Marketing Final Exam

Public relations sales promotion and personal selling

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Unformatted text preview: ng. Promotion serves to inform, educate, persuade, and remind target markets about product benefits. PRICE. Price strategies are an important competitive weapon. Pricing is an important component of the marketing mix because it is flexible and allows revenue to be estimated and measured. PTS: 1 REF: 25-27 Communication KEY: CB&E Model Strategy OBJ: 02-8 TOP: AACSB MSC: BLOOMS Synthesis 13. Perhaps the broadest control device available to marketing management is the marketing audit. Describe this tool and its characteristics. ANS: A marketing audit is a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization. The audit is designed to aid management in allocating marketing resources efficiently. The main purpose of such an audit is to develop a full profile of the organization’s marketing effort and to provide a basis for developing and revising the marketing plan, but it is also an excellent way to improve communication and raise the level of marketing consciousness within the organization. The marketing audit should be Comprehension, systematic, independently conducted, and run periodically. PTS: 1 REF: 27 Communication KEY: CB&E Model Research OBJ: 02-9 TOP: AACSB MSC: BLOOMS Synthesis 14. The Heritage Bank is unaware of all the many tools available that will let marketers examine a firm’s processes and identify potential areas for improvement. This firm wants to examine all of its goals, strategies, and structure to ensure it’s on the right track and doing things well. Heritage has hired you as an outside consultant to recommend a plan of action. What do you suggest and why? ANS: The broadest control device available to marketing management is the marketing audit. A marketing audit is a thorough, systematic, periodic evaluation of the goals, strategies, structure, and performance of the marketing organization. This would address all of the issues this firm wants more information about. PTS: 1 REF: 27 Communication KEY: CB&E Model Strategy OBJ: 02-9 TOP: AACSB MSC: BLOOMS Synthesis 15. Name and describe the three requirements for effective strategic planning. ANS: CONTINUAL PROCESS. Strategic planning should be an ongoing process because the environment is continually changing and the firm’s resources and capabilities are continually evolving. CREATIVITY. Sound strategic planning is based on creativity. Existing assumptions about the firm and the environment should be challenged, and new rules of the game should be established. Developing unique and visionary strategies that defy conventional wisdom also prevents managers from locking into static and predictable options. MANAGEMENT COMMITMENT. Perhaps the most critical element of successful strategic planning is top management’s support and participation. Without the involvement of top management, no strategic plan can be effectively implemented. PTS: 1 REF: 27-28 Communication KEY: CB&E Model Strateg...
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