Question 1

The final step of marketing planning is _____.

Accepted Answer

Developing the market mix is the final step of marketing planning, where the marketing team puts together the product, price, promotion, and place elements to create an effective marketing strategy. The other options (selecting the target market, establishing objectives based on organizational mission, and determining performance objectives for individual members of the marketing team) are important steps in the marketing planning process but are not the final step.

Question 2

Which of the following statements best describes the role of marketing executives in the strategic planning process?

Accepted Answer

Marketing executives need to be aware of the strategic planning process and its results to align marketing strategies with the overall business objectives.

Question 3

What is indicated by the cross-functional perspective in strategic planning?

Accepted Answer

The cross-functional perspective in strategic planning indicates that all functional area plans should be derived from the strategic plan while at the same time contributing to its achievement. This means that objectives and strategies should be aligned across all departments and levels of the organization, ensuring that everyone is working towards the same goals. It also means that the strategic plan should take into account the perspectives and expertise of different functional areas, leading to a more comprehensive and effective strategy.

Question 4

The first step in controlling an implemented marketing plan is:

Accepted Answer

The first step in controlling an implemented marketing plan is to measure the results of the marketing plan. This allows for an evaluation of the effectiveness of the plan and provides a basis for making informed decisions about how to proceed with future marketing efforts. Only after measuring the results can one decide whether the marketing plan is achieving the objectives and if any adjustments need to be made. Comparing the results and formulating a new plan are subsequent steps in the process.

Question 5

The _____ involves a set of controllable variables that must be managed to satisfy the target market and achieve organizational objectives.

Accepted Answer

The marketing mix is a set of controllable variables that a business can use to satisfy the target market and achieve organizational objectives. It consists of the 4 Ps: product, price, promotion, and place. The other options, such as demographic profile, mission statement, and organizational history, provide context for the business but do not directly involve managing controllable variables.

Question 6

Once the marketing objectives have been established during marketing planning, the next step is the _____.

Accepted Answer

After establishing marketing objectives, the next step is to select the target market to focus marketing efforts effectively.

Question 7

Which of the following is the greatest advantage of strategic planning with a cross-functional team?

Accepted Answer

Strategic planning with a cross-functional team allows members from different functional areas to bring their unique perspectives and expertise to the planning process. This can lead to a more comprehensive and well-rounded strategic plan that takes into account various viewpoints and potential challenges.

Question 8

The final step in controlling an implemented marketing plan is:

Accepted Answer

The answer of The final step in controlling an implemented...

Question 9

The strategic plan at Steve Walden Inc. helps in the creation of functional area plans for the production, human resource, finance, and technology functions. This best demonstrates the process of:

Accepted Answer

The given scenario illustrates cross-functional strategic planning, which is the process of involving multiple departments or functional areas in the creation and implementation of a strategic plan. This approach ensures alignment and coordination among different functions to achieve the organization's overall goals and vision. While market diversification and product-related diversification are strategic options for expanding into new markets or product lines, they do not directly relate to the given scenario. Marketing planning is a narrower concept that focuses on developing marketing strategies and tactics rather than an overarching strategic plan that encompasses various functions. Therefore, the best choice is C.

Question 10

Employees from different departments such as marketing, production, finance, and human resources are brought together to form a team responsible for creating a strategic plan to serve customers. This is an example of a _____.

Accepted Answer

The team is comprised of employees from different functions or departments, hence making it a cross-functional team.

Question 11

Which of the following statements is true of strategic planning in well-managed institutions?

Accepted Answer

Marketing executives are involved in the strategic planning process as they provide valuable inputs that help shape the organization's overall strategy. Strategic planning involves a collaborative effort between top management and functional areas, including marketing, to develop a comprehensive plan that aligns with the organization's goals and objectives. Planning done in the functional areas should be integrated with the strategic plan to ensure consistency and cohesiveness in the overall planning process. Therefore, option D is the correct answer.

Question 12

A cross-functional team responsible for the creation of its company's marketing plan had to make adjustments to the marketing plan since the plan failed to meet the determined objectives. This implies that the cross-functional team is:

Accepted Answer

The fact that the cross-functional team had to make adjustments implies that they are controlling the marketing plan, or at least overseeing its implementation and making necessary changes to ensure it meets the desired objectives. They are not redefining the organizational mission, altering the organizational portfolio plan, or necessarily implementing the plan (as it has already been created).

Question 13

Which of the following is the first step in marketing planning?

Accepted Answer

The answer of Which of the following is the first...

Quiz 1: Strategic Planning and the Marketing Management Process