Strategic Marketing Planning
Exam Answer Key
Course Introduction
Strategic Marketing Planning explores the processes and frameworks essential for developing effective marketing strategies that align with organizational goals. The course covers situation analysis, market segmentation, target market selection, positioning, and the formulation of integrated marketing programs. Emphasizing both analytical and creative thinking, students learn to assess internal and external environments, utilize marketing research, forecast trends, and allocate resources efficiently. Through case studies and practical exercises, learners develop comprehensive marketing plans and gain insights into managing competitive dynamics, measuring performance, and adapting strategies in a rapidly changing marketplace.
Recommended Textbook
Contemporary Marketing 17th Edition by
Louis E. Boone
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21 Chapters
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Page 2
Chapter 1: Marketing: the Art and Science of Satisfying Customers
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Sample Questions
Q1) In the relationship era,firms focus on:
A)short-term relationships with suppliers.
B)long-term relationships with customers and suppliers.
C)short-term relationships with customers and suppliers.
D)short-term relationships with customers.
Answer: B
Q2) You work on the assembly line at Ford Motor Company.Your line produces the hot selling,Ford Focus hybrid.Your line creates _________ utility for Ford's customers.
A)Product
B)Form
C)Value
D)Place
E)Ownership
Answer: B
Q3) Information technologies give organizations fast new ways to interact and develop long-term relationships with their customers and suppliers.
A)True
B)False
Answer: True
Page 3
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Chapter 2: Strategic Planning in Contemporary Marketing
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Sample Questions
Q1) The marketing mix decisions which are closely regulated and subject to public scrutiny usually relate to a company's _____ strategy.
A)short-term
B)resource
C)distribution
D)pricing
Answer: D
Q2) The concept of _________________ refers to the ways that marketers make sure their customers get the right amount of products at the right time and place.
A)Product strategy
B)Promotion strategy
C)Retail strategy
D)Distribution strategy
E)Customer service strategy
Answer: D
Q3) Apple iTunes is an example of a successful first mover.
A)True
B)False
Answer: True
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Page 4
Chapter 3: The Marketing Environment, ethics, and Social Responsibility
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Sample Questions
Q1) Economic recovery can be described as a period when consumer spending begins to cautiously increase,while companies try to hold down rising costs.
A)True
B)False
Answer: True
Q2) You just had a job interview at a firm that develops housing complexes around the country.The interviewer seemed impressed by your knowledge of the complex political-legal environment affecting the industry.Which level(s)of government impose(s)regulations on real estate developers -- as well as on many other industries?
A)Federal
B)State
C)Local
D)Civic
E)Administrative
Answer: A,B,C
Q3) Changes in an environment are most often the result of sudden crises.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Social Media: Living in the Connected World
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Sample Questions
Q1) Noah Bennett works for a technology company and is responsible for creating the content of the social media marketing campaign.He also informs the public about topics such as product releases.Noah is a social media developer.
A)True
B)False
Q2) Well-written social media policies of a firm are consistent with its organizational culture and values.
A)True
B)False
Q3) Write a note on any two social media platforms.
Q4) An effective social media marketing campaign should contain good keywords that the targeted audience are most likely to search for when looking for information about goods and services.
A)True
B)False
Q5) Marketers select monitoring tools based on the needs of their own firms.
A)True
B)False
Q6) Differentiate between social media platforms and social media tools.
Page 6
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Chapter 5: E-Business: Managing the Customer Experience
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Sample Questions
Q1) Unity Point Hospital system implemented a web-based system that provides the capability for suppliers to place bids and once approved,submit invoices,schedule delivery and receive payment electronically.The purchasing managers for Unity Point appreciate the enhanced efficiency of working with multiple vendors to obtain the various products and services needed by the Unity Point system of hospitals and physician offices.This web-based system is called:
A)e-procurement
B)intranet
C)collaborative procurement
D)electronic purchasing network
Q2) If consumers search for information about a product online and then buy it from a brick-and-mortar store,it is known as reverse logistics.
A)True
B)False
Q3) In the early stages of B2B transactions,marketers believed that online trading was limited to only a few types of products.
A)True
B)False
Q4) What is e-procurement? What are its benefits?
