Question 1

The Original Penguin clothing brand which features a cute penguin with a tie wrapped around its neck has made a successful comeback to men's fashions since 2003.The brand is popular among young men and the company recently articulated its interest in generating a 10% increase in sales among college students in the United States for the next year.Which step in the marketing planning process best corresponds to the articulation of a 10% increase in sales?

Accepted Answer

A) ​determine organizational objectives 
B) ​assess organizational resources and evaluate risks and opportunities 
C) ​formulate strategy 
D) ​implement strategy through operational plans

Question 2

A two-day offsite retreat was held for a team of executives of a major hospital including the hospital's CEO,President,and Vice-Presidents.Over the course of the two-days,the executives engaged in brainstorming sessions and worked together to articulate the direction the hospital should take and specific objectives that should be achieved over the next 5 years.The team focused considerable attention to objectives related to the Affordable Care Act and rising numbers of patients eligible for Medicare.The executives were engaged in _______.

Accepted Answer

A) ​strategic planning 
B) ​tactical planning 
C) ​operational planning 
D) ​defensive planning

Question 3

Match each definition to the corresponding term.
-A firm that adopts a _____,attempts to capture the greatest market share and develop long-term relationships by being the pioneer to enter the market with a good or service.

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

Question 4

Describe the strategic business unit concept.

Accepted Answer

The answer of Describe the strategic business unit concept....

Question 5

When a massive fuel hike affected the expenses of users of Cadmia significantly,Flare Inc.introduced automobiles that run on solar energy.The introduction of such automobiles indicates that Flare Inc.:

Accepted Answer

A) switched over to less sustainable fuels. 
B) recognized its competitive constraints. 
C) applied a second-mover advantage. 
D) made the best of a strategic window.

Question 6

Marketing planning establishes the basis for a firm's overall strategic plan.

Accepted Answer

A) True 
 B)False

Question 7

​You are about to launch a digital advertising startup.Your former marketing professor warns you to get the first element in the marketing strategy right -- because otherwise,your new company is doomed to failure.Which is this essential element?

Accepted Answer

A) ​Target market 
B) ​Promotion 
C) ​Price 
D) ​Distribution 
E) ​Product

Question 8

At a time when computer users were having trouble storing,sending,and displaying photos,Apple introduced the iMac computer,which was equipped with a digital camera interface and photo-handling software.This product was a result of Apple recognizing its:

Accepted Answer

A) economies of scale. 
B) competitive constraints. 
C) strategic window. 
D) second-mover benefits.

Question 9

Employees of Popsie Inc.,a small grocery store chain,are working on its tactical plans.The personnel most involved in this level of its planning process would be its:

Accepted Answer

A) top management, such as the owner. 
B) middle management, such as the merchandising and advertising managers. 
C) store managers. 
D) supervisory management, such as shift managers and night auditors.

Question 10

Heather is the director of human resources at a medium-sized firm and has spent significant time in workshops and working with her insurance suppliers to understand the Affordable Care Act and how it might impact the benefits that the company provides its employees.The Affordable Care Act is an example of a(n)_______ factor that can impact organizations.

Accepted Answer

A) ​political-legal 
B) ​competitive 
C) ​socio-cultural 
D) ​economic

Question 11

Jose is the social media manager for a children's museum and is making decisions about the best mix of social media tools to utilize in order to achieve the objective of increasing the number of family memberships by 10% during the year.Jose likes to use Twitter,Instagram,Facebook and Pinterest to reach the museum's desired target market but he spends most of his time developing the appropriate content and determining the frequency of posts.Which term best describes Jose's activity related to determining the use of social media?

Accepted Answer

A) ​tactical planning 
B) ​media scheduling 
C) ​strategic planning 
D) ​operations planning

Question 12

Marketing planning establishes the:

Accepted Answer

A) resource base provided by the firm's strategy. 
B) economic impact of additional sales. 
C) daily and weekly schedules for individual employees. 
D) basis for any marketing strategy.

Question 13

Bell Weddings was the company that pioneered the wedding planning industry.The owners realized that customizing weddings to the wishes of the families,taking charge of the responsibilities,and creating a day that is memorable for clients was an incredible business venture.The case of Bell Weddings illustrates the value of _____.

Accepted Answer

A) organizational vulnerabilities 
B) the first mover strategy 
C) operating plans 
D) portfolio analysis

Question 14

You are the project manager for this year's planning process for your firm.Unlike in the past,you intend to get input from a variety of stakeholders during the course of the planning process.You are doing this because:​

Accepted Answer

A) ​This will ensure that the planning process will be completed faster than in previous years. 
B) ​It will ensure that many ideas are considered and these stakeholders will become advocates for the final plan. 
C) ​Your company's mission statement mandates that this approach be taken. 
D) ​All stakeholders must approve the plan once it is finalized. 
E) ​The plan will include responsibilities for all stakeholders.

Question 15

Define and explain the term "planning" in the context of marketing.

Accepted Answer

The answer of Define and explain the term "planning" in...

