Deck 3: Strategic Marketing Planning

Question 1

Objectives state what is to be done; strategies identify specific implementation details.

Answer 1

False

Question 2

Strategic planning is done only at the senior management level.

Answer 2

False

Question 3

Specific and detailed action plans are referred to as tactics.

Answer 3

True

Question 4

A marketing tactic is a specific action required to implement a marketing strategy.

Question 5

The area in a marketing plan that focuses on costs, timing, and responsibility is called marketing objectives.

Question 6

"A free Honda Accord will be given away to the winner of the in-store draw. The draw will be held on October 21, 2018. The cost of the promotion will be $150,000. It will be the responsibility of the product manager to pull the program together."This is an example of an execution of a marketing plan.

Question 7

Marketing plans can be developed for a single product or service.

Question 8

"To be the world's most reliable airline offering top-quality in-flight services consistently"is an example of an airline's corporate strategy.

Question 9

Corporate plans are largely based on input from senior executives.

Question 10

Vision statements are identical to mission statements.

Question 11

In corporate plans, corporate objectives are based on the company's mission statement.

Question 12

Marketing plans tend to be short term in nature and specific in scope.

Question 13

Marketing plans tend to be rigid in terms of implementation because they are long term in nature.

Question 14

A penetration strategy is a passive approach used by businesses to slowly grow their market share.

Question 15

Loblaws purchasing Shoppers Drug Mart for $12.4 billion is an example of an acquisition strategy.

Question 16

Hershey Canada developing a Reese's peanut butter spread is part of a new-product strategy to take on the dominant brand leader.

Question 17

A vertical integration strategy involves one organization owning and operating several companies at the same level in the channel of distribution.

Question 18

Divesting involves adding more profitable operations to a business portfolio.

Question 19

The analysis, planning, implementation, evaluation, and control of marketing initiatives is known as the corporate planning process.

Question 20

The marketing department operates under the direction of a chief marketing officer (or similar title).

Question 21

The result of a SWOT analysis should be matching potential opportunities with resource capabilities.

Question 22

All members of a target market have similar demographic characteristics.

Question 23

The marketing plan is created to guide the decisions of the corporate plan.

Question 24

The impact of technology is considered part of a product analysis.

Question 25

A snowboard manufacturer is looking to enter the apparel segment of the snowboarding market. The strategy that will allow the company to enter the market most quickly is the divestment strategy.

Question 26

Companies following a new-products strategy should expect to invest considerable time and money before realizing any returns.

Question 27

During a product (brand) analysis, managers will check sales, market share, and profit.

Question 28

Sales volume, market share, and profit are considered in a product (brand) analysis.

Question 29

Marketing objectives should be written in a manner that allows for measurement at the end of the period.

Question 30

Pursuing secondary targets offers potential for incremental sales and profit.

Question 31

Market development involves introducing a new product to the current market.

Question 32

Procter & Gamble is implementing market development when it introduces a new kind of shampoo.

Question 33

If Pepsi-Cola lowers its price in the summer to get customers to buy more product, it is applying a market penetration strategy.

Question 34

Kokanee beer was originally sold in British Columbia but then entered the Ontario market. In doing so, it was following a strategy of diversification.

Question 35

Kellogg's addition of a new cereal targeted at its children's market is product development.

Question 36

Marketing control is best performed by the financial officers of the company.

Question 37

There is little variation in the ways that organizations control and evaluate marketing strategies.

Question 38

A senior financial officer for Lululemon has forecast that profits will be down for the year. Trimming the marketing budget for a specific product is something she might recommend.

Question 39

A contingency plan is only required if an organization is very large.

Question 40

Which of the following is not true about the marketing plan?

A) It is a document that outlines direction and activities of an organization, product, or service.
B) It involves many aspects of the organization, from HR to operations, in addition to marketing.
C) It involves objectives, strategies, and tactics (execution).
D) It typically involves product, price, distribution, and marketing communications.
E) These plans are typically created annually.

Question 41

A marketing manager is working on statements that outline what should be accomplished in terms of market share over a one-year period. She is working on

A) tactics.
B) execution.
C) objectives.
D) strategies.
E) the marketing plan.

Question 42

Which of the following areas are not covered by the marketing plan?

A) product strategies
B) pricing strategies
C) distribution strategies
D) human resources and recruitment strategies
E) marketing communications strategies

Question 43

Strategic business planning involves three variables. These are

A) budget, objectives, and strategies.
B) mission, strategy, and tactics.
C) strategies, tactics, and budget.
D) objectives, strategies, and execution or tactics.
E) mission, objectives, and tactics.