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Chapter 6: Consumer Behavior
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Sample Questions
Q1) The evaluative criteria used by consumers in the decision-making process may be:
A)set aside if the consumer finds a better means of making the purchase decision.
B)used to identify alternative brands for consideration and possible purchase.
C)invoked during the first stage of the consumer decision process.
D)objective facts or subjective opinions about the alternatives.
Q2) A _____ role is typically seen in purchase of products such as garden supplies and electronic equipments.
A)wife-dominant
B)syncratic
C)husband-dominant D)autonomic
Q3) The Asian American subculture consists of numerous ethnic groups,each of which brings its own language,religion,and values to the marketplace.
A)True
B)False
Q4) Define consumer behavior.Describe Kurt Lewin's proposition and how it has been adapted for consumer behavior.
Q5) Differentiate between a need and a motive.
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Chapter 7: Business-To-Business B2bmarketing
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Sample Questions
Q1) Differentiate between B2B marketing and consumer product marketing.
Q2) Institutions constitute another important market.Institutional buyers include a wide variety of organizations,such as schools,hospitals,libraries,foundations,clinics,churches,and not-for-profit agencies.A small software company develops computer programs for different business institutions.Which of the following challenges can this company anticipate?
A)Institutions do not have buying centers.
B)Different institutions have varying buying practices.
C)Some institutions employ a purchasing manager to make decisions.
D)Social media and marketing make institutional buying more complex.
E)Institutional businesses sometimes join cooperative associations to pool their purchases.
Q3) Describe the major approaches used by marketers to segment business-to-business markets.
Q4) In the automobile industry,suppliers of components and assemblies frequently build plants close to their customers.
A)True
B)False
Q5) What is outsourcing? Why do firms outsource production of goods and services?
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Chapter 8: Global Marketing
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Sample Questions
Q1) The largest operating multinational economic community in the world is the FTAA,linking 34 countries and 800 million people in the Western Hemisphere.
A)True
B)False
Q2) At an international company's staff meeting,a division manager introduces employees to the latest update on the friendship,commerce,and navigation treaties (FCN)with other governments.She shows slides of information from the U.S.Department of State's annual publication Treaties in Force.Which fact is evident from the staff meeting information?
A)The details of treaties are subject to change because the updates are published each year.
B)The Department of State provides advice to individual businesses about FCN treaties.
C)FCN treaties tell the outside world which countries are favored by the United States.
D)The department that works with the legal environment for foreign divisions is chaotic.
E)The company is looking to avoid being sued by the U.S. government.
Q3) What is the European Union? What are its goals?
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Page 10
Chapter 9: Market Segmentation, targeting, and Positioning
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Sample Questions
Q1) You've started a business on your college campus to sell luxurious blue dorm room rugs with the college logo.You plan to target male freshmen who come from local towns,like the color blue,can afford luxury products,want rugs for their rooms,and are enthusiastic about boosting the school.You can easily and efficiently promote to all freshmen,including this segment,with Facebook and other social media tools.But your marketing professor cautions that you may be unable to meet certain criteria for effective segmentation.Which criteria does she cite?
A)The segment must present measurable purchasing power and size.
B)The marketer must be able to promote effectively to the segment.
C)The segment must be large enough to offer significant profit potential.
D)The segment must be certified.
E)Your plan is unlikely to meet any of the criteria for effective segmentation.
Q2) Raw silk is an example of a consumer product.
A)True
B)False
Q3) Business products contribute directly or indirectly to the production of other goods and services for resale.
A)True
B)False
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Page 11
Chapter 10: Marketing Research in the Era of Big Data
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Sample Questions
Q1) Which of the following is the most important source of secondary data in the United States?
A)Chamber of Commerce
B)Treasury Department
C)Federal government
D)Bureau of Labor Statistics
Q2) Gennaro Research is a ______ research supplier and recently completed research for Norwalk Chemical.Gennaro Research was considered the "marketing research arm" of Norwalk Chemical and performed all of the steps in the marketing research process.
A)full-service
B)limited-service
C)boutique
D)syndicated
Q3) Interpretive research focuses on understanding the meaning of a product in a consumer's everyday life.
A)True
B)False
Q4) Describe the different sources of internal data within firms.
Q5) Describe the new type of company that has evolved as a result of big data.
