its strategy and now seeks a(n) __________ by offering cheap options.

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

Question 16

Define the four product categories used in the Boston Consulting Group product portfolio analysis.

Question 17

Discuss the meaning of market share.

Question 18

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 19

The strategic planning process begins with:

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

Question 20

A market opportunity results from:

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

Question 21

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 22

Dylan, a 17-year-old secondary school student, wants to buy a pack of cigarettes.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)reason
C)authority
D)need
E)place

Question 23

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 24

Successful business organisations 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 25

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

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

Question 26

An example of a __________ might be Nintendo's Wii video game system.

A)problem child
B)star
C)cash cow
D)dog
E)question mark

Question 27

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.

Question 28

The percentage of a market that 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 29

Australia Post's business units include postal services, retail services, distribution and express services and e-services.The revenues, costs, investments and strategic plans of each __________ can be separated from those of the parent company.

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

Question 30

Crown Casino wants at least 90 per cent of its customers to indicate that they had a memorable experience at the hotel.This is an example of:

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

Question 31

John Deere promotes its service, experience and reputation in the farm equipment business to emphasise the craftsmanship of its lawn mowers for home owners.These are two elements of the firm's:

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

Question 32

A long-term view, or vision, of what an organisation wants to become is called a:

A)mission statement.
B)purpose statement.
C)vision statement.
D)marketing plan.
E)strategic vision.

Question 33

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 34

Which of the following is not a characteristic of a marketing objective?

A)It is consistent with both business-unit and corporate strategy.
B)It is expressed in clear, simple terms.
C)It is written so that it can be measured accurately.
D)It specifies a time frame for its accomplishment.
E)It clearly identifies how the marketing strategy will be implemented.

Question 35

The Boston Consulting Group's matrix is based on the:

A)idea that a firm's market share and market attractiveness are 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 a 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 36

Favourable conditions in the marketplace environment that could produce business rewards for an organisation, if acted on properly, are called:

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

Question 37

Within a business organisation, a profit centre 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 38

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

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

Question 39

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

A)corporate persona.
B)corporate identity.
C)corporate character.
D)ethics.

Question 40

A firm's _________ addresses the questions 'Who are our customers?' and 'What is our core competency?'

A)business plan
B)strategic window
C)mission statement
D)market opportunity statement
E)marketing plan

Question 41

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 42

A long-term view, or vision, of what the organisation wants to become is called a mission proclamation.

Question 43

The fact that Virgin Australia Airlines has a history of being able to retain its employees is a(n) __________ in its SWOT analysis.

A)weakness
B)strength
C)threat
D)opportunity
E)comparative advantage

Question 44

The analysis of opportunities and threats focuses on internal factors that give an organisation certain advantages and disadvantages in meeting the needs of its target markets.

Question 45

The strategic planning process begins with a detailed analysis of an organisation's strengths and weaknesses and the identification of opportunities and threats within the marketing environment.

Question 46

The most specific and detailed type of business strategy is a __________ strategy.

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

Question 47

A core competency is something a firm does extremely well - sometimes so well that it gives the company an advantage over its competition.

Question 48

Maintaining the current culture of 'fun' for Virgin Australia Airlines' employees is most likely a(n):

A)marketing strategy.
B)marketing objective.
C)organisation resource.
D)environmental force.
E)overall organisational objective.

Question 49

Through the process of strategic planning, a firm establishes an organisational mission and goals, corporate strategy, marketing objectives, marketing strategy and a marketing plan.

Question 50

Virgin's low fares, dependability and its on-time flights represent its:

A)competitive advantage.
B)marketing opportunity.
C)marketing plan.
D)marketing objectives.
E)total quality management.

Question 51

A marketing strategy is a written document that specifies the activities to be performed to implement and control a firm's marketing activities.

Question 52

Products that have a relatively low market share and low prospects for growth are considered to be __________ by the Boston Consulting Group.

