Chapter 3 Quiz

___ is the second level of planning that involves developing detailed plans for strategies and tactics for the short​ term, supporting an​ organization's long-term strategic plan. A. Strategic planning B. Functional planning C. Operational planning D. Business planning E. Strategic business units​ (SBUs)

B. Functional planning

1. Which of the 4 Ps of marketing is MOST closely related to a distribution strategy? A.Profit B.Place C. Product D.Price E.Promotion

B. Place

Which of the following is used by organizations to carry out the​ day-to-day activities of the marketing​ plan? A. Marketing metrics B. Market planning templates C. Leading indicators D. ROMIs E. Operational plans

Operational plans

Which of the following is used to determine how marketing contributes to the​ firm's financial​ success? A. Outcome metrics B. Return on marketing investment C. Control process planning D. Activity metrics E. Sustainability

Return on marketing investment

Which of the following is used to allow firms to avoid external issues that might hurt the firm while seizing opportunities for​ growth? A. Business portfolio B. Review of human and intellectual capital C. Situation analysis D. SWOT analysis E. Business review

SWOT analysis

in step 2 of the strategic planning​ process, a firm conducts a​ ________, which enables the organization to develop strategies that make use of what the firm does best in seizing opportunities for​ growth, while at the same time avoiding external threats that might hurt the​ firm's sales and profits. A. situation analysis B. BCG growth-market share matrix C. portfolio analysis D. SWOT analysis E. product development strategy

SWOT analysis

_______ is step 4 of the market planning process. At this​ stage, a firm assesses the potential demand for its products--and decides whether it is able to create a sustainable competitive advantage in the marketplace. A. Performing a situation analysis B. Developing marketing strategies C. Selecting a target market and the best marketing mix strategy D. Setting marketing objectives E. Implementing and controlling the marketing plan

Selecting a target market and the best marketing mix strategy

How do managers match resources and capabilities to make​ long-term growth​ decisions? A. Operational planning B. Strategic planning C. Functional planning D. Integrated activity E. Environmental analysis

Strategic planning

According to the​ text, which of the following is NOT a market growth​ strategy? A. Product development B. Sustainable development .C. Market penetration D. Diversification E. Market development

Sustainable development

According to the​ text, all​ ________ is an integrated activity. A. functional planning B. operational planning C. strategic planning D. domestic trade E. business planning

business planning

Employee skills and their​ knowledge, skills, and intellect are considered to be​ _____. A. specific and measurable traits B. controllable risks C. aspects of the external environment D. human and intellectual capital E. the basis for the mission statement

human and intellectual capital

For planning to benefit the entire​ organization, it must support the​ organization's mission and objectives as part of​ a(n) _____. A. strategic business unit B. business plan C. environmental analysis D. marketing plan E. integrated activity

integrated activity

2. Which of the following is the document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy? A. Strategic plan B.Marketing plan C. Business plan D.Operational plan E.Functional plan

B.Marketing plan*

1. Which of the following terms refers to an ongoing process of making decisions that guides the firm both in the short term and for the long term? A. Operational planning B.Strategic planning C.Marketing planning D.Business planning E. Functional planning

Business planning

​A(n) ________ plan is a document that describes the marketing​ environment, outlines the marketing objectives and​ strategy, and identifies who will be responsible for carrying out each part of the marketing strategy. A. business B. operational C. functional D. marketing E. strategic

D. marketing plan

9. A firm seeking a growth strategy designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets would utilize which of the following marketing strategies? A.Product development B.Diversification C.Control D. Market penetration E. Market development

D. Market penetration

5. Which of the following terms refers to a formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources? A. Situation analysis B.Return on marketing investment C.Business plan D.SWOT analysis E.Mission statement

E.Mission statement*

7. In step 2 of the strategic planning process, a firm analyzes its strengths and weaknesses and the opportunities and threats in its internal and external environment. What is this analysis called? A. Portfolio analysis B.Situation analysis C.BCG growth market share matrix D.Product development strategy E.SWOT analysis

E.SWOT analysis*

3. Which of the following refers to a managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival? A.Operational planning B. Functional planning C.Strategic business units (SBUs) D.Business planning E.Strategic planning

E.Strategic planning*

4. Assume you are the director of marketing for a major consumer products firm. You are directly involved in the planning process. Because of your role (job title) in the organization, when it comes to business planning, which level of planning would MOST describe your activities? A.Operational planning B.Strategic planning C.Strategic business units (SBUs) D. Functional planning E. Business planning

Functional planning

If Dannon were to aggressively promote its Activia yogurt with probiotics in an effort to increase sales of existing products to existing markets such as current​ users, nonusers, and users of competing brands within a​ market, the company would be using a​ ________ strategy. A. market penetration B. diversification C. control D. product development E. market development

market penetration

In the first step of the strategic planning​ process, a firm creates a​ ________, which is a formal statement in an​ organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its​ customers, products, and resources. A. mission statement B. return on marketing investment C. situation analysis D. business plan E. SWOT analysis

mission statement

In step 1 of the market planning​ process, a firm​ ________ by analyzing the marketing environment. A. implements and controls the marketing plan B. performs a situation analysis C. develops marketing strategies D. selects a target market and the best marketing mix strategy E. sets marketing objectives

performs a situation analysis

6. In step 2 of the strategic planning process, a firm engages in a(n) ________ to assess its internal and external environments. A. portfolio analysis B. operational plan C.action plan D.BCG growth market share matrix E. situation analysis

situation analysis

8. According to the BCG growth-market share matrix, ________ are SBUs with products that have a dominant market share in high-growth markets. A. squirrels B.cash cows C.dogs D.stars E. question marks

stars

A company on​ ________ of the market planning process is focused on implementing the marketing plan and setting the controls to monitor the progress of the plan compared to the marketing objectives. A. step 1 B. step 3 C. step 2 D. step 4 E. step 5

step 4

Return on marketing investment​ (ROMI) is best defined as​ ________. A. detailed directions for the specific activities to be carried​ out, who will be responsible for​ them, and time lines for accomplishing the tasks B. what must be done in order to accomplish the intended purpose of the action plan C. the revenue or profit margin generated by investment in a specific marketing campaign or program divided by the cost of that program at a given risk level D. the marketing programs that support the various marketing objectives and strategies within the marketing plan E. the monetary value of all the finished goods and services produced within a​ country's borders in a specific time period

the revenue or profit margin generated by investment in a specific marketing campaign or program divided by the cost of that program at a given risk level