Exam 2: Developing Marketing Strategies and Plans

A company seeking to expand the number of existing products sold to its current markets, would be using a "market-penetration strategy."

Michael Porter's value chain would identify which of the following as a support activity?

Unlike its competitors in the online air travel industry, Travelocity 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.

A marketing plan should open with a situation analysis.

When a customer places an order at BookBox.com, the company processes the customer's payment information, sends the order to the nearest warehouse, and ships the order via FedEx. This is best described as the ________ process.

Another name for a company's value delivery network is "distribution chain."

Describe a marketing plan.

Major cell manufacturers have released phones with digital photo and video capabilities and GPS. This is an example of converging industry trends to introduce hybrid products that are new to the market.

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

In applying MBO (management by objectives) all objectives are treated as being equally important.

Which of the following is NOT one of the four planning activities undertaken by all corporate headquarters?

After analyzing their company's strengths and weaknesses, top managers at Loan Bright decided that they would serve individual loan officers who typically only wanted to purchase small sets of homebuyer data, rather than bigger institutional clients. To meet the needs of this segment, Loan Bright simplified its sales contract, restructured its advertising efforts to focus on Google ads, and created a separate customer-service department. Loan Bright's strategy is best described as a(n) ________ strategy.

McDonald's has often teamed up with Disney to offer products related to current Disney films as part of its meals for children. The best description of this form of alliance would be a ________.

A(n) ________ market definition of a business focuses on selling a product or service to an existing market.

Identify the elements of a tactical marketing plan for a new kind of cola.

During Jill's market research study, many customers indicated that traditional oven mitts made it very difficult to hold baking dishes, resulting in frequent spills. Jill brought her findings to the research department, and her company leveraged its engineering and design competencies to develop a new handheld hotpad that allows for significantly greater dexterity in handling hot cooking implements, while protecting the cook from burns. This is an example of the ________ element of the holistic marketing framework.

The ________ is the last section of the marketing plan. It spells out the goals and budget for each month or quarter so management can review each period's results and take action as needed.

James Frank has been put in charge of gathering marketing intelligence, disseminating it within his organization, and eventually directing action on the information. Mr. Frank's task is best described as part of the ________ process.

Explain what happens in a SWOT analysis during the strategic planning process.

The first phase of the value creation and delivery sequence is ________ the value that represents the "homework" marketing must do before any product exists.