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Exam 2: Strategic Planning

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Question 61

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Which of the following best describes a market development strategy?

A) selling unrelated products to existing customers
B) selling new products to new customers
C) selling more of current products to existing customers
D) selling existing products to new customers
E) selling new products to existing customers

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Question 62

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In a SWOT analysis, threats are a(n)__________ consideration. (internal/external)

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Question 63

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What element will ensure a business never strays too far from its core goals and values, especially if the marketing plan needs to be modified to fit the changing times?

Weston recently took a marketing job with a new firm. His first order of business is to find out how his new company performs relative to its competitors. Which of the following would Weston use to do this?

Read the following statements regarding strategic planning to determine which is accurate.

While the specific format of the marketing plan differs from organization to organization, the number of components in most plans is _________.

The final section in most marketing plans is the

You started an energy drink company in the United States that has been very successful. Your sales and profits have leveled off lately, and you and your management team are now researching introducing your drinks outside the United States. What market-entry strategies will you analyze if you want to keep your risk and initial investment low?

Clive is considering opening a late-night pizza parlor on the local college campus. His SWOT analysis reveals that students want more late-night options for dining. This represents a(n)__________ in the SWOT analysis.

A loan officer is reading the marketing plan for Nellie's New York Style Bagels-a new firm looking to secure a business loan. What section of the marketing plan will give the loan officer a bottom-line numerical estimate of the firm's profitability?

Arm & Hammer baking soda is best known for its use in baking. The company, however, would like to increase its market share to include household and personal care products. By taking the original product and creating new products that it can sell to its existing markets, the company is using a ________ ________ strategy.

Sanjay's Smoothie Shoppe noticed that its sales were declining. Sanjay decided to add a line of fresh salads to the menu in order to boost sales. This is an example of what type of marketing strategy?

Each component of a marketing plan should be grounded in the firm's overall mission.

To be most effective, market share data should be analyzed

A quality marketing objective should have three basic characteristics. It should be specific, measurable, and ___________.

Which method of entering a foreign market carries with it the most risk?

The superior position a product enjoys over competing products if consumers believe it has more value than other products in its category is referred to as a

The five key components of the marketing plan are

Positioning refers to the activities a firm undertakes to create a certain perception of its product in the eyes of the target market.

A good ________ ________ should be focused on a limited number of goals, be customer-oriented, and capture a shared purpose and provide information for the employees of the firm.