Question 1

Apple has made a success from anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition.
A) benchmark
B) sustainable competitive advantage
C) core competency
D) strategic vision
E) marketing opportunity

Accepted Answer

The term "core competency" refers to something that an organization does extremely well and may give a company an advantage over its competition. Apple's success in anticipating what consumers would want in new technological advances, convenience, and ease of use can be considered a core competency that has contributed to their success. A sustainable competitive advantage refers to strategies or advantages that can be maintained over a long period, while a benchmark is a standard or point of reference for comparison. A strategic vision refers to the long-term plan for an organization, and a marketing opportunity is a chance for a company to promote or sell its products/services to a specific market or audience.

Question 2

Describe the two major methods for evaluating the actual performance of marketing strategies.

Accepted Answer

The principal means by which a marketer can gauge whether a marketing strategy has been effective in achieving objectives is by analyzing the actual performance of the marketing strategy. Sales analysis uses sales figures to evaluate a firm's current performance. It is a common method of evaluation because sales data are readily available, at least in aggregate form, and can reflect the target market's reactions to a marketing mix. If sales spike after a particular marketing mix is implemented, marketers can be reasonably certain that the marketing mix was effective at reaching the target audience. Information gleaned from sales data alone is not sufficient, however. To be useful, marketers must compare current sales data with forecasted sales, industry sales, specific competitors' sales, and the costs incurred from marketing efforts to achieve the sales volume. Although sales analysis is critical for evaluating the performance of a marketing strategy, it provides only a partial picture. A marketing strategy that successfully generates sales may nevertheless be deemed ineffective if it is extremely costly. A firm must take into account the marketing costs associated with a strategy to gain a complete understanding of its effectiveness at achieving a desired sales level. Marketing cost analysis breaks down and classifies costs to determine which are associated with specific marketing efforts. Comparing costs of previous marketing activities with results allows a marketer to allocate the firm's marketing resources better in the future. A company that understands and manages its costs appropriately has a competitive advantage.

Question 3

Discuss how a firm's orientation is related to the development of its strategic plan.

Accepted Answer

Through the process of strategic planning, a company establishes an organizational mission and formulates goals, a corporate strategy, marketing objectives, and a marketing strategy. A market orientation should guide the process of strategic planning to ensure that a concern for customer satisfaction is an integral part of the entire company, leading to the development of successful marketing strategies and planning processes.

Question 4

Compare and contrast corporate strategy and marketing strategy.

Accepted Answer

The answer of Compare and contrast corporate strategy and marketing...

Question 5

Discuss the different ways of organizing the marketing unit.

Accepted Answer

The answer of Discuss the different ways of organizing the...

Question 6

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of
A) a competitive advantage.
B) a well-defined mission statement.
C) good strategic planning.
D) a market opportunity.
E) opportunistic behavior.

Accepted Answer

The creation of the new low-fat, low-carb pizza product was the result of identifying a market opportunity where consumers had concerns about fat and carbohydrates. This opportunity was then translated into a new product offering.

Question 7

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a
A) market objective.
B) market requirement.
C) strategic market plan.
D) market opportunity.
E) corporate objective.

Accepted Answer

When favorable conditions present themselves, such as a gap in the market or a shift in consumer preferences, an organization is presented with a market opportunity. This allows the company to take advantage of the circumstance by creating products or services to meet the needs of the target market. A market opportunity is not the same as a market requirement, which implies that a particular need must be met for a company to stay competitive. A strategic market plan is the company's roadmap for reaching a specific set of goals, and a market objective is a specific measurable target for achieving success. A corporate objective refers to the overall goals of the organization.

Question 8

Discuss the creation of a marketing plan. What are the major components of a marketing plan?

Accepted Answer

The answer of Discuss the creation of a marketing plan....

Question 9

Define the four product categories used in the Boston Consulting Group (BCG) product-portfolio analysis.

Accepted Answer

The answer of Define the four product categories used in...

Question 10

Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a
A) corporate strategy.
B) target design.
C) mix strategy.
D) marketing strategy.
E) marketing tactic.

Accepted Answer

Safeway creating a marketing mix to satisfy individuals in the target market is an example of a marketing strategy.

Question 11

The marketing plan is
A) a plan of all aspects of an organization's business strategy.
B) written differently for each SBU.
C) a written document detailing activities to be performed to implement and control marketing actions.
D) designed to specify not only marketing, but all other functional areas of business activities as well.
E) updated only periodically.

