Exam 2: Developing Marketing Strategies and Plans

During the marketing strategy section of the marketing plan, goals and budgets are spelled out for each month or quarter so management can review each period's results and take corrective action as needed.

Assessing growth opportunities involves planning new businesses, downsizing, or terminating older businesses. The company's plans for existing businesses allow it to project total sales and profits. If there is a gap between future desired sales and projected sales, corporate management will have to develop or acquire new businesses to fill it. Identify and describe the three strategies that can be used to fill the strategic gap.

One conception of holistic marketing views it as "integrating the value exploration, ________, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and co-prosperity among key stakeholders."

Competitors find it hard to imitate companies such as WestJet Airlines, Dell, or IKEA because they are unable to copy their

With respect to core business processes, all the activities involved in gathering market intelligence, disseminating it within the organization, and acting on the information is referred to as the

In the cycle of complete strategic planning, taking corrective action is a part of ________.

A good way to describe the ________ would be discuss all the activities involved in building deeper understanding, relationships, and offerings to individual customers.

Procurement, technology development, human resource management, and firm infrastructure are handled in certain specialized departments and are called

The ________ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service).

The firm's success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct core business processes. List and briefly describe the five core business processes outlined in the text.

James Frank has been put in charge of all the activities involved in receiving and approving orders, shipping the goods on time, and collecting payment. Mr. Frank's task is best described as part of the ________.

A company might remain efficient while it loses effectiveness.

Instead of emphasizing making and selling, companies now see themselves as part of a value-delivery process. What are the three phases?

Pierre Lefebvre has been asked to examine why his firm's MBO system failed to work as planned. What four criteria will Mr. Lefebvre examine in his business unit's objectives?

Which aspect of value delivery allows the company to discover who its customers are, how they behave, and what they need or want?

To evaluate opportunities, companies can use Market Opportunity Analysis (MOA) to determine the attractiveness and probability of success.

The key to utilizing organizational core competencies is to ________ that make up the essence of the business.

The ________ lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities.

A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction, and

Which of the following is one of the five major characteristics of good mission statements?