Ch. 2 Part 1

A product's position is the place the product occupies relative to competitors in consumers' minds. A. Customer Value-Driven Marketing Strategy B. Market Segmentation C. Market Targeting D. Market Differentiation and Positioning E. Developing an Integrated Marketing Mix

D

At the corporate level, the company starts the __________________________ process by defining its overall purpose and mission (see Figure 2.1). It then creates detailed supporting objectives that guide the entire company. Next, headquarters decides what portfolio of businesses and products is best for the company and how much support to give each one. In turn, each business and product develops detailed marketing and other departmental plans that support the company-wide plan. Thus, marketing planning occurs at the business-unit, product, and market levels. A. marketing B. PR C. advertising D. strategic planning

D

The Boston Consulting Group Approach defines four types of SBUs: low-share product, low-growth market A. stars B. cash cows C. question marks D. dogs

D

The hard task of selecting an overall company strategy for long-run survival and growth is called ______________________. A. marketing B. PR C. advertising D. strategic planning

D

A company should target segments in which it can profitably generate the greatest customer value and sustain it over time. A. Customer Value-Driven Marketing Strategy B. Market Segmentation C. Market Targeting D. Market Differentiation and Positioning E. Developing an Integrated Marketing Mix

C

Most standard portfolio-analysis methods evaluate __________________________ on two important dimensions—the attractiveness of the __________________________'s market or industry and the strength of the __________________________'s position in that market or industry. A. mission statement B. business portfolio C. strategic business units (SBUs) D. product/market expansion grid

C

The Boston Consulting Group Approach defines four types of SBUs: low-share product, high-growth market A. stars B. cash cows C. question marks D. dogs

C

A _______________________ is the series of departments that carry out value-creating activities to design, produce, market, deliver, and support the firm's products. A. value chain B. value delivery network C. objective chain D. objective delivery network

A

A clear __________________________ acts as an "invisible hand" that guides people in the organization. A. mission statement B. business portfolio C. portfolio analysis D. product/market expansion grid

A

A company's _______________________ is only as strong as its weakest link. A. value chain B. value delivery network C. objective chain D. objective delivery network

A

A market-oriented __________________________ defines the business in terms of satisfying basic customer needs. A. mission statement B. business portfolio C. portfolio analysis D. product/market expansion grid

A

Companies know that they cannot profitably serve all consumers in a given market—at least not all consumers in the same way. A. Customer Value-Driven Marketing Strategy B. Market Segmentation C. Market Targeting D. Market Differentiation and Positioning E. Developing an Integrated Marketing Mix

A

Each company department can be thought of as a link in the company's _______________________. A. value chain B. value delivery network C. objective chain D. objective delivery network

A

Example of ___________________: Panera- We sell fast-casual food in our restaurants. A. Product-Oriented Definition B. Market-Oriented Definition

A

Example of ___________________: Starbucks- We sell coffee and snacks. A. Product-Oriented Definition B. Market-Oriented Definition

A

From the buyer's viewpoint, in this age of customer relationships, the _______________________ might be better described as the four Cs: A. Four P's B. Four A's C. Four B's D. Four R's

A

Management should avoid making its __________________________ too narrow or too broad. A. mission statement B. business portfolio C. portfolio analysis D. product/market expansion grid

A

Many organizations develop formal mission statements. A __________________________ is a statement of the organization's purpose—what it wants to accomplish in the larger environment. A. mission statement B. business portfolio C. portfolio analysis D. product/market expansion grid

A

Marketing strategies and programs must be developed to support these marketing objectives. A. Setting Company Objectives and Goals B. Designing the Business Portfolio C. Analyzing the Current Business Portfolio D. Developing Strategies for Growth and Downsizing

A

Some critics feel that the _______________________ may omit or underemphasize certain important activities. A. Four P's B. Four A's C. Four B's D. Four R's

A

The Boston Consulting Group Approach defines four types of SBUs: high-growth market, high-share product A. stars B. cash cows C. question marks D. dogs

A

The Product/Market Expansion Grid: _______________________ Involves making more sales to current customers without changing the product. A. market penetration B. market development C. product development D. diversification