Question 44

In a typical business plan, the long term is ________ while the short term is ________.

A) 5 years; 1 year
B) 1 year; 1/2 year
C) 3 years; 1/2 year
D) 5 years; 1/2 year
E) 2 years; 1 year

Question 45

What do all corporate plans include?

A) specific detail of how strategies are to be implemented
B) a statement of specific marketing strategies
C) functional plans from all areas
D) a marketing mission statement
E) corporate objectives to be achieved over a specific period

Question 46

In business planning, what is an objective?

A) a target market to pursue
B) the person responsible for a task
C) a statement about a general directive
D) a specific action plan
E) a specific goal to be achieved in the corporate or marketing plan

Question 47

The specific details on how a strategy will be implemented is called

A) an objective.
B) a policy.
C) a tactic.
D) a procedure.
E) a plan.

Question 48

Select the best example of a well-written objective statement.

A) to continue profitable revenue growth annually
B) to expand programs to link business opportunities around the globe
C) to achieve a return on shareholders' investment of 10% over the next 12 months
D) to produce the best-quality products at a price that is affordable for our target market
E) to carefully analyze customer preferences and respond with appropriate customer services

Question 49

Sponsoring in the 2019 Toronto Honda Indy is an example of a(n)

A) mix.
B) tactic.
C) variable.
D) strategy.
E) objective.

Question 50

Specific details of the marketing strategy, including the cost, timing, and responsibility for implementation, are known as

A) strategic priorities.
B) secondary targets.
C) marketing execution.
D) budget.
E) marketing mix.

Question 51

A specific plan to allocate $136,000 to attend trade shows in Vancouver, Edmonton, Toronto, Montreal, and Halifax would be considered what type of strategic planning variable?

A) an implementation
B) a strategy
C) a tactic
D) an objective
E) a plan

Question 52

"By the end of the next fiscal year, corporate gross profit margins are to increase to 32%"is an example of

A) an execution plan.
B) a vision.
C) a strategy.
D) a tactic.
E) an objective.

Question 53

In business planning, strategies refer to

A) statements that outline how objectives are to be achieved.
B) details of specific actions to be taken.
C) statements that define what is to be accomplished.
D) the SWOT evaluation process.
E) evaluation of the actions taken.

Question 54

The difference between a vision statement and a mission statement is that

A) a vision statement is easier to comprehend.
B) a mission statement is usually more concise.
C) a mission statement has more input from lower management.
D) a vision statement is vague while a mission statement outlines specific plans.
E) a vision statement is more future oriented.

Question 55

What is the purpose of a corporate plan?

A) to develop a values statement
B) to describe the planning process
C) to describe the competition
D) to set the direction for an organization
E) to position an organization

Question 56

"The analysis, planning, implementation, evaluation, and control of marketing initiatives to satisfy target market needs and achieve organizational objectives"is a description of

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

Question 57

What is the relationship between corporate plans and marketing plans?

A) Corporate plans guide marketing plans.
B) Marketing plans are an offshoot of the business plan.
C) Corporate plans give the tactical details for marketing plans.
D) Marketing plans direct corporate plans.
E) Corporate plans give the strategic and tactical elements of marketing plans.

Question 58

"To be the best provider of accommodations to Canadians"is an example of a hotel's

A) corporate objective.
B) marketing strategy.
C) mission statement.
D) marketing objective.
E) vision statement.

Question 59

"To launch a new package design in the fourth quarter of this year"is an example of a

A) mission statement.
B) marketing objective.
C) corporate strategy.
D) corporate objective.
E) sales forecast.

Question 60

What is the best way to categorize Dell Computer's decision to introduce a new lightweight laptop to meet changing customer tastes in the upcoming fiscal year?

A) corporate objective
B) corporate strategy
C) mission statement
D) marketing strategy
E) marketing objective

Question 61

"To increase sales of ABC Microcomputers from 50,000 units in 2015 to 60,000 units in 2017"is an example of a

A) marketing objective.
B) mission statement.
C) marketing strategy.
D) corporate objective.
E) product policy.

Question 62

IKEA has published the following: "To offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them."This is an example of a

A) marketing objective.
B) positioning statement.
C) vision statement.
D) corporate objective.
E) mission statement.

Question 63

The corporate plan includes an acquisition strategy. As the marketing manager, you will be looking to ensure

A) the company does not pay too much for the acquisition.
B) efficient divestment of the newly acquired brands.
C) that product development doesn't suffer.
D) the acquired brands align with the company's current positioning.
E) pay-for-performance bonuses are consistent across all brands.

