MKTG3650 PT #3

In terms of the Boston Consuling Group's Growth-Share Matrix _______ are high market share products competing in markets that are growing at an above average rate.

Stars

The group of customers toward which a firm directs its marketing efforts is its __________ .

Target market

The Boston Consulting Group Growth-Share Matrix is designed to help firms with:

Planning the composition of their product portfolios

A marketing strategy consists of:

The target market A desired market position The marketing mix

Firms engaged in a MOA are least likely to pursue a __________________ opportunity if they wish to remain within the bounds of their firm's current mission.

Diversification

Remington Arms is investigating its capacity to exploit new markets. Specfically, the firm is critically evaluating its available capital, technical and managerial expertise, and plant capacity. Remington evidently is conducting the ____________ component of SWOT analysis.

Critical resouces

Firms that have been accused of marketing myopia generally have defined their missions from a ______________ perspective.

Product

With respect to marketing planning, the type of plan that tends to be very detailed in nature and typically covers a year or less is the:

Tactical Plan

Which of the following is least correct about the implementation stage of the strategic marketing process?

Effective implementation of a marketing plan generally is easier than devising the marketing plan itself.

ABC Electonics, Inc. is reviewing progress made on its strategic marketing efforts. Management is very concerned that the reward mechanisms built into its marketing plan inadequately motivate proper decision making and is considering a revision to its strategic marketing plan. ABC is operating at the ___________ stage of the strategic marketing process.

Controlling stage

In terms of the Boston Consuling Group's Growth-Share Matrix _______ are high potential products with limited market share but are competing in high growth markets.

Question Marks

In terms of the Boston Consuling Group's Growth-Share Matrix _______ are low market share products competing in low growth or declining markets.

Dogs

Which of the following contributes to a 'good' mission statement?

Mission statement builds on the firm's distinctive competencies

A product's "position":

Is the image it projects primarily in relation to competing products and the benefits the product delivers.

A written summary of the firm's marketing objectives, strategies, and specific courses of marketing action that also includes information on the assignment of personnel, budgets, and timetables is the:

Marketing Plan

With respect to the product-market matrix, the most risky areas of market opportunity and those areas firms are advised not to investigate first are:

Diversification opportunities

Proper supervising and staffing are among the key considerations of managers during the ____________ stage of the strategic marketing process.

Implementation stage

Which of the following is least associated with Key Success Factors (KSFs)?

Are essential components of the 'controlling' phase of the marketing management process.

Innovative software traditionally defined its mission as 'developing innovative spread-sheet applications.' Consultants hired by Innovative Software argue that the firm is defining its mission too narrowly, from a 'product perspective.' To avoid falling into the trap of 'marketing myopia,' how would you recommend that Innovative Software redefine its mission?

Focus on software solutions for meeting customer's applications-related needs

When marketing managers attempt to identify "Key Success Factors" they typically are engaged in the _________________ component of the strategic marketing planning process.

Industry analysis

Shannon's Brewery targets its craft beers to more affluent millenial consumers living in upscale suburbes in the DFW area. Shannons positions its beers as fire-brewed Irish ales of superior quality using natural spring waters. This desired position has been crafted using a judicious combination of marketing communications, public relations efforts, and some very positive publicity. In terms of the marketing plan the above description illustrates Shannon's ____________ .

Marketing Strategic Focus

Firms that define their missions from a "market" as opposed to a "product" perspective are less likely to become victims of _________.

Marketing myopia

Remington Arms continually monitors the legal-political environment for changes in legislation that may adversely impact the sales of its weapons. This type of analysis is usally part of the __________ .

SWOT threat analysis

A firm is investigating the existence of powerful suppliers and the existence of potential entry or exit barriers. The firm is conducting this investigation as part of the _______ .

Industry analysis

In which phase of the strategic marketing process are actual results compared against objectives?

Controlling stage

Which of the following is least correct about the implementation stage of the strategic marketing process?

Ensuring the effective implementation of marketing plans is solely the responsibility of marketing management within the marketing department.

As part of the industry analysis component of SWOT analysis, marketing managers try to identify those 'factors' that firms in the industry must possess to survive and remain competitive. These factors are called:

Key success factors

Russell Haley conducted a rather classic piece of research into how the toothpaste market could be segmented. Which of the following segments is predominantly male, shops mainly on price and does not look for any specific benefit from brands of toothpaste?

General segment

Wendy's ran a series of commercials employing the tagline "where's the beef?" The implication was that Wendy's burgers were bigger than those of McDonalds and Burger King. The positioning strategy in these ads illustrates:

Competitive positioning

The firm's ___________________________ is a statement of company purpose, identifying the business in which the firm perceives itself to be; it is a statement of the firm's primary areas of product and market focus.

Mission

The slide rule industry defined its mission as building and selling slide rules rather than meeting customers' problem-solving needs. As a result of this product-focused mission statement, the industry has been accused of __________ .

