Marketing Test Chap 2
Which of the following is the final step in establishing an implementation timetable?
assigning responsibility for completing each activity to one or more employees, teams, or managers
Paul owns a small retail store. His store sells local products from farmers and small food and beverage businesses in his store. He has a number of strategic partnerships with different players in the industry and believes his business has the ability to become highly successful. Those customers who have bought from him have become loyal customers and frequently visit the store. The problem is most people do not seem to realize the store exists. He decides to write a marketing plan that will outline the marketing activities he needs to take to spread awareness of his company and attract consumers to his business. Paul is at the stage of his marketing plan where he needs to gather information about his firm's situation with respect to the market. A major part of this is his assessment of target markets. Which section is he about to write?
environmental analysis
Which of the following is a disadvantage of being a first-mover in the market?
large outlays associated with creating a new product
Google has written down the following: "to organize the world's information and make it universally accessible and useful." This is most likely a part of Google's ______________
mission statement
A marketing __________ is stating what is to be accomplished through marketing activities using clear language. It should be measurable.
objective
Paul owns a small retail store. His store sells local products from farmers and small food and beverage businesses in his store. He has a number of strategic partnerships with different players in the industry and believes his business has the ability to become highly successful. Those customers who have bought from him have become loyal customers and frequently visit the store. The problem is most people do not seem to realize the store exists. He decides to write a marketing plan that will outline the marketing activities he needs to take to spread awareness of his company and attract consumers to his business. Paul would like his sales for next month to reach $15,000. This is an example of a ________
performance standard
Margie noticed that sales of her company's newest bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who bike long distance. What method of analysis is Margie using?
sales analysis
Which of the following is likely the most important decision a company makes during the strategic planning process?
choosing a target market
What is Market opportunity?
A combination of circumstances and timing that permits an organization to take action to reach a particular target market
What is a Strategic Business Unit (SBU)?
A division, product line, or other profit center within the parent company
What is a Mission statement?
A long-term view, or vision, of what the organization wants to become
Conducting a SWOT analysis comes immediately before the establishment of corporate and business-unit strategies.
False
A ________ states what is to be accomplished through marketing activities.
Marketing Objective
Through the process of ____________ , a company establishes an organizational mission and formulates goals, a corporate strategy, marketing objectives, and a marketing strategy.
Strategic Planning
What is Strategic marketing management?
The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently
What are Core competencies?
Things a company does extremely well, which sometimes give it an advantage over its competition
What is Strategic planning?
The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy
The degree of centralization falls under organizing the market unit—a major part of managing marketing implementation.
True
The marketing strategies section of the marketing plan outlines how the company will achieve its objectives.
True
Southwest is known for its culture of "luv" and its fun-loving approach. This is an example of which of the following?
corporate identity
What is a Marketing strategy?
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
What is a Marketing objective?
A statement of what is to be accomplished through marketing activities
What is Centralized organization?
A structure in which top-level managers delegate little authority to lower levels
Procter & Gamble's Tide laundry detergent has a predominant share of the detergent market in the United States. It makes $4.5 billion in sales of this detergent brand. However, the detergent market has reached market saturation in the United States. With this information, what type of product is Tide based upon the Boston Consulting Group's market growth/market share matrix?
Cash Cow
A marketing ___________ is the selection of a target market and the creation of a marketing mix that will satisfy the needs of target-market members.
strategy
What is a Corporate strategy?
A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals
What is Decentralized organization?
A structure in which decision-making authority is delegated as far down the chain of command as possible
How does a sustainable competitive advantage differ from a competitive advantage?
A sustainable competitive advantage is one that competitors cannot copy in the immediate future.
What is a Sustainable competitive advantage?
An advantage that the competition cannot copy
What is SWOT analysis?
Assessment of an organization's strengths, weaknesses, opportunities, and threats
Marty works at an organization with a clear chain of command. The major decisions are relegated to top managers. Marty and his co-workers have strict performance standards. Managers at his organization monitor the work of employees to make sure they are staying on track. This is an example of a __________ organization.
Centralized
It is a year later. Jessica's manager decided that the company would develop a salsa business. Jessica has been in a flurry of activity since then. Not only did the company have to invest in a building and equipment, but she has had to develop marketing strategies for the new salsa business. The marketing strategies are now complete and ready to be put into action. Jessica was placed in charge of marketing implementation. She has spent several months organizing the marketing unit, training employees, coordinating the marketing staff, and communicating the goals and objectives of the strategy. What is next step Jessica should take to implement the marketing strategy?
Establish a timetable for implementation.
A _________ is a written document that specifies the marketing activities to be performed to implement and evaluate the organization's marketing strategies.
Marketing Plan
Jessica continues to work on the marketing strategy for Tres Tortillas. Tres Tortillas was successful in selling 16 ounce jars of salsa in its restaurant. In fact, demand for the jars of salsa are so high that Jessica believes Tres Tortillas should try to expand and start selling in stores. She believes Tres Tortillas salsa has the potential for enormous growth, perhaps even more so than the actual restaurant. Jessica's manager is skeptical. Such an investment would require a manufacturing facility, a larger marketing budget, and salespeople who would be able to get the salsa onto store shelves. However, Jessica maintains that Tres Tortilla's secret salsa recipe provides it with a core competency. The market for salsa is also strong. She believes this provides Tres Tortillas with a chance to match its core competency to market opportunities, otherwise known as a(n) _____________
competitive advantage
Margie noticed that sales of her company's newest bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who bike long distance. At what stage of the strategic planning process is Margie?
evaluating marketing strategies
Jessica is working on a SWOT analysis of a local Mexican restaurant Tres Tortillas in Flagstaff. She writes down that the organization has high customer loyalty, resources for expansion, and strong management. She also writes that the market for salsa products is high and more people are eating out. On the other hand, one major complaint levied against the restaurant is that it is high priced and other casual-dining restaurants with less expensive menu offerings are locating to the city. Still, Jessica believes the restaurant's talented and well-known chef provides it with an advantage other restaurants do not have. Which of the following characteristics of the Mexican restaurant represents an opportunity?
greater demand for salsa products
Jessica's manager believes that Tres Tortillas can gain an advantage over competing Mexican restaurants in the area by capitalizing on the higher demand for salsa. He believes the firm's top secret salsa recipe could be the key to expanding into another market niche. The manager has proposed developing a line of its salsas in 16-oz jars to sell at its restaurant. This way its loyal customers could buy its salsa outright and serve it at home. Jessica has been tasked with the determining the feasibility of this strategy. What type of competitive growth strategy is Jessica's manager discussing?
product development
Margie noticed that sales of her company's newest bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who bike long distance. Margie believes this is the optimal time to seize upon this opportunity. Through the bike's patented design, her company has capabilities that fit the unique demands of this growing market. Margie wants to capitalize on this opportunity before these market trends have a chance to change. This period for Margie's firm is known as a ______.
strategic window
Why might a marketer want to engage in marketing cost analysis?
to allocate the firm's marketing resources better in the future