MRKT 239 Chapter 2 - Study Questions (Exam 1)

_____ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals.

Corporate

A marketing objective need not be consistent with the firm's overall objectives.

False

Companies that truly adopt the marketing concept develop an organizational culture that is based on a centralized set of beliefs that places the organization's needs at the center of decisions about strategy and operations.

False

Marketing strategies should be established before marketing objectives are decided.

False

When conducting a SWOT analysis, Walmart's massive distribution network should be classified as an opportunity.

False

What is an example of a characteristic of a marketing objective?

It is consistent with both business-unit and corporate strategy.

What is the most specific and detailed type of business strategy?

Marketing

A competitive advantage is created when a company matcher its core competency to the opportunities it has discovered in the market.

True

A core competency is something a firm does extremely well-sometimes so well that it gives the company an advantage over its competition.

True

A sustainable competitive advantage is one that cannot be copied by a firm's competitors.

True

Corporate strategy determined the means for utilizing resources in the functional areas of business to reach the organization's goals.

True

Marketing managers can classify a firm's products into four basic types: stars, cash cows, dogs, and question marks.

True

Marketing objectives should be stated in such a way that the degree of accomplishment can be measured accurately.

True

According to the text, a market is defined as

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.

After determining that customers had concerns about certain ingredients that may cause health issues. Patrizzi's Pizza began offering a gluten-free pizza product. The creation of this new product was the result of

a market opportunity

a strategic window is

a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.

The marketing plan is

a written document detailing activities to be performed to implement and control marketing actions.

Apple has been successful by anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition.

core competency

The first step in the strategic performance evaluation is to

establish performance standards.

A group that has the willingness, ability, and authority to buy a product is a

market

The process of putting marketing strategies into action is called

marketing implementation

An organization's business goals should be derived from its

mission statement.

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

opportunities

A market opportunity results from

the right combination of circumstances and timing that permits an organization too otake action to reach a particular target market.