B. Strategic planning
________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities. A.BenchmarkingB.Strategic planningC.Market segmentationD.DiversificationE.SWOT analysis
C. The focus of strategic planning is to define a game plan for long-run survival and growth
Which of the following is true with regard to strategic planning? A.At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company.B.The strategic plan is a statement of an organization's purpose.C.The focus of strategic planning is to define a game plan for long-run survival and growth.D.Strategic planning involves identifying segments of consumers with identical preferences.E.A strategic plan deals with a company's short-term goals
C. defining the organizational mission
Which of the following is the first step in strategic planning? A.formulating the key marketing strategiesB.setting short-term goalsC.defining the organizational missionD.developing the business portfolioE.identifying the organization's weaknesses and the threats it faces
C. evaluating members of the company's value chain
Which of the following is NOT a step in the strategic planning process? A.defining the company missionB.planning marketing and other functional strategiesC.evaluating members of the company's value chainD.setting company objectives and goalsE.designing the business portfolio
C .mission statement
A ________ documents an organization's purposelong dashwhat it wants to accomplish in the larger environment. A.value propositionB.vision statementC.mission statementD.product strategyE.business portfolio
A. be market oriented; satisfying basic customer needs
Mission statements should ________ and be defined in terms of ________. A.be market oriented; satisfying basic customer needsB.address sales and profits; the net return on investmentsC.be technology oriented; meeting the self-actualization needs of customersD.be product oriented; satisfying the esteem needs of customersE.embody the company's short-term plans; current opportunities
B. statement of the organization's purpose
A mission statement serves as a ________. A.plan for short-term sustainabilityB.statement of the organization's purposeC.statement of the organization's net profitsD.reward plan for the organization's highly-skilled employeesE.statement of the organization's current liabilities
E."We make high-quality consumer food products.
Which of the following is NOT a market-oriented business definition? A."We create the Hilton experience."B."We sell success and status."C."We bring innovation to every home."D."We empower customers to realize their dreams."E."We make high-quality consumer food products.
E. products and technologies eventually become outdated
Companies that define their missions in terms of products or technologies are considered myopic primarily because ________. A.consumer preferences for different product categories vary from time to timeB.products and technologies result in low returns on investmentC.consumer preferences with regard to products and technology are difficult to predictD.most consumers are not comfortable using sophisticated technology during the buying processE.products and technologies eventually become outdated
B.satisfying basic customer needs
Mission statements should be defined in terms of ________. A.the advantages a company's products provideB.satisfying basic customer needsC.the value a company's products provideD.the variety they offer to a customerE.the profitability of a company's products
A. mission statement
Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________. A.mission statementB.product mixC.marketing mixD.marketing planE.business portfolio
D. budget objectives
A company's broad mission leads it to develop all of the following EXCEPT ________. A.business objectivesB.customer engagement objectivesC.sales objectivesD.budget objectivesE.marketing objectives
A.A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all.
Which of the following companies has a product-oriented business definition? A.A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all."B.A cosmetic company, whose business definition is: "We offer hopes and self-expression."C.A real estate company, whose business definition is: "We sell dreams."D.A luxury hotel, whose business definition is: "We sell out-of-the-world experiences to our guests."E.A high-technology company, whose business definition is: "We sell inspirations.
D.An electronics company, whose business definition is: "We produce microchips.
Which of the following companies has a market-oriented business definition? A.A pizzeria, whose business definition is: "We sell the world's most delicious thin-crust pizzas."B.A hotel, whose business definition is: "We rent rooms."C.An apparel company, whose business definition is: "We make and sell women's clothing."D.An electronics company, whose business definition is: "We produce microchips.
E. "We sell memorable experiences
Which of the following is NOT an example of product-oriented mission statements? A."We run theme parks."B."We sell athletic shoes."C."We rent hotel rooms."D."We are an online library."E."We sell memorable experiences
B."We empower customers to achieve their dreams.
Which of the following is a market-oriented mission statement? A."We make porcelain figurines."B."We empower customers to achieve their dreams."C."We sell jumbo burgers."D."We are a low-cost airline."E."We are an online library.
C. meaningful and specific yet motivating
Mission statements should be ________. A.focused on increasing sales or profitsB.technology orientedC.meaningful and specific yet motivatingD.strictly product orientedE.written solely for public relations purposes
A. a higher share price
A company's broad mission leads to ________. A.a higher share priceB.increasing sales and decreasing costsC.increased market share and increasing profitabilityD.increasing profits and more customersE.a hierarchy of objectives, including business objective and marketing objectives
TRUE
The purpose of strategic planning is to find ways in which your company can best use its strengths to take advantage of attractive opportunities in the environment.
FALSE
A company's mission statement provides the depth needed for all segments of the company to reach their goals.
FALSE
A mission statement is a document embodying an organization's short-term goals.
