Marketing Chapter 2

Konica/Minolta hopes to create customer value through its mission, strategic goals and objectives, marketing mix, and other marketing tools. This collective effort is known as Konica/Minolta's ____________________. a) market targeting b) market differentiation c) marketing strategy d) market segmentation e) marketing mix

c

marketing strategy

the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships. made up of four steps (market segmentation, market targeting, differentiation, and positioning)

After defining its​ mission, the next step in strategic planning is to​ __________.

set company goals and objectives

Markteting return on investment (ROI)

the net return from a marketing investment divided by the costs of the marketing investment.

Business Portfolio

the collection of businesses and products that make up the company. best fits the company's strengths and weaknesses to opportunities in the environment

Strategic Planning

the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

Marketing Implementation

turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

promotion

​__________ refers to activities that communicate the merits of the product and persuade target customers to buy it.

To create and capture customer​ value, companies must engage the first step of the marketing​ process, which is​ __________.

Portfolio

Market Segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

SWOT analysis

An overall evaluation of the company's strengths (S), weaknesses (W), opportunities (O), and threats (T).

Positioning

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

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​ __________.

What does a company do to start the strategic planning​ process?

Define its overall purpose and mission

strategic business units

In portfolio​ analysis, a company must identify​ __________, which are key businesses that make up the company.

differentiation

Effective positioning is based on​ __________.

Prior to changing its product offerings and realigning its business units, managers at Konica/Minolta most likely first performed which of the following to determine those units that were profitable and those that should be phased out or realigned? a) perform a portfolio analysis b) define the company mission c) set company goals d) set company objectives e) create specific marketing strategies

a

market segment

a group of consumers who respond in a similar way to a given set of marketing efforts

market targeting

Some​ retailers, such as the Dollar​ Store, Dollar​ Tree, and Family​ Dollar, profitably focus on buyers with modest means. This is an example of​ __________.

divesting

Strategically, a company may phase out or sell an SBU. This is known as​ __________.

cash cows

The BCG matrix classifies products which have a high market share in a low growth market as​ __________.

functional​ organization

The most common form of marketing organization is the ________________, under which different marketing activities are headed by a functional specialistlong dash a sales​ manager, an advertising​ manager, a marketing research​ manager, a customer service​ manager, or a new product manager.

What is the overall focus of strategic​ planning?

To create a game plan for​ long-run survival and growth in consideration of changing marketing opportunities

A group of consumers who respond to the marketing effort in the same way

What does a market segment consist​ of?

to create customer value and build profitable relationships

What is the overall goal of marketing​ strategy?

diversification

When a firm starts up or buys a business outside of its current product line and​ markets, it is pursuing which growth​ strategy?

customer service

Which of the following is not one of the five marketing management​ functions?

low growth, high share

Within the​ growth-share matrix,​ "cash cows" are​ __________.

Konica/Minolta focuses one of its business units on medical and healthcare groups. These groups make up on of Konica/Minolta's ___________________. a) market segment b) positioning c) differentiation d) marketing mix e) market analysis

a

market penetration

a marketing strategy that tries to increase market share among existing customers without changing the product. In its current product lines

value delivery network

a network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value. Competition takes place between entire value delivery network

Growth-share matrix

a portfolio-planning method that evaluates a company's SBUs in terms of market growth rate (vertical) and relative market share (horizontal). Defines four types: Stars, cash cows, dogs, question marks

Product/market expansion grid

a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

Mission Statement

a statement of the organization's purpose - what it wants to accomplish in the larger environment

Differentiation

actually differentiating the market offering to create superior customer value

Kevin Kern described Konica/Minolta's use of commercials, newspapers, social media, and other media to control the marketing message. Which marketing concept was he referring to? a) company objectives and goals b) marketing mix c) product development d) diversification e) marketing strategy

b

market development

company growth by identifying and developing new market segments for current company products (UA reviewing new demographic markets, new geographical markets)

product development

company growth by offering modified or new products to current market segments (UA added under armour speed form line

Diversification

company growth through starting up or acquiring businesses outside the company's current products and markets (Under armour partnering with MapMyFItness)

To improve the performance of the​ __________, many companies today are partnering with other members of the supply chainlong dash ​suppliers, ​distributors, and customers.

customer value delivery network

Under the previous CEO, Konica/Minolta's management determined it was time to invest in _______________ by offering new products to the technology market. a) diversification b) partner relationship management c) market penetration d) product development e) market development

d

Market Targeting

evaluating each market segment's attractiveness and selecting one or more segments to enter

When Under Armour expanded its current products into global​ markets, it was pursuing which growth​ strategy?

market development

marketing control

measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved. Four steps: (Sets specific marketing goals, then measures its performance, evaluates causes of any differences between exp and actual performance, finally mgmt takes corrective action to close gaps btwen goals and performance)

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) __________.

opportunity, strength

portfolio analysis

the process by which management evaluates the products and businesses that make up the company. company will want to put strong resources into its more profitable businesses and phase down or drop its weaker ones

Value Chain

the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products

Marketing Mix

the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market