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