Week 2
After a firm has identified a group of market segments, it does which of the following? (Choose every correct answer.) Identify which groups will respond similarly to its marketing efforts Use the targeting process Determine which segments to pursue Evaluate each segment's attractiveness
Use the targeting process Determine which segments to pursue Evaluate each segment's attractiveness
Operational excellence
achieved through efficient operations and excellent supply chain and human resource management
In the marketing mix, products and services are the elements that ______ value.
create
______ excellence, as a competitive advantage, focuses on retaining loyal consumers and offering excellent service.
customer
locational excellence
having a good physical location and internet presence
product excellence
having products with high perceived value and effective branding and positioning
Which of the following are frequently used to achieve locational excellence? Supply chain management Loyalty programs Closer proximity to customers High store density
high store density closer proximity to customers
A competitive advantage based on location ______.
is sustainable when real estate is difficult or expensive to obtain
Which of the following are examples of strengths that could be identified in a SWOT analysis? (Choose every correct answer.) An increase in taxation A reliable network of spokespeople Heavy reliance on a single product line Strong brand recognition
A reliable network of spokespeople Strong brand recognition
Step 4 of the five-step marketing planning process ______.
is the point at which a firm implements the four Ps
When a company focuses on having ______ excellence, this also includes having a good Internet presence.
locational
Which of the following are included in the four major growth strategies?
market penetration product development market development diversification
______ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of what the product does or represents in comparison with competing products.
market positioning
Wine connoisseurs, antique collectors, and video game enthusiasts are all examples of different ______.
market segments
______ is the percentage of a market comprised by a specific entity. Multiple choice question.
market share
The macro strategies for developing customer value include each of the following EXCEPT ______ excellence. locational operational product marketing
marketing
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
A metric is a ______ that quantifies a trend, dynamic, or characteristic.
measuring system
Firms should emphasize the importance of consistently good customer service to its employees so that good customer service becomes part of the ______.
organizational culture
A market ______ growth strategy focuses on increasing sales of the firm's current products to its current target markets.
penetration
The three major phases of the marketing plan are ______.
planning, implementation, and control
Which best describes operational excellence? Focus on having a good physical location Focus on excellent supply chain Focus on retaining loyal customers Focus on effective positioning
Focus on excellent supply chain
The mission of a majority of businesses typically includes which of the following? Reducing their carbon footprint Maximizing stockholders' wealth Expressing the CEO's political position Treating employees equitably
Maximizing stockholders' wealth
One key to long-term financial performance is to establish a ______.
Sustainable competitive advantage
What does the term strengths refer to in SWOT analysis?
The positive internal attributes of a firm
What is the purpose of evaluating performance during Step 5?
To identify and explain performance above and below expectations
In Stage 5, the purpose of a(n) ___ evaluation is to figure out problem areas.
Performance
A ______ is a group of products that consumers perceive as similar in some way.
product line
In a(n) ___ diversification opportunity, the current target market and/or marketing mix shares something in common with the new opportunity.
related
How can firms best maintain competitive advantage?
retailers
Customer excellence is focused on ______.
retaining loyal customers and offering excellent customer service
Why do firms use metrics in Step 5 of the marketing plan?
To make it possible to compare results across regions, product lines, and time periods To make appropriate adjustments to performance
What are the main purposes of metrics during Step 5?
To predict what will happen To explain why things happened
Which are components of SWOT analysis? (Choose every correct answer.) Weaknesses Opportunities Segmentation Target markets
Weaknesses Opportunities
A market segment consists of ______ who respond similarly to a firm's marketing efforts.
customers
Which of the following is LEAST effective when building a sustainable competitive advantage? Using six or more strategies Using four or five strategies Using only a single strategy Using two or three strategies
using only a single strategy
In a SWOT analysis, a firm's heavy reliance on its joint venture partner when opening new stores may be a potential ______ for the firm.
weakness
Which of the following is the primary question a mission statement should answer? What type of business are we? What specific tasks should we perform in the next year? Where do we want to be in five years? What are our short-term goals?
what type of business are we?
A sustainable competitive advantage is ______.
when a firm does consistently better than its competitors and it is not easily copied
Which of the following are steps in the STP process? (Choose every correct answer.) Dividing the marketplace into subgroups Countering negative aspects of the external environment Positioning its products and services to meet the needs of the chosen targets Determining which subgroups should be pursued
1. Dividing the marketplace into subgroups 2. Determining which subgroups should be pursued 3. Positioning its products and services to meet the needs of the chosen targets
A firm can begin to implement the marketing mix immediately after which step?
After it has finished segmentation, targeting, and positioning
Which process is most associated with market positioning? Evaluating and targeting external companies for potential internal partnership Maximizing threats to the competition in order to minimize customers' perception of a product's value. Clarifying marketing mix variables to provide a basis for customers' evaluation of a product Establishing clear and efficient managerial hierarchies within marketing divisions
Clarifying marketing mix variables to provide a basis for customers' evaluation of a product
In a firm's SWOT analysis, which of the following would be considered threats? (Choose every correct answer.) . Competitive prices and product offerings New regulations that restrict sales of the firm's products Adverse economic conditions Widespread market dominance by the firm
Competitive prices and product offerings New regulations that restrict sales of the firm's products Adverse economic conditions
During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services?
Implement marketing mix
How is a marketing plan most often communicated to stakeholders?
In a written document
What is the term that describes a variety of communication disciplines used to provide clarity, consistency, and maximum communicative impact used to promote a product?
Integrated marketing communications
Which of the following are true regarding market share?
