Ch. 2 Mindtap

The highest-level strategy used by organizations is _______.

corporate strategy

Strategic marketing management requires both effectiveness and efficiency. A food manufacturer has similar brand loyalty as its competitors but spends three times more than its competitors on customer relationship management. This manufacturer is _______.

effective but not efficient

The section of the marketing plan which states what the company wants to accomplish through marketing activities is called the _______.

marketing objective

Fixed costs are generally not very illuminating when determining how to use marketing funds more effectively.

true

Marketing plans may be developed for strategic business units, product lines, individual products or brands, or specific markets.

true

Marketing strategies may need to be adapted as the environment changes. Changes to competition, consumer behavior, or other factors may create the need for a new modified strategy.

true

Opportunities affect all organizations within an industry, market, or geographic region because they exist outside of and independently of the company.

true

Performance standards are derived from marketing objectives that are set while developing the marketing strategy

true

are temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market.

Strategic windows

Which of the following best defines a market opportunity?

a combination of circumstances and timing that permits an organization to take action to reach a particular target market

Which of the following is the best definition of a market?

a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness and authority to purchase those products

A performance standard is defined as _______.

an expected level of performance against which actual performance can be compared

The following passage is an often-expressed critique of one of the two types of decision-making structures: Another disadvantage of this structure is that the organization may become fragmented. Business units may lose their sense of team spirit and cooperation. Some business units may put their own interests ahead of those of the company as a whole. Innovative ideas that once spread through the company quickly may now remain within individual business units. Which one of the following decision-making structures is this critique referring?

decentralized organizational structure

To formulate a marketing strategy, one must _______.

identify and analyze a target market and develop a marketing mix to satisfy individuals in that market

What is the first step in creating a marketing strategy?

identifying the target market

A written document that specifies the marketing activities to be performed to implement and evaluate the organization's marketing strategies is known as a _______.

marketing plan

According to the Boston Consulting Group Growth Share Matrix, products labeled as "dogs" are _______.

often found in established markets, have low prospects for growth and a lower share of the market

The section of the marketing plan, which provides standards to determine how the marketing activities will be evaluated as well as the audits to be performed to gauge success is called _______.

performance evaluation

Juan Rodriguez is a marketing analyst for Computer Solutions, a firm that provides consultative services, web hosting, and technology maintenance and service for a wide variety of applications, such as computers, networks, and computer-controlled manufacturing equipment. Juan is responsible for contributing information related to the environmental analysis section of the firm's marketing plan and must provide information about the company's current situation with respect to the marketing environment. He has brainstormed a list of environmental factors and his next step is to classify them into various categories such as competitive, economic, political, technological, sociocultural, and legal/regulatory. Which of the following factors would be best classified as technological factors?

secure systems, encryption technology and digital certificates using secure sockets layer protocol mechanisms (SSL)

is a product that has high prospects for growth and a dominant share of the market?

star

Amazon maintains a _______ in shipping because they have invested in a high-tech logistics system and extensive network of distribution centers across the United States, which enables the company to offer low prices and fast service. Many retailers have found it difficult to compete with Amazon especially during the Christmas holiday season since its distribution and inventory systems are not as efficient as Amazon's

sustainable competitive advantage

You are meeting to discuss the proper categorization of marketing strategy costs in the monthly department budget performance report. You are especially interested in making sure the fixed and variable costs are properly categorized.The major costs associated with the marketing strategy are as follows: Salesperson commissions Office space rent Office equipment rental Product raw materials Product manufacturing labor With respect to the variable or fixed nature of these costs, _______.

we know that salesperson commissions, product raw materials and product manufacturing labor costs are all variable costs

Which of the following represents a well-stated marketing objective?

Purina Foods seeks to outperform its competition by obtaining a 25% share of the market in dry dog food by the end of the 4th quarter of the business year

The component of the marketing plan that provides an assessment of the organization's strengths, weaknesses, opportunities, and threats is known as a(n) _______.

