Question 1

A sales manager sets an objective for her team to increase the units sold by five percent for the quarter. This objective is most likely part of a detailed ________ plan that is created annually, semiannually, or quarterly.

Accepted Answer

A)  strategic 
B)  functional 
C)  operational 
D)  product development 
E)  human resources

Question 2

Market planning is followed by the ________, which details how the plan will be carried out, outlining the day-to-day execution.

Accepted Answer

A)  operational plan 
B)  control plan 
C)  SWOT analysis 
D)  strategic plan 
E)  marketing metric

Question 3

A business plan ________.

Accepted Answer

A)  is a document that outlines marketing strategies step by step 
B)  identifies how a company will measure and control specific marketing strategies 
C)  is another name for a marketing plan 
D)  includes the decisions that guide the entire organization or its business units 
E)  is another name for a SWOT analysis

Question 4

The vice president of marketing of a software development company periodically develops a(n) ________, which includes marketing research data on the target market, marketing objectives such as "to increase new customers by 20 percent," and a list of who will be responsible for implementation.

Accepted Answer

A)  marketing plan 
B)  marketing mix 
C)  pricing strategy 
D)  action plan 
E)  strategic plan

Question 5

The market planning process should be completed before the strategic planning process begins.

Accepted Answer

A) True 
 B)False

Question 6

The ________ provides managers with four different fundamental marketing strategies: market penetration, market development, product development, and diversification.

Accepted Answer

A)  BCG growth-market share matrix 
B)  portfolio analysis 
C)  strategic plan 
D)  SWOT analysis 
E)  product-market growth matrix

Question 7

Strategic business units (SBUs) are individual units representing different areas of business within a firm that have their own missions, business objectives, resources, managers, and competitors.

Accepted Answer

A) True 
 B)False

Question 8

When Amazon acquired Whole Foods, the brick-and-mortar supermarket, the company was pursuing a ________ strategy.

Accepted Answer

A)  market development 
B)  product penetration 
C)  market penetration 
D)  diversification 
E)  product development

Question 9

How is business planning different in a large firm in comparison to business planning in a small company?

Accepted Answer

The answer of How is business planning different in a...

Question 10

A(n) ________ is a document that describes the marketing environment, outlines the marketing objectives and strategies, and identifies how the company will implement the strategies.

Accepted Answer

A)  marketing plan 
B)  communications plan 
C)  business plan 
D)  operational plan 
E)  financial plan

Question 11

Campbell's Soup advertised new uses for soup in lunches and dinners to encourage customers to eat more soup. The company also conducted promotions aimed at attracting users of competing soup brands. What growth strategy was Campbell's implementing? Explain.

Accepted Answer

The answer of Campbell's Soup advertised new uses for soup...

Question 12

Scrum is most closely related to ________.

Accepted Answer

A)  implementing controls 
B)  agile marketing 
C)  creating a timeline 
D)  creating a budget 
E)  selecting distribution strategies

Question 13

Explain how business planning helps managers in a firm.

Accepted Answer

The answer of Explain how business planning helps managers in...

Question 14

The first step of the market planning process involves closely examining the ________.

Accepted Answer

A)  marketing strategies 
B)  product development process 
C)  marketing controls 
D)  marketing environment 
E)  marketing team

Question 15

The growth-market share matrix developed by the Boston Consulting Group (BCG) is a type of ________.

Accepted Answer

A)  SWOT analysis 
B)  portfolio analysis 
C)  value chain 
D)  situational analysis 
E)  compatibility assessment

Question 16

A sales manager at ABC Services Inc. was required to track important marketing metrics each quarter. Give two examples of the marketing metrics this sales manager might report.

Accepted Answer

The answer of A sales manager at ABC Services Inc....

Exam 3: Strategic Market Planning