Question213. Which of the following is NOT included in a marketing plan?

213. Which of the following is NOT included in a marketing plan?

A. The control procedures to be used

B. The costs involved

C. The results expected

D. What marketing mix is to be offered.

E. All of these should be included in a marketing plan.

214. refers to putting marketing plans into operation.

A. Delivery

B. Implementation

C. Operational planning

D. Strategy planning

E. Control

215. Short-run decisions to help implement strategies are best known as

A. actionable items.

B. strategic decisions.

C. marketing plans.

D. operational decisions.

E. dependencies.

216. Managers should make operational decisions

A. within the guidelines set down during strategy planning.

B. with great care as these decisions are the same as strategic decisions.

C. for the long-run to help formulate strategic plans.

D. keeping in mind that these decisions should always lead to changes in the basic strategy.

E. on a month-to-month basis and never daily or weekly.

217. Which of the following statements about operational decisions is FALSE?

A. They help to carry out a marketing strategy.

B. They are short-run decisions.

C. They are part of the implementation process.

D. They usually require ongoing changes in the basic strategy to be effective.

218. Which of the following statements is a strategy decision, rather than an operational decision?

A. “We will change the colors of our selection of shirts at the end of the season.”

B. “We will cut prices as needed to in order to protect our market share.”

C. “We will increase the number of training sessions for new sales associates from two to three.”

D. “We will hire a merchandising specialist this month to help remodel our older stores.”

E. “We will place a special ad in the Sunday newspaper promoting our upcoming sale.”

219. Which of the following statements by a marketing manager refers to operational decisions, rather than strategy decisions?

A. “Our target customers view most existing luxury sedans as dull, and they want performance as well as luxury.”

B. “Newspaper ads will be more cost effective than 30 second radio ads–given the price increase for radio this month.”

C. “We hope to earn a 15 percent return on investment with our plan.”

D. All of these statements refer to operational decisions.

220. Which of the following is an operational decision–rather than a strategy decision?

A. A decision to seek distribution only through the best retailers.

B. Selection of a specific target market.

C. A decision to maintain a “one price” policy.

D. Selection of a specific cable TV channel on which to advertise.

E. All of these are good examples of operational decisions.

221. Which of the following is an example of an operational decision?

A. Focus promotion on the economy of the product.

B. Make the product available in every possible retail outlet.

C. Have a salesperson visit the manager of a new hardware store that will open next week.

D. Set a price that is no higher than competitors’ prices.

E. None of these is an example of an operational decision.

222. Which of the following would NOT require an operational decision for a leading hair color manufacturer?

A. Solicit orders from any new, financially attractive, salons.

B. Drop colors that are losing appeal.

C. Create a fresh ad for each Sunday newspaper.

D. Set a competitive price if a primary competitor offers a special discount.

E. Promote the fair price and satisfactory quality of the product.

223. Happy Feet shoe company’s strategic policy states “Carry as limited a line of colors, styles, and sizes as will satisfy the target market.” This policy best relates to which decision area of the marketing mix?

A. People

B. Place

C. Promotion

D. Price

E. Product

224. One of the strategic policies of camera maker, Zoom Cameras, states: “We will communicate the key benefits and value of our camera’s unique zoom lenses and demonstrate how they meet customer needs.” This policy best fits which marketing mix decision area?

A. Product

B. Place

C. Promotion

D. Price

E. People

225. A retailer’s operational decision to hire new salespeople would best relate to the marketing mix decision area of

A. product.

B. place.

C. promotion.

D. price.

E. people.

226. When fast food restaurant, Tommy’s Tacos, had poor sales in Central City, marketing managers closed one outlet on the east side of town and opened two new locations on the south side of town. These moves represent

A. operational decisions in the product decision area.

B. strategy policies in the place area.

C. strategy policies in the product area.

D. operational decisions in the place area.

E. strategy policies in the promotion area.

227. A “marketing program”:

A. blends all of a firm’s marketing plans into one big plan.

B. is a description of a firm’s marketing mix.

C. is a detailed plan of how to implement a strategy.

D. is a marketing strategy plus the time-related details.

E. None of these apply to a marketing program.

228. Which of the following blends all of the firm’s marketing plans into one big plan?

A. Marketing program.

B. Marketing mix.

C. Marketing statement.

D. Marketing overview.

229.is the total stream of purchases that a customer could contribute to the company over the length of the relationship.

A. Customer value

B. Return on customer

C. Customer equity

D. Target return

E. Customer lifetime value

230. When a restaurant manager offers a dissatisfied customer a discount and a coupon for the customer’s next visit, the manager is thinking about:

A. customer value.

B. customer lifetime value.

C. cost management.

D. marketing plans.

E. differentiation.

231. A college of business developed online programs to help its alumni learn the latest marketing practices. The college is thinking about:

A. customer value.

B. customer satisfaction.

C. breakthrough opportunities.

D. customer lifetime value.

E. market penetration.

232. The total stream of purchases that a single customer could contribute to a company over the length of the relationship is called .

A. customer equity

B. customer lifetime value

C. customer service

D. customer satisfaction

E. customer feedback

233. Estimating a customer’s lifetime purchasing potential is important because it helps marketers to:

A. make a quick sale on a product.

B. decide whether to place ads online or in magazines.

C. recognize that mass marketing is the best way to reach customers.

D. select the right channel of distribution.

E. devise long-range plans and strategies for building customer relationships.

234.is the expected earnings stream (profitability) of a firm’s current and prospective customers over some period of time.

A. Customer equity

B. Profit

C. Net worth

D. Lifetime customer value

E. A premium price

235. Customer equity

A.focuses on the costs of acquiring new customers rather than on increasing revenues from current customers.

B. is basically a historical measure of how profitable a firm has been in the past.

C. is a concept that applies to firms that target final consumers but not to firms that target business customers.

D. will increase if a firm increases its market share with a particular strategy.

E. is the expected earnings stream of a firm’s current and prospective customers over some time period.

236. is the expected earnings stream of a firm’s current and prospective customers over some period of

time.

A. Profit

B. Earnings

C. Operating profit

D. Customer equity

E. Net value

237. Customer equity

A. is of concern to top management, but not very relevant in planning a particular marketing strategy.

B. takes the perspective of the selling firm.

C. always increases over time, at least as long as a firm can stay in business.

D. is important to marketing managers but of little interest to customers.

E. increases as long as the number of customers that a firm serves increases over time.

238. Customer equity is

A. simply the financial result achieved by a single marketing strategy.

B the total difference between the benefits of a firm’s whole marketing program and total costs of

. obtaining those benefits, as the group of target customers sees it.

C. increased when a firm is able to increase the earnings stream expected from current or prospective customers.

D. decreased whenever the firm’s costs of offering a marketing mix increase.

E. the difference between the benefits of a firm’s marketing mix and the cost of obtaining those benefits– as a particular customer sees it.

239. Which of the following is NOT a reason the marketing program should build customer equity?

A. Marketing strategies do not contribute to customer equity.

B. Expected profits depend on customer equity.

C. Firms expect financial returns.

D. Profit growth comes from customers.

E. Customers are the source of revenue.

240. Which of the following is most likely to increase a firm’s customer equity?

A. The firm offers a more costly marketing mix that attracts more customers.

B. The firm offers customer value that is at least as good as what is offered by competitors.

C. The lifetime value of the firm’s individual customers increases.

D. The competition in the firm’s market increases.

E. The firm cuts costs by reducing promotion efforts.

241. The customer equity concept

A. encourages a manager to consider both the costs and the revenue from a marketing strategy.

B. recognizes that customers are satisfied at a cost–and it is basically an estimate of a firm’s future earnings.

C. applies even to firms that pursue several different strategies.

D. focuses on earnings as well as sales.

E. all of these are part of the customer equity concept.

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