Marketing 2

True or false: The purpose of a marketing strategy is to maximize short-term profits. True False

False

________ convert an organization's mission and business into long- and short-term performance targets. Strategies Goals Segments Tactics

Goals

A marketing ________ allows a manager to glance at a graph or table and make an informed decision whether to take action regarding organizational objectives. segment strategy plan dashboard

dashboard

Marketers use ______ to present information about an organization's marketing metrics graphically in order to spot deviations from plans and take corrective action. business models data visualization a SWOT analysis core competencies

data visualization

Marketers use ______ to present information about an organization's marketing metrics graphically in order to spot deviations from plans and take corrective action. core competencies a SWOT analysis business models data visualization

data visualization

Industries like railroads and newspapers may have floundered over time because companies ______. did not adequately develop mission statements that inspired their employees or other stakeholders refused to accept social changes that included more diversity defined their businesses narrowly instead of focusing on the needs they satisfied for customers embraced changes in technology too quickly and did not wait for universal acceptance

defined their businesses narrowly instead of focusing on the needs they satisfied for customers

What are the three key elements of a visionary organization? motivate employees formulate strategies specify a foundation set a direction evaluate performance

formulate strategies specify a foundation set a direction

An organization's core values, mission, and culture will establish its philosophical reason for being, or its ______. strategy direction vision foundation

foundation

At the ________ level, an organization's strategic direction becomes its most specific and focused. corporate top management director functional

functional

The lowest of the three organizational levels is the _______ level. middle-management operational business-unit functional

functional

As you move down in the levels of an organization, the strategies become ______. more specific less important more broad fewer in number

more specific

Recently, organizations such as Ben and Jerry's have added an element to their mission statements to reflect what? Strategy for developing a superior marketing plan An ideal that is morally right and worthwhile Direct measures for desired level of income A simplified way to increase profits

An ideal that is morally right and worthwhile

Which of the following is essential to recognize when determining organizational strategy? Strategy depends on and is limited only by financial resources. A strategy that reaches more people with more products is always preferable for the marketer. Strategy must be derived from recently proven marketing tactics. An organization has limited resources which must be focused on achieving goals.

An organization has limited resources which must be focused on achieving goals.

Which of the following is essential to recognize when determining organizational strategy? Strategy must be derived from recently proven marketing tactics. Strategy depends on and is limited only by financial resources. An organization has limited resources which must be focused on achieving goals. A strategy that reaches more people with more products is always preferable for the marketer.

An organization has limited resources which must be focused on achieving goals.

Which of the following is a job title for the head of marketing in a large organization? Marketing director Chief marketing officer Marketing manager Chief executive officer

Chief marketing officer

Identifying which of the following allows an organization to determine where it is at the present time, as it begins to set a strategic direction? (Select all that apply) Customers Competitors Culture Competencies

Customers Competitors Competencies

True or false: An organization has unlimited human, financial, technological, and other resources available to produce and market its offerings. True False

False

What three questions would a visionary organization seek to answer? How will it do it? What will it do? How long will it take? Why does it exist? Why should it do it?

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

Which statements are true of portfolio analysis? (Check all that apply.) It helps allocate resources to products based on growth opportunities. It is a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products. It helps develop the marketing mix for each SBU. It helps evaluate a firm's various products and businesses. Its purpose is to determine which SBU or offering generates cash and which one requires cash to fund the organization's growth opportunities.

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

It is the percentage of sales of an industry accounted for by a specific firm. It is equivalent to a unit sales goal. It represents the profitability of a specific market in which the product competes. It is the percentage of sales of an industry accounted for by a specific firm. It is a strategic business unit.

It is the percentage of sales of an industry accounted for by a specific firm.

Which statement is true regarding market share? It is a strategic business unit. It is the percentage of sales of an industry accounted for by a specific firm. It represents the profitability of a specific market in which the product competes. It is equivalent to a unit sales goal.

It is the percentage of sales of an industry accounted for by a specific firm.

Which two statements are true of BCG Business Portfolio Analysis? It requires calculations of market growth rate and relative market share. It is applied by classifying a firm's products or services into a four-quadrant matrix. It is an easy tool to use because it uses readily available census information. It helps firms identify the traits of its most important buyers, in terms of volume.

It requires calculations of market growth rate and relative market share. It is applied by classifying a firm's products or services into a four-quadrant matrix.

