Deck 6: Strategic Market Planning

Question 1

------------------------------- is defined as the process of anticipating the needs of targeted customers and finding ways to meet those needs profitably.

Answer 1

Marketing

Question 2

Organizations that focus primarily on communicating the benefits of their products are -------------------------------.

Answer 2

sales-driven

Question 3

Well-defined market segments will have what three characteristics (pass what three "tests")?

Answer 3

Measurable Substantive Actionable

Question 4

What key decisions must a marketer make (also known as the marketing mix)?

Question 5

Good marketers recognize that "one size does not fit all" and focus their efforts on the unique needs of specific -------------------------------

Question 6

Characteristic(s) of a market-driven organization would include:

A) "Sell what you have and do"
B) "Focus on product and sales volume"
C) "Solve a problem"
D) None of the above

Question 7

A strategic marketing plan involves which of these marketing activity(ies)

A) Choose a target market
B) Develop the appropriate marketing mix
C) Choose a position
D) All of the above

Question 8

What is not included in the SWOT analysis?

A) Strengths
B) Weaknesses
C) Objectives
D) Threats

Question 9

Grouping customers according to age, income, and education is called __________ segmentation.

A) Geographic
B) Demographic
C) Operating characteristics
D) Psychographic

Question 10

Example(s) of psychographic or behavioral market segmentation for branded food products would include:

A) "The healthy lifestyle"
B) "Gourmet"
C) "Young and rebellious"
D) All of the above

Question 11

The process of creating the desired image in the customer's mind is called:

A) Competitive advantage
B) Differential advantage
C) Cost advantage
D) None of the above

Question 12

Professor Michael Porter suggests that to build a competitive advantage a firm must create:

A) Differential advantage
B) Comparative advantage
C) Both
D) Neither

Question 13

If clearly definable differences between market segments do not exist the best market strategy is the:

A) Market segmentation strategy
B) Mass market strategy
C) Sales strategy
D) None of the above

Question 14

When conducting a SWOT analysis, include:

A) General trends in the market
B) Strengths and weakness of key competitors
C) Current and anticipated customer needs
D) All of the above

Question 15

If clearly definable differences between production technologies exist for farmers in a firm's target market, an agribusiness should use a _________ ____________ strategy.

A) Operating characteristics segmentation
B) Geographic segmentation
C) Psychographic segmentation
D) None of the above

Question 16

Organizations that focus primarily on communicating the benefits of their products are called market-driven.

Question 17

The first step in developing a strategic marketing plan is to conduct a SWOT analysis.

Question 18

Evaluating the strengths and weaknesses of your competition is not a fundamental part of a strategic marketing plan.

Question 19

The old saying, "Build a better mousetrap and the world will beat a path to your door," reflects a product-driven marketing philosophy.

Question 20

Providing customers with unique products and services that are unavailable from other firms is known as differential advantage.

Question 21

Positioning is what you do to the product.

Question 22

Pursuing a competitive advantage means that a firm pursues a set of competencies where the firm has a clear and distinct advantage over the competition.

Question 23

Benchmarking can be used to assess internal strengths and weaknesses.

Question 24

The last set of marketing activities and decisions in a strategic marketing plan is to choose a position.

Question 25

When conducting a SWOT analysis to develop a strategic marketing plan, you focus only on your firm and product-not on your competitors.