Quiz 2

Which of the following is not a purpose of the marketing plan?

Serve as a contract with the customer

According to the text, a market is defined as

a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of

a market opportunity

When Disney World wants to have at least 90 percent of its customers indicating they had a memorable and satisfying experience at the park hotels, this is an example of

a marketing objective

High Gliding Air Academy is developing its marketing mix for the coming year. Its managers know that they must first select ______ which may be the most important decision they make in the planning process.

a target market

Gucci Group, a marketer of high-fashion products, achieved a company turnaround by ensuring that its brand had the same image and proper display around the world. It also lowered prices on some items, like handbags, to be more competitive. This illustrates a company working to develop a marketing mix that is both ___________ and ___________ .

consistent; flexible

The reputation and well-known brand name of Rolex watches represents a ___________ for Rolex.

core competency

When managers at Go Pro are developing their strategic plan, they use a market orientation as a guide to ensure that ________ is an integral part of the process.

customer satisfaction

The Kingtel Corporation is expanding operations into countries outside the United States. To improve local managers' responsiveness to local conditions, Kingtel's senior management has decided to delegate decision-making authority further down the chain of command. Kingtel is

decentralizing.

A marketing plan document usually begins with a(n)

executive summary.

competitive advantage exists when a

firm matches a core competency to opportunities it has discovered in the marketplace.

To formulate a marketing strategy, one must

identify and analyze a target market and develop a marketing mix to satisfy individuals in that market.

Starbucks provides training and support to its employees, including health care benefits. Through these ___________ efforts Starbucks is better able to deliver quality products and service3 to its customers.

internal marketing

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

market opportunity.

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's

market share

CyberCycle Inc., is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the

marketing plan.

An expected level of performance against which actual performance can be compared is a

performance standard.

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are

stars.

Kraft purchased the Duracell Battery Company and now operates this division as a separate profit center within the firm. In this example, Duracell is a(n) _____________ unit of Kraft.

strategic business

A strategic window is

temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market