Deck 2: Strategic Marketing Planning

Question 1

Goals are more specific than objectives.

Answer 1

False

Question 2

In developing a marketing plan, the section on goals and objectives defines the parameters by which the firm will measure actual performance. In this respect, the goals and objectives section is tied closely to the __________ section of the marketing plan.

A) SWOT analysis
B) evaluation and control
C) executive summary
D) marketing implementation
E) situation analysis

Answer 2

B

Question 3

In the marketing strategy section of the marketing plan, the firm details how it will gain a competitive advantage by doing something better than the competition.

Answer 3

True

Question 4

In a truly market-oriented organization, what is the role of the CEO?

A) To focus more on selling additional products to consumers.
B) To ensure that employees have everything they need to perform their jobs well.
C) To protect the organization from competitive actions.
D) To monitor the efficiency and capabilities of frontline employees.
E) To hire customer-oriented executives.

Question 5

Sears at one time lost sight of its mission and jumped into markets such as real estate and financial services that did not fit its strengths or core operations. This most likely occurred because Sears lacked a mission statement with the appropriate:

A) focus.
B) strategic fit.
C) stability.
D) profitability.
E) width.

Question 6

When approving the marketing plan, which of the following questions will a top manager ask?

A) ​What are our responsibilities with respect to being a good steward of our human, financial, and environmental resources?
B) ​How will this marketing plan serve to define the organization as a whole?
C) Will the proposed marketing plan achieve the desired marketing, business unit, and corporate goals and objectives?
D) ​What are the types of controls we will use to measure the success of the proposed marketing plan?
E) ​How will this marketing plan impact the company's reputation among stakeholders?

Question 7

Marketing goals should be specific statements stated in quantitative terms.​

Question 8

The executive summary is the first part of the marketing plan.

Question 9

Situation analysis ​summarizes pertinent information about the internal environment, external environment, and customer environment.

Question 10

__________ firms are those that successfully generate, disseminate, and respond to market information.

A) Customer-oriented
B) Information-oriented
C) Satisfaction-oriented
D) Market-oriented
E) Competitive-oriented

Question 11

All organizations need a __________, the central scheme for utilizing and integrating resources in the areas of production, finance, research and development, human resources, and marketing to carry out the organization's mission and achieve desired goals and objectives.

A) marketing strategy
B) cross-functional strategy
C) cross-functional goal
D) corporate strategy
E) corporate mission

Question 12

The marketing planning process typically requires the coordination of __________ at the top of the corporate hierarchy with more __________ at the bottom.

A) ​broad-based decisions; narrowly defined actions
B) ​planning actions; broad-based decisions
C) large-scale activities; broad decisions
D) ​important decisions; complex decisions
E) ​implementation activities; narrowly defined decisions

Question 13

The key to coordination is to ensure that functional areas maintain:

A) the ability to envision future goals
B) consensus at all organizational levels
C) agreement on major marketing functions
D) ample time for planning
E) open lines of communication

Question 14

The SWOT analysis is derived from the marketing goals and objectives section.

Question 15

The most pressing concern for the success of a marketing plan is identifying needed resources.

Question 16

Focusing on customers has not always been the hallmark of strategic planning. In fact, in the early 20^th century, firms tended to focus strictly on __________ rather than on developing relationships with customers.

A) efficiency and quality
B) selling products to customers
C) marketing research
D) growth and corporate profits
E) new product development

Question 17

A marketer for Whole Foods compares sales during a certain time period to performance standards in the marketing plan. This process is known as marketing implementation.

Question 18

All ​functional plans have at least two target markets.

Question 19

More consumers are expressing an interest in sustainable behaviors. This represents an opportunity for Tesla's Model X.

Question 20

Which of the following is part of a company's internal market? ​

A) ​customers
B) ​suppliers
C) ​regulators
D) ​employees
E) ​investors

Question 21

Explain how and why the process of developing a marketing plan might be more important than the marketing plan document itself. What are the benefits of the planning process irrespective of the actual outcomes of the process?

Question 22

Which of the following is needed to develop goals and objectives?

A) Implementation
B) Mission statement
C) A SWOT analysis
D) Marketing plan
E) Competitive intelligence

Question 23

Many firms have shifted to balanced strategic planning because traditional planning and measurement approaches are not able to capture:

A) key competitive information to drive marketing planning.
B) real-time customer satisfaction metrics.
C) the value created by an organization's intangible assets.
D) either internal or external innovation.
E) real-time financial performance metrics.

