Harran University - Yeniehir Campus

MGT 201 201

Chapter 3 Planning and Marketing in an Organization

1)Which of the following is a decision process people and businesses use to manage systems to achieve an objective?

2. A document that defines the operational and financial objectives of a business over a specific time period is a   .

3. A business plan                  .

4. Which of the following is the most essential activity performed by a company's marketing function?

5. When a business determines its overall goals and the steps it will take to achieve them, the business is conducting                                                                                                                                                                                                                                     

planning.

6. Strategic planning is typically completed by a company's                , while tactical planning is typically completed by a company's                                                                                       .

7. The process of developing actions for various functions within a business to support implementation of a strategic plan is called

                    planning.

8. Which of the following is the first step in strategic planning?

9. Which of the following is NOT a step in the strategic planning process?

10. A company's business mission serves as a statement of          .

11. A company's business                  describes an idealized picture of a future state a business is aiming to achieve.

12. A company's business mission is typically directed at              , while a company's vision is typically directed at                                                                                                                   .

13. Of the following, it is MOST important for a business objective to be            .

14. Successful business objectives can be expressed by the mnemonic        .

15. The collection of products, services, and their corresponding brands that make up a company is called a     .

16. A                     is the process a business uses to evaluate the different combinations of products and services the business offers.

17. The growth-market matrix developed by the Boston Consulting Group (BCG) is used to conduct a       .

18. In the Boston Consulting Group matrix,                provides a measure of market attractiveness.

19. In the Boston Consulting Group approach,               serves as a measure of company strength in the market.

20. The BCG growth-market matrix has four classifications:               ,                    ,                    , and                   .

21. In the BCG matrix,                    are high share, high growth services or products. They need heavy investment to finance rapid growth.

22.                     are low growth, high share services or products in the BCG matrix.

23. In the BCG matrix, income from                  can be used to help finance the company's question marks and stars.

24. According to the BCG growth-market matrix,                are products or services that have low market share in a market with high growth.

25. Which of the following strategies would a company be MOST likely to follow for a product classified as a dog in the BCG matrix?

26. The BCG matrix considers two dimensions:                 and                   .

27. The                     is a tool a company can use to relate its business mission and vision to individual business activities.

28. The balanced scorecard considers                measures.

29. Which of the following perspectives is NOT considered in the balanced scorecard?

30. A                     states what the marketing function must accomplish to support a strategic business plan.

31. Which of the following is one of the four major components of the marketing planning process?

32. Which of the following is NOT an example of a broad marketing objective?

33. After establishing marketing objectives, the next step in the marketing planning process is     .

34. Which of the following is a comprehensive review and assessment of a company's marketing environment?

35. Which of the following is the statement of how a business intends to achieve its marketing objectives?

36. A                     is a group of consumers, a business has identified as the most viable for its product or service.

37. Decisions concerning the selection of a target market and the creation of a marketing mix are made primarily as part of the

                    component of the marketing planning process.

38. Which of the following best describes the components of the marketing mix?

39. Which component of the marketing mix identifies the good or service?including packaging, branding, and warranty?the company offers to the target market?

40. A                     strategy outlines how, when, and where a company will make its product or service available to target consumers.

41. A                     strategy identifies how a business communicates product or service benefits and value to its target market.

42. A                     is a document that includes an assessment of the marketing situation, marketing objectives, marketing strategy, and marketing initiatives.

43. In a basic SWOT analysis, the "T" stands for                 .

44. In a basic SWOT analysis, the "S" stands for                 .

45. In a SWOT analysis, which of the following would be considered a strength?

46. In SWOT analysis, which of the following refers to factors in the external environment?

47. A SWOT analysis would most likely be used during which component of the marketing planning process?

48. Which of the following would a company most likely use to conduct a marketing audit?

49. Which of the following measures the impact of specific marketing activities on business performance?

50. ROMI stands for                   .

51. Serengeti makes lightweight sunglasses with 100 percent UV protection for hunters, hikers, and cyclists. Serengeti's long-term plans include the development of lenses for people who fish. These new lenses will have effective water-sheeting action to reduce lens spotting. Serengeti believes it can use its reputation as a sunglasses manufacturer for specialized markets to enter this new market of people who fish professionally and recreationally. Serengeti's plan is an example of                                                                                                                                .

52. Columbia Sportswear makes nylon Activewear. Its marketing manager sets a goal to use greater promotional efforts to increase by 12 percent over the next three years the sales of the company's line of comfortable, lightweight clothing for people who fish. Columbia Sportswear's marketing manager is engaged in         .

53. Monsanto operates in many businesses, including pharmaceuticals and food products. The company declares it wants to create "abundant food and a healthy environment." This statement is an example of a         .

54. When the makers of a line of ballpoint pens state they are in the communication equipment business, they are defining their mission too          .

