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Exam 2: Developing Marketing Strategies and a Marketing Plan

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Question 1

Multiple Choice

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The strategic marketing planning process

A) is a five-step process that should always be completed in order.
B) is frequently used in reverse.
C) begins with establishing specific, measurable outcomes.
D) is not always sequential.
E) forces marketing managers to think rationally.

F) A) and E)
G) B) and E)

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Question 2

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To build a sustainable competitive advantage, companies should focus on a single strategy.

A) True
B) False

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False

Question 3

Multiple Choice

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

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(n) __________ for these companies.

When Nike, the prominent athletic shoe manufacturer, branched out from selling only athletic shoes to also offering athletic clothing and gym bags, what type of growth strategy did this represent?

Suppose your university made a sizable investment in its career services--additional counselors, increased efforts to bring in recruiters, and other services aimed at helping students to find jobs. This investment would enhance the university's _____________ in an attempt to create value for students and recent graduates.

A former advertising campaign for GEICO Insurance used the slogan, "So easy, even a caveman could do it" to emphasize the ease of buying insurance on GEICO's website. This campaign was part of GEICO's

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

In July 2010, Microsoft discontinued the Kin, its social networking phone, after just six weeks of disappointing sales. During what step of the strategic marketing planning process would Microsoft have made the decision to stop offering the product?

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.

If a firm wants to develop a sustainable competitive advantage, it should

Introducing newly developed products or services to a market segment the company is not currently serving is called

Jamie, a sales manager for an industrial materials company, reviews each sales representative's performance quarterly. She knows business has been good but is surprised to see some reps are selling much more than their goals while others are not meeting their goals. What should Jamie do?

Lionel is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to

Craig sees that his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we've been doing." Craig is ignoring the __________ step of the marketing planning process.

Anita has gone to the same hair salon for the past ten years. She believes that her stylist, the salon owner, does a better job of cutting and styling her hair than anyone else could. Other salons have opened closer to Anita's home, some offering more plush facilities or lower prices, but she isn't tempted to switch. Anita's attitude toward the salon is an example of

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?

Marketers want their firms to develop excellent supply chain management and strong supplier relations so they can

Kathy reviews her division's quarterly results and sees that some units exceeded goals while others did not. Next, she will attempt to determine why performance of the different units varied, and whether the variation

After finishing his marketing degree, Ryan inherited the family shrimp shack restaurant. The restaurant is a small, local institution that beach visitors have been coming to for decades. Ryan wants to make his business grow and is considering either a market penetration or market development strategy. Describe what Ryan will likely do if he pursues either strategy.