SmartBook 2.0 Chapter 2 Assignment

A Mission Statement

A company's long-term purpose can be identified in a concise format by creating _______.

Return on Marketing Investment (ROMI)

A firm has just completed a new marketing campaign and would like to measure how effective it was at increasing profits. Which of the following metrics would indicate if the money spent on the campaign contributed to profits?

Marketing Mix Strategic Decision Positioning Segmentation Target Markets

A marketing strategy includes decisions about which of the following? (Check all that apply.)

Pie Chart

An analysis of market share is typically shown in a _______.

Market Summary

As a component of the situation analysis, a _______ focuses on the current state of the market to which the firm will sell its products.

Market Share Analysis

Blair works in the marketing department for a large electronics firm. He is currently trying to determine how his firm is performing relative to the other electronics firms in the industry. Which of the following would Blair use to do this?

SWOT analysis

Carlos has been asked to evaluate new opportunities that his company can take advantage of while also investigating potential threats to its product line. Carlos should use a(n) ____________to complete his task.

Exporting Licensing Franchising Joint Venture Direct Ownership

Click and drag on elements in order Rank the following international market entry strategies in order of risk and potential return by placing the strategy with the lowest risk/return first (at the top of your list) and the strategy with the highest risk/return last (at the bottom of your list).

Exporting

Companies that sell domestically-produced products to foreign markets are using which international market entry strategy?

Direct Indirect

Competitors of McDonald's can be classified two ways. Restaurants like Wendy's and Burger King are its _________ competitors, while Subway and Taco Bell would be its _____________competitors.

Product Development

Creating new goods and services for existing markets

Strategic Planning

Firms can greatly increase the likelihood of success if they carefully define their objectives and develop a plan for meeting those objectives. This activity is referred to as _______.

Franchising

For a fee, Isabella can open a Pizza Hut restaurant in her hometown of Sicily. The parent company has agreed that she can use the company name and it will also provide her with marketing and operational support. Isabella is in the process of _______.

Diversification Product Development Market Development Market Penetration

Identify the four basic categories of marketing growth strategies from the list below. (Check all that apply.)

Joint Venture

In which of the following strategies for entering the international marketplace is a new entity created which allows the domestic firm to enter the foreign company's market?

Franchising

In which option for entering the international marketplace would you find a contractual agreement that gives a local owner/operator the right to use the name and marketing support from the McDonald's corporation?

evaluate both her direct and indirect competitors

Janis owns a bakery and as part of a situation analysis, she is preparing a competition analysis. To be most effective, she should _______.

Direct Ownership/Investment

Of all the options for entering into a foreign market,_______ requires the most resources and commitment.

Diversification

Offering new goods and services to attract new customers

Market Segmentation

Proctor and Gamble offers its Gillette brand of deodorant for men and its Secret brand of deodorant for women. By taking the overall market and dividing it into smaller groups, Proctor and Gamble has engaged in _______.

International Growth Opportunities Potential sales through international expansion An analysis of important marketplace trends

Select all that apply Which items are part of a thorough market summary? (Check all that apply.)

Maximize marketing effectiveness Optimize return on investment

Select all that apply Which of the following are the goals of marketing analytics? (Check all that apply.)

Market Development

Selling existing goods and services to new customers

Market Penetration

Selling more of existing goods and services to existing customers

Direct Ownership

Several major U.S. retailers have opened manufacturing plants overseas. These manufacturers represent which strategic option for entering into the international marketplace?

Executive Summary

Staff members would consult the _______ section of the marketing plan when they want to quickly understand the basic ideas and strategies of the plan.

Strengths and Weaknesses

The SWOT analysis is used, in part, to evaluate a firm's _______.

Marketing Strategy

The _______ component of the marketing plan lists the actions a firm must take to accomplish the marketing objectives it established in its mission statement.

Product

The _______ section of the marketing plan consists of a detailed description of the article being offered.

Profitability Analysis

The measure of how much profit the firm generates as well as how much profit certain aspects of the firm, including regions, channels, and customer segments contribute is referred to as _______.

Profit

The positive gain from a business operation after subtracting all expenses is

Marketing Analytics

The practice of measuring, managing, and analyzing marketing performance is referred to as _______.

Marketing

The primary strategic planning tool used to direct and coordinate the activities marketers will undertake to execute the right marketing mix strategies to maximize success is the _______ plan.

Strategic Planning

The process of defining the objectives of a company and then developing a method to achieve those objectives is known as _______.

Mission Statement

The purpose of a(n) _____ is to provide employees with a shared sense of ambition, direction, and opportunity.

Direct Ownership

The riskiest method for entering into the international market is _______.

Marketing Strategy

The specific actions a firm must take in order to accomplish its overall marketing objectives is laid out in its _______.

Current Competition Marketplace Trends Market Conditions

Trisha has been asked to complete a situation analysis for her company to help guide the firm toward making strategic decisions for the future. Which of the following will Trisha be able to provide from her situation analysis? (Check all that apply.)

The process of dividing a larger market into smaller groups based on meaningfully shared characteristics

What is market segmentation?

Marketing Plan

What primary strategic planning tool do companies rely on to direct and coordinate marketing efforts?

A domestic firm partners with a foreign company to create a new entity

What takes place in a joint venture?

Customer Aquisition Individual Customer Profitability

What two important metrics do marketers use to evaluate profitability?

Stronger Brands Larger Market Share Higher Profits

When a firm accomplishes a successful marketing strategy, it can lead to _______. (Check all that apply.)

Situation Analysis

Which component of the marketing plan allows a company to understand information about their current business and then make strategic decisions about how to best move forward?

Return on Marketing Investment

Which marketing metric indicates the rate at which spending on marketing contributes to profits?

Small Companies

Which of the following makes up the overwhelming majority of U.S. exporters?

Franchising Licensing Exporting

Which of the following strategic options can a firm use for entering the international marketplace? (Check all that apply.)

Product

Which section of the marketing plan would include information on any warranties or guarantees that accompany what the company is selling?

Executive Summary

While the _______ is listed as the first component of the marketing plan, firms should complete this part of the marketing plan last.