marketing chapter 2
In an attempt to re-establish a prominent market dominance, Merith Vern, a goods transportation company, performed a study of its current and potential environment in which its service would be marketed. In this scenario, Merith Vern has most likely used _____ in an attempt to re-establish the prominence of its service in the market.
a SWOT analysis
In the context of a SWOT analysis, the environmental scanning process is used to
identify market opportunities and threats.
Which of the following statements is true of target markets?
They should be assessed based on demographics.
Which of the following statements is true of a mission statement of an organization?
A mission statement should focus on the markets the organization is attempting to serve.
Which of the following statements is true of marketing objectives?
They should be realistic.
_____ is the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives.
Implementation
In the context of the marketing mix, which of the following statements is true of price?
It can be raised or lowered by marketers.
Which of the following statements is true of a SWOT analysis?
It focuses on organizational resources when examining internal strengths and weaknesses.
Which of the following statements is correct about a niche strategy?
It is suitable for small companies with limited resources.
Which of the following statements is true of cost leadership in the context of cost competitive advantage?
It results from controlling overhead costs and avoiding marginal customers.
_____ is the most critical element in successful strategic planning.
Management commitment
_____ refers to the description and estimation of the size and sales potential of market segments that are of interest to a firm and the assessment of key competitors in these market segments.
Market opportunity analysis
_____ is the managerial process of creating and maintaining a fit between an organization's objectives and resources and the evolving market opportunities.
Strategic planning
Which of the following statements is true of strategic business units (SBUs)?
They require their own strategies and funding
Nutty Chunk is a well-known chocolate brand. Before developing the details of the marketing plan, the managers of the company need to frame the marketing objective. In this case, which of the following can be considered a strong marketing objective?
To increase the sales of Nutty Chunk bars by 5 percent compared to the previous year's sales within a year
A statement of what is to be accomplished through marketing activities is called _____.
a marketing objective
The goal of strategic planning is to
achieve long-run profitability and growth.
Having a _____ means to be an inexpensive competitor in an industry while maintaining satisfactory profit margins.
cost competitive advantage
Effective strategic planning requires _____.
creativity
Marketing myopia refers to
defining a business in terms of goods rather than the benefits customers seek.
To increase sales of its low-fat pizzas in its established market, Dietizza is offering discounts on all its pizzas. According to Ansoff's strategic opportunity matrix, Dietizza has adopted the _____ alternative.
market penetration
Effective strategic planning requires _____.
marketing strategy
Tale Tel is a mobile network operator. To increase its market share, the company installed many booths around Linway city to provide information to the general public about the features of its services. In this scenario, Tale Tel is focusing on the _____ element of the marketing mix.
promotion
Implementing a marketing plan
requires delegating authority and responsibility, determining a time frame for completing tasks, and allocating resources.
Large companies may manage a number of very different businesses called _____.
strategic business units