Exam 2: Strategic Planning in Contemporary Marketing

At a time when computer users were having trouble storing, sending, and displaying photos, Apple introduced the iMac computer, which was equipped with a digital camera interface and photo-handling software. What did Apple recognize, which resulted in this product?

Jenny has been appointed marketing manager for Sparkling Cleaning Products. Her job focuses on decisions involving customer service, package design, brand names, and warranties. What area of the marketing strategy does Jenny most likely work in?

What is effective relationship marketing partly built upon the use of?

What strategy do decisions involving transportation, warehousing, inventory control, and order processing relate to?

The planning process identifies objectives and determines which actions are needed to attain those objectives.

The rule of three states that the third company in an industry has little chance of survival.

Explain the difference between a first mover and second mover strategy. Give examples of companies that have followed each strategy.

According to the BCG matrix, stars require considerable inflows of cash to finance further growth.

Well-phrased business objectives should specify time horizons for specific achievements, such as "It is anticipated we will achieve our $77 million sales objective by March 31, 2019."

A firm normally describes its overall goals and operational scope in its standard operating procedures manual.

Relationship-building goals and strategies are seldom included in the plans of business firms.

How can a company modify a strategy when its actual performance is not in line with expected results?

What type of strategy do the marketing mix decisions that are most closely regulated and subject to public scrutiny usually relate to?

A strategic window represents an extended period of time during which the key requirements of a market and the particular competencies of a firm best fit together.

Define SWOT analysis. Why would an organization undertake a SWOT analysis of itself?

Which of the following is an example of a firm's weakness discovered by a SWOT analysis?

Tactical planning involves actions that focus on current and near-future activities that must be completed in order to implement larger strategies.

Marketers put the marketing strategy into action in order to monitor performance to ensure that objectives are being achieved.

Match each item to the statement or sentence listed below. a.planning b.marketing planning c.strategic planning d.tactical planning e.mission f.first mover strategy g.SWOT analysis h.strategic window i.marketing mix j.product strategy k.strategic business units (SBUs) l.Porter's Five Forces m.marketing strategy n.dogs o.stars p.annual growth rate -Strategic planning is complemented by _____ which guides the implementation of activities specified in the strategic plan.

Tactical plans typically determine an organization's primary strategic objectives and exclude short-term actions from their purview.