Principles of Marketing Chapter 2 Quiz

Which of the following is a characteristic of a marketing objective?

It is consistent with both business-unit and corporate strategy.

Communicating with the marketing unit, motivating marketing personnel, and coordinating marketing activities are part of the _____________ component of strategic planning.

Marketing implementation

Which of the following is not a component of a marketing plan?

Product

Which of the following statements is incorrect?

Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels.

Competitive growth strategies are based on

analyses of each product or business unit.

Which of the following describes the relationships among the three planning levels, from broadest to narrowest?

corporate strategy; business-unit strategy; marketing strategy

The strategic planning process begins with

development of an organizational mission statement.

A marketing plan document usually begins with a(n)

executive summary

Marketing planning and ______ are closely linked in successful companies.

implementation

The process of putting marketing strategies into action is called

marketing implementation.

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

opportunities.

Marketers understand that the best marketing strategy in the world is doomed to fail if it is not properly implemented. With that in mind, an effective implementation strategy

​begins with identifying the activities to be performed, and ends with assigning responsibility for each activity to one or more team members.

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

​market opportunity.

An organization's business goals should be derived from its

​mission statement.

In a traditional organization, marketing decisions are likely to be

centralized at the top levels of the organization.

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

competitive advantage

Performance standards are derived from _____________ that were set while developing the marketing strategy.

marketing objectives

The marketing plan is

​a written document detailing activities to be performed to implement and control marketing actions.

A marketing objective should be expressed in clear, simple terms; be _____________; specify a time frame for completion; and ensure the marketing objective is _____________ with both business-unit and corporate strategies.

measurable; consistent

A market opportunity results from

the right combination of circumstances and timing that permits an organization to take action to reach a particular target market