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74 Cards in this Set
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A business plan __________. A) is a document that outlines marketing strategies B) identifies how a company will measure and control specific marketing strategies C) is another name for a marketing plan D) includes the decisions that guide the entire organization or its business units E) is another name for a SWOT analysis |
D) includes the decisions that guide the entire organization or its business units. |
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Which of the following is a true statement about business planning?
A) Business planning involves taking action before developing objectives B) Business planning is an ongoing process C) Business planning is concerned with the long term but not short term. D) Business planning is concerned with the short term but not long term E) Business planning takes place after development of the marketing plan. |
B) Business planning is an ongoing process |
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A(n) ____________ is a document that describes the marketing environment, outlines the marketing objectives and strategies, and identifies how the company will implement and control those strategies. A) marketing plan B) communications plan C) business plan D) operational plan E) financial plan |
A) Marketing Plan |
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___________ are rules of conduct that guides how most people in a culture judge what is right and what is wrong. A) Plans B) Values C) Ethics D) Habits E) Tactics |
C) Ethics |
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A ____________ is a firm's set of written standards of behavior to which everyone in the organization must subscribe and which establish standards for how the organization interacts with its stakeholders. A) civil law B) strategic plan C) code of ethics D) marketing plan E) business plan |
C) Code of Ethics |
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____________ is the third, or "nuts and bolts", level of planning. A) Strategic planning B) Functional planning C) Operational planning D) Product development E) Business planning |
C) Operational Planning |
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The three levels of business planning are ________________. A) managerial, operational, promotional B) strategic, functional, operational C) portfolio, strategic, functional D) SWOT, strategic, tactical E) operational, functional, tactical |
B) strategic, functional, operational |
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___________ is the managerial decision process that matches the organization's resources and capabilities to its market opportunities for long-term growth. A) Operational planning B) Strategic planning C) Portfolio analysis D) SWOT analysis E) Corporate culture |
B) Strategic Planning |
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The CEO, president and top executive officers are responsible for _____________ in the strategic plan. A) operational planning B) developing the details of the pricing strategy C) designing ad campaigns D) defining the firm's purpose E) employee benefits |
D) defining the firm's purpose |
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SBU stands for _______________. A) strategic buying utilities B) successful business utilities C) strategic business units D) standard business units E) successful business units |
C) strategic business units |
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Strategic planning for a firm such as Disney with several SBUs probably occurs _______________. A) only in its corporate headquarters B) only at the individual business unit level C) at both the overall corporate level and at the individual SBU level D) as needed based upon the success of the division E) at the location best suited for this function based upon findings of the SWOT analysis |
C) at both the overall corporate level and at the individual SBU level |
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Areas of business within a firm that are different enough to have their own missions, business objectives, resources, managers and competitors are referred to as ______________. A) strategic business units B) market development units C) market penetration units D) standard business units E) competitive intelligence units |
A) strategic business units (SBUs) |
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The marketing plan is a type of _____________. A) day-to-day plan B) code of ethics C) strategic plan D) independent plan E) functional plan |
E) functional plan |
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Which of the following is true about functional planning?
