mktg 043101 quiz 12 – Flashcards

Unlock all answers in this set

Unlock answers
question
The product market growth matrix suggests four strategies based on customers and products. Which of the following is the riskiest of the basic strategies suggested by this approach?
answer
Diversification
question
BruceCo planned to introduce a new line of herbal coffees in its coffee shops. Using the chain ratio method, they estimated they would have 300 people walk through the door every day and that 1/3 of these people would notice a sign advertising the new coffee and ask about it. If the price were the same as its regular coffee, they estimated half of the people would try the new blend. If the price were higher than the regular coffee, they estimated only one out of 10 would request the new blend. The goal was to sell 50 cups of the new blend each day. Which of the following would be a diagnostic measure associated with the plan?
answer
The number of people who walked through the store each day
question
Which of the following statements about an organization's mission statement is FALSE?
answer
The mission statement is something that only applies at the corporate level
question
The SWOT analysis can be used to develop marketing strategies by ____________?
answer
Minimizing a weakness or a threat
question
When using a SWOT analysis, an opportunity is an issue that is?
answer
Positive External
question
In a performance-oriented culture, people at every level are encouraged to develop their own tactics for executing the strategic plan.
answer
False
question
A marketing organization using (the) _____________ will have a set of marketing functions such as sales, advertising, research, for each product line?
answer
Product structure
question
BruceCo planned to introduce a new line of herbal coffees in its coffee shops. Using the chain ratio method, they estimated they would have 300 people walk through the door every day and that 1/3 of these people would notice a sign advertising the new coffee and ask about it. If the price were the same as its regular coffee, they estimated half of the people would try the new blend. If the price were higher than the regular coffee, they estimated only one out of 10 would request the new blend. The goal was to sell 50 cups of the new blend each day. Which of the following would be an outcome measure associated with the plan?
answer
The number of cups of the new blend sold each day.
question
Which of these is NOT a measure generally used in marketing?
answer
Share of budget
question
BruceCo competes in the premium coffee market in the San Francisco area. The biggest competitor, Starbucks controls 48% of the market while BruceCo controls only 1% of the market. BruceCo is measuring _________?
answer
Market Share
question
Bruce was planning to open a coffee shop to compete with the national chains. He wanted to be more personal than the national chains so he asked his employees to greet regular customers by name and ask them if they would like their usual drink. He felt the national chains were focused on running the assembly line rather than on welcoming customers. How would you rate Bruce's level of competency in this business model?
answer
Bruce has established a point of difference that he might be able to exploit in the future.
question
When using a SWOT analysis, a weakness is an issue that is?
answer
Negative, Internal
question
A ____________ is a formal statement that describes the overall purpose of the organization and identifies its customers, products, processes, and values.
answer
Mission statement
question
The product market growth matrix suggests four strategies based on customers and products. Which of the following is the least risky of the basic strategies suggested by this approach?
answer
Penetration
question
Why does your instructor recommend the chain ratio method of sales forecasting?
answer
Because it integrates sales forecasting into the strategic management process.
question
When we say a measure is __________ we mean that results can be determined soon enough to use the feedback in improving performance?
answer
Timely
question
Which of these is something you need to consider when it comes time to develop the marketing budget?
answer
These are all things you need to have in mind when it is time to negotiate a budget.
question
A diagnostic measure?
answer
A diagnostic measure is all of these things
question
Many strategic plans are not executed well because?
answer
The long-term strategic objectives are not translated into specific, actionable tasks to be done by people in the organization.
question
According to a Harvard Business Review article by Nohria and colleagues, of more than 200 management practices, there are four basic business practices that really make a difference in a company's performance. For example successful companies develop a performance oriented ____________?
answer
culture
question
Which level of the organization is typically responsible for determining the organization's mission and or vision?
answer
Corporate level
question
Which of the following is a major disadvantage of the market testing approach to forecasting.
answer
The time it takes to conduct the test market may put you at a competitive disadvantage in the marketplace.
question
What is the relationship between the strategic planning that occurs at different levels in an organization?
answer
Lower-level strategic plans must fulfill what is called for in higher-level strategic plans.
question
Why is it important to develop contingency plans when you adopt a sales forecast?
answer
Because once a plan is underway, there is a tendency to explain away unexpected results rather than try to adapt the plan to the new circumstances.
question
A ________________ is a prediction of what a business's sales will be in the future?
answer
Forecast
question
When it comes to setting budgets, a bottom-up budget...?
answer
Is developed by the managers responsible for implementing the plan.
question
A ____________ is a collection of key marketing metrics organized in a way to highlight patterns of performance?
answer
Marketing dashboard
question
In order to execute a strategic marketing plan, long-range strategic objectives need to be broken down into short-range tactical objectives so that each unit of the organization understands?
answer
These are all things each unit of the organization needs to understand in order to execute a strategic plan.
question
An outcome measure?
answer
Tells you whether or not you achieved your goal
question
A(n) ___________ is a quantifiable measure used to track, monitor, and assess the success or failure of a business practice?