Which of the following best characterizes a tool that provides real-time data to marketers, allowing them to make marketing mix changes, personalize the data to their needs, and evaluate customer satisfaction? Marketing dashboard Marketing plan Marketing mix

Marketing dashboard

Which of the following are among the different types of goals pursued by business firms? Inflation Profit Taxation Social responsibility

Profit Social responsibility

What are the two axes of the BCG Business Portfolio Analysis? Relative profitability Number of business units Relative market share Market growth rate

Relative market share Market growth rate

Which of the following is often a trigger for an organization to rethink its business model? Organizational culture New marketing metrics Change in top management Technological innovation

Technological innovation

Profit is defined as ______. the premium a business can charge for a better product. a business firm's total revenues. a business firm's total revenues less its total expenses.

a business firm's total revenues less its total expenses.

How do marketers using data visualization present information about an organization's marketing metrics? They present it by using videos. They present it through the use of graphics. They present it in various languages. They present it through audio recordings.

They present it through the use of graphics.

Which statement is true of an organization's core values? They must be adapted to fit short-term financial concerns. They develop from the bottom up, rather than top down. They exist independently of its mission, norms, and culture. They should inspire and motivate the organization's stakeholders.

They should inspire and motivate the organization's stakeholders.

Which statement is true of an organization's core values? They should inspire and motivate the organization's stakeholders. They exist independently of its mission, norms, and culture. They develop from the bottom up, rather than top down. They must be adapted to fit short-term financial concerns.

They should inspire and motivate the organization's stakeholders.

True or false: An organization's core values typically do not change much over time. True False

True

Identifying one's direct competition is a way to answer which question? What is our mission? Who are our customers? What business are we in? How achievable are our objectives?

What business are we in?

Identifying one's competencies, customers, and competitors helps an organization answer which question in setting a strategic direction? Where do we want to go? How should we change? Where are we presently? What is our biggest business opportunity?

Where are we presently?

Business portfolio analysis and diversification analysis help an organization to answer what important strategic question? Where can we find new products? Where do we want to go for growth? Where do competitors operate? What product characteristics indicate success?

Where do we want to go for growth?

If a company has a unique strength relative to its competitors, based on quality, time, cost, or innovation, then the company is said to have ______. a core value a competitive advantage a product threat operational excellence

a competitive advantage

Because Pure Foods is the only provider of responsibly farmed, sustainable beef products in the Midwest, it has achieved: a competitive advantage. a core value. market segmentation. production control.

a competitive advantage.

A marketing plan is a road map for marketing actions for ______. a maximization of unit sales a future time period executive personnel in all disciplines the redirection of corporate strategy

a future time period

An industry is ______. a group of organizations that develop similar offerings all business firms that manufacture products on an assembly line an organization that serves customers in order to earn a profit an organization involved in heavy manufacturing

a group of organizations that develop similar offerings

A goal can be defined as ______. a statement of the purpose of a firm a statement of a task to be achieved the internal strengths of a firm the stakeholder needs of a firm

a statement of a task to be achieved

Global competition and technological innovation can spur companies to change their ______. organizational structures business models mission statements core values

business models

A strategy can be defined as ______. a summary of a firm's competition that helps it position itself in the marketplace a day-to-day blueprint for an organization an outline of a firm's competitive advantage an organization's long-term course of action allowing it to achieve its goals

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 organization's offering defines its ______. objectives shareholders culture business

business

The primary difference between a business firm and a nonprofit organization is that a ______. business firm serves its customers in order to earn a profit nonprofit organization takes no risks business has a board of directors nonprofit organization exists only as a charity

business firm serves its customers in order to earn a profit

What is the best way the marketing department can perform its key role of looking outward? by managing portfolios by listening to customers by assessing competitors by assessing financial strength

by listening to customers

What are the two ways that organizational strategies most often vary? by the values outlined in the firm's mission by the number of goals outlined in the strategy by the offerings an organization provides to its customers by a strategy's level in the organization

by the offerings an organization provides to its customers by a strategy's level in the organization

The conduct of an organization's stakeholders is often guided by the organization's _____________values.

core

An organization's ________ are its special capabilities, including skills, technologies, and resources that distinguish it from other organizations and provide value to its customers. marketing metrics core values core competencies points of difference

core competencies

The overall strategy for the entire organization is set at the ______. corporate level. strategic business unit level. middle-management level functional level.

corporate level.