Accepted Answer

The marketing plan is a written document that outlines the specific activities and tasks to be performed in order to implement and control marketing actions. It is focused solely on the marketing aspect of the business strategy.

Question 12

How does a firm use a market opportunity to reach a particular target market?

Accepted Answer

The answer of How does a firm use a market...

Question 13

CyberCycle Inc. is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the
A) profit plan.
B) marketing program.
C) strategic market program.
D) strategic business plan.
E) marketing plan.

Accepted Answer

A written document that specifies the activities to be performed to implement and control marketing activities is known as a marketing plan. The other options such as profit plan, marketing program, strategic market program, and strategic business plan are not specific to marketing and are broader in scope.

Question 14

In what ways does having a mission statement help an organization achieve its goals?

Accepted Answer

The answer of In what ways does having a mission...

Question 15

A SWOT analysis focuses on an organization's:
A) Strengths, Weaknesses, Opportunities, and Threats.
B) Strengths, Weaknesses, Opportunities, and Transformational Innovations.
C) Sustainability, Weaknesses, Organics, and Threats.
D) Strengths, Workers, Opportunities, and Transactions.
E) Sustainability, Weaknesses, Opportunities, and Transactions.

Accepted Answer

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Therefore, option A is the correct choice. Options B to E do not include the correct components of a SWOT analysis.

Question 16

Managers at the Longshore Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and eventually a marketing plan. This process is called
A) marketing planning.
B) strategic planning.
C) marketing strategy.
D) corporate strategy.
E) strategic business planning.

Accepted Answer

The process described involves revising the organization's mission and goals and developing corporate strategy and marketing objectives, which are all components of strategic planning. Marketing planning and marketing strategy are more specific subsets of strategic planning. Strategic business planning is a broader term that encompasses the overall planning process for a business, which includes both strategic planning and operational planning.

Question 17

Describe the two major components of marketing strategy. What should marketing managers consider when developing marketing strategy?

Accepted Answer

The answer of Describe the two major components of marketing...

Question 18

When managers at Logistics Pro are developing their strategic plan, they use a market orientation as a guide to ensure that ____ is an integral part of the process.
A) customer satisfaction
B) employee satisfaction
C) the best use of their marketing resources
D) the marketing mix
E) the marketing function

Accepted Answer

A market orientation focuses on understanding and meeting the needs and wants of customers. Therefore, customer satisfaction is an integral part of the strategic planning process.

Question 19

Describe the process of strategic planning. How does this process help marketing managers?

Accepted Answer

The answer of Describe the process of strategic planning. How...

Question 20

A market opportunity results from
A) the right combination of circumstances and timing that permits an organization to take action to reach a particular target market.
B) monitoring the firm's capabilities.
C) an increase in market share and profits.
D) an assessment of environmental forces.
E) technological determinism.

Accepted Answer

A market opportunity arises when external circumstances and timing align to enable an organization to take action and meet the needs of a specific target market. This implies that the company has the capability to meet those needs and therefore can capitalize on the opportunity. Monitoring the company's capabilities and assessing environmental forces are important in determining whether the company can take advantage of the opportunity, but they do not by themselves create the opportunity. An increase in market share and profits is a result of capitalizing on the market opportunity, not the cause. Technological determinism is the belief that technology shapes societies and cultures, and is not relevant in this context.

Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies

Describe the two major methods for evaluating the actual performance of marketing strategies.

Discuss how a firm's orientation is related to the development of its strategic plan.

Compare and contrast corporate strategy and marketing strategy.

Discuss the different ways of organizing the marketing unit.

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

Discuss the creation of a marketing plan. What are the major components of a marketing plan?

Define the four product categories used in the Boston Consulting Group (BCG) product-portfolio analysis.

Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a

The marketing plan is

How does a firm use a market opportunity to reach a particular target market?

CyberCycle Inc. is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the

In what ways does having a mission statement help an organization achieve its goals?

A SWOT analysis focuses on an organization's:

Managers at the Longshore Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and eventually a marketing plan. This process is called

Describe the two major components of marketing strategy. What should marketing managers consider when developing marketing strategy?

When managers at Logistics Pro are developing their strategic plan, they use a market orientation as a guide to ensure that ____ is an integral part of the process.

Describe the process of strategic planning. How does this process help marketing managers?

A market opportunity results from