marketing ch 2

in a SWOT analysis, which of the following would most likely be considered a strength of a company?

a improvement in the companys production technology

the 4P's model has been challenged because it omits or underemphasizes important activities such as services. Its also been citicized for taking a sellers, rather than a buyers viewpoint. the more recent 4A's framework complements the traditional models and includes:

acceptability, affordability, accessibility, and awareness.

which of the following best describes product positioning?

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

which of the following is true of strategic planning in a firm?

it deals with adapting the firm to take advantage of changing marketing oppurtunities

managing the marketing function begins with a complete analysis of the companys situation. a thorough ______ is typically undertaken to guide decision making

SWOT analysis

a strategy for company growth throuh starting up or acquiring businesses outside the companys current products and markets is called:

diversification

which of the following best describes market segmentation?

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors

which of the following groups is included in both a companys value chain and its value delivery network?

employees

a strategy for company growth that involves increasing sales to current market segments without changing the product is known as

market penetration

under armour increasing its advertiing spending and offering an ever-increasing range of styles and colors in its original apparel line is an example of a ______ strategy

market penetration

a ________ is purposeful, specifying what an organization wants to accomplish in the larger environment

mission statement

in a SWOT analysis, ________ refer to favorable factors or trends in the external environment that a company may be able to exploit to its advantage

oppurtunities

ford motor company issuing a recall that requires customers to schedule appointments with car dealerships to repair faulty igniters would have the greatest impact on the ______ component of its marketing mix

place

under armours decision to add athletic shoes to its apparel line in 2006 is an example of _____ strategy

product development

when viewing the market from a buyers point of view, "communication" corresponds to the _____ component of the marketing mix

promotion

P&G's decision to eliminate dozens of major brands from its portfolio including crisco, folgers, and Jif to focus on household care, beauty, and grooming products is an example of _______

pruning

according to the BCG matrix, products or businesses with a high market share in a high growth market are classified as ______

stars

CVS Pharmacy changed its name to CVS Health, reshaping and broadening its lines of products and services to align more appropriately with its revamped "better health" mission. For example, it stopped selling tobacco products altogether. How would this be classified in a SWOT analysis?

strength

which of the following best describes a companys business portfolio?

the collection of businesses and products or services in a particular market

which of the following best describes the value chain of a company?

the series of departments that design, produce, market, deliver, and support the companys products