Questions:
Question 1
__________ firms are those that successfully generate, disseminate, and respond to market information.
a. Satisfaction-oriented
b. Information-oriented
c. Market-oriented
d. Customer-oriented
e. Competitive-oriented
Question 2
When firms who have successfully implemented the balanced performance scorecard hold regular meetings to review the performance of their strategy, they are adhering to which of the five common principles that successful firms use when implementing the balanced performance scorecard method?
a. Translating the strategy into operational terms
b. Making strategy a continual process
c. Mobilizing change through executive leadership
d. Aligning the organization to the strategy
e. Making strategy everybody's job
Question 3
Goals and objectives:
a. are related concepts as goals must be translated into functional objectives
b. are created independent of the corporate mission
c. are terms that can ly be used interchangeably to describe specific qualitative measurements of outcomes
d. form the means by which corporate resources are used and integrated
e. should remain constant through multiple rounds of strategic planning and many years
Question 4
In today's business environment, firms that truly focus on customers instill a corporate culture that places customers and other stakeholders at the top of the organizational hierarchy. When this occurs, the firm shifts its focus from transactions to __________, and from __________ to collaboration.
a. information; rivalry
b. long-range planning; contracts
c. market share; competition
d. relationships; competition
e. value; cooperation
Question 5
Which of the following IS NOT a purpose of a marketing plan?
a. It identifies resources needed to carry out the plan.
b. It explains how marketing activities mesh with other functional areas.
c. It specifies the expected outcomes of the plan.
d. It describes specific actions that are to take place.
e. It explains the present and future situations of the organization.
Question 6
One of the most difficult parts in creating a marketing plan is to:
a. to identify how marketing activities will be performed
b. develop a clear and comprehensive situation analysis.
c. develop a strategic focus
d. develop a well-written executive summary
e. determine the appropriate goals and objectives.
Question 7
When creating a corporate vision statement, organizations are attempting to answer which of the following questions?
a. What is our operating philosophy?
b. What do we want to become?
c. What are our competitive advantages?
d. What business are we in?
e. Who are our customers?
Question 8
With respect to developing a marketing plan, what does it mean for a marketing plan outline to be flexible?
a. The outline should be sufficient to ensure that information is not omitted.
b. The outline should have some connection to other functional area plans.
c. The outline should be consistent across firms in the same industry.
d. The outline should have the ability to be modified to fit the situation.
e. The outline should flow in a logical manner.
Question 9
Whether at the corporate, business-unit, or functional level, the planning process always begins with an in-depth:
a. assessment of the organization's resources.
b. statement of the organization's competitive advantages
c. statement of goals and objectives.
d. situation analysis
e. strategy for achieving growth
Question 10
What is the primary theme of the Balanced Performance Scorecard approach to strategic planning?
a. financial performance is only one of four key dimensions that should drive marketing planning
b. organizational learning and growth are the keys to strategic planning
c. competitive information should drive the marketing plan
d. internal performance metrics are more important than financial performance
e. real-time customer satisfaction metrics are needed to achieve marketing goals and objectives
Question 11
The well-known furniture company IKEA's ability to offer a superior, yet affordable product is best described as their:
a. social mission
b. balanced scorecard
c. competitive advantage
d. SBU
e. evaluation and control
Question 12
Apple continuously establishes performance standards and assesses actual performance by comparing it with these standards. Afterwards, Apple often takes ive action to reduce any discrepancies. This process is most likely outlined in the __________ section of Apple's marketing plan.
a. goals and objectives
b. marketing implementation
c. evaluation and control
d. product strategy
e. SWOT analysis
Question 13
In the context of marketing planning, why is it vital that the marketing plan be capable of selling itself to top management?
a. Because top managers are compensated on how well the marketing strategy works.
b. Because top managers are responsible for executing the marketing plan.
c. Because top managers must be able to evaluate the performance of the marketing program.
d. Because top managers must decide whether the marketing plan is the best use for the organization's scarce resources.
e. Because top managers must be able to clearly communicate the strategy to external stakeholders.
Question 14
Sears at one time lost sight of its mission and jumped into markets such as real estate and financial services that did not fit its strengths or core operations. This most likely occurred because Sears lacked a mission statement with the appropriate:
a. focus
b. strategic fit
c. profitability
d. stability
e. width
Question 15
The content to be included on a brand's Facebook page is described in which section of the marketing plan?
a. Marketing implementation
b. Evaluation and control
c. SWOT analysis
d. Marketing strategy
e. Executive summary