Question 16

​As you plan to expand your children's clothing line internationally,you realize the necessity of considering the marketing environment.In particular,you are worried about potential new trade restrictions that could be imposed by other countries.Your concern primarily involves which dimension of the marketing environment?

Accepted Answer

A) ​Economic. 
B) ​Social-cultural. 
C) ​Competitive. 
D) ​Political-legal. 
E) ​Technological.

Question 17

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.

Question 18

​You are responsible for writing the statements of organizational goals to be included in the mission statement of your retail company.Choose the goal(s)that are not stated appropriately for this purpose.

Accepted Answer

A) ​Add 5 new stores each quarter of the next two years. 
B) ​Create an aura of prestige. 
C) ​Improve recycling by 10 percent within six months. 
D) ​Reduce the costs of employee turnover by 5 percent within a year. 
E) ​Add two new clothing designers to your list of vendors within a year.

Question 19

H&M stores have grown quickly and established a high share of the market by targeting women who like to wear the latest fashion trends and are price conscious.H&M determines their mix of product,pricing,promotion strategy,and retail store location based upon extensive research regarding consumer preferences and style trends.The identification of a target market and blending of marketing mix elements is known as the ________.

Accepted Answer

A) ​marketing strategy 
B) ​environmental plan 
C) ​target market mix 
D) ​competitive strategy

Question 20

An international apparel manufacturer changed its pricing strategy as it entered a new market where recessionary trends are being observed.This implies that the _____ factors of the marketing environment led the firm to change its pricing decisions.

Accepted Answer

A) legal 
B) political 
C) environmental 
D) economic

Exam 2: Strategic Planning in Contemporary Marketing

Match each definition to the corresponding term. -A firm that adopts a _____,attempts to capture the greatest market share and develop long-term relationships by being the pioneer to enter the market with a good or service.

Describe the strategic business unit concept.

When a massive fuel hike affected the expenses of users of Cadmia significantly,Flare Inc.introduced automobiles that run on solar energy.The introduction of such automobiles indicates that Flare Inc.:

Marketing planning establishes the basis for a firm's overall strategic plan.

You are about to launch a digital advertising startup.Your former marketing professor warns you to get the first element in the marketing strategy right -- because otherwise,your new company is doomed to failure.Which is this essential element?

At a time when computer users were having trouble storing,sending,and displaying photos,Apple introduced the iMac computer,which was equipped with a digital camera interface and photo-handling software.This product was a result of Apple recognizing its:

Employees of Popsie Inc.,a small grocery store chain,are working on its tactical plans.The personnel most involved in this level of its planning process would be its:

Marketing planning establishes the:

You are the project manager for this year's planning process for your firm.Unlike in the past,you intend to get input from a variety of stakeholders during the course of the planning process.You are doing this because:

Define and explain the term "planning" in the context of marketing.

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

You are responsible for writing the statements of organizational goals to be included in the mission statement of your retail company.Choose the goal(s) that are not stated appropriately for this purpose.

An international apparel manufacturer changed its pricing strategy as it entered a new market where recessionary trends are being observed.This implies that the _____ factors of the marketing environment led the firm to change its pricing decisions.

Exam 2: Strategic Planning in Contemporary Marketing

Match each definition to the corresponding term. -A firm that adopts a _____,attempts to capture the greatest market share and develop long-term relationships by being the pioneer to enter the market with a good or service.

Describe the strategic business unit concept.

When a massive fuel hike affected the expenses of users of Cadmia significantly,Flare Inc.introduced automobiles that run on solar energy.The introduction of such automobiles indicates that Flare Inc.:

Marketing planning establishes the basis for a firm's overall strategic plan.

​You are about to launch a digital advertising startup.Your former marketing professor warns you to get the first element in the marketing strategy right -- because otherwise,your new company is doomed to failure.Which is this essential element?

At a time when computer users were having trouble storing,sending,and displaying photos,Apple introduced the iMac computer,which was equipped with a digital camera interface and photo-handling software.This product was a result of Apple recognizing its:

Employees of Popsie Inc.,a small grocery store chain,are working on its tactical plans.The personnel most involved in this level of its planning process would be its:

Marketing planning establishes the:

You are the project manager for this year's planning process for your firm.Unlike in the past,you intend to get input from a variety of stakeholders during the course of the planning process.You are doing this because:​

Define and explain the term "planning" in the context of marketing.

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

​You are responsible for writing the statements of organizational goals to be included in the mission statement of your retail company.Choose the goal(s) that are not stated appropriately for this purpose.

An international apparel manufacturer changed its pricing strategy as it entered a new market where recessionary trends are being observed.This implies that the _____ factors of the marketing environment led the firm to change its pricing decisions.

You are about to launch a digital advertising startup.Your former marketing professor warns you to get the first element in the marketing strategy right -- because otherwise,your new company is doomed to failure.Which is this essential element?

You are the project manager for this year's planning process for your firm.Unlike in the past,you intend to get input from a variety of stakeholders during the course of the planning process.You are doing this because:

You are responsible for writing the statements of organizational goals to be included in the mission statement of your retail company.Choose the goal(s) that are not stated appropriately for this purpose.