Question 1

Marketing strategy refers to

Accepted Answer

Marketing strategy refers to the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it. It outlines the specific actions and tactics that a company will utilize to promote its product or service and achieve its marketing objectives. It is a high-level plan that guides the overall marketing activities of a company.

Question 2

FIGURE 2-9 
-The question mark in Figure 2-9 above represents

Accepted Answer

The answer of FIGURE 2-9 
-The question mark in Figure...

Question 3

The two major aspects of the evaluation phase of the strategic marketing process are

Accepted Answer

The two major aspects of the evaluation phase of the strategic marketing process are identifying deviations from goals and acting on them. This involves analyzing the results achieved against the goals and objectives set in the planning phase, identifying any deviations or discrepancies, and taking appropriate actions to correct them. This can include making changes to the marketing mix, adjusting the budget, or modifying the target market or product positioning, among other strategies. The other choices listed are important components of the strategic marketing process, but do not specifically pertain to the evaluation phase.

Question 4

Which of the following statements reflects both of the key elements in developing a marketing strategy for L.M.Schofield, Inc., a company that produces specialized concrete surfaces for heavily trafficked areas such as retail outlets and amusement parks?

Accepted Answer

The statement reflects both key elements of developing a marketing strategy for L.M.Schofield, Inc. by communicating the unique value proposition of specialized concrete surfaces for heavily trafficked areas directly to contractors through direct mail.

Question 5

The difference between the projection of the path to reach a new goal and the projection of the path of the results of a plan already in place is referred to as

Accepted Answer

The difference between the planned path to reach a goal and the actual path or results is called the planning gap. This differs from the concepts of contribution margin, marginal space, breakeven point, and differential location, which are not related to planning and goal achievement in the same way.

Question 6

As the CEO of the company the sales revenues of which are shown in Figure 2-9 above, you are most likely

Accepted Answer

The sales revenues have been declining since 2003, so the CEO should be worried and should devise a new plan.

Question 7

A marketing strategy is the means by which a marketing goal is to be achieved.Two factors that usually characterize a marketing strategy are

Accepted Answer

A marketing strategy typically involves identifying a specific target market and developing a marketing program to reach that market. It focuses on the overall approach and direction for achieving marketing goals and may include elements such as market research, product development, pricing, distribution, and promotion. Therefore, the best choice is D - a specified target market and a marketing program to reach it.

Question 8

The phase of the strategic marketing process when a firm obtains resources, designs the marketing organization, develops schedules, and actually executes the marketing program occurs during the

Accepted Answer

The implementation phase of the strategic marketing process involves obtaining resources, designing the marketing organization, developing schedules, and actually executing the marketing program. This phase is focused on turning plans into action and bringing the marketing strategy to life.

Question 9

The detailed day-to-day operational decisions essential to the overall success of marketing strategies are referred to as _________.

Accepted Answer

Marketing tactics are the specific actions and decisions made by a company or marketing team to execute their overall marketing strategies. These decisions may include pricing, advertising, sales promotions, and other day-to-day operational activities that contribute to the success of the marketing plan. Marketing plans are broader in scope and may include information on target markets, marketing mix, and overall goals and objectives. Marketing programs and campaigns typically refer to larger initiatives and may encompass multiple marketing tactics. Marketing procedures may refer to internal guidelines or standard operating procedures for marketing activities.

Question 10

Based on the information in Figure 2-9 above, between 2003 and 2012 the planning gap

Accepted Answer

The graph shows that the projected demand (represented by the black line) is consistently above the planned supply (represented by the blue line) between 2003 and 2012, indicating a widening planning gap.

Question 11

The term marketing strategy is used to address both the __________ and _________.

Accepted Answer

Marketing strategy encompasses both the identification of the target market and the marketing program designed to reach that market. The other options listed do not fully capture the breadth of what marketing strategy entails.

Question 12

Evergreen Air Center is the world's largest parking lot for unwanted commercial aircraft.Airlines pay from $750 to $5,000 monthly for the storage services provided by Evergreen.Prior to September 2001, the company had 140 discarded airplanes at its Arizona facilities and was growing at a rate of about six planes monthly with about two a month sold for parts and/or scrap metal.After calamity struck the airline industry in September 2001, the airlines have retired over a thousand planes-many of which found their way to Evergreen.Now the actual number of planes stored at Evergreen differs significantly from the prediction based on previous behavior.This difference is referred to as

Accepted Answer

The difference between the actual number of planes stored at Evergreen Air Center and the predicted number based on previous behavior is referred to as the planning gap.

Question 13

David and Cecilia Stanford, owners of Prairie Herb vinegars, decided to offer the product in 5-ounce and 13-ounce sizes as well as in a 16-ounce European glass bottle.They decided to sell the vinegar only through the mail and to price the smaller bottles at $4.45 and the largest bottles at $13.25.They were determining Prairie Herb's marketing

Accepted Answer

Tactics refer to the specific actions or steps taken to achieve a particular goal, such as pricing and distribution decisions in marketing.

Question 14

After examining a planning gap, firms typically attempt to

Accepted Answer

After identifying a planning gap, firms typically attempt to exploit a positive deviation (an unexpected success or opportunity) and correct a negative deviation (an unexpected problem or threat). This involves developing strategies to capitalize on strengths and opportunities while addressing weaknesses and threats. This approach is often referred to as a gap analysis or corrective action planning. Options A, B, C, and E are less relevant to the process of addressing planning gaps.

Question 15

A marketing __________ is defined as the means by which a marketing goal is to be achieved.It is characterized by a specified target market and the marketing program to reach it.

Accepted Answer

A marketing strategy is the means by which a marketing goal is to be achieved, characterized by a specified target market and the marketing program to reach it.

Question 16

Planning gap refers to

Accepted Answer

Planning gap refers to the difference between the projected path to reach a new goal and the projection of the path of the results of a plan already in place. This means that there is a gap between the intended plan and what is actually happening in reality. The other options do not accurately describe the concept of planning gap.

Question 17

Marketing tactics refer to

Accepted Answer

Marketing tactics refer to the detailed day-to-day operational decisions that are essential to the overall success of marketing strategies. These decisions include specific actions that are taken to execute the marketing plan and achieve the organization's marketing objectives. Marketing tactics can include activities such as advertising, promotions, pricing, and distribution, among others.

Question 18

Compared to marketing strategies, marketing tactics generally involve actions that

Accepted Answer

Marketing tactics refer to specific actions or decisions made on a day-to-day basis in order to implement the overall marketing strategy. These tactics are typically carried out by front-line managers and involve specific details and measurements to achieve the desired outcomes. Marketing strategies, on the other hand, tend to be more long-term and involve broader decisions made by upper levels of management.

Question 19

The second phase of the strategic marketing process is the _________, which involves carrying out the marketing plan that emerges from the planning phase.

Accepted Answer

The implementation phase involves carrying out the marketing plan that has been finalized in the planning phase. This includes executing marketing tactics, allocating resources, and monitoring progress towards achieving the marketing objectives.

Question 20

__________

Accepted Answer

The answer of __________
...

Quiz 2: Developing Successful Marketing and Organizational Strategies