TRUE
A clear mission statement acts as an "invisible hand" that guides people in the organization.
TRUE
Mission statements should be market oriented and defined in terms of satisfying basic customer needs.
TRUE
At Joe's Diner, we serve great burgers" is a product-oriented business definition.
FALSE
At Trader Joe's, our mission is to provide all our customers the best food and beverage values to be found anywhere, and the information to make informed buying decisions." This is a product-oriented business definition.
FALSE
A company's mission could appropriately be stated as "making more sales or profits.
B. business portfolio
The collection of businesses and products that make up a company is called its ________. A. internal value chainB.business portfolioC.strategic planD.supply chainE.strategic business unit
C.determining which businesses should receive more, less, or no investment
Which of the following is the first step of business portfolio planning? A.determining short-term goalsB.identifying internal strengths and weaknessesC.determining which businesses should receive more, less, or no investmentD.identifying future opportunitiesE.shaping the future portfolio by developing strategies for growth and downsizing
E. business portfolio analysis
The major activity in strategic planning is ________, whereby management evaluates the products and businesses that make up the company. A.breakeven analysisB.SWOT analysisC.benchmarkingD.prospectingE.business portfolio analysis
B.best fits the company's strengths and weaknesses to opportunities in the environment
The best business portfolio is the one that ________. A.provides the greatest opportunity for increasing profitsB.best fits the company's strengths and weaknesses to opportunities in the environmentC.entices customers to purchase even more products from the companyD.allows the company to decrease its overall costsE.ensures that the company will realize increased share of market
E.the key businesses that make up a company
Which of the following best describes a strategic business unit? A.the key competitors of a companyB.the key channel intermediaries of a service companyC.the internal value chain of a companyD.the supply chain of a companyE.the key businesses that make up a company
D.assesses the attractiveness of its various SBUs
During portfolio analysis, a company ________ after identifying the key businesses that make up the company. Aformulates a short-term marketing planB.assesses its strengths and weaknessesC.performs a SWOT analysisD.assesses the attractiveness of its various SBUsE.assesses the effectiveness of its various channel intermediaries
B.which businesses should be sold or closed
Which of the following is NOT something a company must determine when analyzing its current business portfolio? A.which businesses should receive less investmentB.which businesses should be sold or closedC.which businesses should receive no investmentD.which businesses shape the future portfolioE.which businesses should receive more investment
E. strength of the market or industry position
.Most standard portfolio analysis methods evaluate SBUs on the ________. A. number of successful business acquisitionsB.degree of product differentiationC.potential for niche or global marketingD.accessibility to rural marketsE.strength of the market or industry position
B. market growth rate
According to the Boston Consulting Group approach, ________ provides a measure of market attractiveness. A.product attributeB.market growth rateC.market segmentationD.product designE.market penetration
E. relative market share
According to the Boston Consulting Group approach, ________ serves as a measure of company strength in the market. A.product developmentB.market segmentationC.product attributeD.market diversificationE.relative market share
E.It considers market growth rate to be a measure of market attractiveness
Which of the following is true of the BCG matrix approach? A.It is inexpensive to implement.B.It does not have any limitations.C.It does not consider relative market share to be a measure of company strength in the market.D.It describes consumer motivations and needs.E.It considers market growth rate to be a measure of market attractiveness
B.cross-functional teams of divisional managers close to their markets
Within a company, who is most likely to perform strategic planning? A.the marketing and sales departmentsB.cross-functional teams of divisional managers close to their marketsC.the accounting and finance departmentsD.the president and vice presidentsE.the manufacturing and production departments
D. strategic business unit
The key businesses of Kimberley and Price consist of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these businesses is called a ________. A.product portfolioB.question markC.market segmentD.strategic business unit E.Prospect
E.Stars
_______ are a type of SBU that often require heavy investments to finance their rapid growth. A.Question marksB.Cash cowsC.BearsD.DogsE.Stars
C. Cash cows
_______ are low-growth, high-share businesses/products that need less investment to hold their market share. A.BearsB.StarsC.Cash cowsD.DogsE.Question marks
A.They can be used to help finance the company's question marks and stars
Which of the following is true with regard to cash cows? A.They can be used to help finance the company's question marks and stars. B.They require significant cash to maintain market share.C.They are low-share businesses and products.D.They do not promise to be large sources of cash. E.They are high-growth, high-share businesses or products.