A small group of people from different departments who are mutually accountable to accomplish a task or common goals is known as a(n) ______. cross-functional team strategy group board of directors strategic business unit

cross-functional team

Randall is trying to determine if it is feasible for his company to open a second location. In order to help him make a decision, Randall has assembled a small group of people from different departments—finance, production, marketing, and human resources—as well as his main supplier to study this idea and give Randall feedback. This group is referred to as a ______. cross-functional team strategy group board of directors strategic business unit

cross-functional team

An organization's ________ identifies the ideas, attitudes, and norms for behaviors that are clearly communicated to employees and other stakeholders. mission personality culture strategy

culture

An organization's ________ identifies the ideas, attitudes, and norms for behaviors that are clearly communicated to employees and other stakeholders. strategy culture personality mission

culture

Organizational ____________ is defined as a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.

culture

In an organization, the functional level is made up of ________, which provide specific and focused strategic direction. departments middle-management teams cross-functional teams SBUs

departments

Select the items that characterize organizations. (Select all that apply) main goal is to earn a profit develops goods, services, or ideas strives to create value for its customers consists of people who share a common mission

develops goods, services, or ideas strives to create value for its customers consists of people who share a common mission

In an organization, what function takes place at the corporate level? carrying out the day-to-day activities of each department carrying out functions of specific departments such as finance or human resources marketing a set of related offerings to a clearly defined target market directing the overall strategy for the organization

directing the overall strategy for the organization

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products is called ______. situation analysis business portfolio analysis market share analysis diversification analysis

diversification analysis

An organization's core values are best described as the _____. functions it hopes to fulfill in society in terms of products and markets objectives it hopes to achieve in terms of company and societal benefits enduring principles that guide its conduct over time rules of engagement it subscribes to in terms of competition

enduring principles that guide its conduct over time

An organization's core values are best described as the _____. rules of engagement it subscribes to in terms of competition functions it hopes to fulfill in society in terms of products and markets objectives it hopes to achieve in terms of company and societal benefits enduring principles that guide its conduct over time

enduring principles that guide its conduct over time

The marketing department, finance department, human resources department, and information systems department all operate at the ______ level of an organization. functional SBU director corporate

functional

Businesses can pursue several different types of __________that they would like to achieve, such as those pertaining to market share, quality, or customer satisfaction. (One word)

goals or objectives

Diversification analysis and business portfolio analysis help managers develop ________ strategies and make resource allocation decisions. growth efficiency measurement innovation

growth

A key role of the marketing department is to "look outward." What four actions help to achieve this objective? implementing marketing program actions evaluating marketing actions against set goals assessing competitive offerings developing offerings listening to customers assessing financial strength

implementing marketing program actions evaluating marketing actions against set goals developing offerings listening to customers

Market penetration is a marketing strategy to ______. sell current products to new markets develop new products and sell them in new markets increase sales of current products in current markets sell new products to current markets

increase sales of current products in current markets

Organizations that develop similar offerings, when grouped together, create a(n)_______________

industry

In defining a business firms should focus on ______. a narrow aspect of the industry in which it operates creating a profit for each of its stakeholders its customers and their needs short-term goals that can be easily changed

its customers and their needs

Once an organization has established its foundation, it can set its direction in terms of the "business" it is in and ______. the stakeholders it will pursue its organizational culture its market share its specific goals

its specific goals

An organizational culture is ______. learned and shared among members of an organization a description of how a business will reach its objectives the broad underlying industry category of an organization's offering composed of the actual goals it is attempting to achieve

learned and shared among members of an organization

Top managers creating a mission statement and functional employees determining the content of a script for a sales call are both examples of how organizational strategies vary by ______. product target market level objective

level

To help define its business, an organization can start by ______. determining what types of objectives are challenging yet attainable expressing the fundamental and enduring principles that guide its conduct over time determining how employees share and learn information looking at the set of organizations that sell similar offerings

looking at the set of organizations that sell similar offerings

In a large organization, the CMO oversees the ______ department. manufacturing mediation and labor relations management marketing

manufacturing

The ratio of sales revenue of a firm to the total sales revenue of all firms in the industry, including the firm itself is referred to as ______. portfolio analysis profitability market share return on investment

market share

A ______ is a visual display of the essential information related to achieving a marketing objective. positioning statement marketing dashboard marketing mix marketing metric

