Question 1

Strategic planning has a minimal impact on a firm's destiny because it provides only short-term direction to the decision makers.

Accepted Answer

A) True 
 B)False  False

Question 2

What is a marketing mix? In order for a product to succeed,what can be said about the variables in the marketing mix?

Accepted Answer

The marketing mix variables - product,distribution,promotion,and price - are combined to satisfy the needs of the target market.Product is a broad concept encompassing goods,services and ideas,but also including the satisfaction of all consumer needs with respect to the relevant good,service,or idea.Distribution refers to getting products to consumers in the right quantities,at the right place,and at the right times.Promotion refers to the communications that link buyers and sellers.Pricing deals with the means of setting justifiable and profitable prices.
Successful products have a marketing mix where all variables are on target.Great pricing,product,and promotion mean nothing if the customer cannot find the product.Lack of promotion could leave a great product gathering dust on retail shelves.

Question 3

Strategic business units (SBUs)of a diversified firm have common managers,resources,objectives,and competitors.

Accepted Answer

A) True 
 B)False  False

Question 4

Supervisory managers tend to focus exclusively on strategic planning.

Accepted Answer

A) True 
 B)False

Question 5

The term marketing mix describes:

Accepted Answer

A)  a composite analysis of all environmental factors inside and outside the firm. 
B)  a series of business decisions that aid in selling a product. 
C)  the relationship between a firm's marketing strengths and its business weaknesses. 
D)  a blend of the four strategic marketing elements to satisfy specific target markets. 
A)  a composite analysis of all environmental factors inside and outside the firm. 
B)  a series of business decisions that aid in selling a product. 
C)  the relationship between a firm's marketing strengths and its business weaknesses. 
D)  a blend of the four strategic marketing elements to satisfy specific target markets.

Question 6

The idea of first movers being completely replaced by second movers and the resulting disappearance of first movers from the marketplace is a myth.

Accepted Answer

A) True 
 B)False

Question 7

SBUs in the category of _____ promise poor future prospects,and marketers should withdraw from these businesses or product lines as quickly as possible.

Accepted Answer

A) planning 
B) marketing planning 
C) strategic planning 
D) tactical planning 
E) cash cows
F)first mover strategy
G)SWOT analysis
H)strategic window
I)marketing mix
J)product strategy
K)strategic business units
L)Porter's Five Forces
M)marketing strategy
N)dogs
O)stars
P)annual growth rate 
A) planning 
B) marketing planning 
C) strategic planning 
D) tactical planning 
E) cash cows
F)first mover strategy
G)SWOT analysis
H)strategic window
I)marketing mix
J)product strategy
K)strategic business units
L)Porter's Five Forces
M)marketing strategy
N)dogs
O)stars
P)annual growth rate

Question 8

Operational planning:

Accepted Answer

A)  should be used to establish the fundamental strategies of the organization. 
B)  is used to determine departmental rules and procedures. 
C)  is the primary responsibility of the top management. 
D)  should be completed at the same time the total budget is prepared. 
A)  should be used to establish the fundamental strategies of the organization. 
B)  is used to determine departmental rules and procedures. 
C)  is the primary responsibility of the top management. 
D)  should be completed at the same time the total budget is prepared.

Question 9

What does a distribution strategy involve? Define two marketing channels.

Accepted Answer

Marketers develop distribution strategie

Question 10

Business strategies are impacted by the widespread use of the Internet.Which of the following is true with respect to its impact?

Accepted Answer

A)  The Internet has eliminated all forms of substitution threats. 
B)  The Internet has reduced barriers to market entry. 
C)  The Internet has reduced the bargaining power of end-users. 
D)  The Internet has reduced consumer awareness about the differences among competitors. 
A)  The Internet has eliminated all forms of substitution threats. 
B)  The Internet has reduced barriers to market entry. 
C)  The Internet has reduced the bargaining power of end-users. 
D)  The Internet has reduced consumer awareness about the differences among competitors.