B. Question marks
_______ are low-share business units in high-growth markets that require a lot of cash to hold their share. A.StarsB.Question marksC.BearsD.DogsE.Cash cows
E.question mark
The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________. A.cash cowB.dogC.starD.bearE.question mark
E.milking the SBU's short-term cash flow regardless of the long-term effect
By harvesting its SBU, a company would most likely be ________. A.selling the SBU or phasing it out and using the resources elsewhereB.diversifying the company's product lineC.investing more in the business unit to build its shareD.investing just enough to hold the SBU's current market shareE.milking the SBU's short-term cash flow regardless of the long-term effect
E.Divest
A company can ________ an SBU by selling it or phasing it out and using the resources elsewhere. A.expandB.promoteC.holdD.harvestE.Divest
C. is decentralized
Modern strategic planning ________. A.does not involve cross-functional teamsB.exclusively consists of a company's short-term goalsC.is decentralizedD.is highly centralizedE.does not take the overall mission of the company into consideration
E. focuses solely on current businesses and provides little scope for future planning
The BCG matrix approach is problematic in that it ________. A.fails to classify SBUsB.tends to undermine the importance of relative market share as a measure of company strength in the marketC.focuses on planning for the future at the cost of ignoring the present D.tends to undermine the importance of market growth rate as a measure of market attractivenessE.focuses solely on current businesses and provides little scope for future planning
A.product/market expansion grid
Which of the following is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification? A.product/market expansion gridB.Harris matrixC.analysis of varianceD.BCG matrixE.SWOT analysis
D. market penetration
Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________. A.market segmentationB.diversificationC.product developmentD.market penetrationE.product differentiation
A.It is a useful device for identifying growth opportunities.
Which of the following is true with regard to the product/expansion grid? A.It is a useful device for identifying growth opportunities. B.It helps companies analyze their internal strengths and weaknesses.C.It is a useful device for segregating customers into distinct categories.D.It classifies SBUs into four distinct categories.E.It functions on the premise that firms should downsize to regain market share.
C. market penetration
Making more sales to current customers without changing a firm's products is known as ________. A.prospectingB.market segmentationC.market penetrationD.product developmentE.product diversification
A. market development
Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ________ strategy. A.market developmentB.local marketingC.product developmentD.diversificationE.product adaptation
D. market development
The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________. A.market penetrationB.product adaptationC.mass marketingD.market developmentE.product development
B.market development
The managers of Alfredo's Pizza, a popular pizzeria in New York City, have been increasingly encouraging senior citizens to visit the pizzeria's numerous outlets spread across the city. Anticipating a rise in the population of senior citizens in the area, the management of Alfredo's Pizza is seeking to tap into this promising segment that consists of retired, affluent consumers. In this instance, the managers of Alfredo's Pizza are anticipating company growth through ________. A.mass customizationB.market developmentC.niche marketingD.product differentiationE.product development
D. market development
FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy. A.product adaptationB.downsizingC.product developmentD.market developmentE.market penetration
A.diversification
Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________. A.diversification B.niche marketingC.product adaptation D.mass customizationE.Prospecting
D. product development
Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________. A.diversificationB.benchmarkingC.mass customizationD.product developmentE.Downsizing
D. diversification
A women's apparel manufacturer in California recently acquired a Houston-based company that manufactures office furniture. This is an example of ________. A.product differentiationB.product developmentC.market penetrationD.diversificationE.market development
C. product development
Cleats, Unlimited developed a new style of soccer shoe. This is an example of ________. A.market penetrationB.market developmentC.product developmentD.diversificationE.product differentiation
D. The customers may have purchased all they need
Companies may want to downsize their business portfolios for all but which of the following reasons? A.The firm may have grown too fast.B.The products might simply age.C.The market environment might change.D.The customers may have purchased all they need.E.The firm may have entered areas where it lacks experience.
B. diversification
Elmo Corp., a manufacturer of personal computers and printers, recently established an office furniture exporting business. This is an example of ________. A.product adaptationB.diversificationC.downsizingD.niche marketingE.local marketing
C.market penetration
Ron and Gail plan to lower Fun-Spot's prices in an effort to encourage customers to stay longer, visit more often, and spend more money during each visit. What type of strategy are Ron and Gail planning? A.product adaptationB.product developmentC.market penetrationD.diversificationE.market development
A.product development
Ron and Gail, owners of Fun-Spot, strive to provide new offerings and entertainment options for their visitors. This type of strategy can be best described as ________. A.product developmentB.market developmentC.niche marketingD.diversificationE.market penetration
TRUE
The major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses that make up the company.
FALSE
The major activity in strategic planning is product innovation.
FALSE
On the BCG matrix, "question marks" are high-growth, high-share businesses or products.
FALSE
Market penetration involves offering modified or new products to current markets.
TRUE
Market development involves company growth by identifying and developing new market segments for current company products.
FALSE
An American airline company started a grocery chain in Australia. This is an example of product development.
FALSE
Company growth through diversification involves offering modified or new products to the company's current markets.
