Question 1

Contingency plans should include ________.

Accepted Answer

Contingency plans are often described in terms of a separate plan for a worst-case, best-case, and expected-case performance against the forecast. That is, the implementation of the marketing strategies would be different depending on how performance against the forecast actually materializes.

Question 2

Every marketing plan includes an implementation element.These are sometimes called ________.

Accepted Answer

In a marketing plan, every strategy must include an implementation element. Sometimes these are called action plans or programs. Each must discuss timing, assign persons responsible for various aspects of implementation, and assign resources necessary to make the strategy happen.

Question 3

Mary's firm has delayed making a decision on acquiring a new product line.Her staff has analyzed and tweaked numbers for three months.Most likely,the staff needs to be reminded of which concept?

Accepted Answer

Utilize input, but don't become paralyzed by information and analysis. Great marketing managers value research and analytics, but also know when to move forward with action.

Question 4

One reason for developing ________ is that the firm must be nimble in responding to bad publicity resulting from product tampering or failure,ethical or legal misconduct of an officer,or some other aspect of operation that garners bad press.

Accepted Answer

A final step marketing managers should take is to develop contingency plans that can be implemented should something happen that negates the viability of the marketing plan.

Question 5

Scott is a plumbing fixture manufacturer's salesperson.He sells to wholesalers,homebuilders,and retailers.His marketing plan calls for going to four trade shows a year.He recently found out that there would be a new Home Show aimed at consumers in his territory and he wants to attend.His boss says "Go for it!" The boss is reflecting which of the following concepts in successful marketing planning?

Accepted Answer

Stay flexible. Don't forget that marketing plans are not set in stone. Markets and customers change, competitors do unexpected things, and the external environment has a nasty habit of creating unexpected surprises. Great marketing managers understand when to adjust a plan. Nimble organizations tend to be much more successful in their marketing strategies.

Question 6

Tips for producing a successful marketing plan include which concept(s)?

Accepted Answer

All of the tips presented are important in producing a successful marketing plan.

Question 7

Jamal's boss wants him to travel to Canada to investigate opening retail stores in Montreal and Ottawa.The firm operates 278 stores in the United States.Most likely,the extension into a new geographic region would be classified as ________ in Ansoff's Product-Market Matrix.

Accepted Answer

Market development involves expanding into a new geographic market with existing products. In this case, Jamal's firm is expanding into Canada, which is a new market for them. It is not market diversification (A) because they are not introducing new products or services, nor is it marketing strategy development (B) because they are not developing new marketing strategies. It is also not market penetration (C) because they are not trying to increase their market share within an existing market. Finally, it is not product development (D) because they are not creating new products.

Question 8

One part of a marketing plan should identify what to do if things go wrong.This section is called ________.

Accepted Answer

A final step marketing managers should take is to develop contingency plans that can be implemented should something happen that negates the viability of the marketing plan.

Question 9

Implementation elements,or action plans,should include ________.

Accepted Answer

In a marketing plan, every strategy must include an implementation element. Sometimes these are called action plans or programs. Each must discuss timing, assign persons responsible for various aspects of implementation, and assign resources necessary to make the strategy happen.

Question 10

Samantha has worked for MJS Marketing for five years and expected a promotion next month.However,the new product launch that she organized did not go as smoothly as expected.This was the first time the company had hired an outside firm for promotions and Sam is worried that will reflect poorly on her.Sam's terrific boss will most likely remind her of which concept?

Accepted Answer

Stay flexible. Don't forget that marketing plans are not set in stone. Markets and customers change, competitors do unexpected things, and the external environment has a nasty habit of creating unexpected surprises. Great marketing managers understand when to adjust a plan. Nimble organizations tend to be much more successful in their marketing strategies.

Question 11

The process of measuring marketing results and adjusting the marketing plan as needed is called ________.

Accepted Answer

Strategy development is only part of marketing planning. The other part is strategy implementation, including measuring results. The process of measuring marketing results and adjusting the marketing plan as needed is called marketing control.

Question 12

Marketing plans are ________.

Accepted Answer

Developing a marketing plan is an essential process for firm success. In addition to its direct impact on a firm's ability to compete, ongoing marketing planning also has a strong internal organizational benefit of providing a rallying point for developing creative ideas and for gaining input from important stakeholders throughout the various areas within an organization.

Question 13

Inga,marketing manager at Oh,Baby!,a professional preschool center,thinks the firm should start an after-school program to retain its current clients.This makes sense as she wants to extend the trusting relationship already established with parents and children.Most likely,this would be classified as ________ in Ansoff's Product-Market Matrix.

Accepted Answer

The after-school program is a new product offering to the existing market (current clients), which aligns with the product development strategy in Ansoff's Product-Market Matrix.

Question 14

Tyler's event planning company hired a new marketing assistant.He says he is a "big-picture person," not a detail-oriented person.Most likely,Tyler is about to find out that the new assistant needs to be coached in which concept?

Accepted Answer

Stay strategic, but also stay on top of the tactical. Remember that marketing has these two levels of interrelated issues, and both the strategic and tactical elements have to be right for the plan to be successful.

Quiz 2: Elements of Marketing Strategy,Planning,and Competition