It is the percentage of a market accounted for by a specific entity. It defines a product's strength in a particular market.
What are outcomes of setting prices too high and/or too low? (Choose every correct answer.
Less-than-optimal profits Low volume
A portfolio analysis involves which of the following?
Management allocates its resources to products with the greatest potential to be profitable. Management evaluates the firm's various products and businesses.
What does the term weaknesses refer to in SWOT analysis?
Negative attributes internal to the firm
Which of the following is NOT an example of customer loyalty? Only purchasing holiday decorations from World Market Only purchasing dresses at Anthropologie Only purchasing light fixtures at Home Depot Only purchasing organic products
Only purchasing organic products
Which macro strategy is achieved in part through efficient supply chain management?
Operational excellence
With ______, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue, and finally decides how it should best position its product or service.
STP
what does STP stand for?
Segmentation, Targeting, Positioning
Which of the following are examples of how firms use information from loyalty programs? (Choose every correct answer.) Tailoring their offering to meet the needs of customers Analyzing buying habits of customers Identifying competitors' performance Evaluating employee performance
Tailoring their offering to meet the needs of customers Analyzing buying habits of customers
Why does a firm need a marketing plan? (Choose every correct answer.) To provide a reference point for evaluating if the objectives have been met To explain previous financial objectives To explain how overall objectives will be met To clearly state its overall objectives To detail the required human resources for the firm
To provide a reference point for evaluating if the objectives have been met To explain how overall objectives will be met To clearly state its overall objectives
Disney parks offer excellent customer service by doing what? (Choose every correct answer.) Training staff to be extremely friendly to guests Training all employees to be able to give customers information Finding and helping people who are lost Offering seasonal discounts to all customers
Training staff to be extremely friendly to guests Training all employees to be able to give customers information Finding and helping people who are lost
Which of the following is the primary question a mission statement should answer?
What type of business are we?
Once a marketer has earned a good service reputation, it can sustain this advantage for a long time because ______.
a competitor is hard pressed to develop a comparable reputation
In a SWOT analysis, possible weaknesses might include any of the following EXCEPT ______. lack of direction for the brand a new competitor with innovative products few locations heavy reliance on joint ventures
a new competitor with innovative products
A marketing plan includes all of the following EXCEPT ______. marketing objectives and strategy an analysis of the current marketing situation a plan on how to pitch investors projected income statements
a plan on how to pitch investors
In Step 2 of the five-step marketing planning process, a firm ______.
assesses how various players affect the firm's potential for success
What are loyalty programs an aspect of? Customer relationship management Supply chain management Operational excellence Product development
customer relationship management
In Step 1 of the planning phase, a firm ______.
defines the mission and/or vision of the business
A mission statement ______.
defines the scope of activities a firm plans to undertake
A mission statement ______. enhances the value of a firm's products maximizes profits and dividends details how a firm can avoid risks defines the scope of activities a firm plans to undertake
defines the scope of activities a firm plans to undertake
Place is the component of the four Ps responsible for ______ value.
delivering
Which of the following are used to achieve product excellence? Effective positioning Loyalty programs Effective branding Strong supplier relations
effective positioning effective branding
Which of the following are used to achieve operational excellence? Supply chain management Loyalty programs Branding and positioning Efficient operations
efficient operations supply chain management
Firms achieve operational excellence through which of the following? (Choose every correct answer.) Efficient operations Strong relationships with suppliers Good supply chain management Reducing focus on human resources
efficient operations good supply chain management strong relationships with suppliers
Step 5 in the marketing plan process is when a firm ______ the outcome of the strategy and implementation process.
evaluates
In Step 5 of the marketing plan, a firm ______.
evaluates its performance using marketing metrics
True or False: A loyal customer of a firm is enthusiastic about buying from that firm's competitors.
false
True or False: The purpose of a marketing strategy is to maximize short-term profits.
false
customer excellence
focuses on retaining loyal customers and excellent customer service
Loyalty programs ______.
give firms the opportunity to learn more about their customers
Step 3 of the five-step marketing planning process ______.
involves segmentation, targeting, and positioning (STP)
Brand ______ means that customers are reluctant to patronize competing firms.
loyalty
One purpose of ______ programs is to facilitate customers' emotional attachment to a company.
loyalty
A strategy that employs existing products or services to reach new market segments is called ______.
market development
In ______ analysis, management evaluates the firm's various products and businesses, then allocates resources according to potential profit outlook.
portfolio
After a firm decides which segments to pursue, it must determine how it wants to be ______ within those segments.
positioned
Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using ______ excellence.
product
_____ excellence is when a firm focuses on having high perceived value and effective branding.
product
______, which includes services, constitutes the first of the four Ps.
product
Which of the following is one of the macro strategies for developing customer value through effective branding and positioning? Multiple choice question.
product excellence
Some commonly used financial performance metrics include which of the following?
sales revenue and profits
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
Market ______ is the process of dividing the market into groups of customers according to their needs, wants, or characteristics.
segmentation
what steps are in the control phase?
step 5
what steps are in the planning phase?
steps 1 & 2
what steps are in the implementation phase?
steps 3 & 4
In a SWOT analysis, ______ refer to the positive internal attributes of the firm.
strengths
Which of the following are components of a SWOT analysis?
strengths weaknesses opportunities threats
Firms can achieve operational efficiencies by developing which of the following? Superior market positioning Inconsistent distribution and information systems Strong relationships with vendors More uniquely segmented markets
strong relationships with vendors
Excellent customer service helps build a(n) ______.
sustainable competitive advantage
The process of deciding which specific market segment(s) to pursue is known as ______.
targeting