Marketing chapter 2

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.

Step 5 of the marketing plan, which entails evaluating the performance of the marketing strategy using marketing metrics and taking any necessary corrective action, is part of which phase?

Control phase

A market segment consists of ________who respond similarly to a firms's marketing efforts.

Customer

excellence, as a competitive advantage, focuses on retaining loyal buyers and offering excellent service.

Customer

Step 5 in the marketing plan process is when a firm the results of the strategy and implementation process.

evaluates

Firms that maintain their sustainable competitive advantage through _________excellence have often done so by investing in their brand and constantly reinforcing their image though their merchandise.

product

Step 3 of the five-step marketing planning procesS

involves segmentation, targeting, and positioning

A firm can begin to implement the marketing mix immediately after which of the following steps?

it has finished segmentation, targeting, and positioning

Brand___________means that customers are reluctant to patronize competing firms.

loyalty

A strategy that employs existing products services to reach new market segments is called

market development

A strategy that employs the existing marketing mix and focuses the firm's efforts on increasing sales to current customers is called

market penetration

Relative market share is used to provide managers with a product's

relative strength

In a SWOT analysis,________refer to the positive internal attributes of the firm.

strengths

Excellent customer service helps build________

sustainable competitive advantage

The process of deciding which specific segment(s) to pursue is known as

targeting

Step 1 of the marketing plan is focused on

the business mission and objectives

In __________of the five-step marketing planning process, marketing managers are responsible fo implementing the marketing mix using the four Ps.

the fourth step

firm can build sustainable competitive advantage

through some business activities over a long period of time when it outperforms competition

A firm needs a marketing plan

to clearly state its overall objectives, to explain how overall objectives will be met, to implement the marketing mix

involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products

market positioning

Which of the following are true regarding market share?

It defines a product's strength in a particular market. It is the percentage of a market accounted for by a specific entity

Which of the following are true regarding market share?

It is the percentage of market accounted for by a specific entity. defines a product's strength in a particular market.

Which of the following are true regarding price?

It will not generate much volume if it is too high. It should be based on the value that the customer perceives.

Firms consider pursuing variousas part of their overall growth strategies.

market segments

A purpose __________of programs is to identify customers through their membership information when they make purchases and they seek to have consumers make an emotional attachment to the brand.

Loyalty

four major growth strategies?

Market penetration Product development Market development diversification

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

identifies 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 _________is a measuring system that quantifies a trend, dynamic, or characteristic

metric

The product development strategy incorporates a __________product or service to a firm's_________target market.

new; current

A firm may set goals such as achieving positive social change and avoiding high risk levels because

not all objectives are profit-driven

The macro strategies for developing customer value include each of the following

operational excellence, locational excellence, customer excellence, product excellence

If a firm has aging equipment that slows down production, this is an example of a(n__________for the firm.

weakness

The three major phases of the marketing plan are

planning, implementation, and control

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

Which of the following are examples of how firms use information from loyalty programs? (Check all that apply)

Tailor their offering to meet the needs of customers, Analyzing buying habits of customers

What do "opportunities" represent in SWOT analysis?

The positive aspects of external environment

Which of the following are the four components of analysis?

Threats Weaknesses Strengths Opportunities

Why do firms use metrics?

To make appropriate adjustments to performance To explain why things happen To make it possible to compare results across regions, product lines, and time periods

True or false: Market segmentation is the process of dividing the market into groups of customers based on their needs, wants, and characteristics.

True

True or false: Operational efficiency generates good value for customers and improves profitability for the firm by keeping costs down.

True

A marketing plan includes

an analysis of the current marketing situation a SWOT analysis marketing objectives and strategy

Pricing is the only marketing activity that

brings in money

In a SWOT analysis, possible threats for firms can include each of the following

competition new regulations that restrict sales of the firm's products adverse economic conditions

A mission statement

defines the scope of activities a firm plans to undertake

strategy introduces a new product or service to a new market segment, one that currently the firm has not targeted

diversification

Which of the following strategies are frequently used to achieve locational excellence?

High density of stores Closer proximity to customers

is the quantity of a market comprised by a specific entity

Market share

Which of the following takes place in Step 4 of a marketing plan?

Marketers implement the marketing mix using the four Ps.

, which includes services , constitutes the first of the four Ps .

Product

is when a firm focuses on having high perceived value and effective branding

Product excellence