Question 1

_____ objectives can be stated in terms of profit, return on investment, net worth, growth, or corporate reputation.

Accepted Answer

Corporate objectives are long-term goals that are set by the top management of a company. These can include profit, return on investment, net worth, growth, or corporate reputation. The other options listed could be types of objectives, but they are not typically measured in the same way as corporate objectives.

Question 2

Baxter International is the world's largest manufacturer of IV solutions in flexible containers. Which of the following would most likely reveal relevant facts about the firm's history, growth, and market share?

Accepted Answer

Situation analysis typically includes a study of the firm's history, growth, and market share, along with an analysis of current market trends, competitive environment, customer behavior, and other relevant factors. Therefore, it is the most suitable choice for revealing relevant facts about Baxter International. BCBG matrix, market survey, product audit, and SWOT analysis may provide some insights into the company's performance and prospects, but they are more focused on specific aspects such as the product portfolio, customer satisfaction, and internal strengths and weaknesses.

Question 3

The two main components of an advertising strategy are the segmentation strategy and the message strategy.

Accepted Answer

The answer of The two main components of an advertising...

Question 4

The objective/task method of setting budgets is also known as the budget-buildup method.

Accepted Answer

The objective/task method is also referred to as the budget-buildup method because it involves identifying specific tasks or objectives and estimating the costs associated with each task to build up a total budget for the project or period.

Question 5

After decades of fabulous growth, the trade show industry is experiencing business decline. A report by the National Trade Show Industry stated, "The trade show industry will face more competition for marketing dollars in the next five years than it has in the last 25 years." This statement is best described as a(n) _____.

Accepted Answer

The answer of After decades of fabulous growth, the trade...

Question 6

Why would a company set need-satisfying objectives?

Accepted Answer

Need-satisfying objectives are designed to shift the organization's focus from production to the target market. This ensures that the company is meeting the needs and desires of its customers, which can lead to increased sales and customer loyalty. It is important for companies to set need-satisfying objectives in order to stay competitive in today's market.

Question 7

Within a timeframe of five to seven years Orco Construction Supply, a regional distributor of tools and hardware to framing and foundation contractor markets, plans to hit a revenue mark of $500 million which will more than double its 2010 gross sales. This would be an example of a(n) _____ objective.

Accepted Answer

The objective mentioned in the scenario is a specific sales target that the company hopes to achieve within a given timeframe, which makes it a sales-target objective.

Question 8

Pyramid Breweries Co. has stated that partnering with committed wholesalers capable of delivering first class customer service is an important _____ objective for the company if the microbrewery is to maintain its reputation for customer satisfaction.

Accepted Answer

The statement specifically refers to the company's objective, which aligns with the corporate level of strategy. The other options, such as entrepreneurial, advertising, logistical, and stakeholder, are not directly related to the idea of maintaining the company's reputation for customer service.

Question 9

Which of the following states how a firm is going to accomplish its marketing objectives?

Accepted Answer

The marketing strategy is the plan of action that outlines how a firm will achieve its marketing objectives. It includes decisions on target markets, positioning, value proposition, and marketing mix elements such as product, price, promotion, and place. SWOT analysis, situation analysis, and stakeholder analysis are tools used to gather information and assess the internal and external environment of a firm but do not provide a specific plan of action. The marketing mix is the set of tactical tools used to implement the marketing strategy, but it alone does not indicate how the firm will accomplish its objectives.

Question 10

In consumer goods marketing, increases in market share are closely related to increases in marketing budgets.

Accepted Answer

Increases in marketing budgets can lead to increased visibility and awareness of the brand, which can ultimately lead to higher sales and market share.

Question 11

Small firms with limited capital typically budget using an all-available-funds method.

Accepted Answer

Small firms with limited capital often have to use all their available funds to budget for their expenses and investments, as they may not have the flexibility to allocate funds to specific categories or projects.

Question 12

What is the first step in the traditional top-down marketing plan?

Accepted Answer

The first step in the traditional top-down marketing plan is to conduct a situation analysis, which involves gathering information about the market, target audience, competition, and internal capabilities. This analysis helps to identify opportunities and potential challenges, and provides the foundation for developing an effective marketing strategy.

Question 13

Assume a bakery that wholesales gourmet pies and cakes to upscale restaurant chains has developed marketing objectives. Which of the following is the BEST sales-target objective for the bakery to use?

Accepted Answer

The best sales-target objective for the bakery to use is to increase sales of pecan pies by 3 percent during the next six months. This objective is specific, measurable, achievable, relevant, and time-bound (SMART). It is also focused on a particular product and a specific timeframe. Option A is not measurable and does not provide a specific timeframe. Option C is not feasible or realistic. Option D is not a sales-target objective. Option E is a marketing objective, not a sales-target objective.

Question 14

_____ objectives can be categorized as either general need-satisfying objectives or specific sales-target objectives.

Accepted Answer

The given objectives can be categorized as marketing objectives, as they are focused on either satisfying general needs or achieving specific sales targets. The other options (environmental, functional, corporate, and entrepreneurial) do not accurately describe the given objectives.

Question 15

The written marketing plan must reflect the goals of top management and:

Accepted Answer

The marketing plan should align with the company's mission and capabilities to ensure that all efforts are aimed at achieving the company's overall goals and objectives. The plan should be based on a thorough understanding of the company's resources and capabilities. Option B is not necessary as top management approval is sufficient, option C is not relevant to the situation, option D is not a recommended strategy, and option E is only one aspect of the situation analysis.

Question 16

Desert Knight Golf Resort has just completed a detailed, factual study of the resort's strengths and weaknesses as well as external threats and opportunities. The resort's next step in the development of a marketing plan is to:

Accepted Answer

Determining specific marketing objectives is the most logical next step after conducting a SWOT analysis, as it allows the resort to set clear goals that capitalize on strengths, address weaknesses, avoid threats and optimize opportunities. This step is essential to guide the development of effective marketing strategies, tactics and metrics for measuring success. Options A, C, D, and E can only be effectively executed after specific marketing objectives have been established.

Question 17

Harry & David is a catalog retailer that specializes in fruit gifts, but it does not see itself as just a merchant of fruit. By setting _____ objectives, the retailer views itself as a gift provider and acts accordingly.

Accepted Answer

By setting need-satisfying objectives, Harry & David emphasizes its focus on providing gift solutions rather than just selling fruit. This approach allows for a broader range of products and services that meet the needs and preferences of their customers as gift-givers.

Question 18

The three steps involved in the objective/task method are defining objectives, determining strategy, and estimating cost.

Accepted Answer

The objective/task method involves defining objectives, determining strategy, and estimating cost.

Question 19

The _____ for an organization assembles all the pertinent facts about the organization, the markets it serves, and its products, services, customers, and competition.

Accepted Answer

The marketing plan is a comprehensive document that includes information about the organization, its products/services, customers, competition, and the markets it serves. It outlines the strategies and tactics for achieving the organization's marketing goals and objectives. The advertising plan and marketing mix are components of the marketing plan, while the competitive strategy may be a separate document or included in the marketing plan. The vision is a statement of the organization's future aspirations and goals, but it does not include the detailed information needed for a marketing plan.

Question 20

The most common format used to develop a marketing plan is the _____ plan.

Accepted Answer

The most common format used to develop a marketing plan is the top-down plan, where the overall goals and objectives of the company are determined first, followed by the marketing strategies and tactics to achieve those goals. This approach ensures that the marketing plan is aligned with the overall business strategy and helps to avoid disjointed marketing efforts.

Quiz 7: Marketing, Advertising, and Imc Planning