E. designing new products from scratch
.Marketing plays a key role in the company's strategic planning in all of these ways EXCEPT ________. A.designing strategies for reaching a unit's objectiveB.providing a guiding philosophyC.creating customer value and building profitable relationships with customer groupsD.providing input to identify attractive market opportunitiesE.designing new products from scratch
C.internal value chain
Each department in a company that carries out value-creating activities can be thought of as a link in the company's ________. A.channel of intermediariesB.external value streamC.internal value chainD.demand chainE.supplier chain
B.link in the company's internal value chain
RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a(n) ________. A.independent subsidiary of the companyB.link in the company's internal value chainC.separate organizationD.separate market segmentE.SBU
C.value delivery network
The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system is known as the ________. A.business portfolioB.marketing mixC.value delivery networkD.supply chainE.internal value chain
TRUE
customer engagement and value are the key ingredients in the marketer's formula for success.
TRUE
Each department in a company can be thought of as a link in the company's internal value chain.
FALSE
Since companies want to work together to attract customers, marketers do not need to practice partner relationship management.
E. marketing strategy
The marketing logic by which a company hopes to create customer value and achieve profitable customer relationships is referred to as the ________. A. value chainB.downsizingC.marketing implementationD.priceE.marketing strategy
B. place
Which of the following is an element of the marketing mix? A.needsB.placeC.wantsD.educationE.Esteem
E.Budgeting
Which of the following is NOT part of a company's decision about which customers it will serve and how? A.targetingB.positioningC.segmentationD.differentiationE.Budgeting
B.purchase
Which of the following is NOT an element of the marketing mix? A.promotionB.purchaseC.priceD.productE.Place
B.technological
Customers can be grouped and served in various ways based on several factors. These include all of the following EXCEPT ________ factors. A.psychographicB.technologicalC.demographicD.geographicE.Behavioral
B. dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
Market segmentation can be best described as the process of ________. A.turning marketing plans into marketing actions to accomplish strategic marketing objectivesB.dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programsC.maintaining a strategic fit between organizational goals and changing marketing opportunitiesD.evaluating each market segment's attractiveness and selecting one or more segments to enterE.assigning specific human attributes to a given brand
E.market segment
.Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________. A.brand personalityB.product attributeC.channel intermediaryD.line extensionE.market segment
D.market targeting
Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves market segmentation, ________, differentiation, and positioning. A.marketing implementationB.price discriminationC.supply-chain analysisD.market targetingE.market diversification
E.market diversification
Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves market segmentation, ________, differentiation, and positioning. A.marketing implementationB.price discriminationC.supply-chain analysisD.market targetingE.market diversification
B.market segment
Rob has been asked by his manager to identify a group of potential customers who would respond in a similar way to a given set of marketing efforts. In this instance, Rob has been asked to identify a ________. A.product lineB.market segmentC.brandD.marketing intermediaryE.new product
B.market targeting
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as ________. A.prospectingB.market targetingC.downsizingD.market segmentationE.Diversification
D.market segment
.Paul Robinson has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product. Paul has identified a(n) ________. A.product designB.target marketC.niche marketD.market segmentE.product attribute
A. A market segment consists of consumers who respond in a similar way to a given set of marketing efforts.
Which of the following is true with regard to a market segment? A.A market segment consists of consumers who respond in a similar way to a given set of marketing efforts.B.A market segment consists of consumers with dissimilar needs and preferences.C.Dividing the market into segments reduces composite demand.D.Very few markets have segments.E.Dividing the market into segments decreases the efficiency of the selling process.
D.positioning
The process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________. A.market targetingB.differentiationC.target marketingD.positioningE.market segmentation
A.market nicherB.market followerC.early adopterD.market challengerE.Laggard
Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus? A.market nicherB.market followerC.early adopterD.market challengerE.Laggard
A positioning
Arrow is "a different kind of company, manufacturing a different kind of a car"; the RoadPro is "like nothing else." Statements such as these reflect a firm's ________. A.positioningB.portfolioC.marketing mixD.mission statementE.marketing segment
A.position
Alpha Motors offers "Green automobiles for a greener world." This refers to the ________ of Alpha automobiles. A.positionB.brand equity C.pleasure value D.brand resonance E.added value
C.positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________. A.segmentingB.satisficingC.positioningD.diversifyingE.Prospecting
D.product
Which of the following Ps in the marketing mix describes the goods-and-services combination the company offers to the target market? A.packageB.priceC.placeD.productE.Promotin
B.product
In the marketing mix, design, packaging, services, and variety can be categorized under ________. A.priceB.productC.placeD.positionE.Promotion
A.place
in the context of a company's marketing mix, ________ includes company activities that make the product available to target consumers. A.placeB.brandingC.positionD.priceE.Promotion
A.logistics
In the marketing mix, place includes ________. A.logisticsB.packagingC.discountsD.advertisingE.sales promotion
E.Promotion
_______ refers to activities that communicate the merits of the product and persuade target customers to buy it. A.PricingB.ProspectingC.SegmentationD.PositionE.Promotion
FALSE
To succeed in today's competitive marketplace, companies must be product-centered.
FALSE
.Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs is known as market diversification.
