MKTG 310 Ch.2 questions
A firm can begin to implement the marketing mix immediately after which step?
After it has finished segmentation, targeting, and positioning
Which statement is true regarding SBUs?
An SBU may have a different mission or objective from other divisions.
Which of the following are examples of strengths that could be identified in a SWOT analysis? (Check all that apply.)
Community involvement A reliable network of spokespeople
Which of the following is an example of loyalty to a company in a consumer's daily life?
Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices.
operational excellence
Excellent supply chain management, strong supplier relations, and human resource management
A marketing plan includes
Executive Summary, Situation analysis, Objectives,Marketing strategy, Implementation, Evaluation
Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success.
False
Firms achieve operational excellence through which of the following?
Good supply chain management Efficient operations Strong relationships with suppliers
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
Which of the following is NOT one of the four major growth strategies?
Market analysis
______ consist of consumers who respond similarly to a firm's marketing efforts.
Market segments
What do "weaknesses" refer to in SWOT analysis?
Negative attributes internal to the firm
Disney parks offer excellent customer service by doing what? (Select all that apply.)
Offering extremely friendly customer service Finding and helping people who are lost Training all employees to be able to give customers information
Example of customer loyalty?
Only purchasing dresses at Anthropolgie Only purchasing light fixtures at Home Depot Only purchasing holiday decorations from World Market
Step 2 of a marketing plan involves which of the following?
Performing a situation analysis using SWOT
______, which includes services, constitutes the first of the four Ps.
Product
Locational excellence is particularly important for which type of firm?
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
STP includes which of the following? (Select all that apply.)
Segmentation Targeting Positioning
What are the four components of a SWOT analysis? (Select all that apply.)
Strengths Opportunities Weaknesses Threats
What factors that affect a sales manager's performance are outside the manager's control? (Select all that apply.)
Successful competition An economic downturn
What do "opportunities" represent in SWOT analysis?
The positive aspects of the external environment
Which of the following statements about strategic planning is true?
The process can move back and forth between steps, depending on the situation.
Which of the following are components of a SWOT analysis? (Select all that apply.)
Threats Opportunities Weaknesses
What are the main purposes of metrics during Step 5? (Select all that apply.)
To explain why things happened To predict what will happen
What is the purpose of evaluating performance during Step 5?
To identify and explain performance above and below expectations
Why do firms use metrics in Step 5 of the marketing plan? (Select all that apply.)
To make it possible to compare results across regions, product lines, and time periods To make appropriate adjustments to performance
In which type of diversification does a firm enter into an entirely new business?
Unrelated
Which of the following is LEAST effective when building a sustainable competitive advantage?
Using only a single strategy
Which of the following is the primary question a mission statement should answer?
What type of business are we?
What are reasons why strategic planning may NOT occur sequentially? (Select all that apply.)
When the implementation plan cannot move forward because there are too few resources When a situation analysis necessitates that the mission statement be revised When new strategic opportunities arise
sustainable competitive advantage
an advantage over the competition that is not easily copied and can be maintained over a long period. when a firm does consistently better than its competitors and it is not easily copied One key to long-term financial performance
In Step 2 of the five-step marketing planning process, a firm ______.
assesses how various players, both in and outside the organization, affect the firm's potential for success
In the marketing mix, product is the element that ______ value.
creates
A market segment consists of ______ who respond similarly to a firm's marketing efforts.
customers
A mission statement ______.
defines the scope of activities a firm plans to undertake
STP works through each of the following steps
dividing the marketplace into subgroups determining which subgroups should be pursued positioning its products and services to meet the needs of the chosen targets
Step 5 of the marketing plan involves ______.
evaluating the results of the strategy and implementation program
One firm's competitive advantage makes it ______ for other firms to compete for the same target customers.
harder
locational excellence
having a good physical location and internet presence
A market penetration strategy employs the existing marketing mix and focuses the firm's efforts on ______.
increasing sales to current customers
Product excellence
involves a focus on achieving high-quality products; effective branding and positioning is key
Single Strategy
is not sufficient to build a sustainable competitive advantage
A competitive advantage based on location
is sustainable when real estate is difficult or expensive to obtain
A competitive advantage based on location ______.
is sustainable when real estate is difficult or expensive to obtain
In portfolio analysis, ______. (Check all that apply.)
management allocates its resources to products with the greatest potential to be profitable management evaluates the firm's various products and businesses
A strategy that employs the existing marketing mix and focuses the firm's efforts on increasing sales to current customers is called ______.
market penetration
Firms consider pursuing various ______ as part of their overall growth strategies
market segments
A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.
marketing plan
A metric is a ______ that quantifies a trend, dynamic, or characteristic.
measuring system
Revenues, sales, and profits are commonly used ______ to assess performance.
metrics
The product development strategy incorporates a ______ product or service to a firm's ______ target market.
new; current
In a SWOT analysis, ______ pertain to positive aspects of the external environment.
opportunities
Firms should emphasize the importance of consistently good customer service to its employees, so that good customer service becomes part of the
organizational culture
marketing strategy
outlines what a firm plans to do to appeal to potential customers
The three major phases of the marketing plan are:
planning, implementation, control
In ______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook.
portfolio
What does "strengths" refer to in SWOT analysis?
positive internal attributes of the firm
The ______ strategy offers a new product or service to a firm's current target market.
product development
A ______ ______ is a group of products that consumers perceive as similar in some way and that the firm regards as group.
product line
General Electric sells a broad array of products for both businesses and consumers, from jet engines to light bulbs. GE's kitchen appliances would be considered a ______.
product line
A market development strategy uses an existing product offering to ______.
reach new market segments
In a(n) _________diversification, the current target market and/or marketing mix shares something in common with the new opportunity.
related
Some commonly used financial performance metrics include ______. (Select all that apply.)
sales revenue
A marketing strategy identifies each of the following EXCEPT
staffing requirements for the marketing department
A ______ is a division of the firm itself that can be managed and operated independently from other divisions.
strategic business unit (SBU)
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.
strengths
Step 1 of the marketing plan is focused on
the business mission and objectives
A firm can build sustainable competitive advantage ______.
through unique business activities over a long period of time when it outperforms competition
Aging equipment that slows down production is an example of a(n) ______ for the firm.
weakness