Question 1

The ________ is the central instrument for directing and coordinating the marketing effort.

Accepted Answer

The marketing plan is the central instrument for directing and coordinating the marketing effort. It outlines the company's overall marketing objectives, strategies, and tactics to reach its target market and achieve its business goals. The marketing plan serves as a roadmap for all marketing activities and guides decision-making throughout the organization.

Question 2

A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction, and

Accepted Answer

A clear and thoughtful mission statement helps employees understand the company's ultimate goal and their role in achieving it, which provides them with a shared sense of purpose and direction. This can lead to increased motivation and a higher level of engagement, which can ultimately lead to more opportunities for both employees and the organization as a whole. While profitability, quality products, target market feasibility, and continuous improvement are all important aspects of a company's mission, they are not the main purpose of a mission statement.

Question 3

Strategic planning calls for action in three key areas. Which of these key areas deals specifically with devising a game plan for achieving long-run objectives?

Accepted Answer

Establishing a strategy deals specifically with devising a game plan for achieving long-run objectives.

Question 4

Which of the following can be considered a primary activity in the value chain process?

Accepted Answer

Inbound logistics involves receiving, storing, and distributing inputs (raw materials, parts, supplies, etc.) needed to produce a product or service. This is a primary activity in the value chain process because it directly impacts the production process and ultimately the end product.

(Note: Procurement is also a primary activity, but it involves the process of sourcing and purchasing inputs rather than the physical handling and distribution of them, making B a better choice.)

Question 5

If you wanted to find out more about target markets and the organization's value proposition, which of the following types of plans would most likely contain information that might be useful to you in your quest?

Accepted Answer

The strategic marketing plan typically includes information about target markets and the organization's value proposition, as well as overall marketing goals and strategies. The other plans may also contain some relevant information, but are more focused on specific aspects of the marketing mix or tactics.

Question 6

Gerta Schulz is seen as a ________ planner because she plans the daily promotional releases about her company's products and services.

Accepted Answer

Gerta Schulz is responsible for planning daily promotional releases, which falls under the category of tactical planning. Tactical planning involves developing specific actions or tactics to achieve short-term goals within the overall strategic plan of an organization.

Question 7

All corporate headquarters undertake four planning activities, the first of which is

Accepted Answer

Defining the corporate mission is typically the first step in the strategic planning process for corporate headquarters. It sets the overall direction and purpose for the organization and helps guide decision-making in subsequent planning activities such as resource allocation, market analysis, and growth assessment.

Question 8

The ________ lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities.

Accepted Answer

The strategic marketing plan is the document that outlines the target markets and the value proposition that will be offered. It is based on an analysis of the best market opportunities and is a key component of a company's overall strategic plan. Choices A, C, D, and E do not accurately describe this document.

Question 9

In which of the following plans would we most likely find directions for implementing and addressing daily challenges and opportunities in product features, promotion, merchandising, pricing, sales channels, and service areas?

Accepted Answer

A tactical marketing plan is focused on the day-to-day operations and implementation of marketing strategies such as product features, promotion, merchandising, pricing, sales channels, and service areas. It provides direction for addressing challenges and opportunities in these areas on a daily basis. The other plans listed are more focused on specific stages of the product development or marketing process.

Question 10

The ________ process consists of corporate, division, business, and product planning.

Accepted Answer

The statement is referring to the planning process, which includes different levels such as corporate, division, business, and product planning. The other options, such as implementing, innovation, competitive, and controlling, are important aspects of the management process, but do not encompass the entirety of the planning process.

Question 11

Michael Porter's value chain would identify which of the following as a support activity?

Accepted Answer

Procurement is a support activity in the value chain as it relates to the acquisition of materials, supplies, and other resources needed for the production process. Shipping out final products, marketing products, and servicing products are all considered primary activities in the value chain, while operations encompass a combination of both primary and support activities.

Question 12

Which aspect of value delivery allows the company to discover who its customers are, how they behave, and what they need or want?

Accepted Answer

Customer relationship management is the aspect of value delivery that allows a company to discover who its customers are, how they behave, and what they need or want. This involves managing and analyzing customer interactions and data to improve customer satisfaction and loyalty.

Question 13

________ allows the company to discover who its customers are, how they behave, and what they need or want. It also enables the company to respond appropriately, coherently, and quickly to different customer opportunities.

Accepted Answer

Customer relationship management (CRM) is a strategy that companies use to manage interactions with current and potential customers. It allows companies to gather and analyze customer data, which can help them understand customers' behavior, preferences, and needs. By understanding customers' needs, companies can provide better customer service and tailor their marketing efforts to meet customers' needs. This results in increased customer satisfaction and loyalty, which can lead to increased sales and profitability.

Question 14

Most large companies consist of four organizational levels: the ________, the division level, the business unit level, and the product level.

Accepted Answer

The four organizational levels commonly found in large companies are the corporate level, the division level, the business unit level, and the product level. Option C, "corporate level," is the most appropriate choice as it encompasses the highest level of the organization which is responsible for overseeing and managing the entire company. The other options (A, B, D, and E) are either not accurate or do not encompass all the four levels of a large company.

Question 15

Business realignment may be necessary to maximize core competencies. Which of the following would be one of the steps in this realignment process?

Accepted Answer

Redefining the business concept, also known as the "big idea," is a crucial step in realigning a business to maximize its core competencies. By redefining the business concept, companies can refocus their efforts and resources to better align with their strengths and competitive advantages. The other options listed may also be important considerations in a business realignment, but are not necessarily key steps in the process.

Question 16

Which of the following is an example of a value-creation skill?

Accepted Answer

Identifying new customer benefits from the customer's view is an example of a value-creation skill because it focuses on delivering increased value to customers, which can lead to increased customer loyalty and profits.

Question 17

Mission statements are at their best when they are guided by a

Accepted Answer

A mission statement should be guided by a vision, which is a clear and inspiring picture of the desired future state of the organization. This helps to provide direction and purpose for the organization's goals and activities. Values, strengths, and competencies are also important factors to consider when developing a mission statement, but they are not the best choice as the guiding principle. The market can be a consideration when developing a mission statement, but it should not be the sole focus.

Question 18

While viewing businesses in terms of customer needs can suggest additional growth opportunities, a ________ tends to focus on selling a product or service to a current market.

Accepted Answer

A target market definition focuses on selling a product or service to a current market.

Question 19

Holistic marketers achieve profitable growth by expanding customer share, building customer loyalty, and

Accepted Answer

Holistic marketers focus not only on acquiring new customers but also on retaining and increasing the value of existing customers. They achieve profitable growth by capturing customer lifetime value, which is the total projected revenue that will come from a customer over the course of their relationship with the company. By gaining a better understanding of customer needs, providing exceptional customer service, and continually adding value, holistic marketers can increase customer loyalty and ultimately drive more revenue from each customer.

Question 20

What master marketer is known for building a brand in a product area where no brand name had ever existed before?

Accepted Answer

Intel is known for building a brand in the microprocessor industry, where previously no brand name had existed before. They successfully differentiated themselves from their competitors by promoting their high-quality products and focusing on the value of their brand.

Quiz 2: Developing Marketing Strategies and Plans