MKT 390: Week 1

What happens during the establish the business portfolio step of strategic planning?

Decisions are made about how to best allocate resources across a company's strategic business units (SBUs) to ensure growth for the entire company.

An analysis of an organization's strengths and weaknesses and the opportunities and threats in its external environment is a __________.

SWOT analysis

__________ utility is the benefit marketing provides by allowing the consumer to own, use, and enjoy the product.

Possession

A want is __________.

a desire for a product used to satisfy a need in specific ways that are culturally and socially influenced

Management prioritizes the satisfaction of customers' needs and wants in a __________ orientation.

consumer

A firm's capability that is superior to that of its competition is known as a __________.

distinctive competency

Form utility is the benefit marketing provides to consumers by

transforming raw materials into finished products

A marketing strategy identifies a firm's target market, its marketing mix, and the bases of a sustainable competitive advantage.

true

Firms can attempt to gain a marketing advantage by dominating their competitors in terms of advertising, sales force, and channel coverage.

true

Questions to be answered in the mission and objectives section of the marketing plan include statements about the 'why' and 'what' of the firm.

true

We calculate relative market share by dividing the firm's absolute portfolio market share by the portfolio market share of the leading competitor.

true

Customers only give up money to sellers in exchange for a good or service. True or False?

false

Firms should only benchmark their products and competitors' products against operating metrics.

false

LTCV helps marketers determine a customer's short-term worth to their company. True or False?

false

Most successful companies marketing mix are done randomly so long as the customer is happy?

false

Socio-cultural trends are not relevant to home builders in the US because most target markets want aspire to largely the same issues.

false

A decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organization's long-term strategic plan, is known as __________.

functional planning

What is a marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers?

green marketing

A market development strategy __________.

introduces existing products to new markets

In a __________ orientation, management moves products out of warehouses so that inventories don't pile up.

selling

Online platforms that allow users to represent themselves via a profile on a Web site and provide and receive links to other network members are known as __________.

social networking

What is shrinkage?

Inventory and cash losses resulting from shoplifting and employee theft

Developing marketing strategies is the __________ step in the market planning process.

3rd

Which of the following describes a mission statement?

A description of the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources

What is a marketing plan?

A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy

What is the value proposition?

A marketing offering that fairly and accurately sums up the value that will be realized if the good or service is purchased

What is an action plan?

An individual support plan included in a marketing plan that provides the guidance for implementation and control of the various marketing strategies within the plan

Which of the following is a practice where firms outsource marketing activities (such as selecting an ad) to a community of users?

Crowdsourcing

What is the second step in the strategic planning process?

Evaluate the internal and external environment.

What are services?

Intangible products that consumers pay for but never own

Which of the following describes a selling orientation approach to marketing?

Management moves products out of warehouses so that inventories don't pile up.

A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market is the __________.

Market Segments

Which growth strategy is designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets?

Market penetration strategy

What is the first step in market planning?

Perform a situation analysis.

With regard to the marketing mix, how is place defined?

The availability of the product to the customer at the desired time and location

Which of the following best describes triple-bottom-line orientation?

The building of long-term bonds with customers rather than merely selling them stuff

Which of the following describes the external environment?

The uncontrollable elements outside an organization that may affect its performance either positively or negatively

What is the marketing mix?

Tools an organization uses to create a desired response among a set of predefined customers

Which of the following describes a management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement?

Total quality management (TQM)

What is the second step in the operational planning process?

Use marketing metrics to monitor how the plan is working.

The five forces that determine the level of competition within an industry are the number and rivalry of present competitors, the threat of new entrants, the threat of substitute products, the bargaining power of suppliers and the _______________________ .

bargaining power of buyers.

A process that entails measuring actual performance, comparing this performance with the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis is a(n) __________.

control

The primary purpose of marketing is to _____________

create value

According to the BCG growth-market share matrix, question marks are strategic business units (SBUs) with __________.

low market shares in fast-growth markets

Seeking to increase sales of existing products to existing markets is part of a __________ strategy.

market penetration

Which of the following is defined as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and societies at large?

marketing

All possible customers in a market, regardless of the differences in their specific needs, are known as a __________.

mass market

Marketing is about satisfying __________ and __________ ?

needs and wants

A plan that focuses on the day-to-day execution of the marketing plan is a(n) __________.

operational plan

Supervisory managers are charged with the planning in the __________ stage.

operational planning

There are potentially 4 types of overarching strategies, built around the marketing mix, to create and deliver value and to develop sustainable competitive advantages. They are customer excellence, operational excellence, _______________ and locational excellence.

product excellence

What marketing management philosophy focuses solely on what manufacturers can make?

production

According to the BCG growth-market share matrix, stars are strategic business units (SBUs) with __________.

products that have a dominant market share in high-growth markets

__________ planning is a managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival.

strategic

The target market is __________.

the segment(s) on which an organization focuses its marketing plan and toward which it develops its marketing efforts