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Exam 2: Strategic Planning in Contemporary Marketing

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Question 61

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The statement of Starbucks to "inspire and nurture the human spirit - one person,one cup and one neighborhood at a time" is an example of a mission statement.

A) True
B) False

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Question 62

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Relationship marketing can help a company:

A) create long-term and cost-effective links with individual customers and suppliers for mutual benefit.
B) reduce its strategic planning effort since the need for such planning is greatly diminished by relationship marketing.
C) locate more effective media for use in advertising and mass marketing.
D) eliminate the strategic planning process and move into tactical plans directly.

E) A) and D)
F) All of the above

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Question 63

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To be most effective,the planning process should include input from a wide range of sources both internal and external to the organization.

Tactical plans typically determine an organization's primary strategic objectives and exclude short-term actions from their purview.

Promotion is the communications link between sellers and buyers.

Which of the following is true of a strategic business unit?

The planning process begins at the corporate level with the first step being the development of strategic objectives.

Luxury brands such as Louis Vuitton and Gucci are experiencing a decline in sales as luxury buyers prefer to purchase non-branded merchandise as they are concerned with flaunting their wealth.Instead,they are purchasing luxury brands that do not feature the brands logo on the product.This trend is related to the fact that high income consumers have increased their wealth in the last several years while middle-income earners' wealth has declined.The decline in sales for Louis Vuitton and Gucci is related to the ________ environmental influence.

DK Motors' difficulty in competing with other car makers due to its lack of responsiveness to changing consumer preferences constitutes a:

Jamie is the regional sales manager for Sherwin Williams paint company and oversees a team of 40 outside sales representatives.She meets with her sales managers on a monthly basis to review budgets and track the team's progress in meeting its sales quotas in order to reach company objectives.Jamie requires that each sales manager collaborate with their individual sales representatives to develop weekly call schedules and account plans.What type of planning is Jamie and her sales managers engaged in?

​When you open an organic food store,you intend to follow a second mover strategy.Choose the benefit(s) of this approach.

The BCG (Boston Consulting Group) matrix places strategic business units into which of the following four-quadrants:​

According to the BCG matrix,cash cow businesses produce strong cash flows and invest heavily in the unit's own promotions and production capacity.

Business strategist Michael E.Porter identified five competitive forces that influence _____ in a model called Porter's Five Forces.

The planning process creates a blueprint that everyone in the organization must follow in order to achieve the organizational objectives.

As chief executive of Stalwart Shipfitting Company,a diversified producer of marine supplies and equipment,John needs a method for spotting promising product lines that warrant commitment of additional resources,as well as those that should be removed from the firm's product portfolio.A good choice for this firm at this stage would be to use:

Supervisory managers tend to focus exclusively on strategic planning.

Porter's Five Forces is a model which identifies five competitive forces that influence planning strategies.In regards to this model,which one of the following statements is true?​

Which of the following conditions would lead a company's marketers to find a new market,change prices,or compete in other ways to maintain an advantage?

The marketing mix decisions which are closely regulated and subject to public scrutiny usually relate to a company's _____ strategy.