A) It is conducted by the various functionals areas of a firm B) It is also called hierarchical mgmt. C) It encompasses a longer time span than strategic planning does D) It covers a shorter time span than operational planning does E) It is the same as strategic planning |
A) It is conducted by the various functionals areas of a firm |
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VPs of large companies are typically in charge of ___________ planning. A) business B) strategic C) operational D) functional E) day-to-day |
D) functional |
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What type of managers would most likely to engage in operational planning on a regular basis? A) the company's CEO B) the company's sales manager C) the company's vice president of product research and development D) the company's vice president of human resources E) the company's chief financial officer |
B) The company's sales mananger |
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In firms with multiple SBUs, the first step in strategic planning is for top mgmt. to __________. A) recruit and hire the right personnel B) examine historical data C) establish a mission for the entire corporation D) allocate resources to the company's various SBUs E) establish marketing's short-term objectives |
C) establish a mission for the entire corporation |
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Questions such as "What business are we in?" and "What customers should we serve?" are typically addressed in the ___________ stage. A) operational planning B) strategic planning C) market targeting D) functional planning E) marketing planning |
B) strategic planning |
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A mission statement is a formal document that describes the organization's overall purpose and what it hopes to achieve in terms of it's products, resources and _________. A) customers B) profits C) employees D) shareholders E) competitors |
A) customers |
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The ________ for Mothers Against Drunk Driving (MADD) is "to stop drunk driving, support the victims of this violent crime, and prevent underage drinking." A) operational plan B) mission statement C) portfolio analysis D) market penetration strategy E) diversification strategy |
B) mission statement |
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If Xerox had continued to define it's _________ in terms of just producing copy machines instead of providing "document solutions", the shift to electronic documents would have left the company in the dust. A) return on marketing investment B) portfolio analysis C) SWOT analysis D) mission E) external environment |
D) mission |
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The second step in strategic planning is to _______. A) formalize a mission statement B) establish the business portfolio C) set SBU and department-level objectives D) set organizational objectives E) assess the organization's internal and external environments |
E) assess the organization's internal and external environments |
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Analysis of a firm's internal environment identifies the firm's _________________. A) strengths and weaknesses B) strengths and opportunities C) opportunities and threats D) weaknesses and threats E) strengths and threats |
A) Strengths and weaknesses |
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A firm's internal business environment does not include__________.
A) employees B) corporate culture C) products D) technologies E) elements of the legal environment |
E) elements of the legal environment |
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Analysis of the external environment of an organization identifies the organization's _______________. A) strengths and weaknesses B) strengths and opportunities C) opportunities and threats D) weaknesses and threats E) strengths and threats |
C) Opportunities and Threats |
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Each year, Honewell asks every dept. mgr. to rate his or her depths strengths and weakness as well as those of the other debts. with which the dept. interacts. Then each dept. mgr. is asked what he or she sees as the greatest threats and opportunities for the company. Honeywell is asking it's dept. mgr. to engage in a(n) _______________. A) SWOT analysis B) portfolio analysis C) market analysis D) functional planning session E) compatibility assessment |
A) SWOT Analysis |
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Effective objectives should be all of the following EXCEPT which one? A) aspirational B) specific C) attainable D) sustainable E) measurable |
A) aspirational |
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Within a larger corp., each SBU ____________. A) has its own business portfolio B) has access to equal resources C) has separate shareholders D) is a separate profit center E) is dependent upon central management for a mission statement |
D) is a separate profit center |
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A(n) _________ is a tool mgmt. uses to asses the potential of a firm's business portfolio. It helps mgmt. decide how to allocate resources among the firm's current SBUs. A) SWOT analysis B) portfolio analysis C) value chain D) operational plan E) compatibility assessment |
B) portfolio analysis |
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The growth-market share matrix developed by the Boston Consulting Group (BCG) is a type of ______________. A) SWOT analysis B) portfolio analysis C) value chain D) situational analysis E) compatibility assessment |
B) portofolio analysis |
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The is a total of ________ different types of SBUs represented within the BCG growth-market share matrix. A) two B) three C) four D) five E) six |
C) four |
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According to the BCG growth-market share matrix, __________ are strategic business units with products that have a document market share in a high-growth market. A) problem children B) exclamation points C) cash cows D) stars E) question marks |
D) stars |
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According to the BCG growth-market share matrix, ________ are strategic business units with products that have a dominant market share in a low-growth market. A) dogs B) exclamation points C) cash cows D) stars E) question marks |
C) Cash Cows |
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According to the BCG growth-market share matrix, ______ are the strategic business units with products that have a low market shares in fast-growth markets. A) dogs B) exclamation points C) cash cows D) stars E) question marks |
E) question marks |
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According to the BCG growth-market share matrix, ________ are strategic business units with products that have a small share of slow-growth market. A) dogs B) exclamation points C) cash cows D) stars E) question marks |
A) dogs |
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Which of the following is a limitation of the BCG matrix? A) It doesn't help managers determine which SBUs need investment to grow. B) It doesn't help managers determine which SBUs should be dropped from the portfolio. C) It focuses on the future of the market rather than current conditions. D) It doesn't tell managers the best ways to make growth happen. E) It can't be used by corporations with multiple SBUs. |
D) It doesn't tell managers the best ways to make growth happen. |
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A growth strategy that attracts users of competitive brands is a called a _____________. A) market development B) product penetration C) market penetration D) diversification E) product development |
C) market penetration |
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When McDonald's purchased Donato's Pizza and a controlling interest in Chipotle, the company was pursuing a ________ strategy. A) market development B) product penetration C) market penetration D) diversification E) product development |
D) diversification |
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The ________ provides managers with four different fundamental marketing strategies: market penetration, market development, product development, and diversification. A) BCG growth-market share matrix B) portfolio analysis C) strategic plan D) SWOT analysis E) product-market growth matrix |
E) product-market growth matrix |
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When General Mills urged consumers to lower their cholesterol by eating Cherrios twice a day over the course of six weeks, the aim was to increase usage among current customers. General Mills used a ________ strategy. A) market development B) product penetration C) market penetration D) diversification E) product development |
C) Market Penetration |
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________ strategies emphasize both new products and new markets to achieve growth. A) Diversification B) Market penetration C) Market development D) Product development E) Cash cow |
A) Diversification |
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The four Ps are the compents of the ___________. A) marketing environment B) functional planning mix C) marketing mix D) marketing concept E) controls |
C) Marketing Mix |
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Which of the following best describes the components of the marketing mix? A) all aspects of the marketing environment B) everything considered during functional planning C) product, price, place, and promotion D) production, price, distribution, and people E) people, product, price, and placement |
C) product, price, place, and promotion |
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The first step of the marketing planning process involves closely examining the ___________. A) marketing strategies B) product development process C) marketing controls D) marketing environment E) functional plan |
D) Marketing Environment |
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Which step in developing a marketing plan includes an analysis of the marketing environment? A) situation analysis B) development of marketing objectives C) selection of a target market D) development of marketing strategies E) implementation of the marketing plan |
A) Situation analysis |
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The second step of the marketing planning process is to _________. A) perform a situation analysis B) set marketing objectives C) define a marketing mission D) identify a target market E) develop a marketing mix |
B) set marketing objectives |
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In a marketing plan, the ________ state what the marketing function must accomplish to achieve overall business objectives. A) situation analyses B) strategic plans C) marketing objectives D) market development strategies E) marketing controls |
C) marketing objectives |
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In the _________ step of the marketing planning process, decisions are made concerning what markets to target and what marketing mix strategies to use. A) perform a situation analysis B) develop marketing strategies C) implement the marketing plan D) control the marketing plan E) develop marketing metrics |
B) develop marketing strategies |
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In the ________ stage of marketing planning, marketers must determine how they want consumers to think of their product in comparsion to competing products. A) develop a mission statement B) perform a situation analysis C) develop marketing strategies D) develop distribution strategies E) implement the plan |
C) develop marketing strategies |
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_______ refers to a company's estimate of the number of consumers who are willing and able to pay for a product. A) The market segment B) Potential demand C) Return on marketing investment D) The marketing mix E) The mass market |
B) Potential demand |
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__________ decisions identify how marketing will accomplish its objectives in the target markets by using product, price, promotion and place. A) Marketing metrics B) Strategic business unit C) Return on marketing investment D) Marketing mix E) Strategic planning |
D) Marketing Mix |
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The ______ is the most fundamental part of the marketing mix. A) product B) distribution C) price D) production E) profit |
A) product |
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Product planners for JetBlue Airways decided to include in-seat video games and television during flights. This is an example of a _______ for JetBlue. A) target market selection strategy B) pricing strategy C) control process D) product strategy E) marketing metric |
D) product stategy |
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The _______ determines how much a firm charges for a product. A) Gantt chart analysis B) PERT chart analysis C) pricing strategy D) product strategy E) return on marketing investment |
C) pricing strategy |
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Southwest Airlines uses a ______ to target customers who could not previously afford air travel. A) pricing strategy B) market penetration strategy C) marketing metric D) distribution strategy E) mission statement |
A) pricing strategy |
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Marketers communicate a product's value propositions to the target market by implementing a ____________. A) product segment B) promotional strategy C) pricing strategy D) distribution strategy E) marketing metric |
B) promotional strategy |
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Advertising, sales promotion, public relations, direct marketing and personal selling are all part of the _______. A) target market strategy B) pricing strategy C) product strategy D) promotion strategy E) distribution strategy |
D) promotion strategy |
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The ______ outlines how, when and where the firm will make the product available to target customers. A) target market strategy B) pricing strategy C) product strategy D) promotion strategy E) distribution strategy |
E) distribution strategy |
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Many airlines now encourage customers to purchase online "ticketless" flight reservations by charging a fee to those who purchase tickets at ticket counters. This is an example of a _______ strategy. A) distribution B) return on marketing investment C) marketing control D) product E) promotion |
A) distribution |
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After marketing strategies are developed, the next step in marketing planning is __________. A) development of marketing objectives B) strategic planning C) implementation D) situation analysis E) pricing development |
C) implementation |
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________ is the formal process of monitoring progess toward meeting marketing objectives. A) Corporate culture B) Control C) Implementation D) Situation analysis E) SWOT analysis |
B) Control |
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Making adjustments to the marekting plan is part of _________. A) SWOT analysis B) portfolio analysis C) implementation and control D) situation analysis E) return on marketing investment processes |
C) implementation and control |
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As a part of the _________ process, managers need to look carefully at why a company isn't meeting its objectives. A) diversification B) market development C) brand competition D) marketing mix E) control |
E) control |
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Concrete measures of carious aspects of marketing performance are called _________. A) operational plans B) marketing metrics C) action plans D) marketing objectives E) pricing strategies |
B) marketing metrics |
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The ROI of a campaign, the value of a prospect, and the response rates in direct marekting are all examples of _________. A) promotions B) marketing metrics C) action plans D) situation analysis E) corporate culture |
B) Marketing Metrics |
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Which of the following quantifies how an investment in marketing impacts the firm's success, financially and otherwise? A) return on marketing investment B) marketing metrics C) SWOT analysis D) portfolio analysis E) PERT chart analysis |
A) Return on Marketing Investment |
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Which of the following is a common objection to relying exclusively on ROMI for measuring marketing success? A) In a company's accounting statements, marketing expenditures tend to appear as investments rather than costs. B) Calculating ROMI requires knowing what would have happened if the marketing expenditures had never taken place. C) ROMI tends to lead managers toward a more long-term decision perspective. D) ROMI focuses on a firm's sustainability commitments to the detriment of its short-term performance. E) ROMI calculates profit by deducting expenditures rather than dividing by expenditures. |
B) Calculating ROMI requires knowing what would happen if the marketing expenditures had never taken place. |
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Action plans are often reffered to as _______. A) marketing mixes B) marketing programs C) ROMI measures D) marketing metrics E) promotional strategies |
B) Marketing programs |
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Assignment of responsibilties, time lines, budgets, and measurement and control processes are documented in a(n) _____________. A) price strategy B) promotion strategy C) action plan D) strategic plan E) marketing mix |
C) action plan |
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__________ generally cover a shorter time period than other plans, perhaps only one or two months, and include detialed directions for specific activities to be carried out. A) Time lines B) Operational plans C) Marketing plans D) Strategic plans E) Pricing strategies |
B) Operational Plans |
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Which of the following is a tool that marketers often use to portray an action plan's time line? A) a Gantt chart B) a SWOT analysis C) an SBU analysis D) a BCG matrix E) a marketing metric |
A) A Gantt Chart |
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Kimball Gardens is a compnay that operated as two distinct businesses: one that sells lawn and garden products and one that makerts booklets. Each nusiness is called a ____________. A) separate entity B) strategic business unit (SBU) C) cash cow D) star E) business portfolio |
B) strategic business unit (SBU) |
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A sales manager sets an objective for her team to increase the units sold by 5% for the quarter. This objective is most likely part of a detailed _______ plan that is created annually, semiannually, or quarterly. A) strategic B) functional C) operational D) product development E) human resources |
A) strategic |
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Columbia Sportswear makes nylon activewear. Its marketing manager set a goal to increase sales 12% over the next 3 years through the introduction of a new line of comfortable, lightweight clothing for people who fish. This marketing manager is engaged in ___________. A) operational planning B) strategic planning C) control planning D) portfolio planning E) functional planning |
B) Strategic Planning |