A

The company's mission needs to be turned into detailed supporting objectives for each level of management. A. Setting Company Objectives and Goals B. Designing the Business Portfolio C. Analyzing the Current Business Portfolio D. Developing Strategies for Growth and Downsizing

A

The mission leads to a hierarchy of objectives, including business objectives (revenue, earnings, ROCE) and marketing objectives (market share, awareness, SOV). A. Setting Company Objectives and Goals B. Designing the Business Portfolio C. Analyzing the Current Business Portfolio D. Developing Strategies for Growth and Downsizing

A

_______________________ refers to the goods-and-services combination the company offers to the target market. A. product B. price C. place D. promotion

A

_______________________: > Customer solution > Customer cost > Convenience > Communication A. Four P's B. Four A's C. Four B's D. Four R's

A

__________________________s should be realistic, specific, consistent with the market environment, based on the company's distinctive competencies, and motivating. A. mission statement B. business portfolio C. portfolio analysis D. product/market expansion grid

A

A _______________________ consists of consumers who respond in a similar way to a given set of marketing efforts. A. Customer Value-Driven Marketing Strategy B. Market Segment C. Market Targeting D. Market Differentiation and Positioning E. Developing an Integrated Marketing Mix

B

A __________________________ is the collection of businesses and products that make up the company. A. mission statement B. business portfolio C. portfolio analysis D. product/market expansion grid

B

Because of such problems, many companies have dropped formal matrix methods in favor of more customized approaches that are better suited to their specific situations. A. The New York Consulting Group Approach B. The Boston Consulting Group Approach C. The Chicago Consulting Group Approach D. The Florida Consulting Group Approach

B

Designing the _______________________ involves finding businesses and products the company should consider in the future. A. mission statement B. business portfolio C. strategic business units (SBUs) D. product/market expansion grid

B

Example of ___________________: Panera- We give customers "Food as it should be": food that tastes good; food that feels good; food that does good things for them and the world around them. A. Product-Oriented Definition B. Market-Oriented Definition

B

Example of ___________________: Starbucks- We sell "The Starbucks Experience," one that enriches people's lives in one moment, one human being, one extraordinary cup of coffee at a time. A. Product-Oriented Definition B. Market-Oriented Definition

B

Increasingly, today's competition no longer takes place between individual competitors. Rather, it takes place between the entire _______________________ created by these competitors. A. value chain B. value delivery network C. objective chain D. objective delivery network

B

Management may find it difficult to define SBUs and measure market share and growth. A. The New York Consulting Group Approach B. The Boston Consulting Group Approach C. The Chicago Consulting Group Approach D. The Florida Consulting Group Approach

B

More companies today are partnering with other members of the supply chain to improve the performance of the customer _______________________. A. value chain B. value delivery network C. objective chain D. objective delivery network

B

Once it has classified its SBUs, the company must determine what role each will play in the future. A. The New York Consulting Group Approach B. The Boston Consulting Group Approach C. The Chicago Consulting Group Approach D. The Florida Consulting Group Approach

B

The Boston Consulting Group Approach defines four types of SBUs: low-growth market, high-share product A. stars B. cash cows C. question marks D. dogs

B

The Product/Market Expansion Grid: _______________________ Involves identifying and developing new markets for its current products. A. market penetration B. market development C. product development D. diversification

B

The best __________________________ is the one that best fits the company's strengths and weaknesses to opportunities in the environment. A. mission statement B. business portfolio C. portfolio analysis D. product/market expansion grid

B

The best-known portfolio-planning method was developed by the _______________________ Consulting Group. A. New York B. Boston C. Chicago D. Florida

B

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors who might require separate products or marketing programs is called _______________________. Types include demographics, psychographics, geographical, behavioral, etc. A. Customer Value-Driven Marketing Strategy B. Market Segmentation C. Market Targeting D. Market Differentiation and Positioning E. Developing an Integrated Marketing Mix

B

These approaches focus on classifying current businesses but provide little advice for future planning. A. The New York Consulting Group Approach B. The Boston Consulting Group Approach C. The Chicago Consulting Group Approach D. The Florida Consulting Group Approach

