Chapter 3: MK 3010

The external market environment includes ______ major areas.

four

Which of the following statements regarding marketing managers and potential competitors is true?

A marketing manager should research and seek information about competitors.

Which of these statements regarding population trends is accurate?

About 80% of U.S. residents live in urban areas.

When considering starting a new business, which of the following can be a financial strength?

Access to capital

Which of the following is most crucial for entering an attractive market?

Access to capital

In many businesses, the Blank 1 of 1 of producing and selling each unit decreases as the number of units produced increases.

Blank 1: cost

Select all that apply Which of the following aspects should a company evaluate in order to determine its strengths and weaknesses? (Check all that apply.)

Current products Production capability and flexibility Employee knowledge Market demands

Which form of market environment includes customers, the company, and competitors?

Direct

Select all that apply Which of the following activities are part of the basic approach to competitor analysis? (Check all that apply.)

Evaluate the strengths and weaknesses of your target market and marketing mix. Understand how your marketing mix compares to your competitors' offerings and strategy. Identify existing and potential competitors.

True or false: Marketing managers find breakthrough opportunities or competitive advantage by using their strengths to take on competitors with similar strengths.

False

Which of the following documents describes a firm's basic purpose?

Mission statement

Which of the following market situations features similar but not identical products, requiring marketing managers to differentiate their offerings by adjusting other elements of the marketing mix?

Monopolistic competition

Select all that apply Which three of the following are considered elements of the economic environment?

National income Inflation rates Economic growth rates

Select all that apply Which four of the following are basic market/competitive situations a company might face? (Check all that apply.)

Oligopoly Monopolistic competition Pure competition Monopoly

Which of the following are components of the external market environment? (Check all that apply.)

Political and legal environment Cultural and social environment Economic environment Technological environment

Select all that apply Which of the following are examples of marketing strengths that might be enjoyed by the Coca Cola Company? (Check all that apply.)

Recognizable branding Experienced sales force Good relationships with retailers

Which of these companies is demonstrating monopolistic competition by trying to differentiate its product because it is similar to products offered by other companies?

The Cinemark movie theater chain enters a promotional deal with Starbucks where customers earn a free coffee when they attend a matinee.

Which of the following is an example of change in the economic environment that can affect a company's marketing strategy?

The collapse of the U.S. housing market in 2008.

Select all that apply Which two of the following factors are part of the competitive environment for a fast food chain?

The number of restaurants in the market The types of restaurants in the market

Select all that apply Which of the following factors do marketing managers consider when evaluating the industry attractiveness dimension of a product-market plan? (Check all that apply.)

The types and amount of competition in the industry Market size and rate of growth The potential environmental impact of the plan

Which of the following is true of smaller firms? (Check all that apply.)

They can have the advantage of flexibility. They can be at a disadvantage because the cost of producing smaller units is higher.

Select all that apply Which of the following factors do managers consider when evaluating the business strengths dimension of a strategic planning grid? (Check all that apply.)

Whether the firm's employees are capable of carrying out the product-market plan Whether the firm's size, costs, and capabilities will allow it to capture a profitable share of the market Whether the plan is in alignment with the firm's image and financial objectives

Managers should set marketing objectives within the framework of larger ______.

company objectives

When marketing managers analyze similar businesses and their strategies, they are considering the ______ environment.

competitive

In competitive analysis, marketing managers attempt to identify those firms whose products and marketing mix are the most similar, these firms are known as ______.

competitive rivals

Marketing managers focus their competitive analysis on ______, firms that offer similar products and marketing mixes.

competitive rivals

Aliza is the marketing manager at SinoSure Foods, an Asian food company. She has been going to stores to check out new products on the shelves by the SinoSure goods. She is actively seeking out information about current and potential

competitors

The first step in competitor analysis is to identify potential ______.

competitors

A regional population ______ typically creates stronger competition among firms in the area.

decline

In pure competition, where competitors offer similar products, over time, profit margins generally _____.

decline

Customers and competitors are within the ______ market environment and must be considered during marketing strategy planning.

direct

The ______ market environment includes customers, the company, and competitors.

direct

The legal environment of the United States assumes that competition between numerous small businesses ______ the economy.

helps

The ______ dimension of a strategic planning grid helps managers determine whether a product-market plan is a good idea.

industry attractiveness

To assess his company's progress against that of the competition, Greg has been asked to determine the total sales of Barrett's Boots Corp. for the past six months in the southeast compared to the total sales of boots across the entire United States. Greg will be providing information on _____.

market share

Home Depot has great relationships with building contractors. This is an example of a(n) ______ strength.

marketing

Firms need a hierarchy of objectives, moving from company objectives to ______.

marketing objectives

An organization's Blank 1 of 1 statement describes the organization's basic purpose for existing.

mission

The market for breakfast cereals includes many brands and marketing mixes that some customers see as different despite their similarities in terms of ingredients and branding. The breakfast cereal market can be described as ______.

monopolistic competition

An important requirement of the marketing strategy planning process is ______.

narrowing down the list of opportunities to those most likely to succeed.

A company's ______ help guide present decisions and create a path to follow for future development.

objectives

Company Blank 1 of 1 should guide all aspects of a business and are used by marketing managers as they search for and evaluate opportunities.

objectives

The four basic market situations include monopoly, pure competition, monopolistic competition, and Blank 1 of 1.

oligopoly

Regional economic groupings such as the North American Free Trade Agreement are likely to promote similar ______ environments among member countries.

political

In the United States, people over the age of 65 (regardless of the year they were born) are called ______.

senior citizens

Market _____ is the portion of total sales in a product category accounted for by a particular brand.

share

A ______ competitive advantage includes a marketing mix that is widely viewed as superior to competitors' offerings and cannot be easily duplicated.

sustainable

The goal of most marketing managers is to establish a ______, in which customers view their offerings as superior and competitors cannot easily duplicate their approach.

sustainable competitive advantage