Question 1

What is the first step in the traditional top-down marketing plan?

Accepted Answer

The first step in the traditional top-down marketing plan is conducting a situation analysis. This involves analyzing the internal and external factors that impact the company's marketing efforts, such as the market, competition, and customer behavior. This analysis helps to identify opportunities and threats that the company can take into account when developing their marketing strategy and tactics.

Question 2

Why would a company set need-satisfying objectives?

Accepted Answer

Setting need-satisfying objectives is important because it helps a company to shift its focus from production to the target market. By understanding the needs of the target market, a company can create products and services that meet those needs, leading to higher customer satisfaction and competitive advantage.

Question 3

In 2015,Diet Mountain Dew suffered a 2.8 percent decline in sales.A(n)_____ noted that overall sales of carbonated beverages also that declined that year and allowed the advertisers to set informed marketing objectives.

Accepted Answer

A situation analysis is a comprehensive examination of the internal and external factors affecting a company's performance. In this case, the decline in sales of Diet Mountain Dew and the overall decline in carbonated beverage sales would be considered external factors that influenced the situation. A situation analysis can help the company identify opportunities and threats, set marketing objectives, and develop strategies to address the situation.

Question 4

The three steps involved in the objective/task method are defining objectives,determining strategy,and estimating cost.

Accepted Answer

The three steps involved in the objective/task method are defining objectives, determining strategy, and estimating cost.

Question 5

Mountain Dew has set a(n)_____ objective to increase its share of the market by 5 percent within the next two years.

Accepted Answer

A sales-target objective refers explicitly to increasing market share, which is what Mountain Dew aims to do. Target market objectives would relate to identifying and appealing to a specific consumer group. Need-satisfying and environmental objectives do not relate to market share, and while market tracking may inform Mountain Dew's efforts, it is not an objective in itself.

Question 6

In consumer goods marketing,increases in market share are closely related to increases in marketing budgets.

Accepted Answer

Increasing marketing budget allows for greater brand visibility and awareness among consumers, which can lead to increased market share.

Question 7

The written marketing plan must reflect the goals of top management and

Accepted Answer

The written marketing plan must align with the company's mission and capabilities in order to reflect the goals of top management. The plan should be based on the company's strengths and resources, and should support its overall mission and objectives. Option B is not necessarily true as not all stakeholders need to approve the marketing plan. Option C is not necessary for the marketing plan, as the focus should be on the company's own strengths and capabilities. Option D is not the main emphasis of a marketing plan; rather, it should focus on building long-term relationships with customers. Option E is a necessary component of the marketing plan, but it is not the best answer as it does not address the question of how the plan should reflect the goals of top management.

Question 8

The _____ for an organization assembles all the pertinent facts about the organization,the markets it serves,and its products,services,customers,and competition.

Accepted Answer

The marketing plan for an organization is a comprehensive document that contains information about the organization, its market, products/services, customers, and competition. It outlines the strategies and tactics the organization will use to achieve its marketing objectives. The other options (vision, advertising plan, marketing mix, and competitive strategy) may be components of the marketing plan, but they do not encompass all the necessary information for a complete marketing plan.

Question 9

The objective/task method of setting budgets is also known as the budget-buildup method.

Accepted Answer

The objective/task method of setting budgets is indeed known as the budget-buildup method. This method involves analyzing the specific tasks or objectives that need to be accomplished and estimating the costs associated with each of them, then adding them up to arrive at the total budget.

Question 10

_____ objectives can be categorized as either general need-satisfying objectives or specific sales-target objectives.

Accepted Answer

The given options suggest different types of business objectives, and marketing objectives are the ones that are most relevant to the given categories of general need-satisfying objectives or specific sales-target objectives. Marketing objectives can be broadly defined as the goals a company sets for its marketing efforts, such as increasing brand awareness, generating leads, or achieving specific sales targets. Within marketing objectives, there can be general need-satisfying objectives aimed at meeting customers' needs and wants or specific sales-target objectives focused on achieving specific sales goals.

Question 11

The traditional _____ method of developing a marketing plan has four main elements: situation analysis,marketing objectives,marketing strategy,and marketing tactics (or action programs).