answer
Metric
question
BruceCo is a coffee shop selling custom-brewed coffee to walk-in customers. In order to boost sales, Bruce started a business selling music CD's on the internet. This is an example of the ____________ growth strategy?
answer
Diversification
question
When using a SWOT analysis, a threat is an issue that is?
answer
Negative External
question
A major difference between a business plan and a marketing plan is that a Business plan will include ________ while a marketing plan will not?
answer
Strategies for each functional area
question
Santa Claus is trying to forecast demand for coal this Christmas. For the past 300 years, the number of naughty children (who will get coal in their stockings) has increased by 3% each year. Santa is likely to use the ____________ method to forecast demand.
answer
Trend analysis
question
Santa Claus is trying to estimate demand for toys this Christmas. He know there will be 3.7 billion children because he monitors birth trends across the world. He knows from experience that 14% will be naughty this year and get coal rather than presents for Christmas. He recently commissioned a research study from Donner + Blitzen associates who found that children stop believing in Santa Clause when they are 5.8 years old. Santa is likely to use the ____________ method to forecast demand for toys?
answer
Chain ratio
question
In order to be useful, criteria used to measure progress toward a goal should be all of these EXCEPT?
answer
Adaptable
question
An organizational chart is a useful tool for understanding the structure of an organization. Specifically, the connections between the 'boxes' in an organizational chart show patterns of ____________ and ____________ within the organization.
answer
Communication, authority
question
When it comes to setting budgets, a top-down budget...?
answer
Is determined at the corporate level
question
There are two things you need to know about a number if you are planning on using it as a metric. One of them is?
answer
What is the trend?
question
There are two things you need to know about a number if you are planning on using it as a metric. One of them is?
answer
Is it good or bad?
question
What is a major disadvantage of the market factor analysis method of forecasting?
answer
In order to use it, there has to be a known market factor that correlates with your product's sales.
question
One of the reasons there is confusion between the marketing plan and the business plan is that
answer
These are all reasons why there is confusion between the marketing plan and the business plan for an organization?
question
A(n) ______________ is a tool for evaluating an organization's internal and external strengths and weaknesses?
answer
SWOT analysis
question
What is the difference between market size and sales potential?
answer
Market size is the upper limit of sales for the industry as a whole, sales potential is the upper limit of sales for your company.
question
The best understanding of market dynamics comes when sales is expressed in?
answer
Both dollars and units
question
Sales data is frequently used as a metric in marketing plans. Which of the following is NOT a commonly used sales measure?
answer
Advertising expenditures
question
According to a Harvard Business Review article by Nohria and colleagues, of more than 200 management practices, there are four basic business practices that really make a difference in a company's performance. For example successful companies tend to have flat and flexible ____________?
answer
Organizational structures
question
When we say a measure is __________ we mean that it should involve a number?
answer
Quantifiable
question
According to a Harvard Business Review article by Nohria and colleagues, of more than 200 management practices, there are four basic business practices that really make a difference in a company's performance. For example successful companies maintain flawless operational ____________?
answer
Execution
question
Which of the following is one of the two questions that should be answered when evaluating a marketing plan according to the material presented in class?
answer
Are there things we could have done better?
question
BruceCo is a small coffee company. They pride themselves on being friendly. Every employee is trained to greet their regular customers by name and the employee gets a bonus if a customer says something nice about the service. As a result, BruceCo's customers are very loyal. In terms of a SWOT analysis, this would be considered a (n) ________ for BruceCo?
answer
Strength
question
Which of the following is NOT a characteristic of a good Objective?
answer
It is adaptable
question
A (n) ______________ is a long-term accomplishment that the organization wants to achieve?
answer
Objective
question
When developing contingency plans, the ____________ scenario assumes that everything that could go either right or wrong goes wrong?
answer
Worst case
question
When developing contingency plans, the ____________ scenario represents your best estimate of what actually will happen?
answer
Most likely
question
Information in a marketing dashboard is usually displayed graphically.
answer
true
question
Contrary to what you would expect, when it comes time to evaluate the results of the plan...?
answer
It is just as bad to exceed the goal as it is to fail to reach the goal
question
When we say a measure is __________ we mean that it relates directly to the goal it is intended to measure?
answer
Relevant
question
Which of the following is one of the two questions that should be answered when evaluating a marketing plan according to the material presented in class?
answer
Did we achieve our goals?
question
The _____________ is the result of eliminating middle management positions in order to shorten lines of communication within the organization?
answer
Trend toward flatter organizations
question
Alexis is the furniture division sales manager for a textile (cloth) manufacturing company. He has a team of 15 salespeople who call on 200 customers regularly over the course of the year. These customers account for 85% of Alexis companys sales and buy 80% of the textiles used for furniture in this country. Alexis is likely to use the __________ method to forecast demand?
answer
Survey of buyer intentions
question
Which level of the organization is typically responsible for determining the makeup of the organization's portfolio of businesses?
