BUSBTC 320 Chapter 02 Quiz

A ________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.

value delivery network

ToyBox is a toy manufacturer based in the United Kingdom. Which of the following indicates that the company is following a market penetration strategy?

It acquires toy rights for a popular cartoon character to boost its sales.

Which of the following statements is true in the context of the BCG growth-share matrix?

Stars often need heavy investment to finance their rapid growth in a market.

According to the BCG matrix, products or businesses with a low share of market in a high-growth industry are considered ________.

dogs

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 ________.

market penetration

Under Armour increasing its advertising spending and offering an ever-increasing range of styles and colors in its original apparel line is an example of a ________ strategy.

market penetration

Ford Motor Company issuing a recall that requires customers to schedule appointments with car dealerships to repair faulty igniters would have the greatest impact on the ________ component of its marketing mix.

place

Both market penetration and market development strategies primarily involve ________.

selling the company's current products

The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called marketing ________.

implementation

Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements will best suit the company?

to give customers the complexion they dream about by providing products suited to their needs