Question 1

Describe the process of strategic planning. How does this process help marketing managers?

Accepted Answer

Through the process of strategic planning, a company establishes an organizational mission and formulates goals, a corporate strategy, marketing objectives, and a marketing strategy. A market orientation should guide the process of strategic planning to ensure that a concern for customer satisfaction is an integral part of the entire company, leading to the development of successful marketing strategies and planning processes. The strategic planning process begins with the establishment or revision of an organization's mission and goals. The corporation and individual business units then develop strategies to achieve these goals. The company performs a detailed analysis of its strengths and weaknesses and identifies opportunities and threats within the external marketing environment. Next, each functional area of the organization (marketing, production, finance, human resources, etc.) establishes its own objectives and develops strategies to achieve them, which must support the organization's overall goals and mission and should be focused on market orientation.

Question 2

The strategic planning process begins with

Accepted Answer

C

Question 3

Managers at the Longshore Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called

Accepted Answer

The process described in the scenario involves developing an overall corporate strategy and a plan for achieving those goals, which is best classified as strategic planning. While marketing planning and marketing strategy are both components of this process, they do not encompass the entirety of it. Similarly, the term "strategic business planning" is too broad and could refer to planning for any aspect of the company, not just marketing. Therefore, option B is the best choice.

Question 4

Discuss how a firm's orientation is related to the development of its strategic plan.

Accepted Answer

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Question 5

When managers at Logistics Pro are developing their strategic plan, they use a market orientation as a guide to ensure that ____ is an integral part of the process.

Accepted Answer

A market orientation places the focus on understanding and meeting the needs of customers. Therefore, customer satisfaction is an integral part of the strategic planning process.

Question 6

Discuss the different ways of organizing the marketing unit.

Accepted Answer

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Question 7

CyberCycle Inc., is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the

Accepted Answer

The document mentioned in the scenario, which outlines the activities that will be performed to implement and control marketing activities, is called a marketing plan. Therefore, option E is the correct answer. Option A, profit plan, is a document that outlines the expected revenue and expenses for a business. Option B, marketing program, and option C, strategic market program, are not commonly used terms in marketing planning. Option D, strategic business plan, is a more general term that covers all aspects of a business, not just marketing.

Question 8

In what ways does having a mission statement help an organization achieve its goals?

Accepted Answer

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Question 9

Describe the two major methods for evaluating the actual performance of marketing strategies.

Accepted Answer

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Question 10

To formulate a marketing strategy, one must

Accepted Answer

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential steps in formulating a marketing strategy.

Question 11

Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a

Accepted Answer

Safeway is creating a marketing strategy, which involves identifying a target market and developing a marketing mix to satisfy that market. This is different from a corporate strategy, which would involve overall plans and goals for the entire company, or a marketing tactic, which would be a specific action taken to implement the marketing strategy.

Question 12

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?

Accepted Answer

Developing a marketing strategy involves identifying and analyzing a target market and creating a marketing mix to meet the needs of that market. This is essential to the development of an effective marketing plan, which is a key component of strategic planning. Option A (Establishing marketing objectives) is an important step in the strategic planning process, but it does not involve identifying a target market or creating a marketing mix. Option B (Coordinating marketing activities) and Option C (Organizing marketing functions) are important functions within a marketing department, but they are not directly related to strategic planning. Option E (Planning marketing activities) is a general step in the marketing planning process and does not specifically focus on identifying and analyzing a target market.

Question 13

How does a firm use a market opportunity to reach a particular target market?

Accepted Answer

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Question 14

Discuss the creation of a marketing plan. What are the major components of a marketing plan?

Accepted Answer

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Question 15

The marketing plan is

Accepted Answer

The marketing plan is a written document that details the specific activities to be performed to implement and control marketing actions. It provides a roadmap for the marketing department to follow and includes information on target markets, marketing mix elements, budgets, and timelines. It is updated regularly to reflect changes in the market or company strategy and helps to ensure that marketing efforts are aligned with overall business goals.

Question 16

Define the four product categories used in the Boston Consulting Group (BCG) product-portfolio analysis.

Accepted Answer

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Question 17

Describe the two major components of marketing strategy. What should marketing managers consider when developing marketing strategy?

Accepted Answer

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Question 18

A market opportunity results from

Accepted Answer

A market opportunity results from the right combination of circumstances and timing that permits an organization to take action to reach a particular target market. This means that market opportunities are created when the market is ready for a particular product or service, and the organization has the ability to provide it at the right time. An assessment of environmental forces is important in identifying market opportunities, but it alone does not create a market opportunity. Monitoring the firm's capabilities and an increase in market share and profits are outcomes of seizing a market opportunity, but they do not result in a market opportunity. Technological determinism is the belief that technology drives social and economic change, but it is not related to market opportunities.

Question 19

Compare and contrast corporate strategy and marketing strategy.

Accepted Answer

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Question 20

Apple has made a success from anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition.

Accepted Answer

Core competency refers to a unique strength or skill of a company that gives it an advantage in the market. Apple's ability to anticipate consumer needs and create products with convenience and ease of use is a core competency that has helped the company succeed.

Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies