Chapter 2 Quiz
How do the individual components of a SWOT analysis work together to determine the status of a company?
By ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development
Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the company's niche product - premium, organic dog and cat food - and contracted to sell it in several high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do now?
Create a promotion strategy to increase customer awareness
Which of the following is at the center of marketing strategy and programs?
Customer Engagement, Value, & Relationships
When a company starts the strategic planning process at the corporate level, it begins by _____________________________.
Defining its overall purpose and mission
A company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually improve?
Examine how well each group performs its work of adding customer value.
Stars, cash cows, question marks, and dogs are the four types of strategic business units (SBUs) defined in which of the following?
Growth-share Matrix
The goal of a market development growth strategy is to do which of the following?
Identify and develop new markets for current products of a company's market
In analyzing a company's current business portfolio, what is management's first step?
Identify strategic business units
A value chain consists of which of the following?
Internal departments and other companies that carry out value-creating activities
Which of the following is a valid concern when it comes to the four Ps concept?
It may omit or underemphasize certain important activities.
After creating a company's mission and objectives, the executive team must then plan ____________ by keeping in mind the best fit for its strengths, weaknesses, and opportunities in the environment.
Its business portfolio
Denim Blue Jean Corporation is a growing company located in Washington State, but it is beginning to develop a presence in the surrounding states as well. It sells only one product - blue jeans - but it has 12 different lines of jeans that cater to men, women, children, babies, toddlers, and teens. Which type of marketing department organization would BEST suit Denim Blue Jean Corporation?
Market Management Organization
When consumers respond in a similar way to a given set of marketing efforts, they can be referred to as a _________.
Market Segment
A marketing dashboard is used to do which of the following?
Monitor strategic marketing performance
Sanchez Hispanic Foods and Seasonings has started to grow larger than the Sanchez family could ever have imagined. The company is having a hard time keeping track of all of the business' marketing activities. They know that they are going to need help to keep the business growing and are looking for solutions. Which of the following potential hires is likely the best decision for the Sanchez family?
Noah Lopez, a marketing specialist and expert who would be hired as the Sanchez family's new chief marketing officer
Which of the following is NOT one of the marketing management functions?
Promoting
Which of the following is NOT a step in the strategic planning process?
Set revenue & financial goals
Which of the following actions helps a company find the game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources?
Strategic Planning
Which of the following is NOT part of an overall SWOT analysis evaluation of a company?
Strategy
Using the BCG growth-share matrix as a guide, Masumura Technologies identified question marks in its business portfolio but is currently maintaining its market share. At a recent meeting with the company's senior management team, the CEO of Masumura and her team members decided to allocate all of the company's profits toward the growth and expansion of these question marks, in order to cause the question marks to become stars. What is likely to happen to this company?
The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star.
Why is marketing return on investment (ROI) so difficult to measure?
There is no consistent definition.
What is the purpose of the marketing mix as part of the overall marketing strategy?
To produce a response that influences a demand for the product from the customers the company is targeting
To create value for customers, marketers must improve the performance of the ______________, which includes partnering with suppliers, distributors, and customers.
Value Delivery Network
A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new company?
We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses
What are stars in the growth-share matrix?
High-growth, high-share businesses or products
