Marketing Test One (Part Three)
The Escapade Academy is developing its marketing mix for the coming year. Its managers know that they must first select _______________________ which may be the most important decision they make in the planning process.
a target market
Kroger Food Stores is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Kroger is creating a ___________________________.
marketing strategy
STM is located in a small city that has limited economic growth at this time. Due to the condition of the local school system, STM contributed $1 million to repair and revive it, stating that STM believed in education for the community. This action would imply that STM is in the ______________________ level of the pyramid of social responsibility?
philanthropic
In the Chapter 3 lecture, White Claw was shown as the ________________________ competitor for Michelob Ultra?
product
Managers at the Tycho Manufacturing are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and eventually a marketing plan. This process is called ____________________________.
strategic planning
In today's marketing environment, competitors can take on many forms. For example, a Starbucks latte can be seen as a competitor to an issue of The New York Times. In this circumstance, these two products are described as ______________________ competitors.
total budget
Tom's of Maine's natural toothpaste is highly popular but is unlikely to experience much more market growth. As a result, Tom's of Maine is examining other forms of toothpaste with high potential for growth. However, because its natural toothpaste remains so profitable, it can use these profits to invest in newer toothpastes. Tom's of Maine's natural toothpaste is an example of a ______________.
cash cow
When using __________________ to make purchases, consumers are increasing current buying power at the expense of future buying power.
credit
A person's buying power is a function of ____________________, _____________________, and ___________________________.
income, credit, wealth
The percentage of a market which actually buys a specific product from a specific company is referred to as that product's ____________________________.
market share
