MKTG 310 Ch.2 questions

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.

Which of the following are examples of strengths that could be identified in a SWOT analysis? (Check all that apply.)

Community involvement A reliable network of spokespeople

Which of the following 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.

operational excellence

Excellent supply chain management, strong supplier relations, and human resource management

A marketing plan includes

Executive Summary, Situation analysis, Objectives,Marketing strategy, Implementation, Evaluation

Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success.

False

Firms achieve operational excellence through which of the following?

Good supply chain management Efficient operations Strong relationships with suppliers

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 of the following is NOT one of the four major growth strategies?

Market analysis

______ consist of consumers who respond similarly to a firm's marketing efforts.

Market segments

What do "weaknesses" refer to in SWOT analysis?

Negative attributes internal to the firm

Disney parks offer excellent customer service by doing what? (Select all that apply.)

Offering extremely friendly customer service Finding and helping people who are lost Training all employees to be able to give customers information

Example of customer loyalty?

Only purchasing dresses at Anthropolgie Only purchasing light fixtures at Home Depot Only purchasing holiday decorations from World Market

Step 2 of a marketing plan involves which of the following?

Performing a situation analysis using SWOT

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

Product

Locational excellence is particularly important for which type of firm?

Retailers

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

STP includes which of the following? (Select all that apply.)

Segmentation Targeting Positioning

What are the four components of a SWOT analysis? (Select all that apply.)

Strengths Opportunities Weaknesses Threats

What factors that affect a sales manager's performance are outside the manager's control? (Select all that apply.)

Successful competition An economic downturn

What do "opportunities" represent in SWOT analysis?

The positive aspects of the external environment

Which of the following statements about strategic planning is true?

The process can move back and forth between steps, depending on the situation.

Which of the following are components of a SWOT analysis? (Select all that apply.)

Threats Opportunities Weaknesses

What are the main purposes of metrics during Step 5? (Select all that apply.)

To explain why things happened To predict what will happen

What is the purpose of evaluating performance during Step 5?

To identify and explain performance above and below expectations

Why do firms use metrics in Step 5 of the marketing plan? (Select all that apply.)

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

In which type of diversification does a firm enter into an entirely new business?

Unrelated

Which of the following is LEAST effective when building a sustainable competitive advantage?

Using only a single strategy

Which of the following is the primary question a mission statement should answer?

What type of business are we?

What are reasons why strategic planning may NOT occur sequentially? (Select all that apply.)

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 strategic opportunities arise

sustainable competitive advantage

an advantage over the competition that is not easily copied and can be maintained over a long period. when a firm does consistently better than its competitors and it is not easily copied One key to long-term financial performance

In Step 2 of the five-step marketing planning process, a firm ______.

assesses how various players, both in and outside the organization, affect the firm's potential for success

In the marketing mix, product is the element that ______ value.

creates

A market segment consists of ______ who respond similarly to a firm's marketing efforts.

customers

A mission statement ______.

defines the scope of activities a firm plans to undertake

STP works through each of the following steps

dividing the marketplace into subgroups determining which subgroups should be pursued positioning its products and services to meet the needs of the chosen targets

Step 5 of the marketing plan involves ______.

evaluating the results of the strategy and implementation program

One firm's competitive advantage makes it ______ for other firms to compete for the same target customers.

harder

locational excellence

having a good physical location and internet presence

A market penetration strategy employs the existing marketing mix and focuses the firm's efforts on ______.

increasing sales to current customers

Product excellence

involves a focus on achieving high-quality products; effective branding and positioning is key

Single Strategy

is not sufficient to build a sustainable competitive advantage

A competitive advantage based on location

is sustainable when real estate is difficult or expensive to obtain

A competitive advantage based on location ______.

is sustainable when real estate is difficult or expensive to obtain

In portfolio analysis, ______. (Check all that apply.)

management allocates its resources to products with the greatest potential to be profitable management evaluates the firm's various products and businesses

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

market penetration

Firms consider pursuing various ______ as part of their overall growth strategies

market segments

A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.

marketing plan

A metric is a ______ that quantifies a trend, dynamic, or characteristic.

measuring system

Revenues, sales, and profits are commonly used ______ to assess performance.

metrics

The product development strategy incorporates a ______ product or service to a firm's ______ target market.

new; current

In a SWOT analysis, ______ pertain to positive aspects of the external environment.

opportunities

Firms should emphasize the importance of consistently good customer service to its employees, so that good customer service becomes part of the

organizational culture

marketing strategy

outlines what a firm plans to do to appeal to potential customers

The three major phases of the marketing plan are:

planning, implementation, control

In ______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook.

portfolio

What does "strengths" refer to in SWOT analysis?

positive internal attributes of the firm

The ______ strategy offers a new product or service to a firm's current target market.

product development

A ______ ______ is a group of products that consumers perceive as similar in some way and that the firm regards as group.

product line

General Electric sells a broad array of products for both businesses and consumers, from jet engines to light bulbs. GE's kitchen appliances would be considered a ______.

product line

A market development strategy uses an existing product offering to ______.

reach new market segments

In a(n) _________diversification, the current target market and/or marketing mix shares something in common with the new opportunity.

related

Some commonly used financial performance metrics include ______. (Select all that apply.)

sales revenue

A marketing strategy identifies each of the following EXCEPT

staffing requirements for the marketing department

A ______ is a division of the firm itself that can be managed and operated independently from other divisions.

strategic business unit (SBU)

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

Step 1 of the marketing plan is focused on

the business mission and objectives

A firm can build sustainable competitive advantage ______.

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

Aging equipment that slows down production is an example of a(n) ______ for the firm.

weakness