marketing dashboard

A chief marketing officer that wants to see daily what the effect of a new TV advertising campaign is on a product's sales would most likely consult a ______. marketing dashboard portfolio analysis marketing plan mission statement

marketing dashboard

A marketing ______ is a measure of the quantitative value or trend of a strategy metric dashboard tactic

metric

Organizational purpose serves as the basis for an organization's ______. (Select all that apply) hierarchy mission culture core values

mission culture core values

A ______ outlines an organization's function in society and identifies its customers, markets, products, and technologies. portfolio analysis marketing plan mission statement marketing dashboard

mission statement

Ben & Jerry's ________ contains social elements that explain how the organization attempts to provide long-term value while solving society's problems. board of directors environmental scan mission statement organizational structure

mission statement

In defining one's business, one should avoid a(n) ________ definition that is not focused on customer ________. broad; satisfaction impersonal; loyalty static; changes narrow; needs

narrow; needs

An organization whose primary organizational goal is operational efficiency or client satisfaction would be classified as a(n) ______. government agency industry business firm nonprofit organization

nonprofit organization

A(n) ______ is a legal entity that consists of people who share a common mission. industry organization team institution

organization

A(n) ______ is a legal entity that consists of people who share a common mission. institution team organization industry

organization

A clear expression of a firm's ______ will detail why an organization exists, what problems it wishes to solve, and who it wants to be to every person it touches through its work. core values organizational purpose organizational culture target markets

organizational purpose

A clear expression of a firm's ______ will detail why an organization exists, what problems it wishes to solve, and who it wants to be to every person it touches through its work. organizational purpose core values target markets organizational culture

organizational purpose

A marketing ________ is a road map for the marketing actions of an organization for a specific future time period. program mix plan objective

plan

In ______ analysis, management evaluates a firm's various products and businesses and then allocates resources according to the firm's best growth opportunities. contingency diversification operations portfolio

portfolio

In searching for growth opportunities, organizations using diversification analysis consider both current and new options for which two items? products portfolios metrics markets

products markets

The money left after a business firm subtracts its total expenses from its total revenue is called ______. profit earnings sales revenue

profit

The money left after a business firm subtracts its total expenses from its total revenue is called ______. revenue earnings profit sales

profit

Business portfolio analysis is a technique used to ______. evaluate the firm's strengths, weaknesses, opportunities and threats segment a market based on geographic variables quantify performance measures and growth targets to analyze SBUs diversify product lines as a means to increase revenue

quantify performance measures and growth targets to analyze SBUs

A marketing metric is a measure of the ______ of a marketing activity or result. success complexity potential drawbacks quantitative value or trend

quantitative value or trend

In the most common pathway for a product to move through the quadrants of a BCG matrix, the SBU would start off as a ______. dog question mark star cash cow

question mark

An SBU that moves through all four quadrants of the BCG business portfolio analysis usually starts as a _____ and ends as a _____. question mark; dog question mark; cash cow star; cash cow star; dog

question mark; dog

Core competencies are an organization's ______. strategies that are in direct alignment with its mission statement special capabilities, including skills, technologies, and resources that distinguish it from other organizations ability to successfully balance conflicting goals among its various stakeholders success in maximizing profitability and returns for investors

special capabilities, including skills, technologies, and resources that distinguish it from other organizations

The purpose of a mission statement is to ______. state an organization's function in society detail how a firm can avoid risks enhance the value of a firm's products maximize profits and dividends

state an organization's function in society

A(n) ______ is a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers. strategic business unit (SBU) cross-functional team market segment marketing department

strategic business unit (SBU)

A large health products manufacturer has three distinct divisions: first aid products, oral care products, and foot care products. Each of these divisions has a specific strategy to target a specific market. These three divisions are referred to as ______. functional departments cross-functional teams business firms strategic business units (SBUs)

strategic business units (SBUs)

Organizational ______ vary depending on organizational level and the offerings an organization provides to its customers. strategies core values mission statements cultures

strategies

An organization sets its direction based on ______. (Select two answers) its organizational culture the business it is in its organizational strategies its specific goals

the business it is in its specific goals

An organization's foundation represents ______. the philosophical reason for the organization's existence the set of norms and behavior shared among employees the broad, underlying industry in which the organization operates a firm's customers, markets, products, and technologies

the philosophical reason for the organization's existence