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Exam 2: Strategic Planning

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Question 61

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Read the following statements regarding strategic planning to determine which is accurate.

A) The strategic plan is shaped by the organization's marketing mix.
B) Strategic planning, even if done well, does not increase the likelihood of success.
C) Strategic planning helps ensure marketers will select the right marketing mix strategies.
D) Strategic planning principles are applicable only to business situations.
E) Strategic planning is best used as a one-time process completed when a firm outlines its objectives.

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Question 62

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A quality marketing objective should have three basic characteristics. It should be specific, measurable, and ___________.

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Question 63

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Each component of a marketing plan should be grounded in the firm's overall mission.

Sanjay's Smoothie Shoppe noticed that its sales were declining. Sanjay decided to add a line of fresh salads to the menu in order to boost sales. This is an example of what type of marketing strategy?

To be most effective, market share data should be analyzed

In a SWOT analysis, threats are a(n)__________ consideration. (internal/external)

Positioning refers to the activities a firm undertakes to create a certain perception of its product in the eyes of the target market.

Clive is considering opening a late-night pizza parlor on the local college campus. His SWOT analysis reveals that students want more late-night options for dining. This represents a(n)__________ in the SWOT analysis.

A good ________ ________ should be focused on a limited number of goals, be customer-oriented, and capture a shared purpose and provide information for the employees of the firm.

Which of the following best describes a market development strategy?

Arm & Hammer baking soda is best known for its use in baking. The company, however, would like to increase its market share to include household and personal care products. By taking the original product and creating new products that it can sell to its existing markets, the company is using a ________ ________ strategy.

What element will ensure a business never strays too far from its core goals and values, especially if the marketing plan needs to be modified to fit the changing times?

The superior position a product enjoys over competing products if consumers believe it has more value than other products in its category is referred to as a

Weston recently took a marketing job with a new firm. His first order of business is to find out how his new company performs relative to its competitors. Which of the following would Weston use to do this?

A loan officer is reading the marketing plan for Nellie's New York Style Bagels-a new firm looking to secure a business loan. What section of the marketing plan will give the loan officer a bottom-line numerical estimate of the firm's profitability?

While the specific format of the marketing plan differs from organization to organization, the number of components in most plans is _________.

You started an energy drink company in the United States that has been very successful. Your sales and profits have leveled off lately, and you and your management team are now researching introducing your drinks outside the United States. What market-entry strategies will you analyze if you want to keep your risk and initial investment low?

The five key components of the marketing plan are

Which method of entering a foreign market carries with it the most risk?

The final section in most marketing plans is the