SWOT analysis

In response to the increase in demand for organic foods, Wegmans, Inc., a regional supermarket, recently created organic food departments within its large stores. The creation of these departments was a result of _______.

a marketing opportunity

Rollins Steel Corporation, a leader in industrial supplies, has identified its auto battery unit as having a dominant market share; however, it has low prospects for growth. The unit currently generates more cash for Rollins Steel than is required to maintain its market share. According to the Boston Consulting Group, the auto battery unit would be classified as a _______.

cash cow

The Nintendo Switch, a portable gaming system, has a strong market share position and is popular for many consumers, but its opportunity for growth is hindered by the increased popularity of game Applys for smart phones. Which quadrant of the Growth Share Matrix would best describe the Nintendo Switch?

cash cow

Refer to Scenario 2.2. According to the Boston Consulting Group (BCG) matrix, the landscaping services Growing Grounds provides to business-to-business customers would be classified as _______, while the vegetable plants marketed toward household consumers would be classified as _______.

cash cow; question mark

UPS changed its tagline from "We Love Logistics" to "United Problem Solvers" to communicate its capabilities to serve as a consultant and help its customers achieve business objectives ranging from improved customer service to expansion into new markets. They are considered partners and offer many types of outsourced services to its customers. UPS's ability to leverage its capabilities in supply chain and logistics is an example of which marketing concept?

competitive advantage

For many years, the marketing department at ABC Corporation had a strict hierarchy where all decisions were made by top management. A year ago, the director of the marketing department read a book about participative management and believed that providing more decision-making authority to employees would not only increase morale but also result in more creative ideas for new products. The marketing director is attempting to _______ the department.

decentralize

Coyote Logistics is a provider of third-party logistics services and assists customers in managing its supply chain. Employees of Coyote Logistics are extremely satisfied with the company's culture and feel empowered to make decisions. In addition, they are able to quickly respond and adapt rapidly to changing customer needs. It's likely that Coyote Logistics has implemented a _______ organizational structure

decentralized

Shaun Taylor is the brand manager for the athletic shoe division of Fleet Sports and really enjoys the opportunity to manage his budget and select the marketing activities that he believes are most appropriate in achieving his objectives. Since Shaun has both authority and responsibility for making marketing decisions, he can quickly respond to changes in the marketplace or fluctuations in demand. Which type of organization structure would best describe Fleet Sports?

decentralized

organizations are differentiated by delegating decision-making authority as far down the chain of command as possible.

decentralized

Vacuum manufacturer, Dyson, utilized a _______ strategy when it began building bladeless fans and hair dryers.

diversification

Jamal Nassar is employed as a marketing analyst with Bright Horizons, Inc. and is currently assisting the VP Marketing with the marketing plan. Jamal has been tasked with assessing a variety of factors, such as competitive, economic, political, legal, regulatory, technological, and sociocultural that could affect various marketing activities. Which section of the marketing plan is Jamal developing?

environmental analysis

Refer to Scenario 2.2. The interest in home-based gardening is driven by consumers' desire to have fresh produce that is not genetically modified and pesticide free which represents a(n) _______ and creates a _______ for Growing Grounds.

environmental factor; marketing opportunity

In order to achieve marketing objectives, marketing managers must evaluate the effectiveness of their marketing strategy by engaging in strategic performance evaluation. What is the first step in the strategic performance evaluation process?

establish performance standards

Misty O'Brien is responsible for the social media marketing activities for her company and currently utilizes Facebook, Instagram, Twitter and Pinterest to communicate with customers, reinforce customer relationships, and drive revenues and profitability. She utilizes a technology platform called Hootsuite to schedule posts to Facebook, Twitter, Instagram, and Pinterest and the program also enables Misty to share her workload among members of her team, other departments, or regions of the company. Misty primarily utilizes Hootsuite to schedule posts so that she can match the various social media content to specific marketing objectives according to the days or months of the year that are most appropriate for her company. Therefore, Hootsuite assists Misty with which of the following marketing implementation activities?