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Chapter 11: Relationship Marketing and Customer Relationship Management Crm
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Sample Questions
Q1) It is essential for an organization to build and maintain internal partnerships in order to meet the needs of its external partnerships.
A)True
B)False
Q2) Companies focus on building loyal relationships with existing customers as retaining customers costs must less than acquiring new ones.
A)True
B)False
Q3) Viral marketing involves efforts that allow satisfied customers to spread the word about products to other customers.
A)True
B)False
Q4) One of the advantages of national account selling is:
A)a decrease in the value of risk adjusted return on capital.
B)a strengthened buyer-seller relationship through collaboration.
C)an increased inventory turnover for the firm.
D)lowered switching costs for a firm's loyal customers.
Q5) What are the different methods employed by marketers to obtain customer feedback?
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Chapter 12: Product and Service Strategies
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Sample Questions
Q1) According to the textbook,the U.S.service sector accounts for nearly _____ percent of the economy as the country shifts from a goods-producing economy to a service-producing economy.
A)80
B)60
C)40
D)90
Q2) A product is a bundle of physical,service,and symbolic attributes designed to satisfy a customer's wants and needs.
A)True
B)False
Q3) Milk is an example of a convenience product.
A)True
B)False
Q4) The decision about whether to delete products from the product line is usually faced during the late growth and early maturity phases of the product lifecycle.
A)True
B)False
Q5) Explain the importance of the service sector in the U.S.economy.
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Chapter 13: Developing and Managing Brand and Product Categories
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Sample Questions
Q1) What is the name of the legislative action that requires drug manufacturers to place their products in packaging that is child resistant yet accessible to all adults,even ones who have difficulty opening containers.
A)Poison Prevention Packaging Act
B)Federal Drug Packaging Act
C)Drug Safety Act
D)Consumer Drug Protection Act
Q2) The Kirkland brand is owned by Costco,and the products can only be purchased at Costco stores.Costco contracts with manufacturers to produce and package products under the Kirkland name.Kirkland can be regarded as a(n):
A)family brand.
B)individual brand.
C)generic brand.
D)private brand.
Q3) The number of product liability lawsuits has fallen in recent years thanks to better designed products and more detailed regulations.
A)True
B)False
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Chapter 14: Marketing Channels and Supply Chain Management
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Sample Questions
Q1) Which of the following modes of transportation ranks highest in terms of availability in different locations?
A)Motor carriers
B)Railroads
C)Water freight
D)Pipelines
Q2) Clarke's,a popular and high-end brand of men's formalwear,has just five main distributors to cater to the five zones in the country: north,south,east,west,and central.According to the information given in this case,Clarke's uses:
A)closed sales territories.
B)contractual collusion.
C)tying agreements.
D)intensive distribution.
Q3) The supply chain begins with:
A)the manufacturing or production activities.
B)the manufacturer seeking new markets for their products.
C)the movement of finished products through the marketing channel to customers.
D)the raw material inputs for the manufacturing process.
Q4) Define supply chain.Describe a manufacturing supply chain with an example.
Page 16
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Chapter 15: Retailers, wholesalers,
and Direct Marketers
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Sample Questions
Q1) You are worried about adding too high a markup to the watches you sell at your jewelry store.To reduce this markup and still cover costs,you will focus on:
A)Increasing inventory turnover rate
B)Decreasing inventory turnover rate
C)Reducing the number of retail services you perform
D)Increasing the number of retail services you perform
E)Carefully judging the price that consumers are willing to pay for your jewelry.
Q2) Which of the following wholesaling intermediaries carries inventory?
A)A commission merchant
B)A broker
C)A manufacturer's agent
D)A selling agent
Q3) Vending machines are an example of:
A)automatic merchandising.
B)Internet retailing.
C)telemarketing.
D)direct selling.
Q4) Identify and describe four types of limited-function merchant wholesalers.
Q5) Discuss the different types of direct marketing.
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Chapter 16: Integrated Marketing Communications, advertising, and Public Relations
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Sample Questions
Q1) A blind product test is a method of posttesting the effectiveness of advertisements and during this method respondents do not see copies of the magazine after their initial reading but are asked to recall the ads from memory.
A)True
B)False
Q2) Which of the following is a disadvantage of personal selling as a promotional strategy?
A)It elicits a delayed response from targeted consumers.
B)It is difficult to measure its promotional effectiveness.
