MKT300 chapter 2 homework

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. target market; marketing mix b. target market; marketing plan c. marketing mix; target market d. marketing objective; marketing mix e. marketing objective; marketing plan

a

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

a

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

b

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

b

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

b

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

c

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

c

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. Product-market matrix b. Sales analysis c. Market growth/market share matrix d. SWOT analysis e. Mission-goal matrix

c

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. Marketing implementation b. Performance evaluation c. Executive summary d. SWOT analysis e. Environmental analysis

c

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

d

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

d

When conducting a SWOT analysis, which of the following are barriers that could prevent an organization from reaching its objective? a. Strengths b. Opportunities c. Weaknesses d. Threats e. Market opportunity

d

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. competitive advantage b. strategic window c. weakness d. market opportunity e. core competencies

d

Which of the following is NOT one of the steps in strategic performance evaluation? a. Comparing actual performance with established standards b. Establishing performance standards c. Measuring actual performance d. Establishing a timetable for implementation e. Modifying the marketing strategy, if necessary

d

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

d

Which of the following provides a uniform marketing vision for the firm and is the basis for internal communications? a. Target market b. Mission statement c. Performance standard d. Marketing plan e. Marketing strategy

d

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

e

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

e