Exam (elaborations)
MKTG 3650 Ch 2 (1
- Course
- GPSTC Class 290
- Institution
- GPSTC Class 290
Exam of 6 pages for the course GPSTC Class 290 at GPSTC Class 290 (MKTG 3650 Ch 2 (1)
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MKTG 3650 Ch 2ABC Electonics, Inc. is reviewing progress made on its strategic marketing efforts.
Management is very concerned that the reward mechanisms built into its marketing
plan inadequately motivate proper decision making and is considering a revision to
its strategic marketing plan. ABC is operating at the ___________ stage of the
strategic marketing process. - CORRECT ANSWER-Controlling stage
Which of the following are components of the strategic marketing process?
- SWOT Analysis
- Product-Market Selection
- Determining strategy and tactics
- Determining the desired position
- All of the above - CORRECT ANSWER-All of the above
Which of the following is not part of the controlling stage of the strategic marketing
process?
- Clearly defined mission.
- Clearly defined metrics that assess key dimensions of marketing and financial
performance.
- Procedures that ensure these metrics are accurate.
- Procedures that ensure metrics are delivered to and acted upon by managers in a
timely manner.
- Reward systems that appropriately reward personnel for making timely and correct
decisions. - CORRECT ANSWER-Clearly defined mission
Which of the following contributes to a 'good' mission statement?
- Mission is expressed in terms of building and selling specific products
- Mission is expressed in terms of competing in a specific industry
- Mission statement is market focused
- Mission is very narrowly defined so that definite competitive advantages can be
obtained with finely tuned marketing programs.
- All of the above - CORRECT ANSWER-Mission statement is market focused
Firms that define their missions from a strict 'product' perspective often miss many
marketing opportunities as a result. This phenomenon is referred to as
________________________ . - CORRECT ANSWER-Marketing myopia
The __________ component of the marketing plan identifies the intended target
markets that will be served, the market positions that will be sought, and generally
describe how these markets will be served and the desired positions achieved. -
CORRECT ANSWER-Marketing Strategic Focus
, Shannon's Brewery targets its craft beers to more affluent millenial consumers living
in upscale suburbes in the DFW area. Shannons positions its beers as fire-brewed
Irish ales of superior quality using natural spring waters. This desired position has
been crafted using a judicious combination of marketing communications, public
relations efforts, and some very positive publicity. In terms of the marketing plan the
above description illustrates Shannon's ____________ . - CORRECT
ANSWER-Marketing Strategic Focus
When searching for new market opportunities, which area of product-market focus is
least likely to take the firm beyond its current mission? - CORRECT
ANSWER-Market penetration
The firm's ________ is a statement of company purpose, identifying the business in
which the firm perceives itself to be; it is a statement of the firm's primary areas of
product and market focus. - CORRECT ANSWER-Mission
Which of the following is least associated with Key Success Factors (KSFs)?
- SFs are things that firms must possess that are critial to the firm's survival in an
industry.
- Are identified during the industry analysis component of SWOT
- Usually consist of physical assets or other critical resources
- Can also become sources of competitive advantage
- Are essential components of the 'controlling' phase of the marketing management
process. - CORRECT ANSWER-Are essential components of the 'controlling' phase
of the marketing management process.
A written summary of the firm's marketing objectives, strategies, and specific courses
of marketing action that also includes information on the assignment of personnel,
budgets, and timetables is the: - CORRECT ANSWER-Marketing Plan
Which of the following is not a component of the demand analysis when investigating
market opportunities?
- Estimates of market potential.
- Estimates of sales potential.
- Estimating the sales forcaste.
- Estimating investment costs - CORRECT ANSWER-Estimating investment costs
Haggar Apparel, one of the United States' largest producers of ready-made
custom-fit suits, has responded to the dress-down trend at work by adding jeans and
a "relaxed, yet tailored" line of suits called City Casuals. Haggar anticipates that its
current customers will be the primary consumers of the new line. According to the
product-market matrix, Haggar Apparel is pursuing an opportunity of: - CORRECT
ANSWER-Product Development
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