Question 1

Discuss the different ways of organizing the marketing unit.

Accepted Answer

Answer not provided.

Question 2

To formulate a marketing strategy, one must
A)identify and analyze 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

To formulate a marketing strategy, one must identify and analyze the target market, which involves understanding customers' needs and preferences. Once the target market is identified, the marketer needs to develop a marketing mix, which includes product, price, promotion, and distribution strategies, to satisfy individuals in that market. This requires a deep understanding of the target market and aligning marketing activities to meet their needs. Developing marketing objectives, a statement of what is to be accomplished through marketing activities, is important but not sufficient on its own. Additionally, developing plans for implementation and control and an adequate marketing control process are important steps to ensure that the marketing strategy is executed effectively and that marketing goals are met. However, the first step in the process of formulating a marketing strategy is to identify and analyze the target market and develop a marketing mix to satisfy individuals in that market.

Question 3

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

Accepted Answer

Answer not provided.

Question 4

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

Accepted Answer

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

Question 5

CyberCycle Inc., is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the
A)profit plan.
B)marketing program.
C)strategic market program.
D)strategic business plan.
E)marketing plan.

Accepted Answer

The written document specifying the activities to be performed to implement and control marketing activities is called a marketing plan. Option A, profit plan, is more focused on financial goals rather than marketing activities. Option B, marketing program, is too broad and could refer to various marketing efforts, while option C, strategic market program, and option D, strategic business plan, are too general and do not necessarily refer to marketing specific activities.

Question 6

Describe the two major components of marketing strategy. What should marketing managers consider when developing marketing strategy?

Accepted Answer

The answer of Describe the two major components of marketing...

Question 7

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?
A)Establishing marketing objectives
B)Coordinating marketing activities
C)Organizing marketing functions
D)Developing a marketing strategy
E)Planning marketing activities

Accepted Answer

Developing a marketing strategy involves identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market. This is a crucial step in creating a plan to achieve marketing objectives and coordinating marketing activities. Organizing marketing functions and planning marketing activities come after a marketing strategy has been developed.

Question 8

Discuss how a firm's orientation is related to the development of its strategic plan.

Accepted Answer

The answer of Discuss how a firm's orientation is related...

Question 9

Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a
A)corporate strategy.
B)target design.
C)mix strategy.
D)marketing strategy.
E)marketing tactic.

Accepted Answer

Safeway's approach of identifying and analyzing a target market and developing a marketing mix to satisfy that market is indicative of a marketing strategy.

Question 10

Define the four product categories used in the Boston Consulting Group (BCG) product-portfolio analysis.

Accepted Answer

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

Question 11

Compare and contrast corporate strategy and marketing strategy.

Accepted Answer

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

Question 12

Discuss the creation of a marketing plan. What are the major components of a marketing plan?

Accepted Answer

The answer of Discuss the creation of a marketing plan....

Question 13

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

Accepted Answer

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

Question 14

Strategic planning is the process of ____________________.

Accepted Answer

The answer of Strategic planning is the process of ____________________....

Question 15

Managers at the Longshore Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called
A)marketing planning.
B)strategic planning.
C)marketing strategy.
D)corporate strategy.
E)strategic business planning.

Accepted Answer

The process described involves not just marketing planning, but also the development of broader corporate strategy. This process is typically known as strategic planning, making choice B the best answer. The other choices are either too narrow in focus (A, C) or not specific enough (D, E).

Question 16

The marketing plan is
A)a plan of all aspects of an organization'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 specific actions to be taken to promote and sell a product or service. It includes details such as target market, marketing mix, budget, timelines, and performance metrics. The plan serves as a roadmap for the marketing team to follow, helping them stay focused and aligned with broader business objectives. It is typically updated regularly to reflect changing market conditions and evolving business goals.

Question 17

When managers at Logistics Pro are developing their strategic plan, they use a market orientation as a guide to ensure that ____ is an integral part of the process.
A)customer satisfaction
B)employee satisfaction
C)the best use of their marketing resources
D)the marketing mix
E)the marketing function

Accepted Answer

A market orientation focuses on understanding and meeting the needs and wants of customers. Therefore, customer satisfaction is an integral part of the strategic planning process.

Question 18

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 19

Explain the different types of growth strategies that can be used by a strategic business unit.

Accepted Answer

The answer of Explain the different types of growth strategies...

Question 20

Apple has made a success from anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition.
A)benchmark
B)sustainable competitive advantage
C)core competency
D)strategic vision
E)marketing opportunity

Accepted Answer

A core competency is a unique strength or ability that a company provides which gives it a competitive advantage over its competitors. In this case, Apple's ability to anticipate consumer wants and needs, and deliver them in a way that is convenient and easy to use, is a core competency which has contributed to the company's success.

Quiz 2: Planning Implementing and Evaluating Marketing Strategies

Discuss the different ways of organizing the marketing unit.

To formulate a marketing strategy, one must

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

The strategic planning process begins with

CyberCycle Inc., is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the

Describe the two major components of marketing strategy. What should marketing managers consider when developing marketing strategy?

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?

Discuss how a firm's orientation is related to the development of its strategic plan.

Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a