MKT ch 2
______ is achieved through efficient operations, excellent supply chain management, and strong relationships with suppliers. -Customer excellence -Operational excellence -Product excellence -Locational excellence
-Operational excellence
Which of the following are components of a SWOT analysis? (Choose every correct answer.) -Opportunities -Sustainability -Weaknesses -Threats
-Opportunities -Weaknesses -Threats
Step 2 of a marketing plan involves which of the following? -Creating a mission statement -Performing a situation analysis using SWOT -Evaluating opportunities -Evaluating performance
-Performing a situation analysis using SWOT
STP includes which of the following? (Choose every correct answer.) -Strengths -Pricing -Positioning -Segmentation
-Positioning -Segmentation
In which type of diversification strategy does a firm enter into an entirely new business? -Related -Unrelated -Competitive -Metric-driven
-Unrelated
What are the four components of a SWOT analysis? (Choose every correct answer.) -Weaknesses -Opportunities -Organization -Strengths -Threats -Technology
-Weaknesses -Opportunities -Strengths -Threats
A market ______ growth strategy focuses on increasing sales of the firm's current products to its current target markets. -acquisition -development -penetration -management
-penetration
In Stage 5, the purpose of a(n) ________ performance , Correct Unavailable evaluation is to figure out problem areas.
performance
In a(n) ____ diversification opportunity, the current target market and/or marketing mix shares something in common with the new opportunity.
related
A firm can begin to implement the marketing mix immediately after which step? -After it has written its mission statement -After it has finished segmentation, targeting, and positioning -After it has completed a SWOT analysis -After it has employed marketing metrics to evaluate performance
-After it has finished segmentation, targeting, and positioning
Which statement is true regarding SBUs? -The term SBU stands for "segmented business unit." -The term refers to parent companies. -SBUs develop as cash cows. -An SBU may have a different mission or objective from other divisions.
-An SBU may have a different mission or objective from other divisions.
What factors that affect a sales manager's performance are outside the manager's control? (Choose every correct answer.) -An economic downturn -Successful competition -Poor implementation of a sales strategy -Inadequate sales force
-An economic downturn -Successful competition
Which scenario is an example of loyalty to a company in a consumer's daily life? -Buying a Pepsi product from the campus vending machine because Pepsi is the only vendor allowed on campus. -Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices. -Getting a haircut from the one barber in town who has an opening in his schedule this afternoon. -Ordering from Pizza Hut because there is a coupon in the mail offering a significant discount.
-Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices.
A market penetration strategy, as one of the possible growth options, may be achieved by which of the following? -Implementing a standard marketing plan -Introducing additional products and services to the current buyers -Encouraging current customers to patronize the firm and the brand more often -Finding new markets for the firm's current products
-Encouraging current customers to patronize the firm and the brand more often
Firms achieve operational excellence through which of the following? (Choose every correct answer.) -Good supply chain management -Efficient operations -Reducing focus on human resources -Strong relationships with suppliers
-Good supply chain management -Efficient operations -Strong relationships with suppliers
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. -weaknesses -opportunities -strengths -threats
-strengths
True or False: The purpose of a marketing strategy is to maximize short-term profits.
False
Which of the following is LEAST effective when building a sustainable competitive advantage? -Using six or more strategies -Using only a single strategy -Using two or three strategies -Using four or five strategies
Using only a single strategy
A marketing plan includes all of the following EXCEPT ______. -projected income statements -marketing objectives and strategy -an analysis of the current marketing situation -a plan on how to pitch investors
a plan on how to pitch investors
True or False: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success.
false
The three major phases of the marketing plan are ______. -human resource management, vendor relations, and competitive advantage -planning, implementation, and control -marketing strategy, macro strategies, and sustainable competitive advantage -locational excellence, product excellence, and operational excellence
planning, implementation, and control
The "T" in STP stands for ____
targeting
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 -Define the business mission -Identify and evaluate opportunities -Evaluate performance
-Implement marketing mix
A portfolio analysis involves which of the following? (Choose every correct answer.) -Management develops the marketing mix for each SBU. -Management evaluates the firm's various products and businesses. -Management identifies and evaluates opportunities using STP. -Management allocates its resources to products with the greatest potential to be profitable.
-Management evaluates the firm's various products and businesses. -Management allocates its resources to products with the greatest potential to be profitable.
