Mastering Marketing
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Questions and Answers

Which of the following is an objective of strategic planning in an organization?

  • Analyze the components of the marketing planning process
  • Distinguish strategic alternatives
  • Evaluate the result of marketing activities
  • Identify the place of marketing in the strategic plan (correct)

    • What is the difference between organization strategic planning and marketing planning?

  • Organization strategic planning is more focused, short term, and specific to the areas which marketing impacts
  • Organization strategic planning is long term and broad in scope
  • Marketing planning is a subset of the larger organizational plan (correct)
  • Marketing planning is more comprehensive and covers all aspects of the organization

    • What does the marketing mix refer to?

  • The result of marketing activities
  • The strategic alternatives in marketing
  • The combination of product, price, place, and promotion (correct)
  • The components of the marketing planning process

    • Which of the following is NOT a characteristic of a SMART marketing objective?

    <p>Stretch</p> Signup and view all the answers

    What are the two most important factors in growing an organization?

    <p>Existing consumers and new products</p> Signup and view all the answers

    What is the process called when marketers identify how consumers are divided into distinct groups?

    <p>Segmenting, targeting, and positioning</p> Signup and view all the answers

    What is the purpose of the marketing mix?

    <p>To achieve marketing goals</p> Signup and view all the answers

    Which type of planning sets the overall goals and objectives for the organization as a whole?

    <p>Organizational Planning</p> Signup and view all the answers

    Who is responsible for setting the overall goals and objectives in organizational planning?

    <p>CEO</p> Signup and view all the answers

    What is the time frame for organizational planning?

    <p>Long term: 5+ years</p> Signup and view all the answers

    What are the characteristics of a good mission statement?

    <p>Clear, inspiring, and distinctive</p> Signup and view all the answers

    What are the four elements of the marketing mix?

    <p>Product, price, place, promotion</p> Signup and view all the answers

    What are the four reasons why an organization might fail to achieve its mission?

    <p>Mission was not right, goals and strategies were not right, environmental changes, execution was lacking</p> Signup and view all the answers

    What are the four categories in the Boston Consulting Group (BCG) matrix?

    <p>Stars, dogs, cash cows, question marks</p> Signup and view all the answers

    What are the two lenses through which an organization can review its product's success in portfolio evaluation?

    <p>Growth rate of the overall industry, growth rate of your organization within the industry</p> Signup and view all the answers

    Which type of planning focuses on defining the marketing strategies and tactics to achieve marketing's contribution to the overall organizational goals?

    <p>Market planning</p> Signup and view all the answers

    Who is responsible for setting the overall goals and objectives in organizational planning?

    <p>CEO or equivalent</p> Signup and view all the answers

    What is the time frame for organizational planning?

    <p>Long term: 5+ years</p> Signup and view all the answers

    What are the characteristics of a good mission statement?

    <p>Describes the benefit to the target consumer</p> Signup and view all the answers

    What does a market-based mission statement focus on?

    <p>The perspective of the consumer</p> Signup and view all the answers

    What is the purpose of a situation analysis in the marketing planning process?

    <p>To assess the internal and external factors affecting marketing</p> Signup and view all the answers

    What is a marketing objective?

    <p>A specific goal to be achieved through marketing efforts</p> Signup and view all the answers

    Which of the following is a learning objective of Chapter 2?

    <p>Analyze the components of strategic planning</p> Signup and view all the answers

    What is the main difference between organization strategic planning and marketing planning?

    <p>Marketing plans are more focused and specific to the areas which marketing impacts</p> Signup and view all the answers

    Which of the following is a component of the marketing planning process?

    <p>Evaluating the result of marketing activities</p> Signup and view all the answers

    What does the figure in 2.1 represent?

    <p>The elements of an organizational plan</p> Signup and view all the answers

    What is the role of the marketing plan within the larger organizational plan?

    <p>The marketing plan is a subset of the larger organizational plan</p> Signup and view all the answers

    What is the time frame for marketing planning?

    <p>Short term</p> Signup and view all the answers

    What is the purpose of strategic planning in an organization?

    <p>To set the overall goals and objectives</p> Signup and view all the answers

    Which of the following is NOT a characteristic of a SMART marketing objective?

    <p>Stretch</p> Signup and view all the answers

    What is the process called when marketers identify which segment(s) to focus their marketing activities against?

    <p>Targeting</p> Signup and view all the answers

    What are the two most important factors in growing an organization?

    <p>Existing consumers and new products</p> Signup and view all the answers

    What does the marketing mix refer to?

    <p>The collection of activities that marketers use to achieve their marketing goals</p> Signup and view all the answers

    Which category of the marketing planning process focuses on developing a lineup of products that is up to date and offers a competitive advantage over competitors?

    <p>Product Lineup</p> Signup and view all the answers

    What is the time frame for achieving the objective of launching 3 new products?

    <p>12 months</p> Signup and view all the answers

    What is the measure of success for improving leads and sales generated through trade shows?

    <p>50% improvement</p> Signup and view all the answers

    From a marketing planning perspective, what was the issue in the mini case of Mary and Freda planning their vacation?

    <p>They did not have a clear mission statement</p> Signup and view all the answers

    How might Mary and Freda have approached the situation from a marketing planning perspective?

    <p>By developing a marketing mix</p> Signup and view all the answers

    What was Walmart's approach to growth strategy and the reasoning behind it?

    <p>Focusing on cost leadership to offer low prices to customers</p> Signup and view all the answers

    How was Nintendo's approach to growth strategy different from Walmart's?

    <p>Nintendo focused on product differentiation while Walmart focused on cost leadership</p> Signup and view all the answers

    What are the four reasons why an organization might fail to achieve its mission?

    <p>The goals and strategies were not right</p> Signup and view all the answers

    What is portfolio evaluation used for?

    <p>To review the organization's growth rate within the industry</p> Signup and view all the answers

    What are the four categories in the Boston Consulting Group (BCG) matrix?

    <p>Stars, Dogs, Cash Cows, Question Marks</p> Signup and view all the answers

    What is the purpose of the marketing mix?

    <p>To communicate the product's benefits to consumers</p> Signup and view all the answers

    What are the two lenses through which an organization can review its product's success in portfolio evaluation?

    <p>The overall industry growth rate and the organization's growth rate within the industry</p> Signup and view all the answers

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