Question 1

_____ is the process of gauging the extent to which marketing objectives have been achieved during a specified time period.

Accepted Answer

After a marketing plan is implemented,it should be evaluated,which means gauging the extent to which marketing objectives have been achieved during the specific time period.

Question 2

What is the most critical element in effective strategic planning?

Accepted Answer

Effective strategic planning requires continual attention,creativity,and management commitment--the latter being the most critical.

Question 3

An international company that needs to develop a way to compare its actual marketing results with planned results must engage in:

Accepted Answer

Control involves that mechanism for evaluating results and correcting actions in the planning and implementation phases.

Question 4

Which of the marketing mix elements is the most flexible?

Accepted Answer

The only element that is often subject to quick and easy change is price.

Question 5

NARRBEGIN: DeFeet International
DeFeet International
DeFeet International started as a cyclist sock company.The founder,Shane Cooper,said that the existing socks for cyclists were just not of great quality so he made socks for his cycling team by knitting them inside out.The socks were of special materials aimed at giving the cyclist the most comfortable fit.These socks were not the traditional white socks but bright,bold,and flashy colored socks with cool graphics.These high tech socks were priced around $10 a pair.Their web site says "DeFeet is Made for Driven Soles." Soon cycling elites like Lance Armstrong and Greg LeMond were sporting the DeFeet brand.The company branched into running,hiking and snow gear.Their products include socks,armskins,calfskins,boxer briefs,gloves,and shirts for the serious athlete.They also have a custom department where socks,armskins,and gloves can be customized with any motif including sponsor types of logos like Michelin,Pabst Blue Ribbon,or BP.Even kids can enjoy DeFeet's high quality socks.DeFeet's products can be found in retailers across the world,in more than twenty countries,like Israel,Australia,Belgium and the United States.More than two-dozen online retailers also carry their products.
-Refer to DeFeet.What kind of competitive advantage would you say DeFeet has?

Accepted Answer

A product/service differentiation competitive advantage exists when a firm provides something unique that is valuable to buyers beyond simply offering a low price.DeFeet has high-tech apparel for a variety of target groups and is not a low cost provider so answer C would be the best choice.

Question 6

Which of the following statements about marketing audits is true?

Accepted Answer

Marketing audits should be performed periodically by an inside or outside party who is independent enough to have top management's confidence and to be objective.Marketing audits examine all facets of an organization's internal and external marketing environments.

Question 7

There is an overabundance of apartments in Atlanta.Post Properties,the owner of many of the metropolitan area's largest apartment complexes,has reduced its rent so it can fill vacant apartments.Which marketing mix element did Post Properties change to create more demand for its apartments?

Accepted Answer

The firm tried to increase demand by altering its pricing strategies.This is often the only element of the marketing mix that is capable of quick and easy change.

Question 8

NARRBEGIN: DeFeet International
DeFeet International
DeFeet International started as a cyclist sock company.The founder,Shane Cooper,said that the existing socks for cyclists were just not of great quality so he made socks for his cycling team by knitting them inside out.The socks were of special materials aimed at giving the cyclist the most comfortable fit.These socks were not the traditional white socks but bright,bold,and flashy colored socks with cool graphics.These high tech socks were priced around $10 a pair.Their web site says "DeFeet is Made for Driven Soles." Soon cycling elites like Lance Armstrong and Greg LeMond were sporting the DeFeet brand.The company branched into running,hiking and snow gear.Their products include socks,armskins,calfskins,boxer briefs,gloves,and shirts for the serious athlete.They also have a custom department where socks,armskins,and gloves can be customized with any motif including sponsor types of logos like Michelin,Pabst Blue Ribbon,or BP.Even kids can enjoy DeFeet's high quality socks.DeFeet's products can be found in retailers across the world,in more than twenty countries,like Israel,Australia,Belgium and the United States.More than two-dozen online retailers also carry their products.
-Refer to DeFeet.DeFeet branched from making socks for cyclists to making apparel for skiing,hiking,corporate sponsors,and kids.This is an example of which of Ansoff's strategic alternatives?

Accepted Answer

DeFeet made new products for different markets.

Question 9

A marketing audit is a(n):

Accepted Answer

A marketing audit is a thorough,systematic,periodic evaluation of the objectives,strategies,structure,and performance of the marketing organization.

