BUSML 3250, Ch.2 quiz

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called a. market strategies. b. market niches. c. strengths. d. opportunities. e. threats.

opportunities

​The Boston Consulting Group's matrix is based on the a. idea that a firm's market share and market attractiveness are the important factors for a marketing strategy. b. assumption that a firm's actions have a profitable impact on marketing strategy. c. business position and market attractiveness of the firm. d. philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy. e. idea that a product's market growth rate and market attractiveness determine the marketing strategy.

philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy.

​According to the text, a market is defined as a. a place to buy products. b. the specific group of customers on whom an organization focuses its marketing efforts. c. the percentage of a group of customers that actually buys a specific product from a specific company. d. a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products. e. the buyers of the products that a company develops, promotes, prices, and distributes.

​a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.

​The first step in the strategic performance evaluation is to a. compare actual performance and standards. b. reduce the difference between actual and desired standards. c. take corrective action. d. establish performance standards. e. evaluate actual performance.

establish performance standards

A marketing plan document usually begins with a(n) a. executive summary. b. summary of current performance as compared with past performance. c. opportunity and threat analysis. d. introduction to the company's marketing objectives. e. situation analysis.

executive summary