Chapter 2:Ten Learning Questions (Belinda Tamayo)

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Chapter 2: Developing Marketing Strategies and Plans

10 Learning QuestionsBelinda Anne Tamayo


These questions will mostly cover the following topics:

• Marketing and Customer Value• Holistic Marketing Orientation and Customer

Value• Corporate and Division Strategic Planning• Porter’s Generic Strategies• The nature and contents of a Marketing Plan

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A holistic marketing orientation can help capture customer value. The holistic framework

is designed to address three key management questions. Which concept below addresses the

concern on how a company can identify new value opportunities?


QUESTION 1


Possible Answers:

a. Value Explorationb. Value Creationc. Value Deliveryd. None of the above



Concepts

a. Value Exploration – Addresses the concern on how can a company identify new value opportunities

b. Value Creation – Addresses the concern on how can a company efficiently create more promising new value offerings

c. Value Delivery – Addresses the concern on how can a company use its capabilities and infrastructure to deliver the new value offerings more efficiently




a. Value Explorationb. Value Creationc. Value Deliveryd. None of the above

1. A holistic marketing orientation can help capture customer value. The holistic framework is designed to address three key management questions. Which concept below addresses the concern on how can a company identify new value opportunities?


______ is a tool for identifying ways to create more customer

value.


QUESTION 2


Possible Answers:

a. Value Delivery Networkb. Value Chainc. Core Competenciesd. None of the above



Concepts


a. Value Delivery Network – This is also known as supply chain. Many companies partner with specific suppliers and distributors as a way to gain competitive advantage.

b. Value Chain – Value chain is a tool for identifying ways to create more customer value

c. Core Competencies – A core competency is a specific factor that a business sees as being central to the way it, or its employees, works. It fulfills three key criteria:– It is not easy for competitors to imitate.– It can be leveraged widely to many products and markets.– It must contribute to the end consumer's experienced benefits.



2. ______ is a tool for identifying ways to create more customer value.

a. Value Delivery Networkb. Value Chainc. Core Competenciesd. None of the above


QUESTION 3 All corporate headquarters

undertake four planning activities in corporate and division strategic

planning. What is the very first process that a company should

undergo?



Possible Answersa. Assess their competitors in the industryb. Revise their organizational structurec. Define their corporate missiond. Address their internal and external issues



ConceptsThere are four planning activities that all corporate

headquarters undertake. These are:1. Defining the corporate mission2. Establishing strategic business units3. Assigning resources to each SBU4. Assessing growth opportunities



3. All corporate headquarters undertake four planning activities in corporate and division

strategic planning. What is the very first process that a company should undergo?

a. Assess their competitors in the industryb. Revise their organizational structurec. Define their corporate missiond. Address their internal and external issues



QUESTION 4Statement:Organizations develop mission statements

to share with managers, employees, and customers. Mission statements are at their best when they reflect a vision, a

realistic and practical idea that provides direction for the company.



Possible Answers

a. Trueb. False



ConceptsMission Statements- Organizations develop mission statements to

share with managers, employees, and customers- Provides employees with a shared sense of

purpose, direction, and opportunity- Mission statements are at their best when they

reflect a vision, an almost “impossible dream” that provides a direction for the company



Statement:Organizations develop mission statements to

share with managers, employees, and customers. Mission statements are at their

best when they reflect a vision, a realistic and practical idea that provides direction for the

company.a. Trueb. False



QUESTION 5Sabelle Co. plans to pursue a strategy to

achieve the lowest production costs so they can provide the lowest price

compared to their competitors. Which Porter’s Generic strategy is Sabelle Co.

pursuing?



Possible Answers:a. Overall cost leadershipb. Differentiationc. Focusd. None of the above



Conceptsa. Overall cost leadership- Firms pursuing this strategy work hard to achieve the lowest

production and distribution costs so they can price lower than their competitors and win a large market share

b. Differentiation- Firms pursuing this strategy concentrates on uniquely achieving

superior performance in an important customer benefit area valued by a large part of the market

c. Focus- Firms pursuing this strategy focuses on one or more narrow market

segments. The firm gets to know these segments intimately and pursues either cost leadership or differentiation within the target segment



5. Sabelle Co. plans to pursue a strategy to achieve the lowest production costs so they

can provide the lowest price compared to their competitors. Which Porter’s Generic strategy

is Sabelle Co. pursuing?

a. Overall cost leadershipb. Differentiationc. Focusd. None of the above



QUESTION 6Trunk Show, a shoe company, plans to offer

customized designs of their sandals. What they plan to do is offer different types of

materials and designs that their customers choose from and personalize it. However, they would have to charge a premium price for the customization. What Porter’s Generic Strategy

is Trunk Show pursuing?