Question 10

A planning manager visiting a company's health and beauty aids division discovers the division has no effective method for allocating resources,nor for evaluating actual results against planned results.He suggestion to the division would likely be to prepare a:

Accepted Answer

A marketing audit is a thorough,systematic,periodic evaluation of the objectives,strategies,structure,and performance of the marketing organization.A marketing audit will evaluate the past,present,and future performance of all aspects of the marketing department.

Question 11

_____ provides the mechanism for evaluating marketing results in light of the marketing plan's goals and for correcting actions that do not help the marketing organization reach these objectives within the budget guidelines.

Accepted Answer

This is the definition control.

Question 12

_____ is the process that turns marketing plans into action assignments and ensures these assignments are executed in a way that accomplishes the plan's objectives.

Accepted Answer

Implementation is the process of turning marketing plans into action assignments and ensuring that those assignments are carried out in a way that achieves the plan's objectives. This involves putting the necessary resources, systems, and processes in place, along with monitoring progress and making adjustments as needed to keep the plan on track.

Question 13

Apple's iPhone can only be purchased through AT&T cell phone distributors and the Apple retail store.This limitation on the _____ element of its marketing mix supports the product's competitive advantage.

Accepted Answer

Distribution strategies make products available when and where customers want them.

Question 14

SoBe nutritional beverages uses twin lizards on every bottle of its products and in all of its promotion efforts.It even has its own Team Lizard made up of skateboarders,mountain bike riders,and inline skaters that it sponsors.The lizard is used to remind consumers of the product and its benefits.To which of the four Ps does this represent?

Accepted Answer

Promotion covers a wide range of communication vehicles.

Question 15

NARRBEGIN: DeFeet International
DeFeet International
DeFeet International started as a cyclist sock company.The founder,Shane Cooper,said that the existing socks for cyclists were just not of great quality so he made socks for his cycling team by knitting them inside out.The socks were of special materials aimed at giving the cyclist the most comfortable fit.These socks were not the traditional white socks but bright,bold,and flashy colored socks with cool graphics.These high tech socks were priced around $10 a pair.Their web site says "DeFeet is Made for Driven Soles." Soon cycling elites like Lance Armstrong and Greg LeMond were sporting the DeFeet brand.The company branched into running,hiking and snow gear.Their products include socks,armskins,calfskins,boxer briefs,gloves,and shirts for the serious athlete.They also have a custom department where socks,armskins,and gloves can be customized with any motif including sponsor types of logos like Michelin,Pabst Blue Ribbon,or BP.Even kids can enjoy DeFeet's high quality socks.DeFeet's products can be found in retailers across the world,in more than twenty countries,like Israel,Australia,Belgium and the United States.More than two-dozen online retailers also carry their products.
-Refer to DeFeet.If you were to define DeFeet's mission which would be most appropriate?

Accepted Answer

The mission statement should not be so broad as answer "e" as "covers" could be blankets or car covers.Yet answer a,b,and c would limit DeFeet business to socks,clothes and athletic products.From the discussion above we know that their products are made for kids,corporate sponsors,and athletes so answer D would be the best choice.

Question 16

Compass is a United Kingdom-based catering company that has developed a marketing plan designed to make it the largest caterer in China within the next two decades.As part of its marketing _____,it has already begun serving meals on trains that run between Shanghai and Beijing.

Accepted Answer

Implementation is the process that turns marketing plans into action assignments.

Question 17

All of the following are common reasons why companies fail to achieve a marketing objective EXCEPT:

Accepted Answer

Even a formalized plan can fail.

Question 18

Le Feast is a catering company that has developed a marketing plan designed to make it the largest caterer in the country within the next two decades.Which of the following will be useful to the company to evaluate how successful its efforts have been at the end of the first decade?

Accepted Answer

A market audit is a thorough,systematic,periodic evaluation of the objectives,strategies,structure,and performance of a marketing organization.

Question 19

InBev bought Anheuser Busch.How will this purchase affect InBev's marketing mix?

Accepted Answer

The purchase will directly change the company's product mix and indirectly affect its promotion,pricing,and distribution elements.

Question 20

General Motors Corporation has a goal of launching an electric vehicle soon.The car has been in test drives and they are in the process of working out any bugs that may occur.GM is in the process of working toward mass production of the vehicle.They are in what stage of the marketing plan?

Accepted Answer

GM is turning their marketing plan into action.

Quiz 2: Strategic Planning for Competitive Advantage