MKTG 2a

Which of the following is a market-oriented missions statement?

"We empower customers to achieve their dreams."

Which of the following is NOT a market-oriented business definition?

"We make high-quality consumer food products"

During portfolio analysis, a company _____ after identifying the key businesses that make up the company.

Assesses the attractiveness of its various SBUs

Mission statements should _____ and be defined in terms of _____.

Be market oriented; Satisfying basic customer needs

The collection of businesses and products that make up a company is called its _____.

Business portfolio

The major activity in strategic planning is ______, whereby management evaluates the products and businesses that make up the company.

Business portfolio analysis

Elmo Corp,. a manufacturer of personal computers and printers, recently established an office furniture exporting business. This is an example of ______.

Diversification

A company can ____ the SBU by selling it or phasing it out and using the resources elsewhere

Divest

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ______.

Product development

Which of the following is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification?

Product/market expansion grid

Companies that define their missions in terms of product or technology are considered myopic primarily because ______.

Products and technologies eventually become outdated

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceutical division of Omni can be classified as a _______.

Question mark

_______ are low-share business units in high-growth markets that require a lot of cash to hold their share.

Question mark

According to the Boston Consulting Group approach, ______ serves as a measure of company strength in the market.

Relative market share

________ are a type of SBU that often require heavy investments to finance their rapid growth

Stars

A mission statement serves as a ______.

Statement of the organization's purpose

The key businesses of Kimberley and Price consist of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these businesses is called a ______.

Strategic business unit (SBU)

______ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities.

Strategic planning

Most standard portfolio analysis methods evaluate SBUs on the _____.

Strength of the market or industry position

Mission statements should be ______.

meaningful and specific yet motivating

Which of the following is NOT an example of product-oriented mission statements?

"We sell memorable experiences."

Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of _______.

Diversification

Which of the following is true with regard to cash cows?

They can be used to help finance the company's questions marks and stars

Which of the following companies has a market-oriented business definition?

A cosmetic company, whose business definition is: "We sell hope and self-esteem"

Which of the following companies has a product-oriented business definition?

A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all"

______ are low-growth, high-share businesses/products that need less investment to hold their market share

Cash cows

Which of the following is the first step in strategic planning?

Defining the organizational mission

Which of the following is the first step of business portfolio planning?

Determining which businesses should receive more, less, or no investment

A women apparel manufacturer in California recently acquire a Houston-based company that manufactures office furniture. This is an example of ______.

Diversification

Which of the following is NOT a step in the strategic planning process?

Evaluating members of the company's value chain

Which of the following is true with regard to strategic planning?

Finding the game plan for long-run survival and growth is the focus of strategic planning

The BCG matrix approach is problematic in that it _______.

Focuses solely on current businesses and provides little scope for future planning

Modern strategic planning ______.

Is decentralized

Which of the following is true of the BCG matrix approach?

It considers market growth rate to be a measure of market attractiveness

Which of the following is true with regard to the product/expansion grid?

It is a useful device for identifying growth opportunities

FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ______ strategy.

Market development

Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular LED television. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a _______ strategy.

Market development

The managers of Alfredo's Pizza, a popular pizzeria in NYC, have been increasingly encouraging senior citizens to visit the pizzeria's numerous outlets spread across the city. Anticipating a rise in the population of senior citizens in the area, the management of Alfredo's Pizza is seeking to tap into this promising segment that consists of retired, affluent consumers. In this instance, the managers of Alfredo's Pizza are anticipating company growth through _____.

Market development

The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of _____.

Market development

According to the Boston Consulting Group approach, _______ provides a measure of market attractiveness

Market growth rate

Making more sales to current customers without changing a firm's products is known as ______.

Market penetration

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing numbers of patrons. This exemplifies ______.

Market penetration

By harvesting its SBU, a company would most likely be ______.

Milking its short-term cash flow regardless of the long-term effect

A ______ documents an organization's purpose--- what it wants to accomplish in the larger environment.

Mission statement

Orion Inc, operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's _____.

Mission statement

Which of the following best describes a strategic business unite (SBU)?

The key businesses that make up a company