Typically, the difference between the planned marketing strategy and the strategy that actually takes place is:\tindependent of marketing implementation.\tcaused solely by changes in customer behaviors.\ttypically caused by unexpected competitive activity.\tcaused by managerial mistakes, not by changes in the firm’s internal or external environments.\tcaused by the way the planned marketing strategy is implemented.\tis a broad concept that relates to an organization’s obligation to maximize its positive impact on society while minimizing its negative impact.\tSocial responsibility\tMarketing ethics\tSocial engineering\tStrategic philanthropy\tCorporate philanthropy\tA vision statement answers which of the following statements?\u00a0\tHow can we serve our target markets?\tWhat are our goals?\tWhich is our market position?\tWhat do we want to become?\tWhat business are we in?\tAmong the fundamental changes to marketing and business practice in today’s economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today’s economy?\twholesalers\tcustomers\tmarket research firms\tretailers\tmanufacturers\tAll organizations need a __________, the central scheme for utilizing and integrating resources in the areas of production, finance, research and development, human resources, and marketing to carry out the organization’s mission and achieve desired goals and objectives.\tcross-functional goal\tcorporate strategy\tcorporate mission\tcross-functional strategy\tmarketing strategy\tWhen a firm begins to charge high fees for additional services to non-profitable customers, it has determined that the __________ of those customers is too low to warrant added efforts at maintaining a relationship with them\tclient value\t80\/20 value\trelational value\tlifetime value\tmarket share\tWith respect to the consumer buying process, __________ is perhaps the most important factor that affects the time, effort, and expense dedicated to the search for information.\tthe consumer’s brand loyalty\tthe degree of risk\tthe consumer’s expertise\tthe extent of product differentiation\tthe degree of competition\tMany firms attempt to distinguish or differentiate their product offerings through the use of __________ strategies. This involves establishing a mental image of the product offering relative to competing offerings in the minds of target buyers.\tcomparative\tproduct positioning\tbranding\tperceptual marketing\timage marketing\tWhen a firm analyzes its objectives and performance, availability of resources, structural characteristics, and organizational culture, the firm is most likely examining its:\texternal environment.\tmission statement.\texternal environment.\tinternal environment.\tstrategic environment.\tWhich of the following IS NOT a purpose of a marketing plan?\tIt specifies the expected outcomes of the plan.\tIt describes specific actions that are to take place.\tIt explains the present and future situations of the organization.\tIt explains how marketing activities mesh with other functional areas.\tIt identifies resources needed to carry out the plan.\tWhich of the following relationship strategies is most likely to be used by a health club as it tries to create social bonds with its clientele?\tfamily discount programs\tcustomer reminder notifications\tpersonalized training\tmembership programs\tCoupons\tIn times past, developing and implementing the “right”\ufffd marketing strategy was all about __________. In today’s economy, however, that emphasis has shifted to developing strategies that attract and retain customers over the long term.\tconducting extensive research to discover customer needs\taggressive direct selling in order to maximize sales volume\tmaking products of moderate quality that could be sold at the lowest possible price\tmaking the highest quality product\tcreating a large number of transactions in order to maximize the firm’s market share\tIn the competitive sports drink market, Gatorade pays very close attention to the activities of Powerade, a major __________ competitor that markets drinks that are similar in features and benefits.\tdirect\ttotal budget\tproduct\tbrand\tgeneric\tBranding strategy involves much more than developing a clever brand name or brand mark. To be truly effective, a brand should succinctly capture the total offering in a way that:\tclearly ties the brand name together with the brand mark.\tutilizes at least 5 brand attributes.\tclearly distinguishes it from competiting offerings.\tassociates the brand with a customer emotion such as happiness or love.\tanswers a question in the customer’s mind.\tMany large firms, such as Walmart, Home Depot, Lowe’s, and Barnes & Noble, have been accused of predatory pricing because their business practices have put many local, mom-and-pop firms out of business. In reality, these large firms are not necessarily guilty of predatory pricing. Why?\tBecause the courts have found little evidence that predatory pricing has occurred.\tBecause the weak marketing activities of the local firms are to blame.\tBecause the large firms have efficient cost structures and lower variable costs.\tBecause the large firms are more guilty of superficial discounting than predatory pricing.\tBecause the large firms simply have stronger brand equity than local firms.\tMarketing implementation is critical to the success of any firm. Simply put, implementation refers to:\tdeciding who will actually write the marketing plan.\tthe process by which the marketing strategy will be developed.\thow the marketing plan will be put into action.\tthe process by which employees learn about the marketing strategy.\thow the marketing plan will be approved by top management.\tAll of the following are benefits of SWOT analysis EXCEPT:\tIt can reduce costs associated with strategic planning\tIt promotes collaboration and open information exchange\tIt can synthesize and integrate diverse information\tIts structured nature ensures that data and information are correctly categorized.