Principles of Marketing Chapter 2

True

The product-market expansion grid, like the BCG matrix, is used to identify growth opportunities.

Pruning

P&G's decision to eliminate dozens of major brands from its portfolio including Crisco, Folgers, and Jif to focus on household care, beauty, and grooming products is an example of ________.

Downsizing

________ refers to reducing the business portfolio by abandoning products that no longer fit the company's overall strategy.

Market Targeting

________ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

A Mission Statement

A ________ is purposeful, specifying what an organization wants to accomplish in the larger environment.

Stars

According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as ________.

True

An organization's mission statement should emphasize its intentions toward customers and the customer experience the organization seeks to create.

Market Penetration

EcoBean, a chain of cafes, has introduced a Special Shopper Card that allows customers to pay in advance for coffee and snacks. This effort by EcoBean management is most likely an example of ________.

False

Most firms begin the strategic planning process by developing detailed marketing and departmental plans that support a company-wide plan.

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Which of the following best describes product positioning?