Question 1

Which of the following is a tool for monitoring strategic marketing performance?

Accepted Answer

A marketing dashboard is specifically designed to track and monitor the performance of strategic marketing initiatives. It provides real-time data on key marketing metrics, such as sales revenue, customer acquisition and retention rates, and marketing campaign ROI. This allows marketers to make data-driven decisions and adjust their strategies accordingly. The other options listed are important components of a marketing strategy but do not provide the same level of monitoring and measurement capabilities as a marketing dashboard.

Question 2

Ensuring that the company achieves the sales,profits and other goals set out in its annual marketing plan is the purpose of ________.

Accepted Answer

Operating control involves monitoring ongoing performance and ensuring that the company achieves the sales, profits, and other goals set out in its annual marketing plan.

Question 3

Internal limitations that hinder a company's ability to achieve its objectives are known as ________.

Accepted Answer

The internal limitations that hinder a company's ability to achieve its objectives are known as weaknesses. Strengths are internal factors that enable the company to accomplish its objectives, strategies are the plans and actions taken to achieve those objectives, opportunities are external circumstances that can be advantageous to the company, and competitive pressures are external factors that put pressure on the company to compete in the market.

Question 4

The ________ organisational system's main advantage is that the company is organised around the needs of specific market segments.

Accepted Answer

The market management organisational system is designed to focus on the needs and preferences of specific market segments. This allows the company to tailor its products and services to the unique demands of each market segment, which can lead to increased customer satisfaction and market share. Other organisational systems, such as product management, focus on the development and management of specific products or services, while geographic management is based on geographic locations. Vertical management focuses on hierarchical structures, and functional management focuses on areas of specialisation within the organization.

Question 5

To be successful at marketing,companies must effectively turn marketing planning into ________.

Accepted Answer

Planning alone cannot lead to success, it is necessary to effectively implement the marketing plan for it to have a positive impact. Implementation involves putting strategies into action and monitoring their progress to ensure they are effective in achieving the desired results.

Question 6

Which of the following most accurately identifies a difference between a weakness and a threat in SWOT analysis?

Accepted Answer

A weakness is an internal issue that a company can improve upon or change, whereas a threat is an external factor that is beyond the company's control to change.

Question 7

A chain of 25 photographic portrait stores,operating nationwide,has organised its marketing organisation into different marketing activities that are headed by specialists.What type of marketing organisation is this?

Accepted Answer

The chain of photographic portrait stores has organised its marketing organisation into different marketing activities such as advertising, sales promotion, and public relations, which are headed by specialists. This is an example of a functional marketing organisation where individuals or groups are responsible for specific marketing functions within the company.

Question 8

Modern marketing departments are arranged in all of the following ways,EXCEPT which one?

Accepted Answer

The modern marketing departments are arranged in functional organisation, market management organisation, product management organisation, and geographic organisation. However, strategic management organisation is not a common way to arrange marketing departments.

Question 9

The marketing manager at a small sports retail chain has conducted a marketing analysis.He has investigated the company's internal resources and situational factors,as well as factors and trends in the competitive sports retail chain market.Which of the following has he completed?

Accepted Answer

The marketing manager has conducted a SWOT analysis, which involves analyzing the company's Strengths, Weaknesses, Opportunities, and Threats both internally and externally. This includes investigating situational factors and competitive market factors.

Question 10

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained is called ________.

Accepted Answer

Marketing control involves evaluating the performance of marketing strategies and plans and taking corrective action if necessary to ensure that objectives are met. Strategic control focuses on evaluating the organization's strategy and making changes based on environmental changes, while operating control is concerned with day-to-day operations. Developmental control is a type of feedback that helps individuals improve their skills and efficiency. Efficiency is a measure of how well resources are utilized to achieve objectives.

Question 11

Under the ________ organisational format of marketing departments,different marketing activities are headed by a specialist such as a sales manager,advertising manager,marketing research manager,or customer-service manager.

Accepted Answer

The functional organisational format is where different marketing activities are divided among specialists, such as sales managers, advertising managers, marketing research managers, or customer-service managers. This helps in creating a clear hierarchy and specialization within the department.

Question 12

The marketing control process entails the following steps in order: setting goals,________,evaluating performance and ________.

Accepted Answer

The marketing control process starts with setting goals, then measuring performance to see how well the marketing plan is achieving those goals. Based on the evaluation of performance, corrective action can be taken to improve the plan and achieve better results in the future. Therefore, the correct order is measuring performance, taking corrective action, and then following up to see if the corrective action led to improvement.

Question 13

The term,SWOT,is an acronym (i.e.a new word made from the first letter of each word in a sequence or words or a phrase)for which of the following words or phrases?

Accepted Answer

SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats, which are the four elements analyzed in a SWOT analysis. The other options do not accurately reflect the meaning of the term SWOT.

Question 14

Current or emerging external environmental or competitive factors that challenge a company's performance are known as ________.

Accepted Answer

The external environmental or competitive factors that challenge a company's performance are known as threats. These can include factors such as changes in technology, shifts in consumer preferences, increased competition, or changes in government regulations. These are typically beyond the company's control, and must be taken into account when developing business strategies. Thus, option E is the correct answer.

Question 15

________ involves looking at whether a company's basic strategies are well matched to its opportunities.

Accepted Answer

Strategic control involves evaluating a company's strategic plans and ensuring that they are well-matched to the opportunities available. Operating control, marketing control, market management organization, and distribution are all management concepts related to different aspects of a company's operations but are not specifically related to evaluating strategic alignment.

Question 16

Which of the following is NOT a step in the marketing control process?

Accepted Answer

Defining the mission is not a step in the marketing control process, whereas setting goals, measuring performance, evaluating causes of gaps between expected and actual performance, and taking corrective action are all part of the process.

Question 17

Which of the following measures the profits generated by investments in marketing activities?

Accepted Answer

Marketing ROI (Return on Investment) measures the profits generated by investments in marketing activities. It determines the cost-effectiveness of marketing campaigns and helps in evaluating the success of marketing strategies. SWOT analysis, marketing audits, executive summaries, and budgets are all important tools in marketing, but do not specifically measure the profits generated by investments in marketing activities.

Question 18

A marketing manager is constantly involved in evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained.His current work is most accurately classified as ________.

Accepted Answer

The marketing manager's current work of evaluating results and making corrections to ensure objectives are attained is an example of marketing control, which involves monitoring and adjusting marketing plans and strategies to achieve desired outcomes. Marketing planning and tactical planning involve developing specific strategies and tactics, while strategic planning focuses on long-term business goals and direction. Strategic control involves evaluating and adjusting overall strategic plans and direction.

Question 19

The goal of a SWOT analysis is to match business strengths with ________.

Accepted Answer

The goal of a SWOT analysis is to identify and match internal strengths and weaknesses with external opportunities and threats. Therefore, the best choice is A, opportunities.

Question 20

Large companies that produce many different products flowing into many different geographic and customer markets usually employ some combination of the ________,________,________ and ________ forms of department organisation.

Accepted Answer

Large companies that produce many different products flowing into many different geographic and customer markets typically use a combination of functional, geographic, product management, and market departmentalization. Functional departmentation groups individuals by the jobs they perform, while geographic departmentation focuses on the company's regional and global presence. Product management departmentation emphasizes specific goods or product categories, while market departmentation considers different customer groups. Therefore, option C is the best choice.

Quiz 2: Company and Marketing Strategy: Partnering to Build Customer Engagement, value and Relationships