Question 1

Realising Australian consumers began to perceive the prices of many national food brands as being more expensive than food prices abroad, especially in Europe and the USA.Coles and Woolworths recognised a(n) __________ for introducing their own private label brands priced significantly below the national brands.
A)marketing mix
B)market opportunity
C)need
D)requirement
E)goal

Accepted Answer

E

Question 2

Describe the process of strategic planning.How does this process help marketing managers?

Accepted Answer

no answer

Question 3

When the right combination of circumstances occurs at the right time to allow an organisation to take action towards a target market, the firm is faced with a:
A)market objective.
B)market requirement.
C)strategic market plan.
D)market opportunity.
E)corporate objective.

Accepted Answer

When the right combination of circumstances occurs at the right time to allow an organisation to take action towards a target market, it is considered a market opportunity.

Question 4

The marketing plan is:
A)a plan of all aspects of an organisation's business strategy.
B)written differently for each SBU.
C)a written document detailing activities to be performed to implement and control marketing actions.
D)designed to specify not only marketing, but all other functional areas of business activities as well.
E)updated only periodically.

Accepted Answer

A marketing plan is a written document that outlines the activities and strategies that will be implemented to achieve marketing objectives. It includes details on how the marketing mix (product, price, promotion, and place) will be used to target the desired market segment. The plan also outlines how the activities will be monitored and controlled to ensure objectives are met. It specifically focuses on the marketing activities and does not cover all other functional areas of business strategy. The plan should be updated regularly to keep up with changes in the market and business environment.

Question 5

__________ are internal factors that can influence an organisation's ability to satisfy its target markets.
A)Opportunities and threats
B)Market opportunities
C)Strengths and weaknesses
D)Activities and responsibilities
E)Organisational resources

Accepted Answer

Strengths and weaknesses are internal factors that can affect an organization's ability to meet the needs of their target market. Opportunities and threats are external factors, market opportunities are specific opportunities within the market, activities and responsibilities relate to specific tasks and duties within the organization, and organizational resources are the resources available to the organization.

Question 6

Strategic planning is the process of:
A)identifying and analysing a target market and developing a marketing mix to satisfy individuals in that market.
B)establishing an organisational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy and a marketing plan.
C)establishing an organisational mission and formulating goals, corporate strategy, corporate objectives and a corporate plan.
D)determining the means for utilising resources in the functional areas of marketing, production, finance, research and development, and human resources to reach an organisation's goals.
E)assessing marketing opportunities and resources, determining marketing objectives, defining marketing strategies and establishing guidelines for implementation and control of the marketing program.

Accepted Answer

Strategic planning involves establishing an organisational mission and formulating goals and plans, including corporate strategy, marketing objectives, marketing strategy, and a marketing plan. Option A refers only to marketing, while Option C only mentions corporate objectives and plan. Option D is a general description of resource utilization, while Option E specifically refers to marketing program implementation and control.

Question 7

How does a firm use a market opportunity to reach a particular target market?

Accepted Answer

The answer of How does a firm use a market...

Question 8

According the Boston Consulting Group's matrix, General Electric's business unit, GE Capital, became a ________ as a result of creating losses that lowered prices and stock prices during the most recent recession
A)star
B)question mark
C)cash cow
D)dog

Accepted Answer

According to Boston Consulting Group's matrix, a business unit that has a low market growth rate and a low relative market share is categorized as a "dog." As GE Capital created losses that lowered prices and stock prices during the most recent recession, it can be inferred that it has a low market growth rate and a low relative market share, and thus, it became a "dog."

Question 9

A strategic window is:
A)the right combination of circumstances and timing that permit an organisation to take action to reach a particular target market.
B)what determines the factors that are most important in making a market attractive or strong.
C)customers' requirements or desired benefits.
D)a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.
E)the process that seeks information about events and relationships in a company's outside environment.

Accepted Answer

A strategic window refers to a temporary period of opportunity during which a firm has a favorable environment to launch a new product or service, or to gain a competitive advantage by better serving the needs of the market. It occurs when there is an optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.

Question 10

In what ways does having a mission statement help an organisation achieve its goals?

Accepted Answer

The answer of In what ways does having a mission...

Question 11

Compare and contrast corporate strategy and marketing strategy.

Accepted Answer

The answer of Compare and contrast corporate strategy and marketing...

Question 12

A __________ is something that an organisation does extremely well, which may give a company an advantage over its competition.
A)benchmark
B)competitive advantage
C)core competency
D)strategic vision
E)marketing opportunity

Accepted Answer

A core competency is a unique capability that a company has developed over time, which allows it to perform its business activities more effectively than its rivals. This type of advantage is difficult for competitors to imitate, and it can form the basis for the development of new products and services. Benchmarking, strategic vision, and marketing opportunities may all be important considerations for a company, but they do not necessarily involve the development of a core competency. A competitive advantage is a broader term that can refer to any factor that allows a company to outperform its competitors, including core competencies.

