Chapter 2 Marketing `

​__________ plays a key role in the​ company's strategic planning.

Marketing

Cash Dogs

low-share, low-growth products.

The major activity in strategic planning is the analyses of a business​ __________.

portfolio

Within the​ growth-share matrix,​ "cash cows" are​ __________.

​low-growth, high-share businesses or products

According to the BCG​ matrix, ______ are​ high-share, high-growth products. When the market growth​ slows, these products become​ ________.

​stars; cash cows

What are the main components of a marketing​ plan?

An executive​ summary, situation​ analysis, objectives,​ strategy, action​ programs, budgets, and controls

Which of the following is not one of the five marketing management​ functions?

Customer service

​___________ is at the core of any marketing strategy.

Customer value and relationships

A​ company's mission statement should be focused on​ __________.

Customers; Mission statements should be market oriented and defined in terms of satisfying basic customer needs.

The first step in strategic planning involves​ __________.

Defining the​ company's mission. Forging a sound mission begins with the following​ questions: What is our​ business? Who is the​ customer? What do consumers​ value? What should our business​ be?

In​ 2005, Proctor and Gamble purchased​ Gillette, makers of shaving​ products, and added these to the existing​ P&G portfolio. Which growth strategy did​ P&G use in acquiring​ Gillette?

Diversification is a growth strategy in which a company starts or buys a business beyond its current products and markets. This is what​ P&G did when it acquired Gillette.

The Dollar Store and Family Dollar profitably focus on buyers with modest means with their market offerings. This is an example of​ _________.

Market Targeting

​__________ involves evaluating each market segments attractiveness and selecting one or more segments to enter.

Market Targeting

Which of the following is a true statement regarding managing and measuring marketing return on investment​ (ROI)?

Marketers are increasingly using measures such as customer acquisition and​ retention, customer​ engagement, and customer equity as measures of ROI.

Which one of the following statements about​ marketing's role in strategic planning is​ correct?

Marketing provides inputs to strategic planners.

Which of the following steps in the strategic planning process is done at the business unit​ level?

Planning marketing and other functional strategies is done at the business​ unit, product and market level.

Ben​ & Jerry's frequently expand its line of ice cream with new flavors. Which market growth strategy is Ben​ & Jerry's​ using?

Product development;

​__________ refers to activities that communicate the merits of the product and persuade target customers to buy it.

Promotion

What are the two measures the BCG matrix uses to classify SBUs and products in the​ portfolio?

Relative market share and market growth rate

Each department can be thought of as a link in the​ company's __________.

Value Chain

The primary purpose of a strategic plan is to​ ________________.

develop and maintain a strategic fit between a​ company's goals and capabilities and its changing marketing opportunities.

What is one primary purpose of a​ product's position?

differentiates

The most common form of marketing organization is​ __________.

functional organization

Cash cows

high-share, low-growth products.

Marketing can disrupt the internal value chain and cause conflicts to develop because it can potentially​ _______.

increase production​ costs, increase​ inventories, cause budget headaches and disrupt production schedules

Nike states that it wants to​ "bring inspiration and innovation to every athlete in the​ world." This is​ Nike's _________.

market-oriented mission statement

In SWOT​ analyses, the favourable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as​ __________.

opportunities

One key role marketing plays in a​ company's strategic planning is to​ _________.

provide a guiding philosophy

In the strategic planning​ process, the business portfolio is designed after​ ________.

setting company objectives and goals; Designing the business portfolio is the third step in the strategic planning process and occurs after setting company objectives and goals.

One way for companies to improve the performance of the​ ______ is by partnering with​ suppliers, distributors, and customers.

value delivery network

The four Ps of the marketing mix are redefined in buyer terms as the four As. What are the four As of the marketing​ mix?

​Acceptability, affordability,​ accessibility, awareness

Assume the economy is in a recession.​ Mario's custom jewelry is expensive and sales are down. In a situation analysis​ (SWOT), the state of the economy is​ a(n)______ and​ Mario's pricing structure is​ a(n) ________.

​threat; weakness