When a company that makes protein bars for long-distance runners starts selling the same bars to busy parents as a quick breakfast, it is using which growth strategy? -Diversification -Market penetration -Market development -Product development
-Market development
Which of the following are included in the four major growth strategies? (Choose every correct answer.) -Market analysis -Market penetration -Market development -Product development
-Market penetration -Market development -Product development
Which of the following is NOT an example of customer loyalty? -Only purchasing organic products -Only purchasing holiday decorations from World Market -Only purchasing dresses at Anthropologie -Only purchasing light fixtures at Home Depot
-Only purchasing organic products
Which of the following are steps in the STP process? (Choose every correct answer.) -Positioning its products and services to meet the needs of the chosen targets -Dividing the marketplace into subgroups -Determining which subgroups should be pursued -Countering negative aspects of the external environment
-Positioning its products and services to meet the needs of the chosen targets -Dividing the marketplace into subgroups -Determining which subgroups should be pursued
A smartphone manufacturer makes a new smartwatch that pairs well with its existing phones. This is an example of which growth strategy? -Market penetration -Market development -Product development -Diversification
-Product development
Which of the following is one of the macro strategies for developing customer value through effective branding and positioning? -Advertising excellence -Product excellence -Supply excellence -Communication excellence
-Product excellence
Which of the following is one of the macro strategies for developing customer value through effective branding and positioning? -Product excellence -Supply excellence -Advertising excellence -Communication excellence
-Product excellence
Locational excellence is particularly important for which type of firm? -Call centers -Science research facility -Retailers -Manufacturers
-Retailers
Locational excellence is particularly important for which type of firm? -Manufacturers -Retailers -Call centers -Science research facility
-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 -the four Ps -SWOT -the marketing mix
-STP
Some commonly used financial performance metrics include which of the following? (Choose every correct answer.) -Mission statements -SWOT analysis -Sales revenue -Profits
-Sales revenue -Profits
Which of the following are examples of strengths that could be identified in a SWOT analysis? (Choose every correct answer.) -Strong brand recognition -A reliable network of spokespeople -Heavy reliance on a single product line -An increase in taxation
-Strong brand recognition -A reliable network of spokespeople
What does the term strengths refer to in SWOT analysis? -The negative attributes of a firm -The negative aspects of the external environment -The positive aspects of the external environment -The positive internal attributes of a firm
-The positive internal attributes of a firm
Which statement about strategic planning is true? -The process can move back and forth between steps, depending on the situation. -Skipping a step of the process is fine, but the steps should not be performed out of order. -A strategy created without following the steps in order usually ends up failing or doing poorly. -The steps of the process must always be followed in order.
-The process can move back and forth between steps, depending on the situation.
What is the purpose of evaluating performance during Step 5? -To identify potential layoffs or additional employees required -To highlight employee successes -To identify and explain performance above and below expectations -To identify growth and effectiveness relative to the competitors
-To identify and explain performance above and below expectations
Why do firms use metrics in Step 5 of the marketing plan? (Choose every correct answer.) -To develop integrated marketing communications -To make it possible to compare results across regions, product lines, and time periods -To help stakeholders understand the firm's mission statement -To make appropriate adjustments to performance
-To make it possible to compare results across regions, product lines, and time periods -To make appropriate adjustments to performance
What are the main purposes of metrics during Step 5? -To predict what will happen -To understand the needs of a market segment -To consider how best to position the firm -To explain why things happened
-To predict what will happen -To explain why things happened
Which of the following is the primary question a mission statement should answer? -Where do we want to be in five years? -What specific tasks should we perform in the next year? -What are our short-term goals? -What type of business are we?
-What type of business are we?
What are reasons why strategic planning may NOT occur sequentially? (Choose every correct answer.) -When the economy has had six consecutive months of steady growth and projections indicate that the trend will continue -When a situation analysis necessitates that the mission statement be revised -When the implementation plan cannot move forward because there are too few resources -When new logical alternatives arise
-When a situation analysis necessitates that the mission statement be revised -When the implementation plan cannot move forward because there are too few resources -When new logical alternatives arise
A mission statement ______. -maximizes profits and dividends -enhances the value of a firm's products -details how a firm can avoid risks -defines the scope of activities a firm plans to undertake
-defines the scope of activities a firm plans to undertake
A ______ strategy introduces a new product or service to a new market segment, one that the firm has not yet targeted. -product development -market penetration -market development -diversification
-diversification
Step 5 in the marketing plan process is when a firm ______ the outcome of the strategy and implementation process. -cancels -sustains -builds -evaluates
-evaluates
Step 5 of the marketing plan involves ______. -defining the firm's mission and objectives -implementing the marketing mix elements for customers -evaluating the results of the strategy and implementation program -performing the STP process
-evaluating the results of the strategy and implementation program
A competitive advantage based on location ______. -is sustainable when real estate is difficult or expensive to obtain -is sustainable when the retail location is close to similar stores -is unsustainable because customer service is more important -is unsustainable because location is unimportant
-is sustainable when real estate is difficult or expensive to obtain
A strategy that employs existing products or services to reach new market segments is called ______. -product development -market penetration -market development -diversification
-market development
Firms consider pursuing various ______ as part of their overall growth strategies. -metrics -market segments -portfolio analyses -mission statements
-market segments
The macro strategies for developing customer value include each of the following EXCEPT ______ excellence. -marketing -product -locational -operational
-marketing
A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements. -business plan -financial plan -strategic plan -marketing plan
-marketing plan
A ______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage. -marketing metric -market statement -mission statement -marketing strategy
-marketing strategy
A metric is a ______ that quantifies a trend, dynamic, or characteristic. -promotional plan -marketing plan -product or service -measuring system
-measuring system
Revenues and profits are commonly used ______ to assess performance. -metrics -mission statements -segments -strategies
-metrics
Product excellence ______. -does not achieve competitive advantage -yields cost savings -is achieved through efficient operations and efficient production -occurs by having products with high perceived value and effective branding and positioning
-occurs by having products with high perceived value and effective branding and positioning
In ______ analysis, management evaluates the firm's various products and businesses, then allocates resources according to potential profit outlook. -contingency -operations -growth options -portfolio
-portfolio
Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using ______ excellence. -locational -operational -customer -product
-product
The ______ strategy offers a new product or service to a firm's current target market. -product development -market development -market penetration -product expansion
-product development
A ______ is a division of the firm itself that can be managed and operated independently from other divisions. -marketing department -target market -market segment -strategic business unit (SBU)
-strategic business unit (SBU)
In a SWOT analysis, ______ refer to the positive internal attributes of the firm. -weaknesses -opportunities -strengths -threats
-strengths