establishing a timetable for implementation

The Four Seasons Spa and Salon has developed a list of marketing objectives as part of its strategic planning process. Which of the following is the best marketing objective and follows the guidelines regarding the characteristics marketing objectives should possess?

increase guest satisfaction from 90% to 95% within six months as measured via an online customer satisfaction survey guests will receive via email one business day following the guest's service

The leadership team of Bud's Distributors, a regional beverage company collaborated during a two-day meeting to discuss and revise its company's mission and goals, identify strengths, weaknesses, opportunities, and threats, and create a marketing plan. The process implemented by Bud's Distributors is termed _______.

strategic planning

A company using a product development strategy markets a new product in a current market.

true

A marketing plan consists of an executive summary, environmental analysis, SWOT analysis, marketing objectives, marketing strategies, marketing implementation, and performance evaluation.

true

Successful marketing implementation requires that employees know the specific activities for which they are responsible and the timetable for completing them.

true

The marketing plan is important for several reasons. It provides a uniform marketing vision; it delineates marketing responsibilities and tasks as well as outlines schedules for implementation. The plan presents objectives and specifies how resources are to be allocated to achieve them. Finally, the marketing plan helps marketing managers monitor and evaluate the performance of a marketing strategy. Additional Resources

true

The strategic planning process ultimately yields a marketing strategy that is the framework for a marketing plan, a written document that specifies the marketing activities to be performed to implement and evaluate the organization's marketing strategies.

true

Why is sales analysis a common method of evaluation?

sales data are readily available and can reflect the target market's reactions to a marketing mix

When marketing managers perform a cost analysis, they typically classify expenses into two categories, fixed or variable. Which of the following is an example of a variable cost?

sales representative commissions

The target market is chosen before the company can adapt its marketing mix.

true

LaTonya Davis was recently hired as the brand manager for Golden Harvest's organic grains division of products including the popular ancient grain, quinoa. LaTonya has been familiarizing herself with the performance of the various products as well as the marketing activities to generate revenue and profitability. LaTonya has started to meet with various marketing personnel who are responsible for different marketing tasks, such as channel sales, publicity, special events, and advertising and is growing concerned since each member of the team has a different perception or vision as well as competing objectives. LaTonya realizes that she and her team must devote time to create a _______.

marketing plan

Marika is a manager for a boutique clothing store in downtown Austin. She has set a goal of reaching $25,000 in revenue for the month of March. In April, Marika reviews total revenues for March and realizes that she fell short of her goal by $3,000. She decides to run an additional sale in April and increase her posts on social media to hopefully reach the revenue goal in April. Marika is involved in a _______.

strategic performance evaluation

Carmen Sanchez is assisting the marketing team to detail the various environmental factors, which are impacting her company as they draft the marketing plan for the upcoming fiscal year. Carmen is making a list of the various sociocultural factors, which are occurring in the external environment that could be important for her company to respond to and/or be aware of as they create marketing strategies and tactics. Which of the following factors would be best classified as sociocultural factors?

percentage of Hispanic customers in the United States

The Growth Share Matrix developed by the Boston Consulting Group identifies products with a dominant share of the market and strong prospects for growth as _______.

stars

The four terms used to classify products using the market growth/market share matrix are?

stars, question marks, cash cows and dogs

Through the process of strategic planning, a firm establishes an organizational mission and goals, corporate strategy, marketing objectives, and a marketing strategy

true

exists when there is the right combination of circumstances and timing, allowing a firm to take action to reach a particular target market.

A market opportunity

Baker University utilizes a variety of marketing activities to promote its university to prospective students such as direct mail, billboards, and advertising during NCAA athletic events. The University would like to enroll 800 freshmen each year but has been struggling to meet this goal. Recently, the enrollment manager of Baker University met with the various college deans and the University top administration to discuss why current enrollments are not reaching the targeted enrollment level. What type of activity are the staff of Baker University engaged in?

performance evaluation

Roberts Seafood will convene its annual strategic planning meeting at its world headquarters in Orlando, Florida, in October. The company has sought your advice regarding the sequence of activities that should be followed to be consistent with the recommended process for strategic planning. Which of the following best specifies the activities to be completed in the recommended order?

