Refer to delta faucet company deltas development of a

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134. Refer to Delta Faucet Company. Delta's development of a new slogan represents a change in the _____ element of its marketing mix. a. product b. promotion c. place d. production e. distribution ANS: B Promotion includes advertising, public relations, sales promotion, and personal selling. PTS: 1 REF: 25 OBJ: 02-8 TOP: AACSB Reflective Thinking | TB&E Model Promotion NAR: Delta Faucet Company ESSAY 1. What is the difference between planning, strategic planning, and marketing planning? ANS: Planning is the process of anticipating future events and determining strategies to achieve organiza- tional objectives in the future. Strategic planning is the managerial process of creating and maintaining a fit between the organiza- tion's objectives and resources and the evolving market opportunities. The goal of strategic planning is long-run profitability and growth. Thus, strategic decisions require long-term commitments of re- sources. Marketing planning involves designing activities relating to marketing objectives and the changing marketing environment. Marketing planning is the basis for all marketing strategies and decisions. Is- sues such as product lines, distribution channels, marketing communications, and pricing are all delin- eated in the marketing plan. PTS: 1 REF: 15-16 OBJ: 02-1 TOP: AACSB Communication | TB&E Model Strategy | TB&E Model Marketing Plan 2. What is marketing myopia? If a movie theater company had a myopic orientation, how might it state its business purpose? If the movie theater company avoided a myopic orientation, how would its busi- ness purpose change? ANS: Defining a business in terms of goods and services rather than in terms of the benefits customers seek is called marketing myopia, which implies a narrow, short-term orientation. This orientation can threaten the survival of an organization. If a movie theater had a myopic orientation, it might state its business as "selling tickets to movies." A better business statement for the theater would be "to provide convenient entertainment."
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PTS: 1 REF: 17 OBJ: 02-2 TOP: AACSB Communication | TB&E Model Strategy 3. What is an SBU? If properly created, what characteristics should an SBU have? ANS: SBU is an acronym for strategic business unit. A popular technique for managing large, heterogeneous organizations is to divide the firm into strategic business units. When properly created, an SBU will have the following characteristics: A distinct mission and a specific target market Control over its own resources Its own competitors A single business or collection of related businesses Plans independent of other businesses of the total organization Its own basic business functions PTS: 1 REF: 18 OBJ: 02-2 TOP: AACSB Communication | TB&E Model Strategy 4. What is a SWOT analysis? How does it relate to strategic planning?
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