55. The market for two-way radios is rapidly shrinking. A company that has a small share of the two-way radio market would be considered a(n)          in terms of the BCG growth-market matrix.

56. A film company has a high market share in the market of children's films. However, the children's film market is a relatively stable, low growth market. This film company would be classified as a(n)     using the BCG matrix.

57. The pharmaceuticals division of Omni Healthcare holds a low market share in a high growth market. In order to increase the pharmaceuticals division's market share, managers would be more likely to decide which of the following?

58. The vice president of marketing for a software development company wants "to increase new business customers by 20 percent within the next two years." This is an example of a     .

59. Harris, the marketing manager at a small sports retail chain, has conducted a marketing analysis. He has investigated the company's internal resources and characteristics, as well as factors and trends in the competitive sports retail chain market. Which of the following has Harris completed?

60. Archetype is a Unilever company that successfully markets a number of different tea brands around the world. Each brand appeals to the taste and emotions of local tea markets. Which of the following is the most accurate classification for the marketing Archetype does to create and promote specific products for the more than 100 countries in which its products are sold?

61. Serengeti makes lightweight sunglasses with 100 percent UV protection for outdoor enthusiasts who love to hunt, hike, and ride bikes. Serengeti's long-term plans include the development of lenses that, in addition to protecting users from UV rays, will also have effective water-sheeting action to reduce lens spotting. The target market for this new feature will be people who fish. Serengeti has determined that fishing is one of the fastest growing sports in the United States. In terms of a SWOT analysis, Serengeti has recognized a market    .

62. Which of the following most accurately identifies a difference between a weakness and a threat in SWOT analysis?

Refer to the scenario below to answer the following questions.

Fun-Spot Fun Park began as a small amusement park in 1985. Starting with nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot has grown into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater.

"My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market."

Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and arbor.

"There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!"

"Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful! There is nothing else like Fun-Spot Fun Park in the area. We were just lucky."

"I think it's the ambience of the park that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time."

Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like it says on the entrance to the park, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."

63. Fun-Spot's statement that "We're here to make you happy" is an example of a(n)    .

64. Into which quadrant of the BCG matrix does Fun-Spot fall?

65. Which of the following would be classified as an opportunity in a SWOT analysis of Fun Spot?

66. Business planning is an ongoing process of making decisions that guides a business in both the short and long term.

67. All businesses, regardless of size, should engage in the business planning process.

68. A business objective is something a business is attempting to achieve in support of a tactical strategy.

69. A business objective should include a specific time frame for achieving the objective.

70. A company can use the BCG matrix to determine which of its products or services should receive more or less investment.

71. In the BCG matrix, dogs are low growth services or products with low market share.

72. In the BCG matrix, stars and cash cows require a similar level of investment of a company's resources.

73. In the BCG matrix, question marks are in a sector with little potential for growth.

74. The BCG matrix is used primarily for tactical planning, while the balanced scorecard is used primarily for strategic planning.

75. A company can use the balanced scorecard to generate a set of initiatives to achieve its objectives.

76. One aim of marketing planning is to connect a business to the environment in which it functions.

77. The achievement of a marketing objective is not typically measured as a part of the marketing planning process.

78. The marketing mix most commonly consists of product, price, place, and positioning.

79. Guided by marketing strategy, a company designs a marketing mix made up of factors under its control.

80. A company's promotion strategy determines how much the company will charge for its products.

81. When a marketing manager decides to run a quarter-page ad in the business section of the local newspaper to promote goodwill toward his company, he is executing part of a tactical plan.

82. A business manager would use the Boston Consulting Group matrix to conduct a thorough marketing audit.

83. One valid criticism of the typical marketing mix of product, place, pricing, and promotion is that services are not considered.

84. Why might other systems within a company resist marketing initiatives?

85. How are a business mission and business vision different?

86. Briefly identify some disadvantages a company with a large and diverse business portfolio may experience.

87. Into what BCG quadrant does a higher share, high growth product or service fall?

88. What type of strategy should a company use to manage its cash cows?

89. Explain the limitations of the BCG matrix.

90. Identify two types of performance measures that a company could use to assess the effectiveness of its marketing strategy.

91. How might a marketer of pens alters the "product" portion of the marketing mix when targeting female college students versus male college students?

92. What role does the marketing mix play in implementing a marketing strategy?

93. Why is SWOT analysis an important marketing planning tool?

94. Briefly discuss several of the inputs a marketer contributes to a company's business plan.

95. Define strategic planning. Discuss the steps involved.

96. Identify and describe five components of a successful business objective.

97. What is business portfolio analysis? Discuss how a company might use the Boston Consulting Group's growth-market matrix.

98. Identify and describe the four different perspectives considered by the balanced scorecard.

99. Define marketing planning. Briefly outline the major steps in a marketing plan.

100. Explain how marketing performance is evaluated and how that evaluation should be used.