Question 1

Good marketing plans are usually short and to the point.

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Question 2

Briefly summarize the contents of a marketing plan.

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Question 3

Most marketing plans conclude with a section that indicates how the plan will be implemented.

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This statement is true. Most marketing plans include a section that outlines the specific actions that will be taken to implement the plan.

Question 4

Sales forecasts, expense forecasts, and break-even analysis are usually found in the section on financial projections in the marketing plan.

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Sales forecasts, expense forecasts, and break-even analysis are key financial projections that are typically included in the financial projections section of a marketing plan.

Question 5

Outline the steps involved in business unit strategic-planning process.

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Question 6

Definitions of a firm's mission as well as its marketing and financial objectives are included in the marketing strategy section of the marketing plan.

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The marketing strategy section of the marketing plan typically includes the company's mission statement and its marketing and financial objectives.

Question 7

The marketing strategy section of the marketing plan spells out goals and budgets for each month or quarter so the management can review each period's results and take corrective action as needed.

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Question 8

Marketing plans are becoming more production oriented because of the high costs of doing business in today's economy.

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Marketing plans are becoming more customer-centric and focused on providing value to the consumer. This is due to the increasing competition and the need to differentiate oneself from competitors. Additionally, with the rise of social media and online reviews, consumers have more power and influence over brands than ever before. Therefore, marketing plans need to prioritize the consumer in order to increase brand loyalty and ultimately drive sales.

Question 9

Identify and give examples of the four major categories of strategic alliances.

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Question 10

Good mission statements are essential to being a success in business. Describe the three major characteristics that good mission statements should have.

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Question 11

Characterize a marketing plan.

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Question 12

A holistic marketing orientation can provide insight into the process of capturing customer value and is designed to address three key management questions. Describe each of these key management questions in brief.

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Question 13

The firm's success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct core business processes. List and briefly describe the five core business processes.

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Question 14

Indicate the differences and similarities between the following terms: marketing plan, strategic marketing plan, and tactical marketing plan.

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Question 15

A marketing plan is evaluated on the basis of how simple, specific, realistic and complete it is.

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A marketing plan should be simple, specific, realistic and complete for it to be effective and fruitful.

Question 16

Briefly summarize the two views of the value delivery process that may be followed by organizations.

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Question 17

Describe the characteristics a core competency should possess.

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Question 18

During the planning process, if there is a gap between future desired sales and projected sales, corporate management will need to develop or acquire new businesses to fill it. Identify and describe the three strategies that can be used to fill the strategic gap.

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Question 19

A marketing plan should open with a situation analysis.

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Question 20

A written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives is called a vision statement.

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The written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives is called a marketing plan, not a vision statement.

Quiz 2: Developing Marketing Strategies and Plans