Deck 2: Marketing Strategy Planning

Question 1

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

Answer 1

False
Explanation: A target market consists of a fairly homogeneous group of customers.

Question 2

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

Answer 2

True
Explanation: Strategic planning is the managerial process of developing and maintaining a match between an organization's resources and its market opportunities. It includes planning not only for marketing but also for production, finance, human resources, and other areas.

Question 3

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

Answer 3

True
Explanation: In the marketing management process, planning, implementation, and control are basic jobs of all marketing managers.

Question 4

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

Question 5

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

Question 6

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

Question 7

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

Question 8

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

Question 9

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

Question 10

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

Question 11

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

Question 12

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

Question 13

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

Question 14

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

Question 15

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

Question 16

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

Question 17

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

Question 18

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

Question 19

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 20

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

Question 21

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

Question 22

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

Question 23

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

Question 24

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

Question 25

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

Question 26

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

Question 27

Potential customers are all alike.

Question 28

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

Question 29

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

Question 30

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

Question 31

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

Question 32

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

Question 33

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

Question 34

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

Question 35

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

Question 36

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 37

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

Question 38

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

Question 39

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

Question 40

A channel of distribution must include an intermediary.

Question 41

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

Question 42

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

Question 43

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

Question 44

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

Question 45

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

Question 46

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

Question 47

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

Question 48

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

Question 49

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

Question 50

Implementation means putting the marketing plan into operation.

Question 51

Most companies implement only one marketing strategy at a time.

Question 52

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

Question 53

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 54

Price is the most important of the four Ps.

Question 55

A marketing program may consist of several marketing plans.

Question 56

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

Question 57

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

Question 58

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

Question 59

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

Question 60

Personal selling and advertising are both forms of sales promotion.

Question 61

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

Question 62

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

Question 63

Finding "competitive advantages" is important because they are needed for survival in increasingly competitive markets.

Question 64

There are usually more different strategy possibilities than a firm can pursue.

Question 65

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 66

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 67

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

Question 68

It is useful to think of the marketing strategy planning process as a narrowing-down process.

Question 69

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

Question 70

Developing a set of specific qualitative and quantitative screening criteria can help a manager define what business and markets the firm wants to compete in.

Question 71

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

Question 72

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

Question 73

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

Question 74

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

Question 75

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

Question 76

A marketing program should lower customer equity.

Question 77

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

Question 78

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

Question 79

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

Question 80

The marketing strategy planning process starts with a narrow look at a market, and becomes broader the closer the firm comes to developing a marketing mix.