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Exam 2: Planning Marketing Strategies

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Question 41

Multiple Choice

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Marketing managers can take each of the following corrective actions for reducing a discrepancy between established performance standards and actual performance except

A) improving actual performance.
B) reducing the performance standard.
C) totally changing the performance standard.
D) changing the marketing strategy.
E) coordinating a new step in performance analysis.

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Question 42

Multiple Choice

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An expected level of performance against which actual performance can be compared is a

A) standard performance.
B) standard of excellence.
C) step in sales analysis.
D) performance standard.
E) corrective standard.

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Question 43

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The marketing plan is

Through the process of strategic planning, a firm establishes an organizational mission and goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.

Scenario 2.1 Use the following to answer the questions. Southwest Airlines has a history of being able to retain its employees due to the atmosphere and culture of the company. Employees have been known to dress up in costume on an airplane, engage in "games" with the passengers, and generally provide a fun atmosphere for traveling. While other airlines have low rates of customer satisfaction, Southwest tends to maintain a high rating with its customers. Recent gas price hikes have caused most airlines to charge for checked luggage and to fill every flight to its maximum, adding to the negative experience of airline travel. Southwest keeps its costs low through several methods, one being that they do not serve meals on flights, or provide pre-boarding passes. The typical flight is two hours or less and occurs between several selected cities rather than flying to practically anywhere in the country. Southwest is known for its low fares, its dependability, and its on-time flights. -Refer to Scenario 2.1. In Southwest Airlines' SWOT analysis, the rising gas prices are a(n) ____, while the fact that other airlines are charging for all checked baggage may create a(n) ____.

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's

A market opportunity results from

A competitive advantage that cannot be readily copied by the competition is referred to as a(n) ____ advantage.

Which of the following statements is incorrect?

Define the four product categories used in the Boston Consulting Group (BCG) product-portfolio analysis.

Safeway Food Stores is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a

Which of the following is not a purpose of the marketing plan?

Marketing planning consists of two major components: marketing objectives and a control process.

High Gliding Air Academy is developing its marketing mix for the coming year. Its managers know that they must first select ____, which may be the most important decision they make in the planning process.

A large company that markets products throughout the nation could use a regional type of organization.

Procter & Gamble, like many firms in the consumer packaged-goods industry, is organized by

____ involves giving customer-contact employees the authority and responsibility to make marketing decisions without seeking the approval of a supervisor.

A firm's organizational mission should be derived from its goals.

The time lag between the performance of marketing activities and their results

____ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals.