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Exam 2: Developing Marketing Strategies and a Marketing Plan

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Question 41

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Which of the following is NOT one of the four major growth strategies marketers typically utilize?

A) market penetration
B) market development
C) segment development
D) diversification
E) product development

F) B) and D)
G) B) and E)

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Question 42

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Which of the following is the third step in the strategic marketing planning process?

A) Define the business mission.
B) Identify and evaluate opportunities.
C) None of these.
D) Implement marketing mix and allocate resources.
E) Situation analysis.

F) A) and D)
G) A) and C)

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Question 43

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Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states.This strategy limits ____________ growth strategies.

Most banks implement customer retention programs aimed at their best customers.They do this because they know that retaining customers usually results in:

Imagine that you are in a gourmet food store choosing your favorite "comfort" food instead of being in a classroom taking this test.Notice the packaging,colors,labels,even the fonts used on labels.All of these efforts are part of the marketer's:

The strategic marketing planning process:

Sodexho is a corporation that manages school cafeterias,university dining halls,mess halls at military bases,concession stands at sports arenas,and other large-scale food service facilities.If Sodexho were to begin to sell individual frozen meals in supermarkets,it would be pursuing a ______ growth strategy.

Brad is reviewing the performance of his franchise sandwich store.As a franchisee,he has access to comparative data from other stores.Brad will likely look at ____________ data for other stores to help him to evaluate his performance.

The first objective in the Evaluate Performance phase of the marketing planning process is to:

The idea of value-based marketing requires firms to charge a price that:

Suppose that you and a friend decide to turn your favorite sports activity--inline skating--into a business.You plan to design a line of fashionable clothing that integrates elbow and kneepads.For each of the four macro strategies,briefly describe the most important thing your company should do if you intend to focus on that strategy.Your answers should be specific to the inline skating business.

A mission statement describes the specific actions a firm will take to achieve its goals.

The text states,"Viewing customers with a lifetime value perspective,rather than on a transaction-by-transaction basis,is the key to modern customer retention programs." Create an example demonstrating a lifetime value perspective.Why is customer retention almost always a profitable marketing strategy?

Of what use is a sustainable competitive advantage to a firm?

After performing an STP analysis,marketers implement ____________ for each target market.

Which of the following is the best way to build a sustainable competitive advantage using product excellence?

In most companies,marketing resource allocation decisions are made at the SBU or ___________ level of the firm.

The automobile manufacturing industry closely watches annual consumer satisfaction surveys.For years,Japanese car companies consistently had the highest levels of customer satisfaction,creating a ______ for these companies.

Duke's is a surfer-themed restaurant chain in Hawaii.Most of its customers are tourists.In a SWOT analysis for Duke's,the possibility that the recession might cut back on tourism in Hawaii would be considered a Weakness.

When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies,it can be difficult to: