Setting lower prices is not a good way to create a competitive advantage. reduces the need for marketing in a firm. prevents a firm from making a profit. leads to market leadership. As a marketing manager, you're tasked with developing and implementing a media plan that has a budwet of 510 million to increate awareness of a new product such that 20% of your target market is familiar with the product. In terms of an overail marketing strategy which component is your responsibility? Implementation Opportunities Goal specification Evaluation The failure of large hotel chains like Marriott and Hilton to recognize the disruption that would result from the entree of Airtanb into their market is a good example of failure to differentiate. losing control of the marketing process. poor marketing strategy. marketing myopia. When evaluating a firm's internal situation, you would consider which of the following? Potential new markets Company resources Market changes New technology options A valid marketing objective meets which of the following criteria? It must be specific. All of these It must be measurable. It must be time-bound. Steven has recently been hired as a marketing assistant, and his supervisor tells him to go online and research trends in the marketplace that will affect a new product being launched. Steven is likely working on a unique selling proposition. a situation analysis. a mission statement. an implementation plan. Not all firms develop and use marketing plans. When done properly, they are a major investment in effort and resources. Which of the following is the BEST reason to create a marketing plan? Which element of a firm's marketing mix is most closely linked to a consumer's perception ioften versus reality of quality? Price Place Promotion Product A product can encompass a physical product, a service, or an idea. Which of the following slogans is an example of marketing an idea? Gillette, The Best a Man Can Get. Bounty is the quicker picker upper You Can't Buy Love, but You Can Rescue a Dog GEICO. Fifteen Minutes Could Save You 15% on Car insurance The component of a marketing plan that monitors performance to detect problems is the marketing dashboard. marketing audit. control structure. SWOT analysis