CAPSTONE - Chapter 3 Quiz

A well-established North American delivery service wants to expand service into Central and South America. According to Igor Ansoff's Product-Market Matrix, this would be classified as a ________Blank strategy.

A well-established North American delivery service wants to expand service into Central and South America. According to Igor Ansoff's Product-Market Matrix, this would be classified as a ________Blank strategy.

The concept of the value chain was created by

Michael Porter.

An event planning company hired a new marketing assistant who focuses only on long-term organizational goals and objectives, ignoring the functional- or operational-level aspects of planning. For having a successful marketing planning experience, in which element should the new assistant be trained?

Stay strategic, but also stay on top of the tactical.

Goals and objectives should be set

after completion of market research, situation analysis, and competitor analysis.

In the BCG matrix, ________Blank are characterized by high share and low growth and are the key sources of internal cash generation for a firm.

cash cows

The process of measuring marketing results and adjusting the marketing plan as needed is called marketing

control

A company produces the best wine corks of any other provider, so they are highly sought by winemakers. This company demonstrates a

distinctive competency.

Lately the demand for building materials has dropped due to the slowdown in new housing construction. A lumber distributor is thinking of closing its fine wood division that sells mahogany and cherry lumber for building cabinets and other applications. Under the Boston Consulting Group Growth-Share Matrix, the fine wood division would most likely currently be classified as a

dog

Utility created when a firm converts raw materials into finished products that are desired by the market is called ________Blank utility.

form

A SWOT analysis would list a highly competent workforce under

internal strengths.

'Moses' boss wants him to travel to Canada to do some research on good locations for their retail stores, which they are planning to open in Montreal and Ottawa. The firm currently operates 278 stores in the United States. According to Igor Ansoff's Product-Market Matrix, this kind of extension into a new geographic region is an example of the ________Blank strategy.

market development

The Massage Therapy Center maintains a database of over 700 clients and sends each one a special discount offer in the month of their birthday. Managers hope that as existing customers use the discount, they will see an overall growth in sales. According to Igor Ansoff's Product-Market Matrix, this is an example of the ________Blank strategy.

market penetration

A ________Blank articulates an organization's reason for existence, defines the unique purpose that sets it apart from competitors, and identifies the scope of the company's operations, products, and markets.

mission statement

A software company is interested in buying Softworks, a medical billing firm. Softworks is highly regarded by medical practices for ease of use, but hasn't sold well. Two accountants started the company, but they have made risky financial and poor management decisions. The software company believes that with proper management, Softworks will become an industry leader. In the context of the BCG matrix, Softworks is most likely considered a

problem child

Gordon, vice president of marketing for Gordon's Televisions, wants the company to offer a DVR for recording streamed programs, a product the company doesn't offer now. He thinks that the firm has many brand-loyal customers who would buy it. According to Igor Ansoff's Product-Market Matrix, this is an example of the ________Blank strategy.

product development

Hilda just got her first sales position, and she is excited about finding new customers for her product. However, her manager feels she needs to focus on customer ________Blank in order to keep her accounts from switching to a competitor.

retention

A home contractor used to purchase many building lots and build spec homes (i.e., it gambled that the demand for new houses would be so high that they would sell easily). Since the real estate slowdown, it builds homes only when owners are under contract. In this case, the company is most likely pursuing a generic business strategy of

retrenchment.

According to the 2020 U.S. Census, the American population is much more multiracial, and more racially and ethnically diverse than ever before. In the context of situation analysis, under which macro-level external environmental factor will this be included?

sociocultural/demographic factors

'Accessible Builders Corp. specializes in designing homes that have wide hallways and walk-in showers that could accommodate the need to use a wheelchair or walker, and other amenities that allow couples to remain in their homes as they age. The company's strong value proposition has allowed it to maintain steady market share in a weak housing market. In the context of SWOT analysis, a discussion of this relative advantage would be included under

strengths.

A SWOT analysis of a firm is least likely to

suggest solutions to problems.