mkt 2300 exam 1
market penetration
A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________.
diversification
A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets is called ________.
low market share in a market with high growth prospects
n the BCG growth-share matrix, question marks refer to products or businesses with a
calls for sustainable marketing
societal marketing concept
production
Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This most likely reflects the
Itacquires toy rights for a popular cartoon character to boost its sales.
ToyBox is a toy manufacturer based in the United Kingdom. Which of the following indicates that the company is following a market penetration strategy?
defined in terms of satisfying basic customer needs
A company's mission statement should most likely be
selling a company's current products
Both market penetration strategies and market development strategies primarily involve
developing a new product
Both product development strategies and diversification strategies involve
marketing
The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
product
The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.
product development
Under Armour's decision to add athletic shoes to its apparel line in 2006 is an example of a ________ strategy.
diversification
Under Armour's recent expansion into the digital personal health and fitness tracking market through acquisitions of three fitness app companies is a ________ strategy.
market penetration
Under Armourincreasing its advertising spending and offering an ever-increasing range of styles and colors in its original apparel line is an example of a ________ strategy.
a cell phone that is designed for music lovers and has a very low market share in a market that is growing steadily
Vertigo is an electronics company. According to the BCG matrix, which of the following products of Vertigo would most likely classify as a question mark?
societal marketing concept
a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment
Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer ________.
satisfaction
Market Management
the art and science of choosing target markets and building profitable relationships with them.
customers will not buy enough of a firms products unless the firm undertakes large scale persuasion and promotion efforts
the selling concept holds that
demand
Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a ________.
stars
According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as
market segmentation
Dividing a market into several sections of customers is known as
target marketing
Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as
example of consumer generated marketing
Fun & Run, a local amusement park, promotes its services by allowing consumers to upload videos and write reviews about the park.
Strengths
In a SWOT analysis, ________ refer to internal capabilities that may help a company reach its objectives.
threats
In a SWOT analysis, ________ refer to unfavorable external factors or trends that may present challenges to performance.
obsolete technologies used by the company
In a SWOT analysis, which of the following would be considered a weakness of a company?