\tIt is simple to use and requires no extensive training or skills.\tWith respect to conducting a situation analysis, which of the following IS NOT one of the four important issues to keep in mind?\tConducting a situation analysis is a challenging exercise.\tAll bits of data are relevant no matter how minor they may seem.\tThe benefits of analysis must outweigh the costs.\tData are not the same as information.\tAnalysis alone is not a solution.\tWhat might be the problem with only taking the customer’s perspective?\tTaking a customer perspective involves a lot of costs and resources.\tAdopting a customer perspective doesn’t usually translate into insightful information.\tCustomers do not see behind the scenes to understand the firm’s characteristics.\tCustomers often take a generic analysis of the organization.\tThe information is more constructive than descriptive.\tIf you purchase a notebook computer from Dell, you will note several brand insignias on the outside, such as Dell, Intel, and Microsoft Windows. What type of branding strategy does this example represent?\tbrand licensing\tco-branding\tbrand collaboration\tbrand affinity\tco-marketing\tIn terms of SWOT analysis, when does a strength become a capability of the firm?\twhen the strength cannot be copied by competitors\twhen the strength can be supported by sufficient resources\twhen the strength can be tied to satisfying a customer need\twhen the strength can be connected to a second strength\twhen the strength stands alone without any corresponding weaknesses\tWhich of the following IS NOT a challenge associated with being ethical and socially responsible?\tMost employees perceive that the values of honesty, respect, and trust do not apply to the workplace.\tWhen personal values are inconsistent with the configuration of values held by the work group, ethical misconduct may increase.\tA person’s experiences and decisions at home, in school, and in the community may be quite different from the experiences and the decisions he or she has to make at work.\tIndividuals who have limited business experience often find themselves required to make sudden decisions concerning marketing’s gray areas.\tBusiness decisions involve complex and detailed discussions in which correctness may not be so apparent.\tWhich of the following is the best example of a brand mark?\tWD-40\tNike’s swoosh\t7-Eleven\tBMW\tHonda\tFrom the viewpoint of the consumer buying process what is the difference between a need and a want?\tNeeds are based on discrepancies between actual and desired satisfaction, whereas wants occur relative to specific products that can fulfill a need.\tNeeds are absolute necessities, whereas wants are discretionary.\tNeeds focus on specific elements of a product’s quality, whereas wants are related to the “extras”\ufffd that add value to the product\tNeeds are related to specific products, whereas wants occur only when the consumer has the ability to purchase the product.\tNeeds and wants are essentially the same, except that consumers will pay more for products they need.\tWhether at the corporate, business-unit, or functional level, the planning process always begins with an in-depth:\tassessment of the organization’s resources..\tstrategy for achieving growth.\tstatement of the organization’s competitive advantages.\tstatement of goals and objectives.\tsituation analysis\tWhich of the following changes occurring in today’s economy has NOT been caused by the growth of the Internet?\trising prices for most products\tshifting demand patterns\tprivacy and security concerns\tincrease in product selection\taudience and media fragmentation\tOne of the links between strategic planning and marketing implementation is interdependency which refers to the fact that\tthe strategic planning process depends entirely on marketing implementation.\tboth strategy and implementation must adapt to environmental changes.\tboth strategy and implementation must constantly evolve.\tthe marketing plan affects how it will be implemented, and implementation affects the marketing plan.\tstrategic planning cannot occur without marketing implementation, and vice versa.\tThe consumer buying process begins when:\tmarketing research discovers a new, untapped market segment.\tmerchants offer goods and services for sale.\tconsumers begin to seek information about an upcoming purchase.\ta manufacturer develops a new product.\tconsumers recognize that they have unsatisfied needs.\tAlthough mass media audiences are becoming increasingly fragmented media fragmentation does have a major advantage. What is this advantage?\tIt is much easier to measure feedback from mass media audiences.\tConsumers are now highly susceptible to online advertising.\tIt now costs less to reach a mass audience.\tIt is now easier to reach small, highly targeted audiences.\tConsumers are now much more receptive to television advertising.\t__________ is defined as a business philosophy aimed at defining and increasing customer value in ways that motivate customers to remain loyal.\tCustomer relationship management\tLifetime value management\tCustomer orientation\tMarket orientation\tRetention management<\/p>\n","protected":false},"excerpt":{"rendered":"
Typically, the difference between the planned marketing strategy and the strategy that actually takes place is: independent of marketing implementation. caused solely by changes in customer behaviors. typically caused by unexpected competitive activity. caused by managerial mistakes, not by changes Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-229166","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/229166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=229166"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/229166\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=229166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=229166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=229166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}