Question 1

SMART is a mnemonic device for determining whether a business environment is suitable for a specific marketing strategy.

Accepted Answer

SMART is actually a mnemonic device used for creating effective goals, not for determining marketing strategy suitability. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound.

Question 2

What essential elements should be included in a firm's mission and vision statements? How are mission and vision statements relevant to a firm's marketing plans?

Accepted Answer

The answer of What essential elements should be included in...

Question 3

A large retail firm is experiencing a significant sales gap. Which of the following strategies would LEAST likely be implemented by the firm to close the gap?

Accepted Answer

Forward integration involves gaining control over distribution or retail, which may not directly address a sales gap as effectively as strategies focused on increasing sales through existing or new products and markets.

Question 4

What is the triple bottom line? What are the drawbacks of using a triple bottom line framework?

Accepted Answer

The answer of What is the triple bottom line? What...

Question 5

A scenario analysis is best described as a tool used by firms to _.

Accepted Answer

Scenario analysis is used by firms to plan future marketing responses by evaluating potential future events and their impacts.

Question 6

What is the primary drawback associated with the triple bottom line framework?

Accepted Answer

The primary drawback of the triple bottom line framework is measuring corporate performance, as it involves assessing not just financial outcomes but also social and environmental impacts, which can be complex and subjective.

Question 7

Market- related objectives focus on customer behaviors and market share,while financial objectives relate to profits and costs.

Accepted Answer

Market-related objectives focus on customer behaviors and market share, while financial objectives relate to profits and costs.

Question 8

In the field of strategic management,goals are general and long- term while objectives are specific and short- term.

Accepted Answer

This is a commonly accepted distinction between goals and objectives in the field of strategic management. Goals typically refer to broader aspirations or outcomes that an organization seeks to achieve over a longer period of time, while objectives are more specific and measurable targets that can contribute to the achievement of those goals in the shorter term.

Question 9

SMART is a mnemonic device for _ .

Accepted Answer

SMART is a mnemonic device used to set and assess marketing objectives by ensuring they are Specific, Measurable, Achievable, Relevant, and Time-bound.

Question 10

Why is it important to establish clear marketing objectives? How can a marketer determine whether or not a marketing objective is effective?

Accepted Answer

The answer of Why is it important to establish clear...

Question 11

According to ,the social responsibility of business is to increase its profits.

Accepted Answer

Milton Friedman argued that the primary responsibility of a business is to maximize profits for its shareholders, within the bounds of the law and ethical custom.

Question 12

When developing marketing strategies,it is critical for a firm to understand its competitive advantages and the strengths of its competitors.

Accepted Answer

Understanding competitive advantages and competitor strengths allows a firm to position itself effectively in the market and differentiate its offerings from those of competitors. This knowledge can inform marketing strategies and help the firm gain a competitive edge.

Question 13

Which of the following would be an external stakeholder of a firm?

Accepted Answer

Suppliers are external stakeholders as they are not part of the company but have an interest in its operations.

Question 14

A large planning gap most likely suggests that .

Accepted Answer

A large planning gap indicates a significant difference between the current performance and the desired goals, suggesting that major changes are needed to bridge this gap.

Question 15

According to ,firms benefit from considering the interests of employees,customers,vendors,and other parties.

Accepted Answer

Stakeholder theory posits that firms should consider the interests of all stakeholders, including employees, customers, vendors, and other parties, to achieve long-term success.

Question 16

Shareholder theory addresses the firm's purpose and the firm's obligations to its stakeholders.

Accepted Answer

Shareholder theory primarily focuses on maximizing shareholder value and posits that a firm's main obligation is to its shareholders, rather than addressing the broader obligations to all its stakeholders.

Question 17

The triple bottom line is best defined as a(n).

Accepted Answer

The triple bottom line is an assessment system that evaluates a company's commitment to social, environmental, and financial outcomes, often referred to as people, planet, and profit.

Question 18

Which term refers to the distance between where a firm is and where it wants to be?

Accepted Answer

The planning gap refers to the distance between where a firm is and where it wants to be.

Quiz 3: Situation Assessment: the Company