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