Question 1

Functional planning at the corporate level today requires the development of a very broad- based mission statement.

Accepted Answer

The answer of Functional planning at the corporate level today...

Question 2

Managers using the Boston Consulting Group growth- market share matrix are determining the potential of a firm's existing SBUs to generate cash needed to invest in new businesses.

Accepted Answer

The BCG matrix helps managers assess the potential of Strategic Business Units (SBUs) to generate cash, which can be used to invest in new opportunities, by categorizing them into quadrants based on market growth and market share.

Question 3

The primary purpose of the firm's code of ethics help marketers to understand the target market.

Accepted Answer

The primary purpose of a firm's code of ethics is to guide employees in making ethical decisions and maintaining integrity, not specifically to help marketers understand the target market.

Question 4

Cellular telephone companies do not need marketing planning because the market does not change much.

Accepted Answer

The cellular telephone market is dynamic, with frequent technological advancements and changing consumer preferences, necessitating continuous marketing planning.

Question 5

The product is the most fundamental part of the marketing mix.

Accepted Answer

The product is the foundation of any marketing strategy and all other elements of the marketing mix (price, promotion, and place) revolve around it. Success in marketing largely depends on developing the right product that meets the needs and wants of the target market.

Question 6

On the BCG growth- market share matrix,question marks are also referred to as problem children.

Accepted Answer

This is because question marks have a low market share in a high-growth market and require additional investment in order to increase market share and become a star. They are considered to be "problems" because their future is uncertain and they require careful consideration in terms of whether or not to invest more resources in them.

Question 7

Movie production companies also re- release movie classics to theaters to give people who enjoyed them the first time a chance to see the movie again.This would be an example of a market penetration strategy.

Accepted Answer

Market penetration involves increasing sales of existing products to the current market, which includes re-releasing movies to attract audiences who have already seen them.

Question 8

SWOT stands for strengths,willingness,opportunities,and threats.

Accepted Answer

SWOT actually stands for strengths, weaknesses, opportunities, and threats. Willingness is not part of the SWOT analysis.

Question 9

Diversification strategies emphasize both new products and new markets.

Accepted Answer

Diversification strategies involve expanding a company's business by entering into new products or new markets to reduce risk and increase profitability. Therefore, both new products and new markets are emphasized in diversification strategies.

Question 10

The sales manager of a business- to- business service company was given the firm's strategic plan and marketing plan.He was told to develop the operational plan.Compare and contrast strategic planning and operational planning process.

Accepted Answer

The answer of The sales manager of a business- to-...

Question 11

A manager's decision to run a quarter- page ad in the business section of the local newspaper to promote goodwill toward his company is an example of a step in executing the operational plan.

Accepted Answer

Running an advertisement is a specific action taken to achieve a goal outlined in an operational plan, which typically includes day-to-day activities and short-term objectives.

Question 12

For many years IBM was known as "the white shirt company" because if its unwritten rule that all employees must wear white shirts to look the part of an "IBMer." This unwritten rule would be part of IBM's corporate culture.

Accepted Answer

Corporate culture includes unwritten rules and norms that influence employee behavior and dress codes, such as IBM's tradition of wearing white shirts.

Question 13

Business planning is a process of making decisions that guide the firm in both the short and the long term.

Accepted Answer

Business planning involves setting goals, developing strategies, and making decisions that will achieve those goals. This process takes into account both short-term and long-term objectives and helps guide the firm in its operations, investments, and growth.

Question 14

Employee morale,promotion strategies,and competitors' reactions are all examples of a company's internal environment.

Accepted Answer

Employee morale and promotion strategies are part of a company's internal environment, but competitors' reactions are part of the external environment.

Question 15

Tactical planning is also referred to as functional planning.

Accepted Answer

Tactical planning is often called functional planning because it involves creating specific short-term actions and plans within various functions or departments of an organization to achieve broader strategic goals.

Question 16

Explain how business planning helps managers in the firm.

Accepted Answer

The answer of Explain how business planning helps managers in...

Question 17

A marketing plan is a document that describes the marketing environment,outlines the marketing objectives and strategies,and identifies how the strategies imbedded in the plan will be implemented and controlled.

Accepted Answer

A marketing plan typically includes an analysis of the marketing environment, sets objectives, outlines strategies, and details implementation and control measures.

Question 18

Strategic business units (SBUs)are individual units representing different areas of business within the firm that are each different enough to have their own mission,business objectives,resources,managers,and competitors.

Accepted Answer

Strategic business units (SBUs) are distinct entities within a larger corporation, each with its own strategic direction, objectives, and resources, allowing them to operate independently in their specific market or industry.

Question 19

The distribution strategy is the same as the place strategy.

Accepted Answer

The distribution strategy is often referred to as the place strategy in marketing, as it involves decisions about how and where a product is made available to consumers.

Question 20

The marketing mix is product,price,place,and promotion.

Accepted Answer

The marketing mix, also known as the 4 Ps, consists of product, price, place, and promotion, which are key factors in marketing strategy.

Quiz 2: Strategic Market Planning: Capture the Big Picture