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Exam 2: Planning Marketing Strategies

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Question 71

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Organization by types of customers can work well for a firm that has several groups of customers with different needs and problems.

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Question 72

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

A) strengths.
B) market strategies.
C) market niches.
D) threats.
E) opportunities.

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Question 73

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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

The primary way to reduce the discrepancy between planned and actual performance is to rewrite the performance standard.

Corporate strategy determines the means for utilizing resources in the functional areas of business to reach the organization's goals.

According to the text, a market is defined as

A marketing strategy is a written document that specifies the activities to be performed to implement and control a firm's marketing activities.

Marketing objectives should be stated in such a way that the degree of accomplishment can be measured accurately.

In a traditional organization, marketing decisions are likely to be

According to the text, the 80/20 rule suggests that

Gucci Group, a marketer of high-fashion products, achieved a company turnaround by ensuring that its brand had the same image and proper display around the world. It also lowered prices on some items, like handbags, to be more competitive. This illustrates a company working to develop a marketing mix that is both ____ and ____.

CyberCycle Inc., is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the

Scenario 2.2 Use the following to answer the questions. EXperience Limited is a company which offers tours and vacations that include participation in an extreme sport, such as hang-gliding, bungee jumping, skydiving, and motocross. Adrian Moss, EXperience Limited's owner, has just finished developing the strategic plan, including marketing objective of growing his customer base by 15% during the coming year. He believes that the best way of reaching that objective is to promote to the college-aged student. In the past, the majority of his sales have been to males under the age of 29, participating in hang-gliding and bungee jumping at various tourist locations. He wants to expand his skydiving and motocross tours, but isn't sure whether or not the expansion will be profitable. He currently has a database containing all the customers who have gone on a hang-gliding or bungee jumping vacation with his company. -Refer to Scenario 2.2. The fact that college enrollments have been increasing at a fast rate the past few years is an example of ____ and creates a ____ for EXperience Limited.

Which of the following statements about the marketing mix is incorrect?

Corporate strategic planners focus on dimensions such as competition, diversification, differentiation, environmental focus, and interrelationships among SBUs.

A sustainable competitive advantage is one that cannot be copied by a firm's competitors.

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's

Compare and contrast corporate strategy and marketing strategy.

Realizing that consumers have begun to seek vehicles that use less gasoline, Toyota heavily promotes its hybrid automobiles to capitalize on this ____ while the strategic window is open.

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of