Question 1

A written document that acts as a guidebook of marketing activities for the marketing manager is known as the _____.

Accepted Answer

The marketing plan is a written document that acts as a guidebook of marketing activities for the marketing manager.

Question 2

Strategic planning is most effective when managers view it as an annual exercise.

Accepted Answer

Strategic planning requires creativity and an ongoing commitment,not just going through the motions once a year.

Question 3

PepsiCo's annual report has the following statement: "Our business is to increase the value of our shareholder's investment.We do this through sales growth,cost controls and wise investment of resources.We believe our commercial success depends upon offering quality and value to our consumers and customers; providing products that are safe,wholesome,economically efficient and environmentally sound; and providing a fair return to our investors while adhering to the highest standards of integrity." This statement is an example of PepsiCo's:

Accepted Answer

A mission statement answers the question,"What business are we in?"

Question 4

Marketing plans should be written to do all of the following EXCEPT:

Accepted Answer

Marketing environment variables cannot be controlled.

Question 5

Heinz has announced that they plan to grow the company through an accelerated push into emerging markets such as China,Indonesia,and India in the next ten years.This is an example of:

Accepted Answer

Strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and evolving market opportunities.

Question 6

The _____ answers the question,"What business are we in,and where are we going?"

Accepted Answer

A mission statement is a statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and on analysis of existing and anticipated environmental conditions.

Question 7

Strategic plans require:

Accepted Answer

The goal of strategic planning is long-run profitability and growth. Thus,strategic decisions require long-term commitments of resources.

Question 8

The four Ps of the marketing mix are product,planning,promotion,and price.

Accepted Answer

The four Ps are product,place,promotion,and price

Question 9

Typically,the development of the marketing mix starts with determining the promotion for a product.

Accepted Answer

The development of the marketing mix begins with the product.

Question 10

A statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions is known as a(n):

Accepted Answer

This is the definition of a mission statement,which answers the question,"What business are we in?"

Question 11

Earl is starting a new bank.Before their opening day Earl had a meeting with all employees.He discussed their mission,defined objectives for the bank for the coming years and shared who their target market is.He talked about their product offerings and where their future branches would be located.Earl is sharing the bank's _____.

Accepted Answer

See Exhibit 2.1.All the listed activities are part of the marketing planning process.

Question 12

Since gas prices have soared and consumers have cut back on their spending on new trucks and SUVs Ford Motor Corporation is transforming several of its plants to create small cars.Ford has engaged in:

Accepted Answer

Strategic planning provides a long-term vision and thus guides long-term commitment of resources.

Question 13

The most critical element for successful strategic planning is top management's support and participation.

Accepted Answer

Top management's support and participation are crucial for successful strategic planning because they are responsible for setting the tone and providing the resources needed to execute the plan. Without their support, it can be difficult to garner the necessary buy-in and commitment from other members of the organization.

Question 14

All of the following are elements of the marketing plan EXCEPT:

Accepted Answer

See Exhibit 2.1.

Question 15

_____ occurs when a business is defined in terms of goods and services rather than by the benefits customers seek from it.

Accepted Answer

Marketing myopia occurs when a business only focuses on its products or services, rather than understanding the customers' needs and desires. This can lead to a narrow focus on a specific product or service, limited vision for growth and innovation, and ultimately, decline in sales and profitability.

Question 16

_____ is the process of anticipating events and determining strategies to achieve organizational objectives.

Accepted Answer

Planning involves looking ahead and developing a roadmap for achieving organizational objectives. It involves anticipating future events and determining strategies to deal with them. Portfolio evaluation, forecasting, implementation, and evaluation are all important components of the planning process, but they are not synonymous with planning itself.

Question 17

The focus of an organization's mission statement should be on:

Accepted Answer

A mission statement should focus on the market or markets the organization is attempting to serve rather than on the good or service offered. The choice of the market to serve determines the product and technology decisions.

Question 18

With hospitals nationwide facing budget cuts and slimmer profit margins,Dekalb County's Medical Center decided to cash in on one of the most consistently profitable services--delivering babies.It initiated a three-year project to build a $55 million state-of-the-art women's center with 18 labor and delivery suites.When the hospital decided to commit its resources to obstetrics,it was engaging in:

Accepted Answer

Strategic planning provides a long-term vision and thus guides long-term commitment of resources.

Question 19

A marketing audit helps management allocate marketing resources efficiently.

Accepted Answer

A marketing audit provides a comprehensive evaluation of a company's marketing activities, including its marketing strategies, goals, and tactics. The results of the audit can help management make informed decisions about resource allocation, such as which marketing campaigns to continue or discontinue, which channels to invest in or cut back on, and which marketing programs to prioritize based on their potential to generate the greatest return on investment.

Question 20

_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities.

Accepted Answer

Strategic planning is the managerial process of aligning an organization's objectives and resources with the changing market opportunities over time. This involves analyzing the external environment, identifying internal strengths and weaknesses, and creating a long-term plan for the organization to achieve its goals. Tactical management refers to the implementation of specific actions within the strategic plan, while functional planning is focused on developing plans for specific departments or functions within the organization. The market audit and environmental scanning are both components of the strategic planning process.

Quiz 2: Strategic Planning for Competitive Advantage

A written document that acts as a guidebook of marketing activities for the marketing manager is known as the _____.

Strategic planning is most effective when managers view it as an annual exercise.

Marketing plans should be written to do all of the following EXCEPT:

Heinz has announced that they plan to grow the company through an accelerated push into emerging markets such as China,Indonesia,and India in the next ten years.This is an example of:

The _____ answers the question,"What business are we in,and where are we going?"

Strategic plans require:

The four Ps of the marketing mix are product,planning,promotion,and price.

Typically,the development of the marketing mix starts with determining the promotion for a product.

A statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions is known as a(n) :

Since gas prices have soared and consumers have cut back on their spending on new trucks and SUVs Ford Motor Corporation is transforming several of its plants to create small cars.Ford has engaged in:

The most critical element for successful strategic planning is top management's support and participation.

All of the following are elements of the marketing plan EXCEPT:

_____ occurs when a business is defined in terms of goods and services rather than by the benefits customers seek from it.

_____ is the process of anticipating events and determining strategies to achieve organizational objectives.

The focus of an organization's mission statement should be on:

A marketing audit helps management allocate marketing resources efficiently.

_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities.