Exam 2: Strategic Planning in Contemporary Marketing

Relationship marketers frequently maintain databases to track customer preferences.

Middle and supervisory-level managers do not spend as much time as CEOs on planning activities.

The second step in the planning process is corporate development of the organization's objectives.

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

As part of the communication link between buyers and sellers, organizations may communicate promotional messages directly through salespeople or indirectly using advertisements and sales promotions.

Best Buy wanted to open a new store in Fredericton, New Brunswick, but instead of building a new store a decision was made to renovate a grocery superstore that had closed.What type of planning was this decision the result of?

What percentage of the market will the three leading firms in an industry have, according to the rule of three?

Which of the following is an example of a threat to a firm discovered by a SWOT analysis?

The third step of the planning process involves a back-and-forth assessment of the strengths, risks, and available opportunities facing the organization at the marketing department level.

What type of plan does a company have when it focuses largely on current and near-future activities?

Strategic planning has a critical impact on a firm's destiny because it provides short-term direction for decision makers.

Middle management would be the logical group to handle the responsibility of revising the firm's strategic plan due to their proximity to the customer.

The strategic planning process involves allocation of necessary resources.

A first mover strategy is generally more risky than a second mover strategy, but the rewards are often greater.

What type of market is the group of people to whom a firm directs its marketing efforts?

Effective relationship marketing is partly built upon the use of which of the following?

The planning process defines checkpoints at which the organization can compare actual performance with expectations to indicate whether current activities are close to achieving the objectives.

A target market is a group of customers toward whom a firm directs its marketing efforts.

A company notices that its customers enjoy the chicken burger with meals but often only purchase fries at mid-day for a snack.A decision is taken to provide a mini-chicken burger for the purpose of snacking to these customers.Which of the following BEST describes the strategic growth opportunity that is being used?

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.