1. develop the company's mission and goals 2. develop business unit strategies 3. complete a SWOT analysis for the company 4. Develop functional area goals and objectives

Which of the following best exemplifies the concept of a "strategic window"?

Starbucks purchased retailer Teavana and partnered with Oprah Winfrey on new tea offerings, hoping to transform the tea market just as it transformed the coffee market

Keith Cole is a professional photographer known for stunning landscapes from the world's most beautiful places. He enters his photography in juried art fairs and then exhibits his work to patrons who visit the art fair. He accepts cash and credit cards and really enjoys the freedom to utilize Square, which is a mobile payment product that attaches to his smartphone. Square developed its product specifically for small businesses like Keith's, so they could more easily accept credit payments in multiple locations using their smartphone. Square's ability to launch its product to the small business customer like photographer, Keith Cole, is an example of

a market opportunity

When Disney World wants to have at least 90 percent of its customers indicating they had a memorable and satisfying experience at the park hotels, this is an example of _______.

a marketing objective

Your company is holding its annual five-year strategic planning conference. The purpose of the conference is to solidify the go-forward tactics and strategies to enable the company to compete effectively in its industry. You are managing this conference and the various breakout sessions that will take place. Consistent with the sequence of the traditional strategic planning process, the first breakout session should be _______.

a session where the firm's mission and goals are established or revised

Mitch Ford is an avid car fan and would love to own a Lotus Evora—a luxury sports car priced around $90,000. Mitch now drives a Hyundai Sonata that he purchased for under $25,000, which is in his price range. Which characteristic of a "market" is missing in this example?

capability of purchase

Carriage House Door Company is a closely held family-owned company that sells doors to businesses and consumers. The business-to-business market is designed to serve retail stores with a variety of glass doors, steel security doors and decorative doors while the business-to-consumer business focuses on upmarket designer wood doors and classic garage doors that are distinct from those sold in the big "box" retailers, such as Menards or Home Depot. Carriage House Doors employs approximately 50 individuals who report directly to the company president and owner, Don Mathis. Don runs his company with tight control over his employees and dictates all company policies and decisions. Employees must double-check with Don before they agree to any requests from customers such as changes in pricing, delivery or other terms negotiated as part of the buyer-seller agreements. It's likely that Carriage House Door Company has implemented a _______ organizational structure.

centralized

Jackson Wilson is the channel relations manager for Catalyst Sports, a family-owned business and manufacturer of sporting goods products which are sold through various retail channels. Jackson previously worked for Golf Time, a golf ball manufacturer and really enjoyed his work as he had complete responsibility for making decisions and was encouraged to utilize the marketing tactics that he believed would be best for the company. Jackson is growing frustrated at Catalyst Sports since the top managers of the company make all decisions and allow very little decision-making authority to managers such as Jackson. What type of organization structure best describes Catalyst Sports?

centralized

Refer to Scenario 2.1. Menard's founder, John Menard most likely has implemented a(n) _______ organizational structure.

centralized

Traditional organizations are most likely to utilize a(n) _______ organizational structure where top-level managers make all decisions regarding marketing strategy and lower-level managers have little decision-making capability.

centralized

Standard Chemical Company manufactures specialty chemicals that are utilized by companies, such as Procter & Gamble in the production of its soaps, lotions, and shampoos. Standard Chemical recently conducted a customer satisfaction survey among its business customers in the consumer products market and noted that the satisfaction ratings are lower than last year's ratings. As part of the survey, participants were given the opportunity to make recommendations regarding how Standard Chemical could improve and a large number of customers noted that the sales representatives took a long time to respond to customer questions, did not seem empowered to make decisions, and were required to obtain approval from top management. If Standard Chemical Company wants to improve its ability to serve customers and achieve higher levels of customer satisfaction, they should move from a(n) _______ organization structure to a(n) _______ organization structure.

