Marketing CH.2
When a company that makes protein bars for long-distance runners starts selling the same bars to busy parents as a quick breakfast, it is using which growth strategy?
Market development
A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.
Marketing plan
is achieved through efficient operations, excellent supply chain management, and strong relationships with suppliers.
Operational excellence
Step 2 of a marketing plan involves which of the following?
Performing a situation analysis using SWOT
Which of the following is one of the macro strategies for developing customer value through effective branding and positioning?
Product excellence
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
Which statement about product excellence is true?
It is achieved by having products with high perceived value and effective branding and positioning.
A market ______ growth strategy focuses on increasing sales of the firm's current products to its current target markets.
penetration
In Stage 5, the purpose of a(n) ... evaluation is to figure out problem areas.
performance
Locational excellence is particularly important for which type of firm?
retailers
The "T" in STP stands fo
"targeting"
The three major phases of the marketing plan are ______.
(1) Planning (2) Implementation (3) Control
What are the three major phases of the marketing plan?
(1) Planning (2) Implementation (3) Control
Which of the following are examples of strengths that could be identified in a SWOT analysis?
- A reliable network of spokespeople - Strong brand recognition
A portfolio analysis involves which of the following?
- Management evaluates the firm's various products and businesses. - Management allocates its resources to products with the greatest potential to be profitable.
Which of the following are included in the four major growth strategies?
- Market development - Market penetration - Product development
Which are components of SWOT analysis? (Choose every correct answer.)
- Opportunities - Weaknesses
What are the main purposes of metrics during Step 5?
- To explain why things happened - To predict what will happen
Why do firms use metrics in Step 5 of the marketing plan?
- To make appropriate adjustments to performance - To make it possible to compare results across regions, product lines, and time periods
Which scenario is 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.
Which of the following is NOT an example of customer loyalty?
Only purchasing organic products
What does the term strengths refer to in SWOT analysis?
The positive internal attributes of a firm
Which statement about strategic planning is true?
The process can move back and forth between steps, depending on the situation.
What is the purpose of evaluating performance during Step 5?
To identify and explain performance above and below expectations
A marketing plan includes all of the following EXCEPT
a plan on how to pitch investors
In a(n) diversification opportunity, the current target market and/or marketing mix shares something in common with the new opportunity.
related
In which type of diversification strategy does a firm enter into an entirely new business?
unrelated
Which of the following are components of a SWOT analysis?
- Weaknesses - Threats - Opportunities
What are the four components of a SWOT analysis?
- Weaknesses - Opportunities - Strengths - Threats
What are reasons why strategic planning may NOT occur sequentially?
- When the implementation plan cannot move forward because there are too few resources - When a situation analysis necessitates that the mission statement be revised - When new logical alternatives arise
Step 5 of the marketing plan involves
- evaluating the results of the strategy and implementation program
Some commonly used financial performance metrics include which of the following?
- profits - sales revenue
STP includes which of the following?
- segmentation - positioning
What factors that affect a sales manager's performance are outside the manager's control?
-Successful competition - An economic downturn
A firm can begin to implement the marketing mix immediately after which step?
After it has finished segmentation, targeting, and positioning
Which statement is true regarding SBUs?
An SBU may have a different mission or objective from other divisions
Firms achieve operational excellence through which of the following?
Efficient operations, strong relationships with suppliers, & good supply chain management
A market penetration strategy, as one of the possible growth options, may be achieved by which of the following?
Encouraging current customers to patronize the firm and the brand more often
Which of the following is LEAST effective when building a sustainable competitive advantage?
Using only a single strategy
A mission statement ______.
defines the scope of activities a firm plans to undertake
Step 5 in the marketing plan process is when a firm ______ the outcome of the strategy and implementation process
evaluates
True or False: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success
false
True or False: The purpose of a marketing strategy is to maximize short-term profits.
false
A competitive advantage based on location ______.
is sustainable when real estate is difficult or expensive to obtain
A strategy that employs existing products or services to reach new market segments is called
market development
Firms consider pursuing various ______ as part of their overall growth strategies
market segments
The macro strategies for developing customer value include each of the following EXCEPT ______ excellence
marketing
A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.
marketing plan
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
Revenues and profits are commonly used ______ to assess performance.
metrics
In ______ analysis, management evaluates the firm's various products and businesses, then allocates resources according to potential profit outlook.
portfolio
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
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
A smartphone manufacturer makes a new smartwatch that pairs well with its existing phones. This is an example of which growth strategy?
product development
The ______ strategy offers a new product or service to a firm's current target market.
product development
A ______ is a division of the firm itself that can be managed and operated independently from other division
strategic business unit (SBU)
In a SWOT analysis, ______ refer to the positive internal attributes of the firm.
strengths
Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential ______. These refer to a firm's internal attributes as identified during a SWOT analysis.
strengths
Which of the following is the primary question a mission statement should answer?
what type of business are we?