Marketing myopia

Which type of 'positioning' strategy is probably your best bet for products that cannot be differentiated from those of competing brands based on physical characteristics or benefits delivered

Lifestyle positioning

In terms of the Boston Consuling Group's Growth-Share Matrix _______ are high market share products competing in mature, average growth markets.

Cash Cows

ABC Electronics, Inc. produces custom information systems solutions for small to medium-sized firms in the hospital supply industry. These firms constitute ABC's _________ .

Target market

Which of the following is not part of the controlling stage of the strategic marketing process?

Clearly defined mission.

The __________ component of the marketing plan identifies the intended target markets that will be served, the market positions that will be sought, and generally describe how these markets will be served and the desired positions achieved.

Marketing Strategic Focus

The product-market expansion grid is a useful way to view the range of potential market opportunities availale to firms. The dimensions of the matrix are new vs. exiting markets and new vs. existing _____________________________

Products

Remington Arms continually monitors the environment for social and cultural changes that may open new markets for the sales of its weapons. This type of analysis is usally part of the __________ .

MOA

Which of the following are components of the strategic marketing process?

SWOT AnalysisProduct-Market SelectionDetermining strategy and tacticsDetermining the desired position

If the owner of a children's day-care center were to answer the question, "what business are you in?" with the statement, "We nurture children and provide them with a homelike environment that keeps their separation anxieties to a minimum", it would be identifying its _______.

Mission

Haggar Apparel, one of the United States' largest producers of ready-made custom-fit suits, has responded to the dress-down trend at work by adding jeans and a "relaxed, yet tailored" line of suits called City Casuals. Haggar anticipates that its current customers will be the primary consumers of the new line. According to the product-market matrix, Haggar Apparel is pursuing an opportunity of:

Product development

Which of the following is not part of the controlling stage of the strategic marketing process?

Clearly defined metrics that assess key dimensions of marketing and financial performance.Procedures that ensure these metrics are accurate.Procedures that ensure metrics are delivered to and acted upon by managers in a timely manner.Reward systems that appropriately reward personnel for making timely and correct decisions.CORRECT: All of the above are considered part of the controlling process.

Which of the following is a component of the SWOT analysis?

Identifying the firm's strengthsExamining the opportunities presented to the firmExamining the environmental threats facing the firmExamining the firm's business weaknessesAll of the above are components of SWOT. (correct)

A product's ________________ is the image it projects in relation to competitive products as well as to other products marketed by the same company

Position

The __________ is the first section of the marketing plan however it is typically the last section to be drafted.

Executive Summary

Microsoft recently introduced Windows 10. The changes included in this version of Windows essentially are fixes to problems encountered with Windows Vista. According to the product-market matrix, this is an example of a _______________________opportunity.

Product development

Which of the following contributes to a 'good' mission statement?

Mission statement is market focused

ABC Electonics, Inc. is reviewing progress made on its strategic marketing efforts. Management is very concerned that its marketing objectives have not been achieved and is considering a revision to its strategic marketing plan. ABC is operating at the ___________ stage of the strategic marketing process.

Controlling stage

The process of subdividing larger, diverse product-markets into more homogeneous submarkets as part of the MOA best illustrates:

Market Segmentation

A firm is engaged in assessing the relative size of a market segment in terms of unit and dollar sales along with its potential market share in that segment. The firm is conducting the _____________ component of the SWOT analysis.

Demand analysis

With respect to the product-market matrix, the least risky areas of market opportunity and those areas firms are advised to investigate first are:

Market penetration opportunities

When searching for new market opportunities, which area of product-market focus is least likely to take the firm beyond its current mission?

Market penetration

Good mission statements posses a number of characteristics. Which of the following is not among them?

Focus on defining mission as building and selling specific products.

The product-market expansion grid is a useful way to view the range of potential market opportunities availale to firms. The dimensions of the grid are new vs. exiting products and new vs. existing _____________________________

Markets

DFW Security Services targets high income professionals with custom-designed security systems. These systems are positioned as the premier systems availabe on the market. DFW Security employes a highly refined marketing mix to support its intended market position with target customers. What has just been described amounts to DFW's __________ .

Marketing strategy

The firm's marketing objectives, its marketing strategies, and its associated implementation and control activities are referred to as ____________.

A marketing program

The railroad industry at the turn of the century continued to define its mission as building and running railroads rather than meeting customers' transportation needs. As a result of this product-focused mission statement, the industry has been accused of __________ .

Marketing myopia

When the National Football League (NFL) expanded into various cities in Western Europe, Europeans could watch football just as it's played in the U.S. According to Ansoff's product-market matrix, the NFL was using a strategy of _______________.

Market development

After a company establishes its goals and objectives, it might then develop a broad plan of action to reach the goals. This broad plan of action is called a __________.

Strategic plans

Which of the following is not a component of SWOT?

Target market identification

The MOA is generally considered to be conducted as part of the:

SWOT

Firms that define their missions from a strict 'product' perspective often miss many marketing opportunities as a result. This phenomenon is referred to as ________________________ .

Marketing myopia

The mangerial act of developing, implementing, and controlling marketing programs is called ___________.

The marketing management process