Question 24

In the context of marketing planning, why is it vital that the marketing plan be capable of selling itself to top management?

A) Because top managers are responsible for executing the marketing plan.
B) Because top managers must ensure that the marketing program is successful.
C) Because top managers must be able to clearly communicate the strategy to external stakeholders.
D) Because top managers must decide whether the marketing plan is the best use for the organization's scarce resources.
E) Because top managers are compensated on how well the marketing strategy works.

Question 25

Which of the following IS NOT a purpose of a marketing plan?

A) It explains the present and future situations of the organization.
B) It specifies the expected outcomes of the plan.
C) It describes specific actions that are to take place.
D) It explains how marketing activities mesh with other functional areas.
E) It identifies resources needed to carry out the plan.

Question 26

With respect to developing a marketing plan, what does it mean for a marketing plan outline to be consistent?

A) The outline should be sufficient to ensure that information is not omitted.
B) The outline should have the ability to be modified to fit the situation.
C) The outline should flow in a logical manner.
D) The outline should have some connection to other functional area plans.
E) The outline should be consistent across firms in the same industry.

Question 27

Which of the following is one of the five basic questions that a good mission statement should answer?

A) Who are our competitors?
B) What is our market position?
C) What is our operating philosophy?
D) What are our opportunities?
E) Where have we been?

Question 28

Profit would be an example of a(n) __________.

A) ​mission statement
B) ​strategy
C) ​goal or objective
D) strength
E) ​operating philosophy

Question 29

A vision statement answers which of the following statements?

A) What business are we in?
B) What are our goals?
C) How can we serve our target markets?
D) What do we want to become?
E) Which is our market position?

Question 30

When a firm possesses capabilities that allow it to serve customers' needs better than the competition, the firm is said to have a:

A) resource advantage.
B) competitive advantage.
C) value-based advantage.
D) marketing advantage.
E) relative advantage.

Question 31

In today's business environment, firms that truly focus on customers instill a corporate culture that places customers and other stakeholders at the top of the organizational hierarchy. When this occurs, the firm shifts its focus from transactions to __________, and from __________ to collaboration.

A) market share; competition
B) information; rivalry
C) relationships; competition
D) value; cooperation
E) long-range planning; contracts

Question 32

Defend or contradict this statement: "The most important aspect of strategic market planning is marketing implementation. Without good implementation, nothing gets accomplished and customers do not receive desired benefits."

Question 33

The Balanced Performance Scorecard cautions business leaders to look at strategy and performance through four interrelated perspectives. Which of the following IS NOT one of these perspectives?

A) financial perspective
B) customer perspective
C) vision and strategy perspective
D) learning and growth perspective
E) internal process perspective

Question 34

Identify and discuss the major problems associated with creating marketing plans. What are some potential ways that firms and managers can overcome these problems?

Question 35

Whether at the corporate, business-unit, or functional level, the planning process always begins with an in-depth:

A) statement of goals and objectives.
B) situation analysis.
C) strategy for achieving growth.
D) statement of the organization's competitive advantages.
E) assessment of the organization's resources.

Question 36

Why might an overly narrow mission statement be problematic? ​

A) ​It makes it harder to identify the strengths of the firm.
B) ​It could cause firms to pursue strategies where their strengths are limited.
C) ​It makes it harder to develop measurable objectives.
D) ​It could cause the firm to miss out on new opportunities.
E) ​It could make it difficult for a firm to select a target market.

Question 37

In a marketing plan, the executive summary should be a complete but concise overview of the entire marketing plan because:

A) the executive summary is the most important part of the plan.
B) the executive summary is the first part of the marketing plan to be written.
C) most readers of a marketing plan are busy and value condensed information.
D) the executive summary is the least read part of the marketing plan.
E) the executive summary does not provide any quantitative information.

Question 38

Motorola continuously establishes performance standards and assesses actual performance by comparing it with these standards. Afterwards, Motorola often takes corrective action to reduce any discrepancies. This process is most likely outlined in the __________ section of Motorola's marketing plan.

A) evaluation and control
B) marketing strategy
C) marketing implementation
D) SWOT analysis
E) goals and objectives