MKTG 409 Chapter 2

The unique symbols, personalities, and philosophies that support all corporate activities including strategic planning and marketing are best described as ____________. a. market share. b. SWOT analysis. c. corporate identity. d. mission statement. e. corporate strategy.

C. corporate identity

Which of the following is NOT a component of the marketing plan? a. marketing strategies b. executive summary c. marketing implementation d. business analysis e. SWOT analysis

D. business analysis

Which of the following is NOT one of the steps in strategic performance evaluation? a. modifying the marketing strategy, if necessary b. comparing actual performance with established standards c. measuring actual performance d. establishing performance standards e. establishing a timetable for implementation

E. establishing a timetable for implementation

Which of the following provides an overview of the entire marketing plan so that readers can quickly identify the key issues and their roles in the planning and implementation process? a. environmental analysis b. SWOT analysis c. performance evaluation d. marketing implementation e. executive summary

E. executive summary

An essential element of communicating with marketing employees is _____________. a. the marketing mix b. strategy. c. objectives. d. the target market. e. training.

E. training

A ______ states what is to be accomplished through marketing activities. a. market opportunity b. marketing strategy c. performance standard d. marketing objective e. mission statement

D. marketing objective

Which of the following competitive growth strategies strives to increase sales of current products in new markets? a. market share b. market penetration c. diversification d. product development e. market development

E. market development

Which of the following is based on the philosophy that a product's market growth rate and its market share are important considerations in determining marketing strategy? a. mission-goal matrix b. market growth/market share matrix c. product-market matrix d. SWOT analysis e. sales analysis

B. market growth/market share matrix

Which of the following provides a uniform marketing vision for the firm and is the basis for internal communications? a. marketing strategy b. marketing plan c. performance standard d. target market e. mission statement

B. marketing plan

Performance standards are derived from _________________. a. marketing objectives. b. marketing strategy. c. the mission statement. d. market opportunity. e. sales analysis.

A. marketing objectives

When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, there exists a(n) ________________. a. core competencies. b. competitive advantage. c. market opportunity. d. strategic window. e. weakness.

C. market opportunity

A marketing strategy is the selection of a(n) _______ and the creation of a(n) _____ that will satisfy the needs of target-market members. a. marketing objective; marketing plan b. marketing objective; marketing mix c. target market; marketing mix d. marketing mix; target market e. target market; marketing plan

C. target market; marketing mix

The strategic planning process begins with a. marketing objectives. b. organizational mission and goals. c. SWOT analysis. d. finance objectives. e. business-unit strategies.

B. organizational mission and goals

When conducting a SWOT analysis, which of the following are barriers that could prevent an organization from reaching its objective? a. opportunities b. market opportunity c. weaknesses d. strengths e. threats

E. threats

Which of the following is the last step of establishing a marketing implementation timetable? a. assigning responsibility for completing each activity to one or more employees, teams, or managers b. determining the time required to complete each activity c. separating the activities to be performed in sequence from those to be performed simultaneously d. identify the activities to be performed e. organizing activities in the proper order

A. assigning responsibility for completing each activity to one or more employees, teams, or managers

Marketing cost analysis ___________________. a. is an expected level of performance against which actual performance can be compared. b. is the firm's sale of a stated product as a percentage of industry sales of competing products. c. breaks down and classifies costs to determine which are associated with specific marketing efforts. d. assesses an organization's strengths, weaknesses, opportunities, and threats. e. uses sales figures to evaluate a firm's current performance.

C. breaks down and classifies costs to determine which are associated with specific marketing efforts

Decision-making authority is delegated as far down the chain of command as possible in a(n) ________. a. centralized organization. b. marketing-oriented organization. c. decentralized organization. d. strategic-business unit. e. nonprofit organization.

C. decentralized organization

The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in the marketplace is called ______________. a. first-mover advantage. b. early-mover advantage. c. late-mover advantage. d. competitive advantage. e. core competency.

C. late-mover advantage