Question 1

The most frequently cited shortcomings of current marketing plans, according to marketing executives, are lack of realism, insufficient competitive analysis, and a ________ focus.
A) long-term
B) profit
C) short-run
D) product
E) price

Accepted Answer

The question implies that marketing executives have identified specific shortcomings in current marketing plans. The first two shortcomings mentioned are lack of realism and insufficient competitive analysis. The missing third shortcoming is likely to be related to the time frame of the marketing plan, as both the first and second shortcomings focus on analysis of the present/future. Option C, short-run focus, is the best choice as it represents a temporal shortcoming that is complementary to the other two. Options A, B, D, and E do not directly address the issue of time frame and therefore are less likely to be the answer.

Question 2

Explain how companies achieve leadership by forming strategic alliances.

Accepted Answer

The answer of Explain how companies achieve leadership by forming...

Question 3

Describe a marketing plan.

Accepted Answer

The answer of Describe a marketing plan....

Question 4

Pegasus writes about its target market and demographics in the ________ section of its marketing plan.
A) Executive summary
B) Implementation
C) Situation analysis
D) Strategy
E) Tactics

Accepted Answer

The situation analysis section of a marketing plan typically includes information on the target market and demographics, as well as other relevant market research and analysis.

Question 5

The marketing strategy section of the marketing plan spells out goals and budgets for each month or quarter so the management can review each period's results and take corrective action as needed.

Accepted Answer

The answer of The marketing strategy section of the marketing...

Question 6

During the planning process, if there is a gap between future desired sales and projected sales, corporate management will need to develop or acquire new businesses to fill it. Identify and describe the three strategies that can be used to fill the strategic gap.

Accepted Answer

The answer of During the planning process, if there is...

Question 7

The ________ is the last section of the marketing plan. It spells out the goals and budget for each month or quarter so management can review each period's results and take action as needed.
A) executive summary
B) situation analysis
C) marketing strategy
D) financial projections
E) implementation controls

Accepted Answer

The section being described is implementation controls, which outlines the specific goals and budget for each time period in order to monitor and adjust the marketing plan accordingly. The other options listed are all important components of a marketing plan, but do not specifically fit the description provided.

Question 8

Michael Porter draws a firm distinction between operational effectiveness and a strategy. Briefly describe this distinction, and identify when a company can claim that it has a strategy.

Accepted Answer

The answer of Michael Porter draws a firm distinction between...

Question 9

Good mission statements are essential to being a success in business. Describe the major characteristics that good mission statements should have.

Accepted Answer

The answer of Good mission statements are essential to being...

Question 10

Which of the following elements of a marketing plan outlines the marketing activities such as pricing, channels, and communications?
A) the situation analysis
B) the marketing strategy
C) the marketing tactics
D) the financial projections
E) the short-term targets

Accepted Answer

The marketing tactics outline the specific marketing activities that will be implemented, such as pricing strategies, distribution channels, and communication tactics. The situation analysis provides an overview of the current market conditions and the marketing strategy outlines the overall approach and market positioning. The financial projections and short-term targets are separate components of the marketing plan that focus on financial goals and objectives.

Question 11

Most marketing plans conclude with a section that indicates how the plan will be implemented.

Accepted Answer

The implementation section is a crucial part of any marketing plan as it outlines the actions that will be taken to achieve the objectives and goals set out in the plan. This section describes the specific tactics, channels, and resources that will be used to execute the plan and achieve the desired outcomes.

Question 12

For an MBO (management by objectives) system to work, one of the four criteria that the unit's objectives must meet is that objectives must be stated quantitatively whenever possible.

Accepted Answer

One of the criteria for objectives in an MBO system is that they must be stated quantitatively whenever possible, meaning they should be measurable and specific. This helps to ensure clarity and accountability in goal-setting and performance evaluation.

Question 13

Good marketing is the art of finding, developing, and profiting from marketing opportunities. What are the three primary methods for uncovering possible product or service improvements?

Accepted Answer

The answer of Good marketing is the art of finding,...

Question 14

Once a SWOT analysis has been completed, the strategic planner is ready to proceed to the goal formulation stage of the strategic-planning process model.

Accepted Answer

After completing a SWOT analysis, goal formulation is the next step in the strategic-planning process model.

Question 15

An environmental threat is a challenge posed by an unfavorable trend or development that, in the absence of defensive marketing action, would lead to lower sales or profit.

Accepted Answer

This definition accurately describes an environmental threat as a potential obstacle to sales or profit that requires action to mitigate.

Question 16

In a marketing plan, the financial projections include a sales forecast, expense forecast, and ________.
A) situation analysis
B) list of tactics
C) communications strategy
D) break-even analysis
E) implementation controls

Accepted Answer

The financial projections in a marketing plan typically include a sales forecast, expense forecast, and break-even analysis which projects the point at which the company will start to make a profit.

Question 17

Explain what happens in a SWOT analysis during the strategic planning process.

Accepted Answer

The answer of Explain what happens in a SWOT analysis...

Question 18

From its origins as an animated film producer, Walt Disney Company has moved into licensing characters for merchandised goods and developed theme parks and vacation and resort properties. What strategy best describes Disney's growth?

Accepted Answer

The answer of From its origins as an animated film...

Question 19

Definitions of a firm's mission as well as its marketing and financial objectives are included in the marketing strategy section of the marketing plan.

Accepted Answer

The marketing strategy section of a marketing plan includes definitions of a firm's mission as well as its marketing and financial objectives.

Question 20

A written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives is called a vision statement.

Accepted Answer

A written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives is actually called a marketing plan. A vision statement is a brief statement that outlines the long-term goals and aspirations of the company.

Quiz 2: Developing and Implementing Marketing Strategies and Plans

The most frequently cited shortcomings of current marketing plans, according to marketing executives, are lack of realism, insufficient competitive analysis, and a ________ focus.