MKT Exam 1 Chapter 2

strategic business units

a division, product line, or other profit center within a parent company

Which of the following is NOT one of the steps in strategic performance evaluation? a. Establishing performance standards b. Measuring actual performance c. Comparing actual performance with established standards d. Establishing a timetable for implementation e. Modifying the marketing strategy, if necessary

d. Establishing a timetable for implementation

strategic planning

establishing an organizational mission and formulating goals, corporate strategy and a marketing plan

corporate identity

should support all corporate activities, unique symbols, personalities, philosophies

SWOT

strengths, weaknesses, opportunities, threats

core competencies

things a firm does extremely well ex: starbucks or apple

marketing objective

a statement of what is to be accomplished through marketing activities

corporate strategy

a strategy that determines the means for utilizing resources in the various functional areas to reach organization's goals, include marketing, production, finance and HR

strategic window

a temporary period of optimal fit between the key requirements of a market and the particular capabilities of a firm competing in the market

Which of the following provides a uniform marketing vision for the firm and is the basis for internal communications? a. Marketing plan b. Marketing strategy c. Performance standard d. Mission statement e. Target market

a. marketing plan

sustainable competitive advantage

an advantage that cannot be copied by the competition

The unique symbols, personalities, and philosophies that support all corporate activities including strategic planning and marketing are best described as _______. a. corporate strategy b. corporate identity c. mission statement d. market share e. SWOT analysis

b. corporate identity

Which of the following competitive growth strategies strives to increase sales of current products in new markets? a. Product development b. Market development c. Market share d. Diversification e. Market penetration

b. market development

Which of the following is based on the philosophy that a product's market growth rate and its market share are important considerations in determining marketing strategy? a. Mission-goal matrix b. Market growth/market share matrix c. SWOT analysis d. Sales analysis e. Product-market matrix

b. market growth/market share matrix

Which of the following is NOT a component of the marketing plan? a. Marketing implementation b. Marketing strategies c. Business analysis d. Executive summary e. SWOT analysis

c. business analysis

The strategic planning process begins with _______. a. marketing objectives b. business-unit strategies c. organizational mission and goals d. finance objectives e. SWOT analysis

c. organizational mission and goals

Which of the following is the last step of establishing a marketing implementation timetable? a. Identifying the activities to be performed b. Separating the activities to be performed in sequence from those to be performed simultaneously c. Determining the time required to complete each activity d. Assigning responsibility for completing each activity to one or more employees, teams, or managers e. Organizing activities in the proper order

d. Assigning responsibility for completing each activity to one or more employees, teams, or managers

Which of the following provides an overview of the entire marketing plan so that readers can quickly identify the key issues and their roles in the planning and implementation process? a. SWOT analysis b. Environmental analysis c. Marketing implementation d. Executive summary e. Performance evaluation

d. executive summary

An essential element of communicating with marketing employees is _______. a. the target market b. strategy c. objectives d. training e. the marketing mix

d. training

marketing strategy

development of strategies for each functional area of an organization

stars

dominant market share and good growth prospects, use more cash, ex: amazon tablet is behind apple but makes money

cash cows

dominant market share and low growth prospects ex: bounty paper towels for proctor and gamble

Marketing cost analysis _______. a. is the firm's sale of a stated product as a percentage of industry sales of competing products b. is an expected level of performance against which actual performance can be compared c. assesses an organization's strengths, weaknesses, opportunities, and threats d. uses sales figures to evaluate a firm's current performance e. breaks down and classifies costs to determine which are associated with specific marketing efforts

e. breaks down and classifies costs to determine which are associated with specific marketing efforts

mission statement

long-term version of what organization wants to become 1)who are our customers 2)core competency

dog

low market share and low growth prospects ex: mp3 in apple

Motivating Marketing Personnel

managers must discover their employees; needs and then develop motivational methods that will help employees satisfy those needs

Marketing Implementation

the process of putting marketing strategies into action

strategic performance evaluation

1) establishing performance standards 2) measuring actual performance 3)comparing actual performance with established standards

decentralized organization

A structure in which decision-making authority is delegated as far down the chain of command as possible

When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, there exists a(n) _______. a. competitive advantage b. strategic window c. market opportunity d. core competencies e. weakness

c. market opportunity

A _______ states what is to be accomplished through marketing activities. a. marketing strategy b. mission statement c. marketing objective d. market opportunity e. performance standard

c. marketing objective

A marketing strategy is the selection of a(n) _______ and the creation of a(n) _______ that will satisfy the needs of target-market members. a. marketing objective; marketing plan b. target market; marketing plan c. target market; marketing mix d. marketing mix; target market e. marketing objective; marketing mix

c. target market; marketing mix

The ability of competitors to achieve long-term competitive advantages by entering the market later and not being the first to offer a certain product in the marketplace is called _______. a. competitive advantage b. early-mover advantage c. core competency d. first-mover advantage e. late-mover advantage

e. late-mover advantage

Performance standards are derived from _______. a. marketing strategy b. market opportunity c. sales analysis d. the mission statement e. marketing objectives

e. marketing objectives

When conducting a SWOT analysis, which of the following are barriers that could prevent an organization from reaching its objective? a. Strengths b. Market opportunity c. Weaknesses d. Opportunities e. Threats

e. threats

question marks

small market share of a growing market and require significant cash to build market

diversification

strategy of developing new products to be sold in new markets ex: coca cola and body armour

realized strategy

the strategy that actually takes place

centralized organization

Authority is concentrated at the upper levels of the organization ex: automobile manufacturing plan

first-mover advantage

The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace

late-mover advantage

The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace

market opportunity

a combination of circumstances and timing that permits an organization to take action and reach a particular target market ex:india and china

market

a group of individuals and/or organizations that have needs for products and the ability, willingness and authority to buy

Decision-making authority is delegated as far down the chain of command as possible in a(n) _______. a. marketing-oriented organization b. nonprofit organization c. centralized organization d. strategic-business unit e. decentralized organization

e. decentralized organization

product development

strategy of increasing sales by improving present products or developing new products for current markets ex: Electric guitar maker Fender, for example, introduced an online guitar lesson service to help ensure that new buyers of Fender guitars learn to play well enough to want to buy more Fender guitars

market penetration

strategy of increasing sales in current markets with current products ex: Coca-Cola, for example, boosted sales due to a promotion that offered soft-drink bottles and cans labeled with hundreds of different personal names, song lyrics, and phrases such as "Friends," "Family," and "BFF.

market development

strategy of increasing sales of current products in new markets ex: Arm & Hammer, for example, successfully introduced its baking soda, the firm's basic product, into new markets for use as a carpet deodorizer, as a freshener for litter boxes, as a laundry detergent, as deodorant, and as a toothpaste

market share

the percentage of a market that actually buys a specific product from a particular company

competitive advantage

the result of a company's matching a core competency to opportunities in the marketplace ex: fitbit

Intended Strategy

the strategy the organization decides on during the planning phase and wants to use

business unit strategy

to determine future business directions and develop strategies for individual business units