Question 1

Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____.

Accepted Answer

The best choice is E because successful business organizations should aim to leverage their strengths and seize opportunities. This involves converting internal weaknesses into strengths and external threats into opportunities. This approach helps organizations improve their competitive positioning and achieve sustainable growth. Choice A is incorrect because opportunities should be aimed for, not turned into core competencies. Choice B is incorrect because it suggests that organizations should turn weaknesses into core competencies, which is not realistic. Choice C is incorrect because strengths and opportunities should be leveraged, not turned into each other. Choice D is incorrect because while strengths are important, they do not help address weaknesses or threats.

Question 2

What is the connection between internal strengths and weaknesses and external opportunities and threats?

Accepted Answer

A market plan is an outline of the methods and resources required to achieve an organisation's goals within a specific target market. It takes into account not only marketing but also all the functional aspects that must be coordinated, such as production, IT, logistics, finance and personnel. Environmental issues are an important consideration too. However in the best plans external factors such as competition and customer needs will determine to use and allocation of internal resources. This is where a SWOT analysis can be useful.

Question 3

Which of the following is a characteristic of a marketing objective?

Accepted Answer

Marketing objectives are designed to be aligned with the broader goals of the business unit and the overall corporate strategy, ensuring that marketing efforts support the company's general direction and objectives.

Question 4

Using Figure 15.5 and using an example, explore the separation between strategic planning and marketing implementation.

Accepted Answer

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Question 5

Which of the following is not a purpose of the marketing plan?

Accepted Answer

The marketing plan does not serve as a contract with the customer. Its main purposes are to communicate internally with employees, assign tasks and responsibilities for implementation, specify the allocation of resources, and monitor the performance of a marketing strategy.

Question 6

______ is the total amount of a product that customers will purchase within a specified period of time at a specific level of industry-wide marketing activity.

Accepted Answer

Market potential refers to the total demand for a product within a specific market at a given level of marketing activity. It represents the upper limit of sales that a market could achieve if all potential customers were reached and all of their needs were fulfilled. Market analysis is the process of examining the size, growth, and dynamics of a market to determine its attractiveness and identify opportunities and threats. Market level and executive summary are not relevant to this concept, and marketing implementation refers to the execution of a marketing plan and is not directly related to market potential.

Question 7

What is marketing implementation and why is it a challenge?

Accepted Answer

The answer of What is marketing implementation and why is...

Question 8

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

Accepted Answer

An analysis of strengths and weaknesses examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets. Options A, B, D, and E are not related to examining internal factors.

Question 9

What is the difference between sales measurement and market share? Give example of both methods. ANS The basic unit of measurement is the sales transaction. A sales transaction results in a customer order for a specified quantity of an organization's product sold under specified terms by a particular sales person or sales group on a certain date. Many organizations record these bits of information about their transactions. With such a record, a company can analyse sales in terms of cash or sales volume, or market share. A company's market share is the company's sales of a product stated as a percentage of industry sales of that product. The primary reason for using market share analysis is to estimate whether sales changes have resulted from the company's marketing strategy or from uncontrollable environmental forces. When a company's sales volume declines but its share of the market stays the same, the marketer can assume that industry sales declined - because of some uncontrollable factors - and that this decline was reflected in the company's sales. However, if a company experiences a decline in both sales and market share, it should consider the possibility that its marketing strategy is not effective. PTS: 1 DIF: Easy REF: Methods of evaluating performance 10. What is market shareholder value analysis?

Accepted Answer

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Question 10

What value does market planning contribute?

Accepted Answer

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Question 11

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?

Accepted Answer

The process of identifying and analyzing a target market, and developing a marketing mix to satisfy individuals in that market is part of developing a marketing strategy.

Question 12

Why is relationship marketing seen as being important and what are the different domains of relationship marketing?

Accepted Answer

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Question 13

A new shampoo is faltering badly in the market. Marketing personnel are unsure who is responsible for various marketing tasks, when these tasks are to be completed, or what resources have been allocated. The Marketing Director said that the problem is the most poorly written ____ she has ever seen.

Accepted Answer

The Marketing Director's statement indicates that the problem lies with the marketing plan. The lack of clarity and organization surrounding marketing tasks, timelines, and resources suggests that the plan was poorly written and ineffective in guiding the team's efforts.

Question 14

Which of the following is summary of the key components of a marketing plan?

Accepted Answer

B  D  E  A marketing plan typically includes an environmental analysis to understand the market context, marketing strategies to outline how objectives will be achieved, an executive summary to provide a high-level overview, and marketing implementation to detail how the strategies will be executed. A customer list is not a key component of a marketing plan.

Question 15

Which of the following is not a component of a marketing plan?

Accepted Answer

A product is not a component of a marketing plan, rather it is the result or output of the plan. The other options - environmental analysis, marketing strategies, executive summary, and marketing implementation - are all important components of a marketing plan.

Question 16

The marketing plan is:

Accepted Answer

The marketing plan is a written document that outlines the specific activities that an organization will undertake to implement and control its marketing actions. It focuses solely on the marketing aspect of the organization's business strategy. It is not written differently for each SBU and does not necessarily include all other functional areas of business activities. It should be updated regularly to ensure it is relevant and effective.

Question 17

Managers are engaged in a 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:

Accepted Answer

The process described in the question is that of strategic planning, which involves revising an organization's mission and goals, developing corporate strategy, and eventually creating marketing objectives, marketing strategy, and a marketing plan. While marketing planning is a component of strategic planning, it specifically refers to the process of developing marketing objectives, strategies, and plans. Marketing strategy is a part of strategic planning, but it is just one component. Corporate strategy, on the other hand, involves defining the overall direction and scope of an organization and how it creates value for its stakeholders. Strategic business planning is a term often used interchangeably with strategic planning.

Question 18

Discuss the core steps in the marketing planning process.

Accepted Answer

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Question 19

Discuss the role of market tests.

Accepted Answer

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Question 20

A marketing plan:

Accepted Answer

A marketing plan provides a framework for implementing and controlling marketing activities, helping to ensure that resources are used effectively and efficiently. It is not limited to production-oriented firms or mass producers, nor does it necessarily increase operating costs or restrict future options. The plan can be short or long term in orientation, depending on the organization's goals and objectives.

Quiz 15: Planning and Implementation

Successful business organizations should take actions to convert internal weaknesses into and external threats into .