FALSE
market segment consists of consumers who respond in different ways to a given set of marketing efforts.
TRUE
A product's position is the place it occupies relative to competitors' products in consumers' minds.
TRUE
Product refers to the goods-and-services combination that a company offers to its target market.
FALSE
One valid criticism of the four Ps concept of the marketing mix is that services are not considered.
TRUE
The four Cs concept adopts the buyer's view of the market.
E. It evaluates the company's overall strengths.
Which of the following is true with regard to a SWOT analysis? A.It evaluates the growth potential of a market segment.B.It measures customer response to a new product.C.It ignores the threats faced by a company while assessing its situation in the market.D.It classifies SBUs into four distinct categories.E.It evaluates the company's overall strengths.
C. Porter's five forces
_______ analysis is an overall evaluation of the company's strengths, weaknesses, opportunities, and threats. A.A clusterB.A SWOTC.Porter's five forcesD.A breakevenE.A regression
D.internal capabilities
.In a SWOT analysis, which of the following would be considered a strength? A.industry trends B.environmental demandsC.performance challengesD.internal capabilitiesE.technological shifts
B.opportunities
In a SWOT analysis, ________ include favorable trends in the external environment. A.weaknesses B.opportunitiesC.challengesD.strengthsE.Threats
C.SWOT analysis
Harris Brown, the marketing manager at a small retail chain, wants to assess his firm's strengths, opportunities, weaknesses, and threats. Which of the following would be best suited for his purpose? A.Porter's five forces analysisB.cluster analysisC.SWOT analysisD.regression analysisE.portfolio analysis
C.budgeting
Which of the following functions is NOT part of managing the marketing process? A.implementationB.controlC.budgetingD.planningE.Organization
C.A SWOT analysis
________ provides a complete analysis of the company's situation. A.A marketing auditB.Return on marketing investmentC.A SWOT analysisD.Regression analysisE.Marketing budget evaluation
D.planning; implementation
Marketing ________ addresses the what and why of marketing activities, while marketing ________ addresses the who, where, when, and how. A.analysis; planningB.implementation; planningC.organization; implementationD.planning; implementationE.control; planning
opportunity
Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people who love to hunt, hike, and ride bikes. The company's long-term plans include the development of lenses that, in addition to protecting users from UV rays, would help reduce lens spotting through effective water-sheeting methods. This new feature would be valuable to people who fish. Given the rising popularity of recreational fishing in the United States, Omega products clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a market ________. A.challengeB.threat C.strength D.opportunity E.Weakness
B.SWOT
The main section of the marketing plan most likely presents a detailed ________ analysis of the current marketing situation. A.SBUB.SWOT C.cluster D.breakeven E.Regression
C.executive summary
A marketing plan begins with a(n) ________, which presents a brief summary of the main goals and recommendations of the plan for management review. A.opportunity analysisB.action programC.executive summaryD.budgetE.threat analysis
C. implementation
Many managers think that "doing things right," or ________, is as important as, or even more important than, "doing the right things." A.strategyB.targetingC.implementationD.positioningE.Planning
D.functional
The most common form of marketing organization is the ________ organization. Under this organization, an operational specialist heads different marketing activities. A.geographic B.customer management C.product management D.functional E.Market
D.functional organization
Berman Electronics, a chain of appliance stores in North America, caters to a wide range of customers. It has a marketing organization in which different operational specialists head different marketing activities. Berman Electronics is a(n) ________. A.early adopterB.laggardC.customer management organizationD.functional organizationE.niche marketer
E.Marketing dashboards
_______ refer(s) to meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance. A.Line extensionsB.Market shareC.Field automation systemsD.Market segmentsE.Marketing dashboards
D.functional
Emerson Studios has designed its marketing organization along the lines of a ________ organization in which operational specialists head different marketing activities. A.customerB.geographicC.marketD.functionalE.Product
B.geographic organization
Ravenshaw Corp. assigns its sales and marketing people to specific countries, regions, and districts. Ravenshaw Corp. is most likely an example of a ________. A.product organizationB.geographic organizationC.mass marketerD.niche marketerE.functional organization
B.It allows salespeople to work with a minimum of travel time and cost.
Which of the following is true with regard to geographic organization? A.It is the most common form of marketing organization.B.It allows salespeople to work with a minimum of travel time and cost.C.Different marketing activities are headed by a functional specialist.D.It requires salespeople to have international experience. E.It reduces the overall efficiency of salespeople.
C.The company is organized around the needs of specific customer segments.
Which of the following is a major advantage of the market organization? A.The company caters to a single, small market segment.B.The company allows its salespeople to settle into a specific territory.C.The company is organized around the needs of specific customer segments.D.The company exploits bleeding-edge technologies to keep ahead in the market.E.The company has a flat organizational structure.
