Smart Book Chapter 2

A marketing plan includes all of the following EXCEPT ______.

A plan on how to pitch investors

Which of the following are examples of strengths that could be identified in a SWOT analysis? (Choose every correct answer.)

A reliable network of spokespeople Strong brand recognition

A firm can begin to implement the marketing mix immediately after which step?

After it has finished segmentation, targeting, and positioning

Which statement is true regarding SBUs?

An SBU may have a different mission or objective from other divisions.

Which scenario is an example of loyalty to a company in a consumer's daily life?

Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices.

A mission statement ______.

Defines the scope of activities a firm plans to undertake

A market penetration strategy, as one of the possible growth options, may be achieved by which of the following?

Encouraging current customers to patronize the firm and the brand more often

Step 5 in the marketing plan process is when a firm ______ the outcome of the strategy and implementation process.

Evaluates

Step 5 of the marketing plan involves ______.

Evaluating the results of the strategy and implementation program

True or False: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success.

False

True or False: The purpose of a marketing strategy is to maximize short-term profits.

False

During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services?

Implement marketing mix

What are the three major phases of the marketing plan? (Choose every correct answer.)

Implementation Control Planning

Which statement about product excellence is true?

It is achieved by having products with high perceived value and effective branding and positioning.

A portfolio analysis involves which of the following? (Choose every correct answer.)

Management evaluates the firm's various products and businesses. Management allocates its resources to products with the greatest potential to be profitable.

When a company that makes protein bars for long-distance runners starts selling the same bars to busy parents as a quick breakfast, it is using which growth strategy?

Market Development

A strategy that employs existing products or services to reach new market segments is called ______.

Market development

Which of the following are included in the four major growth strategies? (Check all that apply.)

Market penetration Product development Market development

Firms consider pursuing various ______ as part of their overall growth strategies.

Market segments

The macro strategies for developing customer value include each of the following EXCEPT ______ excellence.

Marketing

A ______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage.

Marketing Strategies

A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.

Marketing plan

A metric is a ______ that quantifies a trend, dynamic, or characteristic.

Measuring System

Revenues and profits are commonly used ______ to assess performance.

Metrics

Which of the following is NOT an example of customer loyalty?

Only purchasing organic products

______ is achieved through efficient operations, excellent supply chain management, and strong relationships with suppliers.

Operational excellence

A market ______ growth strategy focuses on increasing sales of the firm's current products to its current target markets.

Penetration

In Stage 5, the purpose of a(n) evaluation is to figure out problem areas.

Performance

Step 2 of a marketing plan involves which of the following?

Performing a situation analysis using SWOT

In ______ analysis, management evaluates the firm's various products and businesses, then allocates resources according to potential profit outlook.

Portfolio

STP includes which of the following? (Choose every correct answer.)

Positioning Segmentation

Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using ______ excellence.

Product

A smartphone manufacturer makes a new smartwatch that pairs well with its existing phones. This is an example of which growth strategy?

Product Development

The ______ strategy offers a new product or service to a firm's current target market.

Product Development

Which of the following is one of the macro strategies for developing customer value through effective branding and positioning?

Product excellence

Locational excellence is particularly important for which type of firm?

Retailers

Some commonly used financial performance metrics include which of the following? (Choose every correct answer.)

Sales revenue Profits

A ______ is a division of the firm itself that can be managed and operated independently from other divisions.

Strategic Business Unit (SBU)

Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential ______. These refer to a firm's internal attributes as identified during a SWOT analysis.

Strength

Firms achieve operational excellence through which of the following? (Choose every correct answer.)

Strong relationships with suppliers Efficient operations Good supply chain management

What factors that affect a sales manager's performance are outside the manager's control? (Choose every correct answer.)

Successful competition An economic downturn

The "T" in STP stands for

Target

What does the term strengths refer to in SWOT analysis?

The positive internal attributes of a firm

Which statement about strategic planning is true?

The process can move back and forth between steps, depending on the situation.

What are the four components of a SWOT analysis? (Choose every correct answer.)

Threats Opportunities Strengths Weaknesses

What are the main purposes of metrics during Step 5? (Choose every correct answer.)

To explain why things happened To predict what will happen

What is the purpose of evaluating performance during Step 5?

To identify and explain performance above and below expectations

Why do firms use metrics in Step 5 of the marketing plan? (Choose every correct answer.)

To make appropriate adjustments to performance To make it possible to compare results across regions, product lines, and time periods

In which type of diversification strategy does a firm enter into an entirely new business?

Unrelated

Which of the following is LEAST effective when building a sustainable competitive advantage?

Using only a single strategy

Which of the following is the primary question a mission statement should answer?

What type of business are we?

What are reasons why strategic planning may NOT occur sequentially? (Choose every correct answer.)

When the implementation plan cannot move forward because there are too few resources When new logical alternatives arise When a situation analysis necessitates that the mission statement be revised

A competitive advantage based on location ______.

is sustainable when real estate is difficult or expensive to obtain

The three major phases of the marketing plan are ______.

planning, implementation, and control

In a(n) , diversification opportunity, the current target market and/or marketing mix shares something in common with the new opportunity.

related