answer
Corporate level
question
BruceCo is a coffee shop selling custom-brewed coffee to walk-in customers. In order to boost sales, Bruce started selling CD's of the music played in the store. This is an example of the ____________ growth strategy?
answer
Product development
question
In a multi-market, multi-product firm such as the Nestle Corporation, what is the highest level at which strategic planning might take place?
answer
Corporate level
question
When developing contingency plans, the ____________ scenario assumes that everything that could go either right or wrong goes right?
answer
Best case
question
Which of these is NOT a measure generally used in advertising?
answer
All of these are measures commonly used in advertising
question
According to a Harvard Business Review article by Nohria and colleagues, of more than 200 management practices, there are four basic business practices that really make a difference in a company's performance. For example successful companies have clearly stated and focused ____________?
answer
Strategies
question
When we say a measure is __________ we mean that it should involve a number?
answer
Quantifiable
question
There are two things you need to know about a number if you are planning on using it as a metric. One of them is?
answer
What is the trend?
question
A marketing organization using (the) _____________ will have a set of marketing functions such as sales, advertising, research, for each product line?
answer
Product structure
question
A market factor...?
answer
Is all of these things.
question
If you can't live with the consequences of your ___________ scenario, don't implement the plan?
answer
Worst case
question
The last stage in developing a marketing plan involves
answer
Establishing the budget and the timetable
question
When using a SWOT analysis, a strength is an issue that is?
answer
Positive, Internal
question
Which of the following statements about forecasting is true?
answer
All forecasts are guesses.
question
An outcome measure?
answer
Tells you whether or not you achieved your goal
question
Information in a marketing dashboard is usually displayed graphically.
answer
True'.
question
There are two things you need to know about a number if you are planning on using it as a metric. One of them is?
answer
Is it good or bad?
question
BruceCo planned to introduce a new line of herbal coffees in its coffee shops. Using the chain ratio method, they estimated they would have 300 people walk through the door every day and that 1/3 of these people would notice a sign advertising the new coffee and ask about it. If the price were the same as its regular coffee, they estimated half of the people would try the new blend. If the price were higher than the regular coffee, they estimated only one out of 10 would request the new blend. The goal was to sell 50 cups of the new blend each day. Which of the following would be an outcome measure associated with the plan?
answer
The number of cups of the new blend sold each day.
question
A(n) ___________ is a quantifiable measure used to track, monitor, and assess the success or failure of a business practice?
answer
Metric
question
The product market growth matrix suggests four strategies based on customers and products. Which of the following is NOT one of the basic strategies suggested by this approach?
answer
Differentiation
question
Developing a ______________ involves identifying critical points in the plan, anticipating what could go right or what could go wrong and determining in advance what course of action you will take?
answer
Contingency plan
question
What is the relationship between a SWOT analysis and an environmental scan?
answer
The environmental scan identifies issues that are relevant to the strategic planning process; the SWOT analysis evaluates key issues in terms of the organizations strengths and weaknesses.
question
BruceCo is a small coffee company. Recently, the surgeon general announced that students who consume massive amounts of coffee the night before an examination tended to perform better than students who do not drink coffee. In terms of a SWOT analysis, this would be considered a (n) ________ for BruceCo?
answer
Opportunity
question
What is a major disadvantage of the trend analysis method to forecasting?
answer
Relying on statistical analysis means you risk ignoring foreseeable environmental factors.
question
When developing contingency plans, your textbook recommends developing a minimum of _______ contingencies?
answer
3
question
The SWOT analysis can be used to develop marketing strategies by ____________?
answer
Building on a strength
question
Julio is the sales manager for Champion Spark Plugs. Julio knows that there will be a need for 4.6 sparkplugs (on average) for every new car built this year and a need for 0.7 replacement sparkplugs for every car built in the last seven years. Julio is likely to use the ___________ method for forecasting demand?
answer
Market Factor Analysis
question
Roxanne has developed a new adult milk beverage that is enhanced with vitamins. There has never been a product like this before and she is wondering how many cases she should manufacture in the first year of production. Roxanne is likely to use the ____________ method to forecast demand.
answer
Market testing
question
_______________ is the process of determining what an organization is, who it serves, what it does, and why it does what it does, with a focus on the future?
answer
Strategic planning
question
Sales data is frequently used as a metric in marketing plans. Which of the following is NOT a commonly used sales measure?
answer
Advertising expenditures
question
When it comes to setting budgets, a top-down budget...?
answer
Is determined at the corporate level
question
According to a Harvard Business Review article by Nohria and colleagues, of more than 200 management practices, there are four basic business practices that really make a difference in a company's performance. For example successful companies develop a performance oriented ____________?
answer
culture
question
Many strategic plans are not executed well because?
answer
The long-term strategic objectives are not translated into specific, actionable tasks to be done by people in the organization.
question
According to a Harvard Business Review article by Nohria and colleagues, of more than 200 management practices, there are four basic business practices that really make a difference in a company's performance. For example successful companies maintain flawless operational ____________?
answer
Execution
question
A market factor...?
answer
Is all of these things.
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New