C.customer management
More and more, companies are shifting their brand management focus from brand profitability toward ________. A.technology management B.product managementC.customer managementD.functional managementE.geographic management
C.Marketing control
_______ refers to measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved. A.BenchmarkingB.Marketing implementationC.Marketing controlD.ProspectingE.Satisficing
E.increasing the staffing in the planning department
Marketing control involves four steps including all the following EXCEPT ________. A.setting specific marketing goalsB.measuring the marketing plan's performance in the marketplaceC.taking corrective action to close the gaps between goals and performanceD.evaluating the causes of any differences between expected and actual performanceE.increasing the staffing in the planning department
E. defining the company's mission
All of the following steps pertain to the marketing control process EXCEPT ________. A.evaluating the causes of gaps between expected and actual performanceB.taking corrective actionC.setting goalsD.measuring performanceE.defining the company's mission
A.operating control
he purpose of ________ is to ensure that the company achieves the sales, profits, and other goals set out in its annual marketing plan. A.operating controlB.a marketing auditC.strategic controlD.benchmarkingE.SWOT analysis
B.Strategic control
______ involves looking at whether a company's key action plans are well-matched to its opportunities. A.Regression analysisB.Strategic controlC.BenchmarkingD.Operating controlE.Portfolio analysis
E. Return on marketing investment
_______ measures the profits generated by investments in marketing activities. A.Marketing budget evaluationB.A marketing auditC.A SWOT analysisD.Regression analysisE.Return on marketing investment
TRUE
A SWOT analysis allows a marketer to evaluate the company's overall strengths, weaknesses, opportunities and threats.
TRUE
The four marketing management functions are analysis, planning, implementation, and control.
FALSE
Benchmarking refers to the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.
TRUE
Operating control involves checking ongoing performance against the annual plan and taking corrective action when necessary.
TRUE
Return on marketing investment refers to the net return from a marketing investment divided by the costs of the marketing investment.
B.defining the company's mission
The first step in strategic planning involves __________. A.designing a business portfolioB.defining the company's missionC.setting objectives and goalsD.developing functional plansE.developing a marketing plan
E.Customers
A company's mission statement should be focused on __________. A.objectives and goalsB.ProfitC.investmentD.sales
B.market-oriented mission statement
Nike states that it wants to "bring inspiration and innovation to every athlete in the world." This is Nike's _________. A.product-oriented mission statementB.market-oriented mission statementC.objectiveD.marketing planE.Strategy
C.setting company objectives and goals
In the strategic planning process, the business portfolio is designed after ________.A.defining the company missionB.the strategic planning process is completedC.setting company objectives and goalsD.planning functional strategiesE.planning marketing strategies
A.Planning marketing strategies
Which of the following steps in the strategic planning process is done at the business unit level? A.Planning marketing strategiesB.Setting company objectivesC.Designing the business portfolioD.Defining the company missionE.Setting company goals
D.develop and maintain a strategic fit between a company's goals and capabilities and its changing marketing opportunities
The primary purpose of a strategic plan is to ________________. A.establish market share objectivesB.expand into new marketsC.design a business portfolioD.develop and maintain a strategic fit between a company's goals and capabilities and its changing marketing opportunitiesE.build profitable customer relationships
E.Define its overall purpose and mission.
What does a company do to start the strategic planning process? A.Perform a cost analysis.B.Analyze its competitors.C.Plan their marketing mix.D.Identify the needs and wants of their customers.E.Define its overall purpose and mission.
C.market oriented
Mission statements should be defined in terms of satisfying basic customer needs. In other words, they should be __________. A. price orientedB.media orientedC.market orientedD.relationship orientedE.product oriented
A. set company objectives and goals
After defining its mission, the next step in strategic planning is to __________. A.set company objectives and goalsB.identify key strategic business unitsC.plan marketing strategiesD.allocate resources to each product that is being marketedE.design the business portfolio
A.To create a game plan for long-run survival and growth in consideration of changing marketing opportunities
What is the overall focus of strategic planning?A.To create a game plan for long-run survival and growth in consideration of changing marketing opportunities B.To maximize profitsC.To define the company's missionD.To design a business portfolioE.To ensure prices are lower than competitors
C.portfolio
The major activity in strategic planning is the analyses of a business __________.A.planB.goal or objectiveC.portfolioD.unitE.Experiencs
D.low-growth, high-share businesses or products
