Chapter 2 Marketing 321

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

Core competency

Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a

marketing strategy

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

performance standard

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

Jason, a 17-year old high school student, wants to buy a pack of Marlboro Lights. He has the money to purchase them, but he is still not considered to be a market for the product due to his lack of ____ to buy.

Authority

Amazon's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers.

Competitive advantage

All marketing mix decisions must have two characteristics: __________ and __________.

Consistency; reliability

Marketing managers can take each of the following corrective actions for reducing a discrepancy between established performance standards and actual performance except

Coordinating a new step in performance analysis

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?

Developing a marketing strategy

which of the following is a characteristic of a marketing decision

It is consistent with both business- unit and corporate strategy

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 faces 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

Sayed's employer is currently developing a new marketing strategy. The top managers have developed a new strategy and have given it to Sayed so that he can now develop an implementation plan. Sayed's company will most likely end up with which type of strategy?

Realized

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

Strategic business

Managers at the Longshore Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called ____________.

Strategic planning

An analysis of _________ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

Strengths and weaknesses

Harley-Davidson's Harley Owner's Group (HOG) helps to foster strong relationships between riders and their motorcycles, giving it a(n) ____ over other motorcycle manufacturers.

Sustainable competitive advantage

According to the text, marketing 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 these products.

Business decisions made in creating a marketing mix

are only as good as the organization's understanding of the needs of the target market

Emma is responsible for developing and implementing the marketing plan for a new type of walking show targeted toward older women. Her responsibility includes making sure that the production and deliveries to the retail stores are coordinated for this new product. In order for the marketing implementation to be successful, Emma should be sure the needs of _____ customers are met

both the internal and external

According to the Boston consulting group, marketers may classify their products as all of the following except

cash contributors

Rollins Steel Corporation, a leader in industrial supplies, has identified its auto battery unit as having a dominant market share; however, it has low prospects for growth. The unit currently generates more cash for Rollins Steel than is required to maintain its market share. According to the Boston Consulting Group, the auto battery unit would be classified as a

cash cow

Mama Vertalli's Bakery is a family-owned business with over $1 million in annual revenues and six locations. At Mama Vertalli's decisions are sometimes slow in coming and top-level managers delegate very little authority to lower-level employees. Mama Vertalli's is a ______ organization.

centralized

in a traditional organization, marketing decisions are likely to be

centralized at the top levels of the organization

A _________ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

competitive advantage

Apple has made a success from anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the ipad was an example of a _____ for apple, something that an organization does extremely well and may give a company an advantage over its competition

core competency

___ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals

corporate

a firms unique symbols, personalities, and philosophies comprise its

corporate identity

When managers at Logistics 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. Acme is

decentralizing

the first step in the marketing control process is to

establish performance standards

a marketing plan document usually begins with a(n)

executive summary

Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels. - true or false

false

A competitive advantage exists when

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

Megan knows that whether she decides to interact with her customers in person, by phone, online, Facebook, Twitter, or by fac, that _____should ultimately drive the marketing strategy

her customers

Hallaway's Corp.'s new shampoo, VS2, is faltering badly in the market. Hallaway's marketing personnel are unsure who is responsible for various marketing tasks, when these tasks are to be completed, or what resources have been allocated. Hallaway Marketing Director Carolyn Willis said that the problem is that VS2 has the most poorly written ____ she has ever seen.

implementation plan

Zingerman's Deli operates seven retail stores throughout the city. It plans to develop a new marketing plan to extend its number of stores and operating hours. In developing this marketing plan, it has asked its employees for feedback on the changes it plan to makes. In this case, the employees are Zingerman's ____ customers

internal

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

internal marketing

Realizing an increase in both the number of consumers who are environmentally-conscious and the number of consumers who are seeking vehicles that use less gasoline, several car manufacturers have developed hybrid automobiles. This is an example of identifying and capitalizing on a ____ while the strategic window is open.

market opportunity

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

market opportunity

in response to the increase in demand for Organic foods, wegmenss, inc a regional supermarket, recently created organic food departments within their large stores. the creation of these departments was a result of

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

Which of the following is the most specific and detailed type of business strategy

marketing

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

marketing objective

an organizations business goals should be derived from its:

mission statement

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

opportunities

According to the Boston Consulting Group, ____ are characterized as products having a small share of a growing market and requiring large amounts of cash to build market share

question marks

The Texas Pitt Barbecue Corporation has conducted a SWOT analysis of its competition, and sees a marketing opportunity for its new Texas Pit Barbecue restaurant. It has developed its marketing plan to include the type of products it will sell, the location for the restaurant, and the pricing it will use. Their plan includes a marketing objective to make a profit of 5% the first year of operation. So far, the owners of the restaurant have eliminated a key piece of the marketing plan, which is ____.

specifying how they will achieve their marketing objective

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

stars

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a

strategic business unit

a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market

strategic window

successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____

strengths; opportunities

Because of its highly efficient and low-cost distribution system, Walmart has a __ advantage over Kmart

sustainable competitive advantage

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.

target market

Marketing managers at Consolidated Equipment Corporation are involved in establishing marketing performance standards, evaluating performance, and reducing the differences between actual and desired performance. These marketing managers are engaged in

the marketing control process