Possible Answers:a. Overall cost leadershipb. Differentiationc. Focusd. None of the above



Conceptsa. Overall cost leadership- Firms pursuing this strategy work hard to achieve the lowest

production and distribution costs so they can price lower than their competitors and win a large market share

b. Differentiation- Firms pursuing this strategy concentrates on uniquely achieving

superior performance in an important customer benefit area valued by a large part of the market

c. Focus- Firms pursuing this strategy focuses on one or more narrow market

segments. The firm gets to know these segments intimately and pursues either cost leadership or differentiation within the target segment



6. Trunk Show, a shoe company, plans to offer customized designs of their sandals. What they plan

to do is offer different types of materials and designs that their customers choose from and

personalize it. However, they would have to charge a premium price for the customization. What

Porter’s Generic Strategy is Trunk Show pursuing?


a. Overall cost leadershipb. Differentiationc. Focusd. None of the above


QUESTION 7

Strategic Alliances take the form of Marketing Alliances. Which category refers to one company agreeing to

carry a promotion for another company’s product or service?



Possible Answers:

a. Product or service alliancesb. Promotional alliancesc. Logistics alliancesd. Pricing collaborations



Concepts


a. Product or service alliances- One company licenses another to produce its product, or two

companies jointly market their complementary products or a new product

b. Promotional alliances- One company agrees to carry a promotion for another

company’s products or servicec. Logistics alliances- One company offers logistical services for another company’s

productd. Pricing collaborations- One or more companies join in a special pricing collaboration


7. Strategic Alliances take the form of Marketing Alliances. Which category refers to one company agreeing to carry a promotion for another company’s product or service?




QUESTION 8

Which type of marketing alliance refers to one or more companies joining in a

special pricing collaboration?



Possible Answers:




Concepts


a. Product or service alliances- One company licenses another to produce its product, or two

companies jointly market their complementary products or a new product

b. Promotional alliances- One company agrees to carry a promotion for another

company’s products or servicec. Logistics alliances- One company offers logistical services for another company’s

productd. Pricing collaborations- One or more companies join in a special pricing collaboration


8. Which type of marketing alliance refers to one or more companies joining in a special

pricing collaboration?




QUESTION 9

A marketing plan contains 5 parts. Which part of the marketing plan presents

relevant background data on sales, costs, the market, competitors, and the various

forces in the macroenvironment?



Possible Answers:a. Executive summary and table of contentsb. Situation Analysisc. Marketing Strategyd. Financial Projectionse. Implementation Controls



Concepts


a. Executive summary and table of contents- A marketing plan should open with a brief summary and contains a table of

contents that outlines the rest of the plana. Situation Analysis- This section presents relevant background data on sales, costs, the market,

competitors, and the various forces in the macroenvironment.a. Marketing Strategy- Here the product manager defines the mission, marketing and financial objectives

shown, and groups and needs that the market offering are intended to satifsy.a. Financial Projections- Financial projections include a sales forecast, an expense forecast, and a break-even

analysisb. Implementation Controls- This section outlines the controls for monitoring and adjusting implementation of the

plan


9. A marketing plan contains 5 parts. Which part of the marketing plan presents relevant background data on sales, costs, the market,

competitors, and the various forces in the macroenvironment?


a. Executive summary and table of contentsb. Situation Analysisc. Marketing Strategyd. Financial Projectionse. Implementation Controls


QUESTION 10


A marketing plan contains 5 parts. Which part of the marketing plan outlines the

controls for monitoring and adjusting the implementation of the plan?


Possible Answers:a. Executive summary and table of contentsb. Situation Analysisc. Marketing Strategyd. Financial Projectionse. Implementation Controls



Concepts


a. Executive summary and table of contents- A marketing plan should open with a brief summary and contains a table of

contents that outlines the rest of the plana. Situation Analysis- This section presents relevant background data on sales, costs, the market,

competitors, and the various forces in the macroenvironment.a. Marketing Strategy- Here the product manager defines the mission, marketing and financial objectives

shown, and groups and needs that the market offering are intended to satifsy.a. Financial Projections- Financial projections include a sales forecast, an expense forecast, and a break-even

analysisb. Implementation Controls- This section outlines the controls for monitoring and adjusting implementation of the

plan


10. A marketing plan contains 5 parts, which part of the marketing plan outlines the controls for monitoring and adjusting

the implementation of the plan?


a. Executive summary and table of contentsb. Situation Analysisc. Marketing Strategyd. Financial Projectionse. Implementation Controls



Chapter 2: Developing Marketing Strategies and Plans

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Date post:	15-Jun-2015
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Chapter 2:Ten Learning Questions (Belinda Tamayo)

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