Deck 2: Marketing Strategy Planning

Question 1

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

Answer 1

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

Question 2

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

Answer 2

True
Explanation: A marketing strategy specifies a target market and a related marketing mix. It is a broad view of what a firm will do in some market.

Question 3

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

Answer 3

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

Question 4

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

Question 5

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

Question 6

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 7

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

Question 8

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

Question 9

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

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

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

Question 12

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

Question 13

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

Question 14

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

Question 15

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

Question 16

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

Question 17

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

Question 18

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

Question 19

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

Question 20

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

Question 21

A channel of distribution must include an intermediary.

Question 22

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

Question 23

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

Question 24

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

Question 25

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

Question 26

The four "Ps" are: Product, Promotion, Price, and Personnel.

Question 27

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

Question 28

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

Question 29

Potential customers are all alike.

Question 30

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

Question 31

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

Question 32

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 33

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

Question 34

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

Question 35

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

Question 36

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

Question 37

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

Question 38

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

Question 39

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

Question 40

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

Question 41

A marketing plan and a marketing strategy mean the same thing.

Question 42

Implementation means putting the marketing plan into operation.

Question 43

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

Question 44

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

Question 45

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

Question 46

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

Question 47

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

Question 48

Price is the most important of the four Ps.

Question 49

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

Question 50

Most companies implement only 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

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

Question 53

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

Question 54

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

Question 55

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 56

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

Question 57

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

Question 58

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

Question 59

Personal selling and advertising are both forms of sales promotion.

Question 60

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

Question 61

Managers who embrace the marketing concept realize that they cannot just define their line of business in terms of the products they currently produce or sell.

Question 62

The marketing strategy planning process starts with a narrow look at a market, and becomes broader the closer the firm comes to developing a marketing mix.

Question 63

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.

Question 64

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

Question 65

Many U.S. automakers have failed because they were not marketing oriented.

Question 66

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

Question 67

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

Question 68

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

Question 69

A marketing program may consist of several marketing plans.

Question 70

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

Question 71

The U.S. auto industry has become much more marketing-oriented since Henry Ford introduced the Model T.

Question 72

An extremely good plan might be carried out badly and still produce profits, while a poor but well implemented plan can lose money.

Question 73

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

Question 74

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

Question 75

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

Question 76

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

Question 77

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

Question 78

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 79

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

Question 80

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