Question 11

_____ is a review that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats.

Accepted Answer

A) planning 
B) marketing planning 
C) strategic planning 
D) tactical planning 
E) cash cows
F)first mover strategy
G)SWOT analysis
H)strategic window
I)marketing mix
J)product strategy
K)strategic business units
L)Porter's Five Forces
M)marketing strategy
N)dogs
O)stars
P)annual growth rate 
A) planning 
B) marketing planning 
C) strategic planning 
D) tactical planning 
E) cash cows
F)first mover strategy
G)SWOT analysis
H)strategic window
I)marketing mix
J)product strategy
K)strategic business units
L)Porter's Five Forces
M)marketing strategy
N)dogs
O)stars
P)annual growth rate

Question 12

An event management company decided to use radio advertising in order to promote an upcoming music festival.The executives of the company suggested various activities that could be used for the radio campaign.These activities are a part of the company's _____.

Accepted Answer

A)  tactical planning efforts 
B)  standard operating procedures 
C)  weekly scheduling plans 
D)  unit-wise budgeting plans 
A)  tactical planning efforts 
B)  standard operating procedures 
C)  weekly scheduling plans 
D)  unit-wise budgeting plans

Question 13

Which of the following statements is indicative of a second mover strategy?

Accepted Answer

A)  Entering new markets with existing products 
B)  Making significant innovations that turn old products into new ones 
C)  Observing closely the innovations of first movers and then improving on them 
D)  Entering new markets with new products before any other entrants 
A)  Entering new markets with existing products 
B)  Making significant innovations that turn old products into new ones 
C)  Observing closely the innovations of first movers and then improving on them 
D)  Entering new markets with new products before any other entrants

Question 14

An organization lays out its basic objectives,or goals,in its complete mission statement.

Accepted Answer

A) True 
 B)False

Question 15

The number of suppliers available to a manufacturer or retailer affects the bargaining power of buyers.

Accepted Answer

A) True 
 B)False

Question 16

Operational planning that involves the creation and implementation of tactical plans for the departments within an organization is primarily the responsibility of top-level management.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

Strategic planning is complemented by _____ which guides the implementation of activities specified in the strategic plan.

Accepted Answer

A) planning 
B) marketing planning 
C) strategic planning 
D) tactical planning 
E) cash cows
F)first mover strategy
G)SWOT analysis
H)strategic window
I)marketing mix
J)product strategy
K)strategic business units
L)Porter's Five Forces
M)marketing strategy
N)dogs
O)stars
P)annual growth rate 
A) planning 
B) marketing planning 
C) strategic planning 
D) tactical planning 
E) cash cows
F)first mover strategy
G)SWOT analysis
H)strategic window
I)marketing mix
J)product strategy
K)strategic business units
L)Porter's Five Forces
M)marketing strategy
N)dogs
O)stars
P)annual growth rate

Question 19

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.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 2: Strategic Planning in Contemporary Marketing

Strategic planning has a minimal impact on a firm's destiny because it provides only short-term direction to the decision makers.

What is a marketing mix? In order for a product to succeed,what can be said about the variables in the marketing mix?

Strategic business units (SBUs)of a diversified firm have common managers,resources,objectives,and competitors.

Supervisory managers tend to focus exclusively on strategic planning.

The term marketing mix describes:

The idea of first movers being completely replaced by second movers and the resulting disappearance of first movers from the marketplace is a myth.

SBUs in the category of _____ promise poor future prospects,and marketers should withdraw from these businesses or product lines as quickly as possible.

Operational planning:

What does a distribution strategy involve? Define two marketing channels.

Business strategies are impacted by the widespread use of the Internet.Which of the following is true with respect to its impact?

_____ is a review that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats.

An event management company decided to use radio advertising in order to promote an upcoming music festival.The executives of the company suggested various activities that could be used for the radio campaign.These activities are a part of the company's _____.

Which of the following statements is indicative of a second mover strategy?

An organization lays out its basic objectives,or goals,in its complete mission statement.

The number of suppliers available to a manufacturer or retailer affects the bargaining power of buyers.

Operational planning that involves the creation and implementation of tactical plans for the departments within an organization is primarily the responsibility of top-level management.

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

Strategic planning is complemented by _____ which guides the implementation of activities specified in the strategic plan.

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.

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

Marketing: The Art and Science of Satisfying Customers

The Marketing Environment, Ethics, and Social Responsibility

Social Media: Living in the Connected World

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Consumer Behavior

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Market Segmentation, Targeting, and Positioning

Marketing Research and Sales Forecasting

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Developing and Managing Brand and Product Categories

Marketing Channels and Supply Chain Management

Retailers, Wholesalers, and Direct Marketers

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Personal Selling and Sales Promotion

Pricing Concepts

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Developing an Effective Marketing Plan

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