centralized; decentralized

When a company matches a core competency to opportunities in the marketplace, it possesses a _______.

competitive advantage

When consumers desire mobile phone service, they can select from a large number of firms, such as AT&T, Verizon, Sprint, and T-Mobile. Verizon has invested extensively to offer an expanded range of coverage around the globe with its 4G network. Verizon has 4G service in more than 200 countries that provides consumers with the benefit of using their phones in more locations than competing firms. The extensive 4G network of Verizon represents a _______ to Verizon.

competitive advantage

Market penetration is a type of ______

competitive growth strategy

The marketing mix should satisfy the needs of the target market members and should have two additional characteristics:

consistency and flexibility

Apple has developed a reputation as an innovative company and established a leader position in the "tablet" category of computing devices with its introduction of the iPad—the first of its kind. Today, Apple faces stiff competition from Samsung, Google, and Microsoft but is maintaining a dominant position in the tablet market. Using the Boston Consulting Group's Growth Share Matrix, which of the following strategies would be most appropriate for the iPad line of products?

continue to innovate, promote and support the product line by investing resources in order to continue growth

Apple has developed a reputation for its ability to deliver products that provide an artistic design aesthetic through high levels of quality and attention to detail. For example, the laptops are designed so they can be opened with just one finger using a special groove on the front lip of the laptop. Apple's reputation for design and its ability to create functional features that enhance the user's experience represents a(n) _______ for the company.

core competency

Refer to Scenario 2.1. Menard's advertising slogan and jingle, "Save Big Money at Menards" is part of its _______ which supports all corporate activities including marketing.

corporate identity

Al Lewis is divisional sales manager with a national paint distribution company. He is responsible for managing the activities of 25 sales representatives who serve a five-state region of the United States. Al is currently conducting performance evaluations of the sales representatives and is calculating the relationship between the sales representative's compensation and the revenue they have generated for the company. One sales representative earned $128,000 in total compensation (base salary plus commission) and generated $768,000 in revenue while another representative was paid $150,000 in total compensation and generated $1,200,000 in revenue. Al is conducting the analysis as part of his annual report and individual employee performance review. What type of analysis can Al Lewis perform utilizing the data related to sales representative compensation and earned revenue?

cost analysis

A consultant is working with St. Joseph Hospital to assist them with a strategic planning initiative. The consultant has emphasized that the Hospital should employ a market orientation since it emphasizes the importance of _______ to the entire organization.

customer satisfaction

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?

developing a marketing strategy

A soda manufacturer decided to branch out into the health food industry by developing a line of organic juices to be sold in health foods. The juices would be sold under its own brand name. Which type of competitive growth strategy do its actions represent?

diversification

Many companies attempt to benchmark their performance against other firms in their industry. The American Customer Satisfaction Index (ACSI) is the nation's only cross-industry measure of customer satisfaction, giving businesses science-based insights across the complete arc of the customer experience. The ACSI conducts research and reports its findings using a 100-point scale across a variety of industries such as insurance, healthcare, travel, restaurant, and hospitality. A recent listing of companies in the wireless telephone communications service industry reported customers rated TracFone Wireless the highest with an ACSI score of 78 and Sprint the lowest at 70. Verizon and AT&T were rated the same with scores of 74 for Verizon and AT&T. These ACSI ratings assist companies with which of the following activities?

evaluating actual performance

Forever 21 is the authority on fashion and the go-to retailer for the latest trends, must-have styles, and the hottest deals. The retail stores are typically found in shopping malls across the country and are exciting places to shop—featuring bright lights, attractive displays, loud music, and a club-type atmosphere. Which of the following would most likely be the "best" target market for Forever 21?

females ages 16-22

A competitive advantage exists when a _______.

firm matches a core competency to opportunities it has discovered in the marketplace

