Mastering Marketing
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Questions and Answers

Which factor is NOT considered when articulating a SMART marketing objective?

  • Relevant
  • Stretch (correct)
  • Measurable
  • Achievable

    • What is the process of dividing the population into distinct, identifiable groups known as?

  • Strategizing
  • Segmentation (correct)
  • Positioning
  • Targeting

    • Which component of the marketing mix refers to the activities that marketers use to achieve their marketing goals?

  • Strategic Alternatives
  • Distribution
  • Promotion (correct)
  • Product Lineup

    • 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 term used to identify which segment(s) to focus specific marketing activities against?

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

    What is the time frame for launching 3 new products as part of the goal to develop an up-to-date lineup?

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

    What is the measure of success for the promotion component of the marketing goals?

    <p>Improved consumer reaction</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 defining the marketing strategies, plan, and tactics to achieve marketing's contribution to the overall organizational goals?

    <p>VP Marketing</p> Signup and view all the answers

    What is the time frame for organizational planning?

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

    Who are the potential audiences of a mission statement?

    <p>Employees, Functional Heads, and Shareholders</p> Signup and view all the answers

    What are the characteristics of a good mission statement?

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

    What is the difference between a product-based and market-based mission statement?

    <p>Product-based mission statements focus on the organization, while market-based mission statements focus on the consumer</p> Signup and view all the answers

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

    <p>To analyze the current market situation</p> Signup and view all the answers

    From a marketing planning perspective, what is 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 in the mini case?

    <p>By setting clear objectives</p> Signup and view all the answers

    What was Walmart's approach to growth strategy?

    <p>Focusing on high market share and high industry growth</p> Signup and view all the answers

    Why did Walmart choose this approach to growth strategy?

    <p>To leverage economies of scale</p> Signup and view all the answers

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

    <p>Nintendo focused on low market share and low industry growth</p> Signup and view all the answers

    Why did Nintendo choose this approach to growth strategy?

    <p>To target a niche market</p> Signup and view all the answers

    What is the purpose of portfolio evaluation?

    <p>To review the success of an organization's products</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 role of promotion in the marketing mix?

    <p>To communicate with the target consumer</p> Signup and view all the answers

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

    <p>Understand strategic planning in an organization</p> Signup and view all the answers

    What is the relationship between marketing planning and the larger organizational plan?

    <p>Marketing plans are a subset of the larger organizational plan</p> Signup and view all the answers

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

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

    What is the term used to describe the activities that marketers use to achieve their marketing goals?

    <p>Marketing mix</p> Signup and view all the answers

    What is the purpose of strategic planning in an organization?

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

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

    <p>Marketing planning is more specific to the areas which marketing impacts</p> Signup and view all the answers

    What is the result of marketing activities evaluated against?

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

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

    <p>Understand strategic planning in an organization</p> Signup and view all the answers

    What is the relationship between marketing planning and the larger organizational plan?

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

    What is the focus of marketing plans compared to the larger organizational plan?

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

    What does Figure 2.1 in the text represent?

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

    What is the purpose of strategic planning in an organization?

    <p>To identify the place of marketing in the strategic plan</p> Signup and view all the answers

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

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

    What is one of the learning objectives of Chapter 2?

    <p>To understand strategic planning in an organization</p> Signup and view all the answers

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