Chapter 2

Question 1

The planning process begins with an in-depth analysis of the organization’s internal and external environments.

Answer 1

Situation Analysis

Question 2

A written document that provides the blueprint or outline of the organization’s marketing activities, including the implementation, evaluation, and control of these activities.

Clearly explains how it will achieve its goals and objectives.

Answer 2

The Marketing Plan

Question 3

The central scheme or means for utilizing and integrating resources in the areas of production, finance, research and development, human resources, and marketing, to carry out the organization’s mission and achieve the desired goals and objectives.

Answer 3

Corporate Strategy

Question 4

Determines the nature and future direction of each business unit, including its competitive advantages, the allocation of its resources, and the coordination of the functional business areas.

Answer 4

Business-Unit Strategy

Question 5

Provides a total integration of effects that focus on achieving the area’s stated objectives.

Answer 5

Functional Strategy

Question 6

Functional Strategy must:

1. 2. 3.

Answer 6

1. Fit the needs and purposes of the functional area
2. be realistic given the organizations available resources.
3. be consistent with the organizations mission, goals, and objectives.

Question 7

Involves activities that actually execute the functional area strategy.

Answer 7

Implementation

Question 8

A synopsis of the overall marketing plan, with an outline that conveys the main thrust of the marketing strategy and its execution

Includes: objectives, sale projections, costs, time frame, and performance evaluation measures

Answer 8

Executive Summary

Question 9

Summarizes important information from three key environments:

• Internal
• External
• Customer

also, summarizes the CURRENT marketing objectives and performance.

Answer 9

Situation Analysis

Question 10

Major functions of _____ is to guide the development of objectives and to provide direction for resource allocation decisions.

Answer 10

Goals

Question 11

More specific and are essential to planning. Should be stated in quantitative terms.

Answer 11

Objectives

Question 12

Outlines how the firm will achieve its marketing objectives.

Answer 12

Marketing Strategy

Question 13

At this level is where the firm will detail how it will gain a competitive advantage by doing something better than the competition.

Answer 13

Marketing Strategy

Question 14

The free or below cost strategy is common among products that are sold as ____?

Answer 14

Platforms

Question 15

A ______ product is one the consist of a base product with numerous add-ons.

Answer 15

Platform

Question 16

Involves establishing performance standards, assessing actual performance by comparing it with ease standards and taking correction action if necessary to reduce discrepancies between desired and actual performance.

Answer 16

Marketing Control

Question 17

A systematic examination of the firm’s marketing objectives, strategy, and performance.

Answer 17

Marketing Audit