Quiz 1 - Chapter 3: Elements of Marketing Planning

Lin Wai's company, New Home Builders Corp., specialized in designing homes that have wide hallways and walk-in showers that could accommodate the need to use a wheelchair or walker, and other amenities that allow couples to remain in their homes as they age. The company's strong value proposition has allowed it to maintain steady market share in a weak housing market. In the context of SWOT analysis, a discussion of this relative advantage would be included under ________.

Strengths

According to the BCG matrix, a business that is classified as a cash cow has high market share and low growth.

True

The American Marketing Association defines marketing as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."

True

When Lucifer joined his company as CEO, he instituted an organization-wide focus on understanding the requirements of customers, making sure that everyone in the organization understood the customer marketplace. Lucifer was practicing _______.

a customer orientation

A misconnect about marketing is that it is ________.

all about selling

Unlike its competitors in the online air travel industry, Travelocity provides its customers with a greater variety of services such as cruise reservations, package tours, hotel bookings, and car rentals. This is an example of a(n) _______ strategy.

differentiation

A window manufacturer has trouble getting glass for its high-end windows. Of the five primary activities in the value chain, this problem is most likely to occur in ________.

inbound logistics

Bliss Massage Therapy Center maintains a database of over 700 clients and sends each one a special discount offer in the month of his or her birthday. Managers hope that as existing customers use the discount, they will see an overall growth in sales. According to Igor Ansoff's Product-Market Matrix, this is an example of the _______ strategy.

market penetration

When Sunshine Inc., a cosmetics manufacturer, introduced an additional line of perfumes, the response from its existing customers was good. According to Igor Ansoff's Product-Market Matrix, this is an example of the ________ strategy.

product development

A beer manufacturer has noticed that the cost of hops has increased four times in the last year. A description of this would be found in the ______ section of the SWOT analysis.

threats