Question 1

Describe the characteristics a core competency should possess.

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Question 2

A holistic marketing orientation can provide insight into the process of capturing customer value and is designed to address three key management questions. Describe each of these key management questions in brief.

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Question 3

Briefly summarize the two views of the value delivery process that may be followed by organizations.

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Question 4

Indicate the differences and similarities between the following terms: marketing plan, strategic marketing plan, and tactical marketing plan.

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Question 5

A written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives is called a vision statement.

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The written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives is called a marketing plan. A vision statement is a short, aspirational statement that describes the desired future state of an organization or company.

Question 6

During the planning process, if there is a gap between future desired sales and projected sales, corporate management will need to develop or acquire new businesses to fill it. Identify and describe the three strategies that can be used to fill the strategic gap.

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Question 7

The firm's success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct core business processes. List and briefly describe the five core business processes.

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Question 8

Characterize a marketing plan.

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Question 9

Definitions of a firm's mission as well as its marketing and financial objectives are included in the marketing strategy section of the marketing plan.

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The marketing strategy section of the marketing plan includes the definition of a firm's mission as well as its marketing and financial objectives.

Question 10

Good mission statements are essential to being a success in business. Describe the three major characteristics that good mission statements should have.

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Question 11

Marketing plans are becoming more production oriented because of the high costs of doing business in today's economy.

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Marketing plans are becoming more customer-oriented, not production-oriented. The focus is on understanding the needs and preferences of the target market and delivering value to them. This is because in today's competitive and constantly changing economy, businesses need to differentiate themselves by providing exceptional customer experiences, rather than just producing more.

Question 12

Briefly summarize the contents of a marketing plan.

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Question 13

The marketing strategy section of the marketing plan spells out goals and budgets for each month or quarter so the management can review each period's results and take corrective action as needed.

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Question 14

Sales forecasts, expense forecasts, and break-even analysis are usually found in the section on financial projections in the marketing plan.

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Sales forecasts, expense forecasts, and break-even analysis are all components of financial projections, which are typically included in the marketing plan.

Question 15

A marketing plan is evaluated on the basis of how simple, specific, realistic, and complete it is.

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A marketing plan that is simple, specific, realistic, and complete is more likely to be effective and achievable. These are commonly used criteria for evaluating marketing plans.

Question 16

A marketing plan should open with a situation analysis.

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Question 17

Outline the steps involved in business unit strategic-planning process.

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Question 18

Identify and give examples of the four major categories of strategic alliances.

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Question 19

Most marketing plans conclude with a section that indicates how the plan will be implemented.

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It is common for marketing plans to include a section that outlines how the plan will be implemented, including timelines, budgets, and specific tactics to be used.

Question 20

Good marketing plans are usually short and to the point.

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Quiz 2: Developing Marketing Strategies and Plans