Exam 2: Strategic Planning in Contemporary Marketing

According to the market share/market growth matrix, how does a successful product typically begin?

A customer-driven organization begins its marketing strategy with a detailed description of its target market.

The chief executive officer (CEO) and vice president of marketing spend a greater proportion of their time on operational planning than do managers at other organizational levels.

Diversification is the riskiest of all strategic growth options.

The elements in Porter's Five Forces model include the possibility of new rivals, possible product substitutions, bargaining powers of buyer and of suppliers, and rivalry between competitors.

SBUs in the lower-right corner of the market attractiveness/business strength matrix should be strongly supported by management.

A food chain has a promotion where each purchaser of a large, rather than a medium-sized beverage, gets a chance to win a prize. Which of the following best describes the strategic growth opportunity that is being used?

Diversity in the population plays an increasing role in targeting markets.

The five dimensions of the marketing environment are competitive, political-legal, economic, technological, and social-cultural.

Tactical planning usually involves the production of quarterly and semiannual plans, along with divisional budgets, policies, and procedures.

The advertising director, marketing research manager, and other middle-level managers have the primary responsibility of devising and implementing the strategic plan of the company.

Marketing strategy is an overall company-wide program for selecting a particular target market and satisfying consumers through a careful balance of elements in the marketing mix.

DaimlerChrysler incorporates strategic planning by deciding to strengthen its relationship with women through long-term campaigns designed to make their attitude toward the company more positive.

What type of plans in the planning hierarchy would deal with organization-wide objectives, long-term plans, and the total budget?

When Tim Hortons implements its "Roll Up the Rim to Win" promotion each year, it is focused on a market development growth strategy.

Suppose Toyota was planning to introduce a sports car powered by a hydrogen-oxygen fuel cell when the price of gasoline in Canada reached $1.50 per litre. What type of plan does this best describe?

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 -The process of determining an organization's primary objectives and adopting courses of action that will achieve these objectives is known as _____.

Ying is a marketer for a global consumer products company. She is designing a promotional campaign for a foreign market and wants to ensure that the promotional campaign is clearly understood by the target consumers. She is also taking special care to see that the campaign is free from controversies and does not inadvertently offend anyone. In this scenario, Ying is specifically trying to take into account variables in which of the country's environments?

Discuss the concept of the target market. What roles do diversity and demographics play in a target market?

The statement of Starbucks to "inspire and nurture the human spirit-one person, one cup and one neighborhood at a time" would be an example of a mission statement.