Accepted Answer

The traditional top-down method of developing a marketing plan involves starting with a broad assessment of the company's situation and then narrowing down to specific objectives, strategies, and tactics. This approach ensures that the plan is aligned with the overall goals and vision of the company.

Question 12

Assume a bakery that wholesales gourmet pies and cakes to upscale restaurant chains has developed marketing objectives.Which of the following is the sales-target objective for the bakery to use?

Accepted Answer

The sales-target objective is a specific goal for increasing sales of a particular product or products. Option B identifies a clear target, which is a 3% increase in sales of pecan pies over the next six months. This is a concrete goal that the bakery can work towards, and it relates directly to increasing sales. Option A is also related to sales, but it is less specific than option B. Option C is a profit-target objective, not a sales-target objective. Option D is a personnel development objective, which is not directly related to sales. Option E is a marketing communications objective, which might help to increase sales indirectly but is not a sales-target objective.

Question 13

Which of the following states how a firm is going to accomplish its marketing objectives?

Accepted Answer

Marketing strategy is the plan developed by the firm to achieve its marketing objectives. It outlines how the firm will utilize its resources and capabilities to achieve its goals and gain a competitive advantage in the market. SWOT analysis, situation analysis, stakeholder analysis, and the marketing mix are all components that can help inform the development of the marketing strategy, but they do not directly state how the firm will accomplish its objectives.

Question 14

The two main components of an advertising strategy are the segmentation strategy and the message strategy.

Accepted Answer

The answer of The two main components of an advertising...

Question 15

Harry & David is a catalog retailer that specializes in fruit gifts,but it does not see itself as just a merchant of fruit.By setting _____ objectives,the retailer views itself as a gift provider and acts accordingly.

Accepted Answer

By setting need-satisfying objectives, Harry & David views itself as fulfilling customers' desire for gifts rather than just selling fruit. This allows them to act accordingly and offer a wider selection of gift options.

Question 16

_____ objectives can be stated in terms of profit,return on investment,net worth,growth,or corporate reputation.

Accepted Answer

Corporate objectives relate to the overall goals of the organization and can be expressed in terms of financial measures such as profit, return on investment, net worth, growth, and also by non-financial measures such as corporate reputation. Environmental objectives relate to goals related to the environment, functional objectives relate to specific departments or functions within the organization, operational objectives relate to the day-to-day activities of the organization, and entrepreneurial objectives relate to goals related to innovation and creativity.

Question 17

In order to create a new marketing plan for Mountain Dew,the company has completed a detailed SWOT analysis to assess the current strengths,weaknesses,opportunities,and threats to the brand.The next step in creating a marketing plan will be to

Accepted Answer

The next step after conducting a SWOT analysis is to determine specific marketing objectives. This will help the company to identify clear and measurable goals that align with its overall business objectives. Once the specific objectives have been established, the company can then move forward with designing marketing tactics, establishing advertising strategies, and deciding on the best advertising media to reach its target markets. Therefore, the best choice is E - determine specific marketing objectives.

Question 18

Baxter International is the world's largest manufacturer of IV solutions in flexible containers.Which of the following would most likely reveal relevant facts about the firm's history,growth,and market share?

Accepted Answer

A situation analysis would provide a comprehensive overview of Baxter International's history, growth, and market share by examining the internal and external factors affecting the company.

Question 19

Pyramid Breweries Co.has stated that partnering with committed wholesalers capable of delivering first class customer service is an important _____ objective for the company if the microbrewery is to maintain its reputation for customer satisfaction.

Accepted Answer

The statement specifically refers to the company's objective, which aligns with the corporate level of strategy. The other options, such as entrepreneurial, advertising, logistical, and stakeholder, are not directly related to the idea of maintaining the company's reputation for customer service.

Question 20

Small firms with limited capital typically budget using an all-available-funds method.

Accepted Answer

Small firms with limited capital often lack the resources to use more complex budgeting methods, and so they may allocate all their available funds to cover expenses and investments. This approach is also known as zero-based budgeting, in which each budget cycle starts from scratch and funds are allocated based on priorities and needs.

Quiz 7: Marketing,Advertising,and Imc Planning