Question 1

The most common form of marketing organization is the ________ organization. Under this organization, an operational specialist heads different marketing activities.

Accepted Answer

The most common form of marketing organization is the functional organization. In a functional organization, different marketing activities such as advertising, sales promotion, pricing, and distribution are each headed by an operational specialist. This type of organization is commonly used by large companies to achieve maximum efficiency in their marketing operations. Each department focuses on a specific function of marketing, allowing for specialization and expertise. The functional organization is also more cost-effective because resources are shared across different product lines or geographic areas.

Question 2

A SWOT analysis allows a marketer to evaluate the company's overall strengths, weaknesses, opportunities and threats.

Accepted Answer

A SWOT analysis is a strategic planning tool used by marketers to evaluate the internal and external factors that affect a company's performance. The acronym SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, which are used to identify and analyze the key factors that can impact a company's performance. By conducting a SWOT analysis, marketers can gain a better understanding of their company's current situation and develop effective marketing strategies that leverage their strengths, minimize their weaknesses, take advantage of opportunities, and mitigate potential threats.

Question 3

Ravenshaw Corp. assigns its sales and marketing people to specific countries, regions, and districts. Ravenshaw Corp. is most likely an example of a ________.

Accepted Answer

Ravenshaw Corp.'s approach of assigning its sales and marketing staff to specific countries, regions, and districts indicates that it is organized geographically. In a geographic organization, companies are structured according to specific regions, territories, or locations, and employees are assigned to those areas. This type of organization is particularly useful for companies that operate in multiple regions or countries and require a localized approach to sales and marketing. By structuring the organization geographically, companies can better understand and respond to local market conditions and customer needs.

Question 4

Which of the following is a major advantage of the market organization?

Accepted Answer

One of the major advantages of the market organization is that the company is organized around the needs of specific customer segments. This means that the company focuses on understanding the needs and preferences of its target customers and tailors its products, services, and marketing efforts to meet those needs. This customer-centric approach can help the company build stronger relationships with its customers, increase customer loyalty, and ultimately drive higher sales and profits. In contrast, options B, C, D, and E do not necessarily represent major advantages of the market organization, as they are not directly related to customer-centricity or market focus.

Question 5

Many managers think that "doing things right," or ________, is as important as, or even more important than, "doing the right things."

Accepted Answer

Many managers believe that implementing tasks and completing them efficiently is as important, if not more important, than having a solid strategy or plan in place. While having a good strategy or plan is crucial to achieving success, if it is not executed properly, it will not lead to the desired outcome. Implementation is the process of carrying out the plan, and it involves making sure that the necessary resources are in place, that everyone is aware of their responsibilities, and that there is a system in place to monitor progress and make any necessary adjustments. Effective implementation is critical to achieving goals, and it requires both attention to detail and the ability to adapt to changing circumstances.

Question 6

Marketing control involves four steps including all the following EXCEPT ________.

Accepted Answer

Increasing the staffing in the planning department is not a step in the marketing control process. The process involves setting goals, measuring performance, evaluating differences, and taking corrective actions.

Question 7

________ refer(s) to meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance.

Accepted Answer

Marketing dashboards are a collection of marketing performance metrics displayed in a single interface for easy monitoring of marketing activities and outcomes. The metrics typically include data related to sales, customer engagement, brand awareness, and other key performance indicators (KPIs). By monitoring these metrics in real-time or on a regular basis, marketers can quickly identify trends and patterns, assess performance against goals, and make data-driven decisions to improve marketing outcomes. Field automation systems are software tools used to automate sales and marketing activities, while market segments refer to groups of customers with similar needs and characteristics. Market share refers to a company's percentage of total sales within a particular market, and line extensions refer to new product offerings within an existing product line.

Question 8

________ measures the profits generated by investments in marketing activities.

Accepted Answer

Return on marketing investment measures the profits generated by investments in marketing activities by comparing the revenue generated to the cost of marketing efforts.

Question 9

The main section of the marketing plan most likely presents a detailed ________ analysis of the current marketing situation.

Accepted Answer

The main section of a marketing plan typically includes a detailed analysis of the current marketing situation, which includes an evaluation of the company's strengths, weaknesses, opportunities, and threats (SWOT analysis). This analysis helps marketers to identify key areas where the company can improve and areas where the company can capitalize on opportunities in the market.
Breakeven analysis is a financial analysis tool used to determine the minimum amount of sales needed to cover all of a company's expenses. SBU analysis (Strategic Business Unit analysis) is a tool used to analyze business units within a company to determine how well each unit is performing. Regression analysis is a statistical technique used to determine the relationship between two or more variables. Cluster analysis is a statistical technique used to group similar objects or data points together.
While each of these analysis tools may be useful in various aspects of marketing, they are not typically used as the primary method for evaluating the current marketing situation in a marketing plan.

Question 10

Benchmarking refers to the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.

Accepted Answer

Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other industries, not the implementation of marketing plans.

Question 11

________ refers to measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.

Accepted Answer

Marketing control refers to the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved. This involves setting performance standards, comparing actual performance against those standards, and taking corrective action when necessary to ensure that the desired objectives are met. Marketing control helps organizations to monitor and adjust their marketing efforts to ensure that they are on track to meet their goals and objectives. By implementing marketing control, organizations can identify problems and take corrective action before it's too late, which can help them to avoid costly mistakes and improve the overall effectiveness of their marketing efforts.

Question 12

A marketing plan begins with a(n) ________, which presents a brief summary of the main goals and recommendations of the plan for management review.

Accepted Answer

An executive summary is a brief overview of the main goals, strategies, and recommendations of a marketing plan. It is usually written after the rest of the plan has been completed and is intended to provide management with a concise summary of the plan's key points. The executive summary should include the marketing objectives, target market, positioning strategy, budget, and action plans. It is essential to capture the reader's attention and provide a clear understanding of what the marketing plan is about. It helps management quickly assess the plan and determine whether to proceed with implementation. An executive summary is a concise overview of the main goals and recommendations of a marketing plan, usually presented at the beginning of the plan. It provides management with a quick snapshot of the plan's key points, enabling them to make informed decisions about whether to support the plan or not. The other options - budget, opportunity analysis, threat analysis, and action program - are all components of a marketing plan, but they do not necessarily come first or provide a summary of the plan's main points. An executive summary is a brief overview of the main goals and recommendations of a marketing plan. It is typically the first section of the plan and serves as a snapshot for management to quickly understand the plan's contents. The executive summary is intended to provide a concise and high-level view of the plan, outlining the key objectives, strategies, and expected outcomes. It can help decision-makers quickly assess whether the plan aligns with the organization's overall goals and if it is worth investing more time and resources into reviewing the full plan. An executive summary is a brief overview of a marketing plan that highlights the main goals and recommendations of the plan. It provides a condensed version of the plan's key points and is designed to give management a quick understanding of the plan's objectives, strategies, and expected outcomes. The executive summary is typically placed at the beginning of the plan and serves as an introduction to the rest of the document. Budget, opportunity analysis, threat analysis, and action program are important components of a marketing plan, but they are not the best choice to begin the plan with as they require further elaboration and details that come later in the plan.

Question 13

________ involves looking at whether a company's key action plans are well-matched to its opportunities.

Accepted Answer

Strategic control is a process that evaluates a company's overall direction and whether its strategies are well-suited to the opportunities in the external environment. It involves monitoring whether a company's key action plans are aligned with its goals, objectives, and opportunities in the marketplace. Strategic control is crucial for ensuring that a company stays on track and adapts to changes in its environment, such as shifting customer preferences, new competitors, or emerging technologies. Therefore, it is the best fit among the given options for evaluating the alignment between a company's action plans and opportunities.

Question 14

The four marketing management functions are analysis, planning, implementation, and control.