According to the Boston Consulting Group, question marks are characterized as products _______.

having a small share of a growing market and requiring large amounts of cash to build market share

Ancient Harvest is a producer and marketer of grain and pasta products to retail stores worldwide and is hoping its gluten free, non-GMO and organic quinoa products become a staple item in American households. Quinoa is an ancient grain and is also a complete protein, which means it provides all nine essential amino acids necessary for good health, hence the name "essential." Which of the following would be the "best" target market for Ancient Harvest's quinoa products?

health-conscious consumers who are concerned about pesticides, genetically modified products and desire to eat healthy and provide healthy food for their families

What is the first step in the strategic planning process?

identifying the organizational mission and goals

When Dominos introduced its pizza into India, it conducted massive market research to develop pizzas that appealed to Indian consumers' tastes. In southern India, for instance, it developed a raw-banana pizza. Domino's became a dominant player in the emerging pizza market. What type of competitive growth strategy did it use?

market development

The often-used strategic planning tool, which is based on the philosophy that a product's market growth rate and its market share are important considerations in determining marketing strategy is known as the _______.

market growth/market share matrix

The market growth/market share matrix, which is commonly used by firms engaged in strategic planning activities is a two-dimensional model where a company can classify its products or business units into four different quadrants. One dimension represents the proportion of a market that actually purchases the product from the company and is termed _______.

market share

The process of putting marketing strategies into action is called _______.

marketing implementation

Which section of the marketing plan would most likely include a chart, which specifies the roles and specific responsibilities of various members of the organization who are accountable for executing the marketing strategies necessary to achieve the organization's objectives?

marketing implementation

Which of the following statements is the best definition of the process of marketing implementation?

marketing implementation is the process of putting marketing strategies into action

Our Lady Hospital is interested in providing a high level of care to its patients and is concerned with both clinical outcomes as well as patient satisfaction. As part of a recent strategic planning effort, Our Lady Hospital's president shared the following statement with its staff: Our Lady Hospital seeks to achieve a 97% patient satisfaction rating and reduce readmittance to the hospital for similar ailments by 15% over the next six months. This statement is an example of _______.

marketing objective

should be written in clear, simple terms so all marketing and non-marketing personnel in the company understand what they are trying to achieve. Additionally, they should be measurable, consistent with business-unit and corporate strategies, and specify a time frame.

marketing objectives

The marketing plan is a written document that specifies the marketing activities to be performed to implement and evaluate the organization's marketing strategies. The plan includes many sections and is a time-consuming process. The _______ section states what the company wants to accomplish through marketing activities and highlights _______ in the external environment that could produce rewards for the organization if acted upon.

marketing objectives; opportunities

Refer to Scenario 2.1. Assume that you are conducting a SWOT analysis for Menards based upon the information provided in the scenario. The increase in sales coming from customers who are making improvements to their existing homes rather than purchasing new homes would be classified as a(n) _______.

opportunity

When conditions in the external environment are favorable and could lead to rewards for the organization if acted upon in an appropriate manner, a(n) _______ is present.

opportunity

Many consumers today suffer from gluten allergies and companies are now modifying their products to provide gluten-free alternatives. Over the last few years, sales of gluten-free foods have surged more than 68% and sales are approximately $9 billion annually with companies such as General Mills and Hormel catering to consumers who prefer gluten-free products. Some market analysts believe the interest in gluten-free products is just another diet fad with the exception of the 1% of the population who suffer from Celiac disease and need gluten-free products. Approximately 39% of all food manufacturers are capitalizing on consumers' interest in gluten-free products. The interest in gluten-free products represents a _______.

marketing opportunity

PepsiCo operates six global divisions that make and distribute a diverse range of products. Within each global division, PepsiCo is proud of its brands and has a loyal customer following. The Frito Lay division is responsible to make, market, sell, and distribute some of the most popular snack foods in the United States, including Lay's potato chips, Doritos tortilla chips, Cheetos cheese flavored snacks, Tostitos tortilla chips and branded dips, Ruffles potato chips, and Fritos corn chips. Each of these popular brands has an executive brand manager who is responsible for developing a written document specifying the various marketing activities that will be performed to implement and evaluate the brand's marketing strategies. This written plan is called a _______.