Question 64

The corporate plan for a chain of night clubs includes a new-products strategy as the company's priority. Which of the following would be the best example of a marketing objective that aligns with this corporate decision?

A) to spend $100,000 in product research and menu development
B) to launch a new dinner menu by the second quarter
C) to increase profits by 10% over last year
D) to increase sales by 100,000 drinks over last year
E) to increase market share by 15% by the end of the second quarter

Question 65

Which of the following corporate strategies allows a company to enter a new market most quickly?

A) divestment
B) differentiation
C) new-product development
D) penetration
E) acquisition

Question 66

Starbucks partnering with Chapters in Canada is an example of

A) divestment.
B) strategic alliance.
C) acquisition.
D) penetration.
E) new-products.

Question 67

PepsiCo engages in aggressive and progressive actions in order to build their existing company divisions and product lines. This is known as

A) acquisition strategy.
B) new-products strategy.
C) strategic alliance.
D) penetration strategy.
E) empire building.

Question 68

Which of the following is not a part of the marketing planning process?

A) setting corporate objectives and strategies
B) aligning the marketing plan with corporate objectives
C) analysis of external and internal influences
D) implementation, evaluation, and control
E) taking corrective action as needed

Question 69

Marketing plans are ___________________ and __________________.

A) long-term; broad in scope
B) long-term; specific in scope
C) long-term; as specific as required
D) short-term; specific in scope
E) short-term; broad in scope

Question 70

After conducting market research, a company learns that its brand awareness is 85% among the target market, the highest in its industry. In a SWOT analysis, this information would be included as a

A) strategy.
B) strength.
C) threat.
D) opportunity.
E) weakness.

Question 71

You are conducting an analysis of sales volumes in the coffee market in terms of regular, instant, decaffeinated, and flavoured coffees. This is a

A) market segment analysis.
B) category analysis.
C) marketing plan analysis.
D) SWOT analysis.
E) factor analysis.

Question 72

You have been asked to review the potential acquisition of a small Canadian company to complement your product line. You have been asked to look at the threats and opportunities it presents and the strengths and weaknesses you see. You need to conduct

A) a brand loyalty analysis.
B) a SWOT analysis.
C) a sales analysis.
D) a market segment analysis.
E) a market size and growth analysis.

Question 73

Which of the following would be an external influence of importance to marketing planning for a company specializing in educational toys and books for children aged 2-8?

A) an increase in home schooling for primary school-aged students
B) a decline in sales over the last two quarters
C) the popularity of the company's learning tips newsletter
D) the growing importance of the company's e-store
E) the impact of the company's introduction of a new book series

Question 74

A report outlining the historical sales trends of the company's various brands and their contribution to corporate profitability could be found within the ________ section of the marketing plan.

A) financial analysis
B) environmental analysis
C) competitive analysis
D) SWOT analysis
E) product analysis

Question 75

What part of the marketing plan would the following fall under? Hyundai's decision to launch its "Smart is in"campaign using a specific mix of television and outdoor advertising across Canada with specific budgets.

A) marketing strategy
B) marketing execution
C) marketing control
D) marketing communications
E) marketing objective

Question 76

The corporate plan includes an acquisition strategy. As the marketing manager, you will be looking to ensure

A) the company does not pay too much for the acquisition.
B) efficient divestment of the newly acquired brands.
C) that product development doesn't suffer.
D) the acquired brands align with the company's current positioning.
E) pay-for-performance bonuses are consistent across all brands.

Question 77

The corporate plan for a chain of night clubs includes a new-products strategy as the company's priority. Which of the following would be the best example of a marketing objective that aligns with this corporate decision?

A) to spend $100,000 in product research and menu development
B) to launch a new dinner menu by the second quarter
C) to increase profits by 10% over last year
D) to increase sales by 100,000 drinks over last year
E) to increase market share by 15% by the end of the second quarter

Question 78

With the unexpected downturn in the economy, the marketing executives at Refined Family Restaurants Inc. will need to adapt quickly and make changes to the company's

A) contingency plan.
B) vision statement.
C) mission statement.
D) marketing plan.
E) marketing strategy.

Question 79

What is the best term for the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained?

A) marketing audit
B) contingency plan
C) policy review
D) marketing activity review
E) marketing control

Question 80

Key variables in a financial review are

A) supply chain management.
B) break-even analysis, marketing budgets, and debt servicing.
C) up-to-date sales forecasts, costs, and marketing budgets.
D) market share figures, up-to-date sales forecasts, and interest rates.
E) sales analysis, quarterly review of costs, and contract negotiations.