Question 1

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

Accepted Answer

Once an organization has assessed its resources and opportunities, it can begin to establish goals and strategies to leverage them. The goals of any organization should derive from its mission statement, a long-term view, or vision, of what the organization wants to become. A well-formulated mission statement gives an organization a clear purpose and direction, distinguishes it from competitors, provides direction for strategic planning, and fosters a focus on customers. An organization's goals, which focus on desired results, guide the remainder of its planning efforts.

Question 2

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

Accepted Answer

A marketing plan is a written document that specifies the marketing activities to be performed to implement and evaluate the organization's marketing strategies. The first component of the marketing plan is the executive summary, which provides an overview of the entire plan so that readers can quickly identify the key issues and their roles in the planning and implementation processes. The executive summary includes an introduction, an explanation of the major aspects of the plan, and a statement about costs. 
The next component of the marketing plan is the environmental analysis, which supplies information about the company's current situation with respect to the marketing environment, the target market, and the firm's current objectives and performance. The environmental analysis includes an assessment of all the environmental factors-competitive, economic, political, legal, regulatory, technological, and sociocultural-that can affect marketing activities. The analysis then examines the current needs of the organization's target markets. In the final section of the environmental analysis, the company evaluates its marketing objectives and performance to ensure that objectives are consistent with the changing marketing environment. 
The next component of the marketing plan is the SWOT analysis (strengths, weaknesses, opportunities, and threats), which utilizes the information gathered in the environmental analysis. The marketing objectives section of the marketing plan states what the company wants to accomplish through marketing activities, using the SWOT analysis as a guide of where the firm stands in the market. The marketing strategies component outlines how the firm plans to achieve its marketing objectives and discusses the company's target market selection(s) and marketing mix. 
The marketing implementation component of the plan outlines how marketing strategies will be executed. 
Finally, the performance evaluation establishes the standards for how results will be measured and evaluated, and what actions the company should take to reduce the differences between planned and actual performance.

Question 3

Discuss the different ways of organizing the marketing unit.

Accepted Answer

The structure and relationships of a marketing unit, including establishing lines of authority and communication that connect and coordinate individuals, strongly affect marketing activities. To organize a marketing unit, firms must first decide whether operations should be centralized or decentralized, a choice that directly affects marketing decision making and strategy. 
In a centralized organization, top-level managers delegate little authority to lower levels. In centralized organizations, marketing decisions are made at the top levels. However, centralized decision making may prove ineffective in firms that must respond quickly to fluctuations in customer demand. In these organizations, decentralized authority allows the company to adapt more rapidly to customer needs.   
In a decentralized organization, decision making authority is delegated as far down the chain of command as possible. 
How effectively a company's marketing management can implement marketing strategies also depends on how the marketing unit is organized. Organizing marketing activities to align with the overall strategic marketing approach enhances organizational efficiency and performance. A marketing department should clearly outline the hierarchical relationships between personnel and who is responsible for performing certain activities and making decisions.

Question 4

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

Accepted Answer

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Question 5

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

Accepted Answer

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Question 6

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 in the scenario is strategic planning, which involves revising the organization's mission and goals and developing a corporate strategy, marketing objectives, marketing strategy, and a marketing plan.

Question 7

Compare and contrast corporate strategy and marketing strategy.

Accepted Answer

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Question 8

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

A core competency is a unique strength possessed by a company that gives it a competitive advantage over its rivals. Apple is known for its ability to anticipate customers' needs and desires and create innovative technology products that deliver on those expectations. The introduction of the iPad was a prime example of Apple's core competency in action, as the device combined functionality and ease of use in a way that no other tablet on the market at the time had been able to achieve.

Question 9

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

A SWOT analysis focuses on an organization's Strengths, Weaknesses, Opportunities, and Threats. Option B, C, D, and E are incorrect because they contain either inappropriate or unrelated terms.

Question 10

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

The document prepared by CyberCycle Inc. specifying the activities to be performed to implement and control its marketing activities is called the marketing plan. Choice A, profit plan, is a document that outlines the financial goals and objectives of a business. Choice B, marketing program, is a general term that refers to a company's overall marketing strategy. Choice C, strategic market program, is not a commonly used term in marketing. Choice D, strategic business plan, is a broader document that outlines a company's overall goals and strategies, which may include marketing but is not solely focused on it.

Question 11

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 Foods Corporation is developing a marketing mix to satisfy individuals in a targeted market which is a part of their overall marketing strategy. Therefore, the best choice is D, marketing strategy.

Question 12

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

Accepted Answer

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Question 13

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

Accepted Answer

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Question 14

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

Accepted Answer

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Question 15

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?
A) Establishing marketing objectives
B) Coordinating marketing activities
C) Organizing marketing functions
D) Developing a marketing strategy
E) Planning marketing activities

Accepted Answer

Developing a marketing strategy involves identifying and analyzing a target market, and developing a marketing mix to satisfy individuals in that market. This is a crucial step in creating a comprehensive marketing plan, which ultimately supports the overall strategic plan for a business.

Question 16

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 results from the right combination of circumstances and timing that permits an organization to take action to reach a particular target market. This means that there is a favorable situation in the market that allows a company to introduce a new product or service, target a specific group of customers, or expand into new markets. Simply monitoring the firm's capabilities or assessing environmental forces does not necessarily indicate a market opportunity. An increase in market share and profits may occur as a result of a market opportunity, but it is not the defining factor. Technological determinism is the idea that technology is the primary driving force behind social and economic change, and is not directly related to market opportunities.

Question 17

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 satisfying customer needs and wants. Therefore, customer satisfaction is an integral part of the strategic planning process at Logistics Pro.

Question 18

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 details the activities to be performed to implement and control marketing actions. It is focused solely on the marketing strategies of the organization and is updated regularly.

Question 19

To formulate a marketing strategy, one must
A) identify and analyze a target market and develop a marketing mix to satisfy individuals in that market.
B) develop a statement of what is to be accomplished through marketing activities.
C) develop plans for implementation and control.
D) develop an adequate marketing control process.
E) determine marketing objectives.

Accepted Answer

To formulate a marketing strategy, it is essential to identify and analyze the target market and develop a marketing mix that satisfies individuals in that market. This involves identifying the customers' needs and preferences, developing products or services that fulfill those needs, determining the right pricing strategy, selecting appropriate distribution channels, and creating promotional campaigns that engage the target audience. Once these elements are identified, marketing objectives can be determined, and plans for implementation and control can then be developed. However, the first step in formulating a sound marketing strategy is to understand the target market and develop a marketing mix that meets its needs.

Question 20

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

Accepted Answer

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Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies

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

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

Discuss the different ways of organizing the marketing unit.

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

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

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

Compare and contrast corporate strategy and marketing strategy.

A SWOT analysis focuses on an organization's:

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

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

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

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

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

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?

A market opportunity results from

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.

The marketing plan is

To formulate a marketing strategy, one must

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