marketing plan

J.C. Penney is presently involved in a process of assessing marketing opportunities and resources, determining marketing objectives, redefining marketing strategies, and developing guidelines for implementation and control. Thus, J.C. Penney is involved in _______.

marketing planning

Best Buy has been engaged in a lengthy process to understand its customers and has identified several different segments of customers who are part of its target market. They use a customer-centric approach and are highly data driven using store purchase data and consumer demographics. They attempt to meet the needs and wants of the target markets they have identified through its product mix, retail store design, employee staffing, and other marketing mix variables to ensure that the needs of the target market will be met. Which of the following activities best describes Best Buy's activities?

marketing strategy

Sherwin-Williams operates retail stores across the United States and each store typically has a staff of two to three outside sales representatives who work with businesses to assist them with their paint and coatings needs. Business customers include facility managers of apartment complexes, hospitals, schools, and manufacturing facilities. Sherwin-Williams competes with a wide variety of companies and sets targets for its sales representatives to achieve. One target for sales representatives relates to prospecting activity—sales representatives should acquire one new business-to-business customer account each month. This target related to new business growth is an example of a _______.

performance standard

The Four Seasons Spa and Salon has retained a marketing consultant to assist them with its annual strategic planning retreat. Shantelle Stevens, owner of the salon is reviewing the agenda for the meeting and observes that the sequence of activities follows the strategic planning process discussed in her marketing class many years ago. What is the first activity that organizations should pursue as part of its strategic planning process?

review or establish the organization's mission and goals

The Peoria Riverfront Museum opened in 2012 and has struggled to attract patrons to visit the museum. Projected visitors during the planning stages were anticipated to be 1,000 per month but the actual visitors during the first year fell quite short at only 750 per month with an average of 780 across the year. Today, however, the museum is enjoying a stellar year with daily attendance averaging 35 to 50 visitors and monthly totals of 1,050 to 1,500. The number of visitors is directly related to the revenue the museum earns due to ticket prices. Adults pay $11 for admission and youths under 17 pay $9. In 2012, the museum reported revenues of $8,880 but they are on pace to earn almost twice as much for the current year. What type of analysis can the Peoria Riverfront Museum perform utilizing the data related to number of visitors and revenue?

sales analysis- is an analysis of sales figures to evaluate a firm's performance

PepsiCo includes six global divisions that make and distribute a diverse range of products. Two divisions are Frito-Lay and Quaker Foods, which are considered _______ units of PepsiCo.

strategic business

Marketing managers at Consolidated Equipment Corporation are involved in establishing marketing performance standards, evaluating performance, and reducing the differences between actual and desired performance. These marketing managers are engaged in _______.

strategic performance evaluation

Refer to Scenario 2.1. The ability of Menards to hire employees who deliver a high level of quality service, possess expertise, and strive to put customers first would most likely be characterized as a(n) _______ during a SWOT analysis of the firm

strength

Caterpillar's high product quality, integrated dealer network, and ability to provide parts and service to maximize uptime are examples of the firm's _______.

strengths

Organizations engaging in strategic planning efforts must gauge their firm's capabilities relative to the industry. One area organizations should assess include _______, which are internal factors that give the company an advantage over the competition

strengths

Due to its unique distribution system where 98% of replacement parts can be available to customers through its dealer network, Caterpillar has a _______ advantage over Komatsu, one of its main competitors.

sustainable competitive

The section of the marketing plan that outlines how the company will achieve its objectives will discuss _______.

the target market and marketing mix

A company that understands and manages its costs appropriately has a competitive advantage

true

The goals of any organization should derive from its mission statement.

true

Threats must be converted, not matched, with opportunities in order to prevent them from limiting the organization's capabilities.

true