Ch 2

If a company has a unique strengths relative to its competitors based on quality time cost or innovation in the company is said to have

A competitive advantage

Which of the following is not an example of a firms strengths

An untapped overseas market

Which of the following is a job title for head of marketing at a large organization

Chief Marketing Officer

Select the items that characterize organizations

Consists of people who share a common mission Strives to create value for its customers Develops goods, services, or ideas

And organizations __________ are the fundamental passionate and enduring principles that guide it's conduct overtime

Core values

Organizational purpose serves as the basis for an organization's_________

Culture Mission Core values

True or false the purpose of marketing strategy is to maximize short-term profits

False; A marketing strategy identifies the bases on which the firm plans to build a long-term competitive advantage.

The lowest of the three organizational levels is the

Functional level

An effective customer value proposition meets which three criteria

It details points of difference. It is relevant. It details specific benefits in clear terms.

Which of the following are true of a threat faced by an organization performing a SWOT analysis

It is an external factor. It is unfavorable.

Which statements are true of portfolio analysis?

It's purpose is to determine which SBU or offering generates cash and which one requires cash to fund the organizations growth opportunities. It helps evaluate affirms various products and businesses. It helps allocate resources to products based on growth opportunities.

Dogs

Low relative market share, low market growth rate

A market product strategy that requires no change in the basic product nor the market served in is known as

Market penetration

The product development strategy involves marketing a _________ product or service to a ________ market for the organization

New; current

A clear expression of a firms blank will detail why an organization exists what problems at wishes to solve and who it wants to be every person touches through its work

Organizational purpose

A marketing _________ is a roadmap for the marketing actions of an organization for specific future time.

Plan

In _________ analysis management evaluate firms various products and businesses and then allocate resources according to the firms best growth opportunities

Portfolio

The_________ strategy offers a new product or service to a firms existing market

Product development

Identifying one's direct competition is a way to answer which question

What business are we in?

Business portfolio analysis and diversification analysis helping organization to answer what important strategic question

Where do we want to go for growth?

What three questions would a visionary organization seek to answer

Why does it exist? What will it do? How will it do it?

Strategy can be defined as

an organization's long-term course of action allowing it to achieve its goals

The clear broad underlying industry category or market sector of an organizations offering defines its

business

A Marketing _______ allows a manager to glance at a graph or table and make an informed decision whether to take action regarding organizational objectives

dashboard

Which two techniques aid and decisions about where an organization wants to go

diversification analysis business portfolio analysis

Stars

high growth, high market share

Question marks

high growth, low market share

Cash cows

low-growth, high-share businesses or products

A ________ is a legal entity that consists of people who share a common mission

organization

The _____ is the difference between the projection of the path to reach a new sales revenue goal and the projection of the path of a plan already in place

planning gap

What are the three phases of the strategic marketing process

planning, implementation, evaluation

In searching for growth opportunities organizations using diversification analysis consider both current and new options for which two items

products and markets

What are the three key elements of a visionary organization

specify a foundation set a direction formulate strategies

Planning implementation and evaluation are considered parts of the

strategic marketing process