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Exam 2: Developing Marketing Strategies and Plans

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Question 1

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Which of the following is an example of growth by diversification?

A) a company introducing its existing products in a new market
B) a company introducing new product category in a new market
C) a company increases its product line in an existing market
D) a company introducing a new product category in an existing market
E) a company integrates backward to cut costs

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Question 2

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The marketing strategy section of the marketing plan spells out goals and budgets for each month or quarter so the management can review each period's results and take corrective action as needed.

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Question 3

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Most large companies consist of four organizational levels: the corporate level,the ________,the business unit level,and the product level.

A marketing plan is evaluated on the basis of how simple,specific,realistic and complete it is.

Definitions of a firm's mission as well as its marketing and financial objectives are included in the marketing strategy section of the marketing plan.

An environmental threat is a challenge posed by an unfavorable trend or development that,in the absence of defensive marketing action,would lead to lower sales or profit.

Situation analysis in SWOT involves analyzing the possible opportunities and threats that can come from the market.

Marketing plans are becoming more production oriented because of the high costs of doing business in today's economy.

When Yahoo! began to flounder in 2001,CEO Terry Semel imposed a more conservative,buttoned-down atmosphere on the freewheeling Internet start-up.At the new Yahoo!,spontaneity is out and order is in.Identify this organizational phenomenon.

If a company sought to grow by starting new businesses that have no relation to its current technology,products,or markets,the company would be using a market penetration strategy.

When a manager is trying to identify how the company can efficiently create promising new offerings,he is addressing the question of value delivery.

"What will we do if it happens?" is a question that managers typically ask while conducting a scenario analysis.

During the planning process,if there is a gap between future desired sales and projected sales,corporate management will need to develop or acquire new businesses to fill it.Identify and describe the three strategies that can be used to fill the strategic gap.

From its origins as an animated film producer,Walt Disney Company has moved into licensing characters for merchandised goods and developed theme parks and vacation and resort properties.What strategy best describes Disney's growth?

A business that concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market is following a differentiation strategy.

Unlike its competitors in the online air travel industry,Travel.com provides its customers with a greater variety of services such as cruise reservations,package tours,hotel bookings,and car rentals.This is an example of a(n) ________ strategy.

Firms directing the same strategy to the same target market constitute a strategic group.

Activities involved in building deeper understanding of existing consumers and what the product offerings mean to them would be a part of ________.

In the central role of strategic planning,only a handful of companies stand out as master marketers-Procter & Gamble,Samsung,Nike,Disney,Toyota,Sony,and McDonald's to name a few.From a consumer's perspective why do you think they stand out? Explain.

The marketing plan is the central instrument for directing and coordinating the marketing effort.