B

They can be difficult, time-consuming, and costly to implement. A. The New York Consulting Group Approach B. The Boston Consulting Group Approach C. The Chicago Consulting Group Approach D. The Florida Consulting Group Approach

B

This matrix defines four types of SBUs: > Stars > Cash cow > Question mark > Dogs A. The New York Consulting Group Approach B. The Boston Consulting Group Approach C. The Chicago Consulting Group Approach D. The Florida Consulting Group Approach

B

_______________________ is the amount of money customers must pay to obtain the product. A. product B. price C. place D. promotion

B

_______________________: > Acceptability > Affordability > Accessibility > Awareness A. Four P's B. Four A's C. Four B's D. Four R's

B

The Product/Market Expansion Grid: _______________________ Involves offering modified or new products to current markets. A. market penetration B. market development C. product development D. diversification

C

The company can invest more in the business unit in order to grow its share. It can invest just enough to hold the SBU's share at the current level. It can harvest the SBU, milking its short-term cash flow regardless of the long-term effect. Or, it can divest the SBU by selling it or phasing it out. A. The New York Consulting Group Approach B. The Boston Consulting Group Approach C. The Chicago Consulting Group Approach D. The Florida Consulting Group Approach

C

The first step in business portfolio analysis is to identify the key businesses that make up the company, the __________________________. An __________________________ can be a company division, a product line within a division, or a single product or brand. A. mission statement B. business portfolio C. strategic business units (SBUs) D. product/market expansion grid

C

The major activity in strategic planning is business __________________________, whereby management evaluates the products and businesses making up the company. A. mission statement B. business portfolio C. portfolio analysis D. product/market expansion grid

C

The next step in business __________________________ calls for management to assess the attractiveness of its various SBUs and decide how much support each deserves. A. mission statement B. business portfolio C. portfolio analysis D. product/market expansion grid

C

_______________________ includes company activities that make the product available to target consumers. A. product B. price C. place D. promotion

C

_______________________ involves evaluating each market segment's attractiveness and selecting one or more segments to enter. A. Customer Value-Driven Marketing Strategy B. Market Segmentation C. Market Targeting D. Market Differentiation and Positioning E. Developing an Integrated Marketing Mix

C

The _______________________ is the set of tactical marketing tools that the firm blends to produce the response it wants in the target market. A. market segment B. marketing strategy C. differentiation D. marketing mix

D

Differentiation begins the positioning process. To gain competitive advantage, the company must offer value to target consumers. This is accomplished through product differentiation—actually differentiating the company's market offering so that it gives consumers more value. It gives the customer a reason to buy your product instead of your competitor's. A. Customer Value-Driven Marketing Strategy B. Market Segmentation C. Market Targeting D. Market Differentiation and Positioning E. Developing an Integrated Marketing Mix

D

Marketers want to develop unique market positions for their products. A. Customer Value-Driven Marketing Strategy B. Market Segmentation C. Market Targeting D. Market Differentiation and Positioning E. Developing an Integrated Marketing Mix

D

Marketing has the main responsibility for achieving profitable growth for the company. A. Setting Company Objectives and Goals B. Designing the Business Portfolio C. Analyzing the Current Business Portfolio D. Developing Strategies for Growth and Downsizing

D

Marketing must identify, evaluate, and select market opportunities and lay down strategies for capturing them. The _______________________ looks for new opportunities. A. mission statement B. business portfolio C. portfolio analysis D. product/market expansion grid

D

Positioning is arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers. A. Customer Value-Driven Marketing Strategy B. Market Segmentation C. Market Targeting D. Market Differentiation and Positioning E. Developing an Integrated Marketing Mix

D

The Product/Market Expansion Grid: _______________________ Involves a company starting up or buying businesses outside of its current products and markets. A. market penetration B. market development C. product development D. diversification

D

_______________________ refers to activities that communicate the merits of the product and persuade target customers to buy it. A. product B. price C. place D. promotion

D

__________________________ is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing market opportunities. A. marketing B. PR C. advertising D. strategic planning

D

__________________________ sets the stage for the rest of the planning in the firm. A. marketing B. PR C. advertising D. strategic planning

D