Question 1

A written document that acts as a guidebook of marketing activities for the marketing manager is known as the _____.

Accepted Answer

The marketing plan is a written document that acts as a guidebook of marketing activities for the marketing manager.

Question 2

Earl is starting a new bank.Before their opening day Earl had a meeting with all employees.He discussed their mission,defined objectives for the bank for the coming years and shared who their target market is.He talked about their product offerings and where their future branches would be located.Earl is sharing the bank's _____.

Accepted Answer

Earl is discussing the bank's marketing plan, specifically outlining their target market, product offerings, and future branch locations.

Question 3

_____ is the process of anticipating events and determining strategies to achieve organizational objectives.

Accepted Answer

Planning is the process of anticipating events and determining strategies to achieve organizational objectives. Portfolio evaluation involves analyzing and assessing the performance of a portfolio of investments. Forecasting is the process of making predictions about future events or trends. Implementation involves putting plans and strategies into action, while evaluation is the process of assessing the results of implemented plans and strategies. Therefore, planning is the most appropriate answer to the given question.

Question 4

A statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions is known as a(n):

Accepted Answer

This is the definition of a mission statement,which answers the question,"What business are we in?"

Question 5

_____ occurs when a business is defined in terms of goods and services rather than by the benefits customers seek from it.

Accepted Answer

Marketing myopia occurs when a business becomes too focused on its products and services, rather than the benefits and wants of its customers. This can lead to a lack of innovation and an inability to adapt to changing market trends.

Question 6

The most critical element for successful strategic planning is top management's support and participation.

Accepted Answer

Top management's support and participation is crucial for successful strategic planning as they provide the resources, direction, and commitment required to implement strategies effectively. Without their involvement, the planning process may lack buy-in from key decision-makers and may not be aligned with the organization's overall objectives.

Question 7

PepsiCo's annual report has the following statement: "Our business is to increase the value of our shareholder's investment.We do this through sales growth,cost controls and wise investment of resources.We believe our commercial success depends upon offering quality and value to our consumers and customers; providing products that are safe,wholesome,economically efficient and environmentally sound; and providing a fair return to our investors while adhering to the highest standards of integrity." This statement is an example of PepsiCo's:

Accepted Answer

A mission statement answers the question,"What business are we in?"

Question 8

The _____ answers the question,"What business are we in,and where are we going?"

Accepted Answer

A mission statement is a statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and on analysis of existing and anticipated environmental conditions.

Question 9

The focus of an organization's mission statement should be on:

Accepted Answer

A mission statement should focus on the market or markets the organization is attempting to serve rather than on the good or service offered.The choice of the market to serve determines the product and technology decisions.

Question 10

Strategic planning is most effective when managers view it as an annual exercise.

Accepted Answer

Strategic planning requires creativity and an ongoing commitment,not just going through the motions once a year.

Question 11

Strategic plans require:

Accepted Answer

The goal of strategic planning is long-run profitability and growth.Thus,strategic decisions require long-term commitments of resources.

Question 12

Marketing plans should be written to do all of the following EXCEPT:

Accepted Answer

Marketing environment variables cannot be controlled.

Question 13

Heinz has announced that they plan to grow the company through an accelerated push into emerging markets such as China,Indonesia,and India in the next ten years.This is an example of:

Accepted Answer

Strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and evolving market opportunities.

Question 14

Since gas prices have soared and consumers have cut back on their spending on new trucks and SUVs Ford Motor Corporation is transforming several of its plants to create small cars.Ford has engaged in:

Accepted Answer

Strategic planning provides a long-term vision and thus guides long-term commitment of resources.

Question 15

With hospitals nationwide facing budget cuts and slimmer profit margins,Dekalb County's Medical Center decided to cash in on one of the most consistently profitable services--delivering babies.It initiated a three-year project to build a $55 million state-of-the-art women's center with 18 labor and delivery suites.When the hospital decided to commit its resources to obstetrics,it was engaging in:

Accepted Answer

Strategic planning provides a long-term vision and thus guides long-term commitment of resources.

Question 16

Typically,the development of the marketing mix starts with determining the promotion for a product.

Accepted Answer

The development of the marketing mix begins with the product.

Question 17

All of the following are elements of the marketing plan EXCEPT:

Accepted Answer

All of the listed options, except for E, are elements of a marketing plan. Portfolio analysis is not typically included as a mandatory element, although it can be an optional component depending on the specific marketing plan requirements.

Question 18

A marketing audit helps management allocate marketing resources efficiently.

Accepted Answer

A marketing audit evaluates the company's marketing strategies and activities to identify strengths, weaknesses, opportunities, and threats. This analysis helps management make informed decisions about allocating marketing resources to achieve maximum effectiveness and efficiency.

Question 19

_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities.

Accepted Answer

Strategic planning is the process of aligning an organization's resources and objectives with market opportunities. Tactical management refers to the implementation of specific strategies to achieve goals, whereas functional planning pertains to planning within a specific functional area of a company. The market audit and environmental scanning are components of strategic planning, but not the overall process itself.

Question 20

The four Ps of the marketing mix are product,planning,promotion,and price.

Accepted Answer

The four Ps are product,place,promotion,and price

Quiz 2: Strategic Planning for Competitive Advantage