MKGT 320 Chapter 2

A firm can begin to implement the marketing mix immediately after which step? Multiple choice question. After it has completed a SWOT analysis Reason: A SWOT analysis precedes identification of opportunities. After it has written its mission statement Reason: A mission statement is the first step in the process. After it has employed marketing metrics to evaluate performance After it has finished segmentation, targeting, and positioning

After it has finished segmentation, targeting, and positioning

Which of the following are steps in the STP process? (Choose every correct answer.) Multiple select question. Countering negative aspects of the external environment Determining which subgroups should be pursued Dividing the marketplace into subgroups Positioning products and services to meet the needs of the chosen targets

Determining which subgroups should be pursued Dividing the marketplace into subgroups Positioning products and services to meet the needs of the chosen targets

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

False

Which statement about product excellence is true? Multiple choice question. It is achieved by having products with high perceived value and effective branding and positioning. It is primarily achieved through efficient operations and efficient production. It generally does not result in meaningful competitive advantage. It yields cost savings through economies of scale.

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

The macro strategies for developing customer value include each of the following EXCEPT ______ excellence. Multiple choice question. product operational locational marketing

Marketing

Which of the following is NOT an example of customer loyalty? Multiple choice question. Only purchasing dresses at Anthropologie Only purchasing holiday decorations from World Market Only purchasing light fixtures at Home Depot Only purchasing organic products

Only purchasing organic products

Step 2 of a marketing plan involves which of the following? Multiple choice question. Performing a situation analysis using SWOT Evaluating performance Evaluating opportunities Creating a mission statement

Performing a situation analysis using SWOT

What are the three major phases of the marketing plan? (Choose every correct answer.) Multiple select question. Planning Organization Reason: Organization does not have quite the same meaning as planning. Control Implementation

Planning Control Implementation

Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using Blank______ excellence. Multiple choice question. product customer operational locational

Product

Locational excellence is particularly important for which type of firm? Multiple choice question. Manufacturers Science research facility Call centers Retailers

Retailers

With Blank______, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue, and finally decides how it should best position its product or service. Multiple choice question. the four Ps the marketing mix STP SWOT

STP

Firms achieve operational excellence through which of the following? (Choose every correct answer.) Multiple select question. Strong relationships with suppliers Reducing focus on human resources Reason: Effective human resources management is one of the ways to achieve operational excellence. Efficient operations Good supply chain management

Strong relationships with suppliers Efficient operations Good supply chain management

One key to long-term financial performance is to establish a Blank______. pricing discount structure promotional plan sustainable competitive advantage new product line

Sustainable competitive advantage

Which of the following is LEAST effective when building a sustainable competitive advantage? Multiple choice question. Using two or three strategies Using only a single strategy Using six or more strategies Using four or five strategies

Using only a single strategy

In Step 1 of the planning phase, a firm Blank______. Multiple choice question. conducts a SWOT analysis defines the mission and/or vision of the business implements the marketing mix evaluates its marketing performance

defines the mission and/or vision of the business

A mission statement Blank______. Multiple choice question. details how a firm can avoid risks enhances the value of a firm's products maximizes profits and dividends defines the scope of activities a firm plans to undertake

defines the scope of activities a firm plans to undertake

Step 5 in the marketing plan process is when a firm Blank______ the outcome of the strategy and implementation process. Multiple choice question. sustains builds cancels evaluates

evaluates

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

false

A _____ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements. Multiple choice question. financial plan strategic plan marketing plan business plan

marketing plan

A Blank______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage. Multiple choice question. mission statement marketing metric marketing strategy market statement

marketing strategy

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 strategy

A metric is a Blank______ that quantifies a trend, dynamic, or characteristic. Multiple choice question. product or service promotional plan marketing plan measuring system

measuring system

A competitive advantage based on location Blank______. Multiple choice question. is unsustainable because customer service is more important is unsustainable because location is unimportant is sustainable when real estate is difficult or expensive to obtain is sustainable when the retail location is close to similar stores

s sustainable when real estate is difficult or expensive to obtain

Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential Blank______ that a firm may identify during a SWOT analysis. Multiple choice question. threats strengths weaknesses opportunities

strengths

The "T" in STP stands for _______ .

targeting