C)It cannot mold the message to fit the customer need.
D)It is expensive and involves high cost per contact.
Q3) IMC broadens the concept of promotion to include all the ways a customer has contact with the organization,adding packaging,store displays,and online advertising to traditional media.
A)True
B)False
Q4) Define publicity.Explain its role in a firm's promotional strategy.
Q5) Discuss the importance of feedback in the communication process in the context of promotional messages.
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Chapter 17: Personal Selling and Sales Promotion
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Q1) Which of the following might be classified as an unethical sales practice?
A)persuading a customer to purchase a product or service that does not meet a customer's need
B)providing only the positive attributes of a product's capabilities
C)using a customer success story as part of a sales presentation
D)asking customers for referrals to other potential customers who may have a similar need for a product or service
Q2) Precall planning involves making unsolicited sales calls on randomly selected prospects.
A)True
B)False
Q3) In creating an ethical environment,employees prefer a complete list of "do's and don'ts" over an open environment where they can approach management with ethics questions.
A)True
B)False
Q4) A bonus pack is an item given free or at a reduced cost with purchases of other products.
A)True
B)False
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Chapter 18: Pricing Concepts
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Sample Questions
Q1) Explain the concept of value pricing.
Q2) A profit-maximizing price rises to the point at which further:
A)increases will cause proportionate decreases in the number of units sold.
B)decreases will cause disproportionate decreases in the number of units sold.
C)increases will cause disproportionate decreases in the number of units sold.
D)increases will cause disproportionate increases in the number of units sold.
Q3) Pricing objectives tied directly to meeting prices charged by major competitors emphasize the price element of the marketing mix and focus less strongly on nonprice variables.
A)True
B)False
Q4) In which of the following market structures individual firms have the highest control over product prices?
A)Pure competition
B)Monopolistic competition
C)Oligopoly
D)Monopoly
Q5) Pricing can be used to modify consumer behavior.
A)True
B)False
20
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Chapter 19: Pricing Strategies
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Sample Questions
Q1) Discuss the three alternative strategies for pricing exports.
Q2) The travel agency business is more competitive than ever because of industry consolidation and the growth of online services.Still,Sam believes his cruise booking agency can be profitable if he targets organizations that book tickets for member events -- and if he makes careful use of price discounts.Which of the following steps is Sam likely to take?
A)Offer cash discounts to organizations that pay their bills within 30 days.
B)Offer cash discounts to organizations that pay for tickets at any time in cash.
C)Offer one-time only cumulative quantity discounts to organizations buying the largest number of tickets for a given cruise.
D)Offer cumulative quantity discounts for organizations making annual bookings over $10,000.
E)Eliminate list prices.
Q3) In an attempt to simplify pricing structures,sellers will quote uniform prices that,in effect,spread the total shipping costs across all the customers.
A)True
B)False
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Chapter 20: Developing an Effective Marketing Plan
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Sample Questions
Q1) Why do marketers in most industries have difficulty making estimates and predictions beyond five years?
A)Marketers rarely stay in the same job for more than five years.
B)There are many uncertainties in the marketplace.
C)The margin for error in long-term forecasting is very small.
D)The cost involved limits predictions beyond five years.
Q2) An exit strategy is a plan for a firm to leave the market. Indicate the answer choice that best completes the statement or answers the question.
A)True
B)False
Q3) Which of the following is used to identify the firm's strengths,weaknesses,opportunities,and threats within the marketing environment?
A)Business portfolio analysis
B)Breakeven analysis
C)SWOT analysis
D)Marginal analysis
Q4) Describe the different components of a business plan.
Q5) What are the reasons a company should develop a marketing plan?
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Chapter 21: Financial Analysis in Marketing
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Sample Questions
Q1) The difference between assets and liabilities of a company is referred to as owner's equity.
Indicate the answer choice that best completes the statement or answers the question.
A)True
B)False
Q2) What is a markup? What are the two marketing decisions that decide the amount of markup? Explain why a markup is important to a marketer.
Q3) Explain the difference between an income statement and a balance sheet.
Q4) Depreciation is an unusual expense because it does not involve an actual cash expense.
A)True
B)False
Q5) Subtracting depreciation and net interest expense from the firm's operating profit reveals the firm's taxable income.
A)True
B)False
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