Accepted Answer

The four marketing management functions are analysis, planning, implementation, and control. Analysis involves gathering and analyzing information about the market, competitors, and consumers. Planning involves setting marketing goals and developing a marketing strategy to achieve those goals. Implementation involves executing the marketing plan by developing marketing tactics such as advertising, sales promotions, and public relations. Control involves monitoring and evaluating the effectiveness of the marketing plan and making adjustments as needed. These four functions are commonly referred to as the marketing management process.

Question 15

Emerson Studios has designed its marketing organization along the lines of a ________ organization in which operational specialists head different marketing activities.

Accepted Answer

Emerson Studios has designed its marketing organization along the lines of a functional organization in which operational specialists head different marketing activities. In a functional organization, employees are grouped by their specialized function, such as marketing, finance, or human resources. This structure enables each specialist to develop deep expertise in their area and facilitates communication and coordination within the department. In Emerson Studios' case, each operational specialist would be responsible for managing a specific marketing function, such as advertising, public relations, or market research. This structure allows the company to achieve efficiency in its marketing activities by having specialists who are focused on specific areas of expertise.

Question 16

All of the following steps pertain to the marketing control process EXCEPT ________.

Accepted Answer

Defining the company's mission is part of strategic planning, not the marketing control process.

Question 17

Which of the following is true with regard to geographic organization?

Accepted Answer

Geographic organization allows salespeople to cover specific regions, minimizing travel time and costs, thus increasing efficiency.

Question 18

Berman Electronics, a chain of appliance stores in North America, caters to a wide range of customers. It has a marketing organization in which different operational specialists head different marketing activities. Berman Electronics is a(n) ________.

Accepted Answer

Berman Electronics has organized itself into functional departments, with each department focused on a specific marketing activity. This allows the organization to have dedicated resources for each aspect of its marketing strategy, including advertising, promotions, and market research. This approach is known as a functional organization, which is a type of organizational structure that groups individuals by their specific functional roles and responsibilities within the organization. This approach can be highly effective in large organizations that require specialized expertise in different areas.

Question 19

More and more, companies are shifting their brand management focus from brand profitability toward ________.

Accepted Answer

In recent years, there has been a significant shift in brand management focus from just brand profitability towards customer management. Customer management refers to the strategic approach that businesses use to manage their interactions with customers, which helps in building long-term relationships and brand loyalty.
Companies are increasingly realizing that building a strong relationship with customers is critical to the success of their brand in the long run. This has resulted in a shift towards customer-centric marketing strategies that focus on delivering personalized experiences and engaging customers at every touchpoint. By putting the customer at the center of their brand management efforts, companies can create a loyal customer base that will drive long-term profitability.
While technology management and product management are also important aspects of brand management, they are not the primary focus of the shift seen in recent years. Technology management is more concerned with the use of technology to improve business processes and operations, while product management is focused on developing and launching new products. While these areas are critical to brand success, they are not the primary drivers of the shift in brand management focus.
Functional management and geographic management are also important aspects of brand management, but they do not represent a significant shift in focus from brand profitability. Functional management involves managing various departments within a company, such as finance, human resources, and operations. Geographic management, on the other hand, involves managing a company's operations in different regions and countries.
In summary, the best choice for the shift in brand management focus is C) customer management because it represents the most significant shift in recent years, as companies realize the importance of building long-term relationships with customers for brand success.

Question 20

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

Accepted Answer

Operating control refers to the process of monitoring day-to-day activities to ensure that they are consistent with the company's goals and objectives. It involves measuring actual performance against planned performance and taking corrective action if necessary to keep the company on track. In the context of the question, the purpose of operating control is to ensure that the company achieves the sales, profits, and other goals set out in its annual marketing plan. Benchmarking involves comparing a company's performance with that of its competitors or industry peers, strategic control involves monitoring and adjusting the overall strategic direction of the company, SWOT analysis is a tool used to assess a company's strengths, weaknesses, opportunities, and threats, and a marketing audit involves a comprehensive evaluation of a company's marketing activities and performance. While these other options may be useful in achieving marketing goals, they are not specifically focused on ensuring that a company achieves the sales, profits, and other goals set out in its annual marketing plan, as operating control is.

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