Within the growth-share matrix, "cash cows" are __________. A.high-growth, high-share businesses or productsB.high-share businesses in slow-growth marketsC.low-growth, low-share business units in high-growth marketsD.low-growth, high-share businesses or productsE.low-growth, low-share businesses and products in high-growth markets
B .Relative market share and market growth rate
What are the two measures the BCG matrix uses to classify SBUs and products in the portfolio? A.Relative market share and number of products the company producesB.Relative market share and market growth rateC.Relative market share and return on investment (ROI)D.Market growth rate and return on investment (ROI)E.Market growth rate and degree of competitiveness
D.stars; cash cows
According to the BCG matrix, ______ are high-share, high-growth products. When the market growth slows, these products become ________. A. cash cows; dogsB.question marks; cash cowsC.cash cows; starsD.stars; cash cowsE.question marks; stars
B.Divestment
In 2005, Proctor and Gamble purchased Gillette, makers of shaving products, and added these to the existing P&G portfolio. Which growth strategy did P&G use in acquiring Gillette? A.Market developmentB.DivestmentC.Market penetrationD.DiversificationE.Product development
B.Product development
Ben & Jerry's frequently expand its line of ice cream with new flavors. Which market growth strategy is Ben & Jerry's using? A.HarvestingB.Product developmentC.Market developmentD.DiversificationE.Market penetration
C.strategic business units
n portfolio analysis, a company must identify __________, which are key businesses that make up the company. A.functional departmentsB.marketing intermediariesC.strategic business unitsD.competitorsE.potential future businesses
E.Relative market share; market growth rate
What are the two measurements used in the BCG matrix to classify strategic business units? A.Relative market share; number of products the company producesB.Relative market share; return on investment (ROI)C.Market growth rate; degree of competitivenessD.Market growth rate; return on investment (ROI)E.Relative market share; market growth rat
E.cash cows
The BCG matrix classifies products which have a high market share in a low growth market as __________. A.dogsB.question marksC.starsD.cash starsE.cash cows
B.divesting
Strategically, a company may phase out or sell an SBU. This is known as __________.A.milkingB.divestingC.buildingD.harvestingE.Holding
E.Market penetration
To grow sales, Under Armour increased its spending on advertising by 35 percent to increase sales in its current markets. Which growth strategy does this represent? A.Product developmentB.Market developmentC.DiversificationD.DivestingE.Market penetration
E.Market development
When Under Armour expanded its current products into global markets, it was pursuing which growth strategy? A.Market penetrationB.DivestingC.DiversificationD.Product developmentE.Market development
B.Diversification
When a firm starts up or buys a business outside of its current product line and markets, it is pursuing which growth strategy? A.Market penetrationB.DiversificationC.Market developmentD.Product developmentE.Divesting
B.value chain
Each department can be thought of as a link in the company's __________. A.marketing mixB.value chainC.market segmentationD.marketing managementE.delivery network
A.Marketing
_________ plays a key role in the company's strategic planning. A.MarketingB.AccountingC.OperationsD.FinanceE.Human Resources
D.provide a guiding philosophy
One key role marketing plays in a company's strategic planning is to _________. A.work to add customer value so other departments do not have to be concerned with itB.focus on the customer while other departments formulate strategiesC.allow other departments to not be concerned with marketingD.provide a guiding philosophyE.take advantage of opportunities identified by the strategic planners
B.increase production costs, increase inventories, cause budget headaches and disrupt production schedules
Marketing can disrupt the internal value chain and cause conflicts to develop because it can potentially _______. A.make all departments "think consumer"B.increase production costs, increase inventories, cause budget headaches and disrupt production schedulesC.coordinate the efforts of different company departments to deliver customer valueD.gain commitment from the entire company to engage customersE.align all functional areas with the goal of increasing customer value
A.value delivery network
One way for companies to improve the performance of the ______ is by partnering with suppliers, distributors, and customers. A.value delivery networkB.marketing systemC.competitive delivery networkD.internal value chainE.strategic plan
B.Marketing provides inputs to strategic planners
Which one of the following statements about marketing's role in strategic planning is correct? A.Marketing does not contribute to profitability.B.Marketing provides inputs to strategic planners.C.Marketing is unrelated to a company's guiding philosophy.D.Marketing does not design strategies.E.Marketing oversees the planning of each business unit.
C.It can increase production costs, increase inventories, and disrupt production schedules.
In which way does increasing customer satisfaction disrupt the internal value chain?A.It makes all departments open double quotethink consumer.close double quoteB.It will gain commitment from the entire company to engage customers.C.It can increase production costs, increase inventories, and disrupt production schedules.D.It will coordinate the efforts of different company departments to deliver customer valueE.It aligns all functional areas with the goal of increasing customer value.
