Marketing Chapter 2

According to the BCG matrix, which type of product typically has excess resources, which can be used to support other products that need additional resources?

cash cows

Companies must deliver more value and satisfaction to target consumers than its competitors to gain a

competitive advantage.

The SWOT analysis is typically conducted during which of the following steps in the marketing planning process?

conducting a situation analysis

Singapore Airlines is recognized as an industry leader for exemplary customer service, and has continued to add new ways to serve customers better than competitors. In doing so, it has focused on sustaining its competitive advantage through ________ excellence.

customer

When a firm considers its overall objectives and considers the type of business it is in, it is engaged in which of the following steps of the marketing planning process?

defining the mission

Which growth strategy is being used when a firm introduces a new product or service to a market segment that is currently not served by the firm?

diversification

General Motors determined that it would close down divisions that were in low-growth markets that had relatively low market shares. According to the BCG product portfolio analysis, GM was identifying divisions in the ________ category for closure.

dogs

Which of the following is one of the major considerations involved when a company develops its marketing strategy?

identification of target markets

After a firm has conducted a SWOT analysis, it would typically progress to the next step of marketing planning, which is ________ and involves using STP (segmentation, targeting, and positioning).

identifying and evaluating opportunities

In an attempt to increase sales during a lagging economy, Macy's has increased its advertising and sales promotions for its current products to stimulate sales in its current markets. Which growth strategy is Macy's employing?

market penetration

Honda marketed its CR-Z hybrid model to a distinct segment of consumers as a fun, green, sporty hybrid that stands out as being uniquely different from other hybrid models. This is an example of which of the following?

market positioning

Marriott Hotels recognizes that there are different groups of travelers with different needs, wants, and characteristics in their choice of lodging. The process of dividing Marriott's market into these various groups is

market segmentation.

Toothpaste manufacturers understand that consumers have different needs when it comes to toothpaste (i.e., teeth whitening, sensitive teeth, breath freshening, and tartar control). Knowing that, they have divided the market based on these various needs and developed toothpaste to accommodate each group. By doing so, these toothpaste manufacturers are involved in

market segmentation.

To evaluate the effectiveness or performance of a marketing strategy, firms typically use

marketing metrics.

A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected income statements is referred to as a(n)

marketing plan.

Although Starbucks, Dunkin' Donuts, and McDonald's all strive to provide a good cup of coffee and pastries to their respective target markets, the difference in their choice of target market, design of their marketing mix, and the basis of their competitive advantage is directly related to their own

marketing strategy.

A ________ is a measuring system that quantifies a trend, dynamic, or characteristic and is used by marketers to help explain why things happened and also to predict the future.

metric

Through which of the following marketing mix variables do companies capture value from consumers, resulting in the generation of revenue?

price

Starbucks introduced Via, its brand of instant coffee, to exploit the growth opportunities for new products in current markets. This is an example of which growth strategy?

product development

Which of the following is one of the four major growth strategies marketers typically utilize?

product development

Marketers communicate the value proposition to their customers through a variety of media, such as television and the Internet. Which of the four Ps does this represent?

promotion

What two metrics are used in the BCG portfolio analysis to evaluate the various products of a firm?

relative market share and market growth rate

The Goodyear Tire Company is organized by regions: North America, Europe, Middle East and Africa, Latin America, and Asia Pacific. These divisions of Goodyear are called

strategic business units.

A SWOT analysis involves an analysis of factors internal to the company, which include ________ as well as factors outside the company, which include ________.

strengths and weaknesses; opportunities and threats

A local coffee shop is known for poor customer service and an unclean, dirty environment. These factors would be classified as _______ in a SWOT analysis.

weaknesses

Which of the following is a marketing metric that might be used to evaluate the performance of a company's implementation of its marketing plan?

GM (gross margin)

When marketers strive to get their customers the merchandise they want, when they want it, in the required quantities, and at a lower delivered cost than that of their competitors, they are hoping to achieve a sustainable competitive advantage through ________ excellence.

operational

Which of the following elements of the marketing mix is involved when marketers make their offering available when and where the customer wants it?

place

Which of the following represents the three major phases of a marketing plan?

planning, implementation, control

When managers at General Motors evaluated all the firms' various divisions and then chose to close both the Saturn and Pontiac divisions, it was involved in

portfolio analysis.