MKT study chapter 2

When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as

integrated marketing communications.

Quitman Enterprises sells its business language dictionary to college students throughout the United States. Joseph Quitman, the owner, wants to start selling the book to international students abroad. Quitman wants to pursue a ________ growth strategy.

market development

When a pharmaceutical company develops a new medication, it typically applies for a patent in order to prevent competitors from developing copycat products for several years. Pharmaceutical companies apply for patents to establish

a sustainable competitive advantage.

Gerald's Tire Store sets itself apart from competitors by the extra attention it pays to retaining loyal customers by providing fast, courteous service in a clean, professional-looking environment. Gerald's has used this strategy for over 40 years, expanding to 15 outlets. Gerald's Tire Store has created a ________ macro strategy to create and deliver value and to develop a sustainable competitive advantage.

customer excellence

Sodexo is a corporation that manages school cafeterias, university dining halls, mess halls at military bases, concession stands at sports arenas, and other large-scale food service facilities. If Sodexo were to begin to sell individual frozen meals in supermarkets, it would be pursuing a ________ growth strategy.

diversification

Introducing newly developed products or services to a market segment the company is not currently serving is called

diversification.

Customers around the world know Pepsi and consider it a primary "go-to" brand if they want a refreshing drink. This positioning reflects Pepsi's

product excellence.

A(n) ________ is a group of products that consumers may use together or perceive as similar in some way.

product line

During a SWOT analysis, a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors, given the acronym CDSTEP. Which of the following is not one of these factors?

ethical

After conducting STP analysis for her custom auto parts store and developing strategies for each of the four Ps, Monique now has to make _____________ decisions.

resource allocation

The first objective in the evaluate performance phase of the marketing planning process is to

review implementation programs and results using metrics.

Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n)

star.

Even when large discount retailers enter a market, a few small, local retailers survive and prosper. These small retailers have probably developed a(n) ________ that allows them to survive.

sustainable competitive advantage

For years, when considering new products, marketers at Celestial Seasonings asked themselves, "What would Stacy think?" Stacy was a fictional character representing 25- to 50-year-old educated, upper-income women who rarely watched television but did a lot of reading. "Stacy" represented Celestial's primary

target market segment.

Over the last few months, Jose and his colleagues have analyzed the current business situation and identified target markets for his firm's personal care products. Finally, they developed the products, prices, distribution, and promotion that should appeal to each of those target markets. In doing so, Jose has also identified what he believes is an advantage his competitors cannot match. Jose and his colleagues have been developing

a marketing strategy.

One example of a customer loyalty program is

a "frequent diner" card at a restaurant, offering a free appetizer for every $100 in food purchases.

In recent years, cellular (mobile) service providers have worked hard to eliminate "dead zones," providing customers with service wherever they traveled. By working to make the network available in more locations, cellular service companies were focusing on ________ value creation.

place

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?

planning

Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages?

planning excellence

What type of analysis does management use to evaluate the firm's various products and businesses and allocate resources according to which products are expected to be the most profitable for the firm in the future?

portfolio analysis