C.Market targeting
__________ involves evaluating each market segments attractiveness and selecting one or more segments to enter. A.Market differentiationB.Market positioningC.Market targetingD.Marketing mixE.Market segmentation
B.Promotion
_________ refers to activities that communicate the merits of the product and persuade target customers to buy it. A.PositioningB.PromotionC.SegmentationD.TargetingE.Differentiation
C.market targeting
The Dollar Store and Family Dollar profitably focus on buyers with modest means with their market offerings. This is an example of _________. A.positioningB.marketing controlC.market targetingD.market segmentationE.the marketing mix
B.Differentiation
What is one primary purpose of a product's position? A.To choose which segments to serve with a market offeringB.DifferentiationC.To identify groups of consumers with similar needsD.To gain market shareE.To get eye level in-store shelf space
A.Acceptability, affordability, accessibility, awareness
The four Ps of the marketing mix are redefined in buyer terms as the four As. What are the four As of the marketing mix? AA.Acceptability, affordability, accessibility, awarenessB.Approaches, added incentives, accessibility, awarenessC.Affordability, accessibility, added incentives, awarenessD.Acceptability, accessibility, awareness, advantageE.Added incentives, advantage, aptitude, alternatives
A.Customer value and relationships
__________ is at the core of any marketing strategy. A.Customer value and relationshipsB.Segmenting, targeting, and positioningC.Planning, analysis, and implementationD.The marketing mixE.Competitors, suppliers, and publics
A.To create customer value and build profitable reationships
What is the overall goal of marketing strategy? A.To create customer value and build profitable reationshipsB.To segment the market and target specific segmentsC.To position and differentiate the productD.To identify competitors, suppliers, and publics
D.Segmentation and targeting
In determining which customers to serve, a company engages in which two marketing activities? A.Positioning and differentiationB.Segmentation and differentiationC.Targeting and positioningD.Segmentation and targetingE.Segmentation and positioning
E.The 4 Ps
What does a market segment consist of? A.A group of similar productsB.A mental image of a productC.A group of competitorsD.A group of consumers who respond to the marketing effort in the same wayE.The 4 Ps
A.differentiation
Effective positioning is based on __________. A.differentiationB.identifying groups of consumers with similar needsC.choosing which segments to profitably serve with a market offeringD.eye level in-store shelf spaceE.market share
A.acceptability; affordability; accessibility; awareness
The four Ps of the marketing mix have been redefined in buyer's terms as the four As. Product design influences __________, price affects __________, place affects __________, and promotion influences __________. A.acceptability; affordability; accessibility; awarenessB.awareness; acceptability; affordability; accessibilityC.acceptability; affordability; awareness; accessibilityD.affordability; accessibility; acceptability; awarenessE.awareness; affordability; accessibility; acceptability
E.Opportunities
In SWOT analyses, the favourable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as __________. A.strengthsB.targetsC.threatsD.weaknessesE.Opportunities
D.functional organization
The most common form of marketing organization is __________. A.geographic organizationB.product management organizationC.product organizationD.functional organization E.customer management organization
A.threat; weakness
Assume the economy is in a recession. Mario's custom jewelry is expensive and sales are down. In a situation analysis (SWOT), the state of the economy is a(n)______ and Mario's pricing structure is a(n) ________. A.threat; weaknessB.weakness; weaknessC.weakness; threatD.threat; strengthE.opportunity; weakness
D.Customer service
Which of the following is not one of the five marketing management functions? A.ControlB.AnalysisC.ImplementationD.Customer serviceE.Planning
B.An executive summary, situation analysis, objectives, strategy, action programs, budgets, and controls
What are the main components of a marketing plan? A.A marketing budget and a marketing dashboardB.An executive summary, situation analysis, objectives, strategy, action programs, budgets, and controlsC.Segmentation, targeting, and positioningD.A mission statement, objectives, and a business portfolioE.Product, price, place, and promotion
A.Marketers are increasingly using measures such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI.
Which of the following is a true statement regarding managing and measuring marketing return on investment (ROI)? A.Marketers are increasingly using measures such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI.B.One reason ROI is used is because it is easy to measure.C.ROI is being used less today because marketing managers are not as accountable for performance as they were in the past.D.Marketers define ROI as a quantitative measure derived by dividing returns (that is, profits) by the costs of the investments.E.Marketers increasingly use customer-centered measures of ROI that include brand awareness, sales, and market share.
A. An executive summary, situation analysis, objectives, marketing strategy, action programs, budgets and controls, and threats and opportunities
What are the main components of a marketing plan? A. An executive summary, situation analysis, objectives, marketing strategy, action programs, budgets and controls, and threats and opportunitiesB.The marketing budget and a marketing dashboardC.Product, price, place, promotionD.Segmentation, targeting, positioningE.A mission statement, objectives, and a business portfolio
D.opportunity; strength
The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT analysis, the rising demand for organic produce would be a(n) __________ for Green Acres Farms, and the fact that they grow only organic vegetables is a(n) __________. A.strength; opportunityB.opportunity; threatC.opportunity; opportunityD.opportunity; strengthE.threat; strength
A.Marketers are increasingly using measures such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI
Which of the following is a true statement regarding managing and measuring marketing return on investment (ROI)? A.Marketers are increasingly using measures such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI.B.One measure of ROI is sales generated by investments in marketing activities.C.There is a consistent definition of ROI used by marketers.D.Marketers are increasingly using customer-centered measures of ROI which include brand awareness, sales, and market share.E.One reason ROI is used is because it is very easy to measure.