Deck 2: Marketing Strategy Planning

Question 1

Strategic (management) planning is a managerial process of developing and maintaining a match between the resources of the production department and its product opportunities.

Answer 1

False

Question 2

The marketing management process consists of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans.

Answer 2

True

Question 3

Finding attractive opportunities and developing profitable marketing strategies are the tasks included in the marketing manager's marketing strategy planning job.

Answer 3

True

Question 4

Controlling the marketing plan is the first step of the marketing management process.

Question 5

The terms mass marketing and mass marketers mean the same thing.

Question 6

Marketing strategy planning is the process of deciding how best to sell the products the firm produces.

Question 7

A marketing strategy specifies a target market and a related marketing mix.

Question 8

Strategic planning is the managerial process of developing and maintaining a match between an organization's resources and its market opportunities.

Question 9

The two parts of a marketing strategy are an attractive opportunity and a target market.

Question 10

A marketing strategy is composed of two interrelated parts--a target market and a marketing mix.

Question 11

"Mass marketers" like Target usually try to aim at clearly defined target markets.

Question 12

Mass marketing means focusing on some specific customers, as opposed to assuming that everyone is the same and will want whatever the firm offers.

Question 13

The mass marketing approach is more production-oriented than marketing-oriented.

Question 14

Planning, implementation, and control are basic jobs of all managers.

Question 15

A marketing mix consists of the uncontrollable variables which a company puts together to satisfy a target market.

Question 16

Target marketing aims a marketing mix at some specific target customers.

Question 17

A target market consists of a group of consumers who are usually quite different.

Question 18

Strategic planning is a top management job that includes planning only for marketing.

Question 19

The three basic jobs in the marketing management process are planning, implementation, and control.

Question 20

A marketing strategy is composed of two interrelated parts--planning and implementation.

Question 21

The problem with target marketing is that it limits the firm to small market segments.

Question 22

A channel of distribution must include an intermediary.

Question 23

The Product area is concerned with developing the right physical good, service, or blend of both for the target market.

Question 24

The customer is a part of the marketing mix and should be the target of all marketing efforts.

Question 25

The four "Ps" are: Product, Promotion, Price, and Personnel.

Question 26

Personal selling involves direct personal communication to get the sale, but personal attention is seldom required after the sale.

Question 27

Promotion is composed of personal selling, advertising, publicity, and sales promotion.

Question 28

The "four Ps" of the marketing mix are Product, Position, Promotion, and Price.

Question 29

Personal selling, mass selling, and sales promotion are all included in the Promotion area of the marketing mix.

Question 30

According to the text, a firm that sells a service rather than a physical good does not have a product.

Question 31

The "four Ps" of the marketing mix are People, Products, Price, and Promotion.

Question 32

A channel of distribution is any series of firms or individuals that participate in the flow of products from producer to final user or consumer.

Question 33

The customer should not be considered part of a "marketing mix."

Question 34

Product, Place, Promotion and Price are the four major variables (decision areas) in a firm's marketing mix.

Question 35

A channel of distribution must include several kinds of intermediaries and collaborators.

Question 36

The Product area of the marketing mix may involve a service and/or a physical good which satisfies some customers' needs.

Question 37

Although the customer should be the target of all marketing efforts, customers are not part of a marketing mix.

Question 38

Potential customers are all alike.

Question 39

The Place decisions are concerned with getting the right product to the target market at the right time.

Question 40

Any series of firms (or individuals) from producer to final user or consumer is a channel of distribution.

Question 41

A marketing strategy and all the time-related details for carrying out the strategy is a "marketing plan."

Question 42

A marketing plan and a marketing strategy mean the same thing.

Question 43

Customer service is needed when a customer wants the seller to resolve a problem with a purchase.

Question 44

A marketing program blends all of the firm's marketing plans into one "big" plan and is the responsibility of the whole company.

Question 45

In general, no single element of the "four Ps" is more important than the others.

Question 46

Price is the most important of the four Ps.

Question 47

Advertising is any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor.

Question 48

A "marketing program" blends all of a firm's marketing plans into one "big" plan.

Question 49

Short-run decisions that stay within the overall guidelines set during strategy planning are called implementation decisions.

Question 50

The marketing mix should be set before the best target market is selected.

Question 51

Sales promotion refers to those promotion activities--other than advertising, publicity, and personal selling--that stimulate interest, trial, or purchase by final customers or others in the channel.

Question 52

Implementation means putting the marketing plan into operation.

Question 53

Most companies implement only one marketing strategy at a time.

Question 54

Sales promotion can involve point-of-purchase materials, store signs, contests, catalogs, and circulars.

Question 55

A marketing plan is a written statement of a marketing strategy and the time-related details for carrying out the strategy.

Question 56

As in the Toddler University case, the needs of a target market virtually determine the nature of an appropriate marketing mix.

Question 57

According to the text, Promotion is the most important of the "four Ps."

Question 58

Companies such as Campbell's can only implement one marketing strategy at a time.

Question 59

Personal selling and advertising are both forms of sales promotion.

Question 60

Marketing strategy planning should specify all of the operational decisions to implement the plan.

Question 61

Customer lifetime value is the total stream of purchases that a customer could contribute to the company over the length of the relationship.

Question 62

"Breakthrough opportunities" are ones that help innovators develop hard-to-copy marketing strategies that will be profitable for a long time.

Question 63

One way to increase customer equity is to find cost-effective ways to add new customers for the firm's products.

Question 64

The U.S. auto industry has become much more marketing-oriented since Henry Ford introduced the Model T.

Question 65

The best way to increase customer equity is to find cost-effective ways to increase earnings from current customers while bringing profitable new customers into the fold.

Question 66

A firm with a "competitive advantage" has a marketing mix that the target market sees as better than a competitor's mix.

Question 67

Many U.S. automakers have failed because they were not marketing oriented.

Question 68

Attractive opportunities for a particular firm are those that the firm has some chance of doing something about--given its resources and objectives.

Question 69

A marketing program should lower customer equity.

Question 70

Managers who embrace the marketing concept realize that they cannot just define their line of business in terms of the products they currently produce or sell.

Question 71

Customer lifetime value involves a financial analysis that considers all of a customer's purchases over their lifetime.

Question 72

Attractive opportunities are those that the firm has some chance of doing something about given its resources and objectives

Question 73

When a salesperson considers not only the sale they are making today, but all potential future sales to a customer, the salesperson recognizes a customer's lifetime value.

Question 74

A "breakthrough opportunity" is an opportunity that helps innovators develop long-term, hard-to-copy marketing strategies that will be very profitable.

Question 75

Customer lifetime value is the expected earnings stream (profitability) of a firm's current and prospective customers over some period of time.

Question 76

A successful marketing program benefits the firm by increasing customer equity.

Question 77

The single most important factor in screening possible marketing opportunities is the long-run trends facing the company.

Question 78

A marketing program may consist of several marketing plans.

Question 79

One way to increase customer equity is to find cost-effective ways to serve current customers so they buy more.

Question 80

An extremely good plan might be carried out badly and still be profitable, while a poor but well implemented plan can lose money.