Marketing - Chapter 2: Building Customer Relationships
T/F When company X sells its ownership of Grandma's Cookies because of unfavorable market conditions, then company X is said to be downsizing
True
The Product Market Expansion Grid is comprised of what?
(top-bottom) Existing-New Markets; (left-right) Existing-New Products; Market Penetration(Ex.P, Ex.M) / Market Development(Ex.P, NewM) / Product Development(NewP, Ex.M) / Diversification(NewP, NewM)
What is the SWOT analysis comprised of?
(top-bottom) Internal-External; (left-right) Positive-Negative; Strengths(In,Pos) / Weaknesses(In,Neg) / Opportunities(Ex,Pos) / Threats(Ex,Neg)
If company X comes out saying, "We are going to increase our sales by 10% by implementing a new marketing campaign." What did they first have to come up with in order to make this claim?
A strategic plan
Company X is very good within their marketing department. According to the SWOT analysis, company X has what?
A strength
Company X sells pop and sees that the market for chips is increasing. Company Y, a chip distributor, is selling a majority stake in their company. According to SWOT analysis, company X has what?
An opportunity
Company X owns Grandma's Cookies and Grandpa's Meats and Tiny Tim's Tools, what would we call this collection?
Business Portfolio
Company X is more relational with its customers and has a higher customer loyalty than any of its competitors. Company X leads the market in what?
Customer Intimacy
What kind of strategic thinking is company X implementing if they want create a budget and tell all of their sub-companies to strictly follow that budget?
Design
What are the two schools of strategic thinking?
Design and Emergent
If company X is currently in the meat selling business, selling to restaurants, but wants to enter the dairy selling business to stores, what is this called according to the Product Market Expansion Grid?
Diversification
T/F Company X owns Billy's Ballbusters, which is in a position of low market share, and the ballbusting market is in low market growth. Billy's Ballbusters is in the question mark quadrant of the growth-share matrix.
False; Dog
T/F Company X, a candle making company, notices that company Y, another candle making company, came out with an all new marketing campaign to increase its market share in candle consumers. According to SWOT analysis company X has a weakness.
False; company X has a threat because of the external nature of the scenario
T/F When company X decides to improve the speed at which its products get shipped and delivered by hiring a new shipping company, company X is adjusting its product according to the four P's
False; company X is changing its place
T/F Design thinking is similar to a "go with the flow" mentality
False; that's emergent thinking
If company X is currently in the meat selling business to restaurants but wants to start selling to consumers, what is this called according to the Product Market Expansion Grid?
Market Development
If company X is currently in the meat selling business, selling only to high class restaurants, and wants to increase their market share of meat sales to this group of restaurants through a new marketing campaign, what is this called according to the Product Market Expansion Grid?
Market Penetration
The Growth-Share Matrix is comprised of what?
Market-Growth spectrum for the Y-Axis; Market-Share spectrum for the X-Axis; Stars(1,1) / Cash Cows(1,-1) / Question Marks(-1,1) / Dogs(-1,-1)
Google says, "We strive to do our best in every aspect of the job." What is this?
Mission Statement
Company X leads the market in its ability to manage its employees and customer expectations. Company X leads the market in what?
Operational Excellence
If company X is in the meat selling business and only sells to high class restaurants but wants to begin selling dairy to these high class restaurants, as well, what is this called according to the Product Market Expansion Grid
Product Development
Company X creates new and profitable products much faster than the rest of its competitors. Company X leads the market in what?
Product Leadership
If company X sells stuffed animals and decides to advertise its stance on animal rights and abuse, which marketing tool is being addressed in this scenario.
Promotion
If company X has a company with a low share of the market but the market is in high growth, where does it lie on the growth-share matrix?
Question Mark
When Sally, a member of Company X's marketing department, works with Joe, a member of Company X's accounting department, in order to bring the price of a new product down for customers, what of Company X is Sally using?
Sally is using Company X's value chain
When Sally, a member of company X's marketing department, works with Ron, a member of company Y's distribution's management, in order to bring the price of a new product down for customers, what of company X is Sally using?
Sally is using Company X's value delivery network
Company X and company Y are in the retail industry, and company X has less of a market share in sporting apparel than company Y. If company X sees a rise in sporting apparel demand and wants to better target that market, what does company X need to change relative to their current market?
Their Market Positioning in Sporting Apparel
What are the four steps in strategic planning?
define, set, design, plan
What are the three disciplines of market leaders?
operational excellence, product leadership, and customer intimacy
What four areas can be changed for a marketer to better address a markets demand?
product, price, promotions, and place
What does SMAC stand for in Strategic Planning?
specific, measurable, actionable, and commtiments
What does the SWOT analysis stand for?
strengths, weaknesses, opportunities, and threats
