Question 1

For Hyundai Corporation,customers who care about the price of a car how efficiently it operates make up one ________.

Accepted Answer

The group of customers who prioritize price and efficiency in a car would be considered the target market for Hyundai Corporation. The other options (market position, market value, SBU, market mix) do not accurately describe this specific group of customers.

Question 2

How often is the typical marketing plan evaluated?

Accepted Answer

The typical marketing plan should be evaluated every year. This allows for regular assessment of its effectiveness, making adjustments as needed and ensuring that it is aligned with changing business goals and market conditions. Evaluating the plan annually also provides the opportunity to adapt to emerging trends and technologies, keeping the marketing strategy current and effective.

Question 3

Harris,the marketing manager at a small sports retail chain,has investigated the company's internal resources and situational factors,as well as factors and trends in the competitive sports retail chain market.Which of the following has Harris completed?

Accepted Answer

Harris has conducted a SWOT analysis, which involves evaluating the company's internal strengths and weaknesses as well as external opportunities and threats in the competitive market. A business plan involves outlining the company's goals, strategies, and financial projections, while a creative brief specifies the objectives and requirements for a specific marketing campaign. A marketing plan outlines the overall marketing strategy, including target audience, messaging, and channels, and a marketing mix includes the specific tactics and tools used within the marketing plan.

Question 4

An organization with a triple bottom line is focused on improving ________.

Accepted Answer

A triple bottom line organization is focused on three factors: people (social), planet (environmental sustainability), and profits (economic). Therefore, the best choice is A as it includes all three factors.

Question 5

The following statement appeared in an organization's business plan: "Quick and Dirty Auto Repair aims to offer high-quality auto repair services and a full range of auto parts,focusing on personalized,convenient,and rapid service." Which part of a business plan does this represent?

Accepted Answer

This statement outlines the overall purpose and direction of the business, which aligns with the definition of a business mission. It describes what the business aims to achieve in terms of service quality, product range, and customer experience.

Question 6

Which communication objective is most closely associated with the Facets Model of Effects category of emotion?

Accepted Answer

The answer of Which communication objective is most closely associated...

Question 7

The W in SWOT analysis stands for ________.

Accepted Answer

The W in SWOT analysis stands for weaknesses, which is one of the factors that are evaluated in the analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

Question 8

When the makers of a ballpoint pen state they are in the communication equipment business,they are defining their mission too ________.

Accepted Answer

By defining their mission as being in the communication equipment business, the makers of a ballpoint pen are positioning themselves broadly, as they are not only focusing on the pen aspect of their product, but instead emphasizing the overall purpose of the item as a tool for communication.

Question 9

Which communication objective is most closely associated with the Facets Model of Effects category of cognition?

Accepted Answer

The answer of Which communication objective is most closely associated...

Question 10

In the process of developing a marketing plan,differentiating and positioning the product relative to the competition most likely occurs when a firm is ________.

Accepted Answer

Developing the brand strategy involves differentiating and positioning the product relative to the competition. This is where the firm identifies its unique selling proposition and how it will differentiate itself from the competition in the minds of the consumers.

Question 11

Tony developed the following objective for his brand communication plan: "Increase market share in the consumer market from 10 percent to 15 percent in one year." What is wrong with this advertising plan objective?

Accepted Answer

This objective is more aligned with overall marketing goals rather than specific advertising goals. Advertising objectives typically focus on communication tasks such as awareness, brand image, or purchase intent, rather than broad business outcomes like market share, which are the purview of a marketing plan.

Question 12

Which communication objective is most closely associated with the Facets Model of Effects category of perception?

Accepted Answer

The Facets Model of Effects category of perception is associated with creating awareness. This category focuses on influencing the audience's perception and increasing their understanding of the product or brand.

Question 13

In the process of developing a marketing plan,determining pricing and distribution most likely occurs when a firm is ________.

Accepted Answer

Pricing and distribution decisions are a critical part of the marketing mix strategy and are determined after the company has set its objectives, assessed consumer needs, and developed the brand strategy. These decisions are made based on factors such as the target market, product positioning, competitive pricing, and the company's overall marketing objectives. The marketing mix strategy includes product, price, place, and promotion, and it is only after these elements are defined that implementation of tactical programs occurs.

Question 14

In a SWOT analysis,a(n)________ is an area in which the company could develop an advantage over its competition.

Accepted Answer

An opportunity is an external factor in the SWOT analysis that presents a chance for the company to develop an advantage over its competitors. It can be a new market, technology, or trend that the company can leverage to improve its position in the market. Therefore, option C is the best choice.

Question 15

In Party People's marketing plan,two of the company goals are "Achieve growth rate in sales of 15% for the year 2013" and "Maintain a gross margin of 40% each month." As indicated by these two examples,an objective should be ________.

Accepted Answer

The objective of achieving a growth rate in sales of 15% and maintaining a gross margin of 40% each month are both measurable goals. Measurable objectives are specific and contain numerical values that can be measured and tracked to determine progress and success.

Question 16

Kimball Gardens is a company that operates as two distinct businesses: one that sells lawn and garden products and one that provides landscape design services.Each business is called a(n)________.

Accepted Answer

Strategic Business Unit (SBU) is a distinct business within a larger organization that has its own set of competitors, strategic objectives, and a separate business plan. In this case, Kimball Gardens has two distinct businesses, lawn and garden product sales, and landscape design services, which can be considered as two different SBUs.

Question 17

Newman's Own is a brand of salad dressing.Recently,low-carbohydrate dieting became the craze among consumers,with millions attempting to follow a low-carb lifestyle.In print advertising,Newman's Own featured the fact that several of its dressings are low in carbohydrates.In terms of a SWOT analysis,the low-carb diet trend among consumers represents a(n)________.

Accepted Answer

The low-carb diet trend represents an opportunity for Newman's Own to promote its low-carb dressings and appeal to consumers following this diet.

Question 18

FEED USA + Target is a line of accessories and clothing sold at Target outlets nationwide.A number is printed on each product,indicating how many meals for families and children across America Target will donate as a result of your purchase.Target's marketing of this new line is an example of ________.

Accepted Answer

The use of a cause-related marketing strategy, such as FEED USA + Target's line of accessories and clothing, is an example of societal marketing. Societal marketing aims to enhance the well-being of society while also achieving organizational objectives, such as increased sales and brand loyalty. By donating a portion of the proceeds from the FEED USA + Target line to provide meals for families and children across America, Target is showcasing its commitment to social responsibility and helping to address a critical societal issue.

Question 19

The O in SWOT analysis stands for ________.

Accepted Answer

The O in SWOT analysis stands for opportunities, which refers to external factors that can be advantageous to the organization. This includes potential markets, emerging technologies, and other external factors that can benefit the organization's growth and development.

Question 20

The T in SWOT analysis stands for ________.

Accepted Answer

The T in SWOT analysis stands for Threats. SWOT analysis is a framework used for evaluating an organization's strengths, weaknesses, opportunities, and threats. It helps businesses to identify internal and external factors that may affect their operations and take necessary actions to mitigate the challenges. Therefore, choice E, i.e., Threats, is the correct answer.

Quiz 8: Strategic Planning