37 Questions
Which factor is NOT considered when articulating a SMART marketing objective?
Stretch
What is the process of dividing the population into distinct, identifiable groups known as?
Segmentation
Which component of the marketing mix refers to the activities that marketers use to achieve their marketing goals?
Promotion
What are the two most important factors in growing an organization?
Existing consumers and new products
What is the term used to identify which segment(s) to focus specific marketing activities against?
Targeting
What is the time frame for launching 3 new products as part of the goal to develop an up-to-date lineup?
12 months
What is the measure of success for the promotion component of the marketing goals?
Improved consumer reaction
Which type of planning sets the overall goals and objectives for the organization as a whole?
Organizational planning
Who is responsible for defining the marketing strategies, plan, and tactics to achieve marketing's contribution to the overall organizational goals?
VP Marketing
What is the time frame for organizational planning?
5+ years
Who are the potential audiences of a mission statement?
Employees, Functional Heads, and Shareholders
What are the characteristics of a good mission statement?
Clear and inspiring
What is the difference between a product-based and market-based mission statement?
Product-based mission statements focus on the organization, while market-based mission statements focus on the consumer
What is the purpose of a situation analysis in the marketing planning process?
To analyze the current market situation
From a marketing planning perspective, what is the issue in the mini case of Mary and Freda planning their vacation?
They did not have a clear mission statement
How might Mary and Freda have approached the situation from a marketing planning perspective in the mini case?
By setting clear objectives
What was Walmart's approach to growth strategy?
Focusing on high market share and high industry growth
Why did Walmart choose this approach to growth strategy?
To leverage economies of scale
How was Nintendo's approach to growth strategy different from Walmart's?
Nintendo focused on low market share and low industry growth
Why did Nintendo choose this approach to growth strategy?
To target a niche market
What is the purpose of portfolio evaluation?
To review the success of an organization's products
What are the four categories in the Boston Consulting Group (BCG) matrix?
Stars, Dogs, Cash Cows, Question Marks
What is the role of promotion in the marketing mix?
To communicate with the target consumer
Which one of the following is a learning objective of Chapter 2?
Understand strategic planning in an organization
What is the relationship between marketing planning and the larger organizational plan?
Marketing plans are a subset of the larger organizational plan
Which one of the following is a component of the marketing planning process?
Market analysis
What is the term used to describe the activities that marketers use to achieve their marketing goals?
Marketing mix
What is the purpose of strategic planning in an organization?
To set overall goals and objectives for the organization
What is the difference between organization strategic planning and marketing planning?
Marketing planning is more specific to the areas which marketing impacts
What is the result of marketing activities evaluated against?
Organizational goals
Which of the following is a learning objective of Chapter 2?
Understand strategic planning in an organization
What is the relationship between marketing planning and the larger organizational plan?
Marketing planning is a subset of the larger organizational plan
What is the focus of marketing plans compared to the larger organizational plan?
Marketing plans are more focused and specific to the areas which marketing impacts
What does Figure 2.1 in the text represent?
The elements of an organizational plan
What is the purpose of strategic planning in an organization?
To identify the place of marketing in the strategic plan
What is the difference between organization strategic planning and marketing planning?
Marketing plans are more focused, short term, and specific to the areas which marketing impacts
What is one of the learning objectives of Chapter 2?
To understand strategic planning in an organization
Test your knowledge on the 6 goals that marketing is responsible for, including strategies to develop a competitive product lineup and measure success.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