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

Question 53

According to the Boston Consulting Group, question marks are characterised as products that:

A)have a small share of a growing market and require large amounts of cash to build market share.
B)generate more cash than is required to maintain share.
C)exist at a cost disadvantage and offer few opportunities for growth at a reasonable cost.
E)have substantial reported profits but need a lot of cash to finance the rate of growth.

Question 54

The analysis of strengths and weaknesses focuses on external factors that give an organisation certain advantages and disadvantages in meeting the needs of its target markets.

Question 55

In Virgin Australia Airlines' SWOT analysis, rising petrol prices are a(n) __________.The fact that other airlines are charging for all checked luggage may create a(n) __________,

A)threat; strength
B)weakness; strength
C)threat; opportunity
D)weakness; opportunity
E)opportunity; strength

Question 56

A mission statement is a long-term view, or vision, of what the organisation wants to become.

Question 57

Toyota's __________ for its Yaris is aimed at 18-34-year-olds.Toyota has strived to give the compact car a mischievous personality to complement its quirky styling and promotes them wherever Generation Y consumers could be found: Facebook and other social media, a user-generated-content website and 'mobisodes' (short episodes for mobile devices) of TV shows.

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

Question 58

A strategic window results from the right combination of circumstances and timing, allowing a firm to take action to reach a particular target market.

Question 59

A competitive advantage is created when a company matches its core competency to the opportunities it has discovered in the market.

Question 60

Marketing strategies should be established before marketing objectives are decided.

Question 61

The Boston Consulting Group approach is based on a philosophy that a product's market growth rate and its market share relative to competition should be helpful in determining its marketing strategy.

Question 62

Strategic planners focus on dimensions such as competition, diversification, differentiation, environmental focus and interrelationships among SBUs.

Question 63

An organisation's goals focus on the ends or results that the firm seeks.

Question 64

Question marks exist at a cost disadvantage and exhibit few opportunities for growth at a reasonable cost.

Question 65

A strategic business unit is not self-supporting in terms of sales, markets, production and other resources.

Question 66

The long-term health of a firm depends solely on having products that generate cash and provide acceptable reported profits.

Question 67

All marketing mix decisions must have two characteristics:

A)consistency and flexibility.
B)consistency and rigidity.
C)formality and flexibility.
D)variability and flexibility.
E)formality and rigidity.

Question 68

Stars are profitable products that usually generate more cash than is required to maintain share.

Question 69

A market is a group of individuals and/or organisations that have needs for products in a product class and have the ability, willingness and authority to purchase these products.

Question 70

Marketing managers can classify a firm's products into four basic types: stars, cash cows, cats and question marks.

Question 71

Cash cows are market leaders that are growing fast, with substantial reported profits.

Question 72

A firm's organisational goals should be derived from its opportunities.

Question 73

Business decisions made in creating a marketing mix:

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

Question 74

A marketing objective need not be consistent with the firm's overall objectives.

Question 75

Marketing objectives should be stated in such a way that the degree of accomplishment can be measured accurately.

Question 76

A firm's organisational mission should be derived from its goals.

Question 77

Kimberly-Clark's marketing researchers found that younger, design-conscious consumers are loath to place a run-of-the-mill box of Kleenex tissue even on top of the toilet.Therefore, Kimberly-Clark has introduced contemporary oval packaging in bright colours and patterns that is stylish enough to place in more places around the house.This illustrates a company working to develop a __________ that analyses customer needs, preferences and behaviour.

A)marketing mix
B)target market
C)company mission
D)company plan

Question 78

Corporate strategy determines the means for utilising resources in the functional areas of business to reach the organisation's goals.

Question 79

The Boston Consulting Group's model serves as a diagnostic tool to spotlight strategic business units that have an opportunity to grow; it is not a guide for making strategy prescriptions.

Question 80

Marketing objectives state what is to be accomplished through marketing activities.