Deck 2: Marketing Strategy Planning

Question 1

Marketing strategy planning is the process of deciding how best to sell the products the firm produces.

Answer 1

False
Explanation: Marketing strategy planning means finding attractive opportunities and developing profitable marketing strategies.

Question 2

Target marketing aims a marketing mix at some specific target customers.

Answer 2

True
Explanation: Target marketing aims a marketing mix at some specific target customers.

Question 3

Planning,implementation,and control are basic jobs of all managers.

Answer 3

True
Explanation: In the marketing management process,planning,implementation,and control are basic jobs of all marketing managers.

Question 4

A marketing strategy specifies a target market and a related marketing mix.

Question 5

The three basic jobs in the marketing management process are planning,implementation,and control.

Question 6

Strategic planning is a top management job that includes planning only for marketing.

Question 7

A marketing strategy is composed of two interrelated parts-a target market and a marketing mix.

Question 8

The mass marketing approach is more production-oriented than marketing-oriented.

Question 9

"Mass marketers" like Target usually try to aim at clearly defined target markets.

Question 10

Mass marketing means focusing on some specific customers,as opposed to assuming that everyone is the same and will want whatever the firm offers.

Question 11

A target market consists of a group of consumers who are usually quite different.

Question 12

The terms mass marketing and mass marketers mean the same thing.

Question 13

The marketing management process consists of (1)planning marketing activities, (2)directing the implementation of the plans,and (3)controlling these plans.

Question 14

The two parts of a marketing strategy are an attractive opportunity and a target market.

Question 15

Strategic planning is the managerial process of developing and maintaining a match between an organization's resources and its market opportunities.

Question 16

Finding attractive opportunities and developing profitable marketing strategies are tasks included in the marketing manager's marketing strategy planning job.

Question 17

A marketing mix consists of the uncontrollable variables that a company puts together to satisfy a target market.

Question 18

Controlling the marketing plan is the first step of the marketing management process.

Question 19

A marketing strategy is composed of two interrelated parts-planning and implementation.

Question 20

Strategic (management)planning is a managerial process of developing and maintaining a match between the resources of the production department and its product opportunities.

Question 21

The customer should not be considered part of a "marketing mix."

Question 22

The Product area of the marketing mix may involve a service and/or a physical good,which satisfies some customers' needs.

Question 23

A channel of distribution is any series of firms or individuals that participate in the flow of products from producer to final user or consumer.

Question 24

A channel of distribution must include an intermediary.

Question 25

Product,Place,Promotion,and Price are the four major variables (decision areas)in a firm's marketing mix.

Question 26

The "Four Ps" of the marketing mix are Product,Position,Promotion,and Price.

Question 27

According to the text,a firm that sells a service rather than a physical good does not have a product.

Question 28

Any series of firms (or individuals)from producer to final user or consumer is a channel of distribution.

Question 29

The "Four Ps" of the marketing mix are People,Products,Price,and Promotion.

Question 30

The Place decisions are concerned with getting the right product to the target market at the right time.

Question 31

The problem with target marketing is that it limits the firm to small market segments.

Question 32

Although the customer should be the target of all marketing efforts,customers are not part of a marketing mix.

Question 33

The "Four Ps" are Product,Promotion,Price,and Personnel.

Question 34

A channel of distribution must include several kinds of intermediaries and collaborators.

Question 35

Promotion is composed of personal selling,advertising,publicity,and sales promotion.

Question 36

Potential customers are all alike.

Question 37

Personal selling,mass selling,and sales promotion are all included in the Promotion area of the marketing mix.

Question 38

The basic reason to focus on some specific target customers instead of all possible customers is so that managers can develop a marketing mix that satisfies those customers' specific needs better than they are satisfied by some other firm.

Question 39

The Product area is concerned with developing the right physical good,service,or blend of both for the target market.

Question 40

The customer is a part of the marketing mix and should be the target of all marketing efforts.

Question 41

Sales promotion refers to those promotion activities-other than advertising,publicity,and personal selling-that stimulate interest,trial,or purchase by final customers or others in the channel.

Question 42

The marketing mix should be set before the best target market is selected.

Question 43

Marketing strategy planning should specify all the operational decisions to implement the plan.

Question 44

Short-run decisions that stay within the overall guidelines set during strategy planning are called implementation decisions.

Question 45

In general,no single element of the "Four Ps" is more important than the others.

Question 46

Customer service is needed when a customer wants the seller to resolve a problem with a purchase.

Question 47

The "Four Ps" are used by marketing managers to deliver customer value to a target market.

Question 48

According to the text,Promotion is the most important of the "Four Ps."

Question 49

Personal selling and advertising are both forms of sales promotion.

Question 50

Companies such as Campbell's can only implement one marketing strategy at a time.

Question 51

Advertising is any paid form of nonpersonal presentation of ideas,goods,or services by an identified sponsor.

Question 52

Implementation means putting the marketing plan into operation.

Question 53

Price is the most important of the "Four Ps."

Question 54

As in the Toddler University case,the needs of a target market virtually determine the nature of an appropriate marketing mix.

Question 55

A marketing strategy and all the time-related details for carrying out the strategy is a "marketing plan."

Question 56

A marketing plan is a written statement of a marketing strategy and the time-related details for carrying out the strategy.

Question 57

Marketing plan and marketing strategy mean the same thing.

Question 58

Personal selling involves direct personal communication to get the sale,but personal attention is seldom required after the sale.

Question 59

Sales promotion can involve point-of-purchase materials,store signs,contests,catalogs,and circulars.

Question 60

Marketing analytics is used to evaluate marketing performance in order to maximize efficiency and effectiveness.

Question 61

One way to increase customer equity is to find cost-effective ways to serve current customers so they buy more.

Question 62

A successful marketing program benefits the firm by increasing customer equity.

Question 63

It is useful to think of the marketing strategy planning process as a narrowing-down process.

Question 64

Breakthrough opportunities are those that help innovators develop hard-to-copy marketing strategies that will be profitable for a long time.

Question 65

The customer equity approach guides the marketing manager to make marketing decisions that enhance the firm's short-term profits-just for the next quarter or year.

Question 66

Customer lifetime value (CLV)represents the total stream of purchase a customer could contribute to the company over the life of the relationship.

Question 67

The retention rate is the amount it costs to attract a new customer compared to the amount it costs to retain customers.

Question 68

The single most important factor in screening possible marketing opportunities is the long-run trends facing the company.

Question 69

A marketing program blends all of a firm's marketing plans into one "big" plan.

Question 70

If a firm spent $5,000 in advertising to obtain 50 new customers,its acquisition cost would be $100 per customer.

Question 71

Finding competitive advantages is important because they are needed for survival in increasingly competitive markets.

Question 72

One way to increase customer equity is to find cost-effective ways to add new customers for the firm's products.

Question 73

A marketing program may consist of several marketing plans.

Question 74

Attractive opportunities for a particular firm are those that the firm has some chance of doing something about-given its resources and objectives.

Question 75

Most companies implement only one marketing strategy at a time.

Question 76

A breakthrough opportunity is an opportunity that helps innovators develop long-term,hard-to-copy marketing strategies that will be very profitable.

Question 77

A marketing program blends all of the firm's marketing plans into one "big" plan and is the responsibility of the whole company.

Question 78

Enhancing customer value by increasing their purchases is a potential source of new revenue.

Question 79

A firm with a "competitive advantage" has a marketing mix that the target market sees as better than a competitor's mix.

Question 80

The best way to increase customer equity is to find cost-effective ways to increase earnings from current customers while bringing profitable new customers into the fold.