Marketing chapter 2
an example of loyalty to a company in a consumer's daily life?
Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices.
Step 5 of the marketing plan, which entails evaluating the performance of the marketing strategy using marketing metrics and taking any necessary corrective action, is part of which phase?
Control phase
A market segment consists of ________who respond similarly to a firms's marketing efforts.
Customer
excellence, as a competitive advantage, focuses on retaining loyal buyers and offering excellent service.
Customer
Step 5 in the marketing plan process is when a firm the results of the strategy and implementation process.
evaluates
Firms that maintain their sustainable competitive advantage through _________excellence have often done so by investing in their brand and constantly reinforcing their image though their merchandise.
product
Step 3 of the five-step marketing planning procesS
involves segmentation, targeting, and positioning
A firm can begin to implement the marketing mix immediately after which of the following steps?
it has finished segmentation, targeting, and positioning
Brand___________means that customers are reluctant to patronize competing firms.
loyalty
A strategy that employs existing products services to reach new market segments is called
market development
A strategy that employs the existing marketing mix and focuses the firm's efforts on increasing sales to current customers is called
market penetration
Relative market share is used to provide managers with a product's
relative strength
In a SWOT analysis,________refer to the positive internal attributes of the firm.
strengths
Excellent customer service helps build________
sustainable competitive advantage
The process of deciding which specific segment(s) to pursue is known as
targeting
Step 1 of the marketing plan is focused on
the business mission and objectives
In __________of the five-step marketing planning process, marketing managers are responsible fo implementing the marketing mix using the four Ps.
the fourth step
firm can build sustainable competitive advantage
through some business activities over a long period of time when it outperforms competition
A firm needs a marketing plan
to clearly state its overall objectives, to explain how overall objectives will be met, to implement the marketing mix
involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products
market positioning
Which of the following are true regarding market share?
It defines a product's strength in a particular market. It is the percentage of a market accounted for by a specific entity
Which of the following are true regarding market share?
It is the percentage of market accounted for by a specific entity. defines a product's strength in a particular market.
Which of the following are true regarding price?
It will not generate much volume if it is too high. It should be based on the value that the customer perceives.
Firms consider pursuing variousas part of their overall growth strategies.
market segments
A purpose __________of programs is to identify customers through their membership information when they make purchases and they seek to have consumers make an emotional attachment to the brand.
Loyalty
four major growth strategies?
Market penetration Product development Market development diversification
A ___________identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage.
marketing strategy
identifies firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage.
marketing strategy
A _________is a measuring system that quantifies a trend, dynamic, or characteristic
metric
The product development strategy incorporates a __________product or service to a firm's_________target market.
new; current
A firm may set goals such as achieving positive social change and avoiding high risk levels because
not all objectives are profit-driven
The macro strategies for developing customer value include each of the following
operational excellence, locational excellence, customer excellence, product excellence
If a firm has aging equipment that slows down production, this is an example of a(n__________for the firm.
weakness
The three major phases of the marketing plan are
planning, implementation, and control
In the ___________step of the five - step marketing planning process , marketers evaluate the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success.
Second
Which of the following are examples of how firms use information from loyalty programs? (Check all that apply)
Tailor their offering to meet the needs of customers, Analyzing buying habits of customers
What do "opportunities" represent in SWOT analysis?
The positive aspects of external environment
Which of the following are the four components of analysis?
Threats Weaknesses Strengths Opportunities
Why do firms use metrics?
To make appropriate adjustments to performance To explain why things happen To make it possible to compare results across regions, product lines, and time periods
True or false: Market segmentation is the process of dividing the market into groups of customers based on their needs, wants, and characteristics.
True
True or false: Operational efficiency generates good value for customers and improves profitability for the firm by keeping costs down.
True
A marketing plan includes
an analysis of the current marketing situation a SWOT analysis marketing objectives and strategy
Pricing is the only marketing activity that
brings in money
In a SWOT analysis, possible threats for firms can include each of the following
competition new regulations that restrict sales of the firm's products adverse economic conditions
A mission statement
defines the scope of activities a firm plans to undertake
strategy introduces a new product or service to a new market segment, one that currently the firm has not targeted
diversification
Which of the following strategies are frequently used to achieve locational excellence?
High density of stores Closer proximity to customers
is the quantity of a market comprised by a specific entity
Market share
Which of the following takes place in Step 4 of a marketing plan?
Marketers implement the marketing mix using the four Ps.
, which includes services , constitutes the first of the four Ps .
Product
is when a firm focuses on having high perceived value and effective branding
Product excellence