MKTG 2c
"At Trader Joe's, our mission is to provide all our customers the best food and beverage values to be found anywhere, and the information to make informed buying decisions." This is a product-oriented business definition.
False
A company's mission should be stated as making more sales or profits
False
A market segment consists of consumers who respond in different ways to a given set of marketing efforts
False
A mission statement is a document embodying an organization's short-term goals
False
An American airline company started a grocery chain in Australia. This is an example of product development
False
Benchmarking refers to the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives
False
Company growth through diversification involves offering modified or new products to the company's current markets.
False
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs is known as market diversification
False
On the BCG matrix, "question marks" are high-growth, high-share businesses or products.
False
One valid criticism of the four Ps concept of the marketing mix is that services are not considered.
False
The major activity in strategic planning is product innovation
False
The marketing mix consists of people, property, planning and position.
False
"At Joe's Diner, we serve great burgers" is a product-oriented business definition.
True
A clear mission statement acts as an "invisible hand" that guides people in the organization.
True
A product's position is the place it occupies relative to competitors' products in consumers' minds.
True
Each company department can be though of as a link in the company's internal value chain
True
Market development involves company growth by identifying and developing new market segments for current company products.
True
Mission statements should be market oriented and defined in terms of satisfying basic customer needs.
True
Operating control involves checking ongoing performance against the annual plan and taking corrective action when necessary.
True
Product means the goods-and-services combination the company offers to the target market
True
Return on marketing investment refers to the net return from a marketing investment divided by the costs of the marketing investment
True
The four Cs concept adopts the buyer's view of the market.
True
The four marketing management functions are analysis, planning, implementation, and control
True
The major activity in strategic planning in business portfolio analysis, whereby management evaluates the products and businesses that make up the company
True
The purpose of strategic planning is to find ways in which your company can best use its strengths to take advantage of attractive opportunities in the environment
True