Question 13

A __________ is created when a company matches its core competency to opportunities it has discovered in the marketplace.
A)market opportunity
B)market requirement
C)competitive advantage
D)strategic window
E)competitive opportunity

Accepted Answer

A competitive advantage is created when a company identifies a core competency that can be leveraged to meet an opportunity in the marketplace. This allows the company to differentiate itself from competitors and ultimately increase its success.

Question 14

To formulate a marketing strategy, one must:
A)identify and analyse a target market and develop a marketing mix to satisfy individuals in that market.
B)develop a statement of what is to be accomplished through marketing activities.
C)develop plans for implementation and control.
D)develop an adequate marketing control process.
E)determine marketing objectives.

Accepted Answer

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential steps in formulating a marketing strategy.

Question 15

Tesco, a higher-end supermarket from the United Kingdom, entered the USA market in late 2007 with its Fresh & Easy stores.A year later, a recession caused consumers to cut back on spending.The company reformulated its strategy and now seeks a(n) __________ by offering cheap options.
A)organisational opportunity advantage
B)strategic window
C)market requirement
D)market opportunity
E)competitive advantage

Accepted Answer

The answer of Tesco, a higher-end supermarket from the United...

Question 16

Define the four product categories used in the Boston Consulting Group product portfolio analysis.

Accepted Answer

The answer of Define the four product categories used in...

Question 17

Discuss the meaning of market share.

Accepted Answer

The answer of Discuss the meaning of market share....

Question 18

A competitive advantage exists when a:
A)firm matches a core competency to opportunities it has discovered in the marketplace.
B)firm does marketing better than its competitors.
C)combination of circumstances and timing allow a firm to reach an attractive target market.
D)firm observes a fit between the key requirements of a market and its own capabilities.
E)firm has a strong marketing plan.

Accepted Answer

A competitive advantage exists when a firm is able to match a core competency (i.e. a unique set of skills or resources) to opportunities it has discovered in the marketplace. This allows the firm to differentiate itself from competitors and create value for its customers. Choices B, C, D, and E are not necessarily indicative of a competitive advantage, as many firms may have strong marketing plans, good timing, or an attractive target market, but lacking a unique core competency or strategy that sets them apart from competitors.

Question 19

The strategic planning process begins with:
A)the development of an organisational mission statement.
B)the development of marketing strategy.
C)an analysis of the marketing environment.
D)an analysis of target markets.
E)the development of a marketing plan.

Accepted Answer

The answer of The strategic planning process begins with:
A)the development...

Question 20

A market opportunity results from:
A)the right combination of circumstances and timing that permit an organisation to take action to reach a particular target market.
B)monitoring a firm's capabilities.
C)an increase in market share and profits.
D)an assessment of environmental forces.
E)technological determinism.

Accepted Answer

A market opportunity is a situation where circumstances and timing permit an organization to take action to reach a particular target market. It is the identification of a gap or an unmet need in the market, and the ability of the organization to fulfill that need or meet that gap. Therefore, option A is the correct answer. Option B is incorrect because monitoring a firm's capabilities is not the same as identifying a market opportunity. Option C is incorrect because an increase in market share and profits may result from a market opportunity, but it is not the definition of a market opportunity. Option D is incorrect because an assessment of environmental forces may lead to the identification of a market opportunity, but it is not the definition of a market opportunity. Option E is incorrect because technological determinism is not the same as market opportunity.

Quiz 3: Planning, Implementing and Evaluating Marketing Strategy

Describe the process of strategic planning.How does this process help marketing managers?

When the right combination of circumstances occurs at the right time to allow an organisation to take action towards a target market, the firm is faced with a:

The marketing plan is:

__________ are internal factors that can influence an organisation's ability to satisfy its target markets.

Strategic planning is the process of:

How does a firm use a market opportunity to reach a particular target market?

According the Boston Consulting Group's matrix, General Electric's business unit, GE Capital, became a ________ as a result of creating losses that lowered prices and stock prices during the most recent recession

A strategic window is:

In what ways does having a mission statement help an organisation achieve its goals?

Compare and contrast corporate strategy and marketing strategy.

A __________ is something that an organisation does extremely well, which may give a company an advantage over its competition.

A __________ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

To formulate a marketing strategy, one must:

Tesco, a higher-end supermarket from the United Kingdom, entered the USA market in late 2007 with its Fresh & Easy stores.A year later, a recession caused consumers to cut back on spending.The company reformulated its strategy and now seeks a(n) __________ by offering cheap options.

Define the four product categories used in the Boston Consulting Group product portfolio analysis.

Discuss the meaning of market share.

A competitive advantage exists when a:

The strategic planning process begins with:

A market opportunity results from: