MKTG 409 Pride CH2 ATP

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 _____. implementing the marketing mix maintaining their corporate identity a marketing objective a strategic plan a mission statement

a marketing objective

A performance standard is defined as: a. an expected level of performance against which actual performance can be compared b. analysis of sales figures to evaluate performance c. a judgment regarding an employee's level of performance in making marketing decisions d. analysis of costs to determine their association to specific marketing activities

a. an expected level of performance against which actual performance can be compared

A competitive advantage exists when a ____. a. firm matches a core competency to opportunities it has discovered in the marketplace b. firm does marketing better than its competitors c. combination of circumstances and timing allow a firm to reach an attractive target market d. firm observes a fit between the key requirements of a market and its own capabilities e. firm has a strong marketing plan

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

Which of the following is the best definition of a market? a. a group of individuals who have the ability to purchase products or services b. 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 those products c. a group of individuals who desire the products and services a firm offers d. a select group of business buyers who have the authority to make purchasing decisions

b. 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 those products

Which of the following best defines a market opportunity? a. Things a company does extremely well which may lead to an advantage. b. Assessment of an organization's strengths, weaknesses, opportunities and threats. c. A combination of circumstances and timing that permits an organization to take action to reach a particular target market. d. Temporary periods of optimal fit between the market and the capabilities of an organization.

c. A combination of circumstances and timing that permits an organization to take action to reach a particular target market.

When a company matches a core competency to opportunities in the marketplace, it possesses a: market opportunity. strategic fit. competitive advantage. strategic window.

competitive advantage

Market penetration is a type of _______. organizational resource market growth strength diversification competitive growth strategy

competitive growth strategy

Apple has developed a reputation as an innovative company and established a leader position in the "tablet" category of computing devices with their introduction of the iPad—the first of its kind. Today, Apple faces stiff competition from Samsung, Google, and Microsoft but is maintaining a dominant position in the tablet market. Using the Boston Consulting Group's Growth Share Matrix, which of the following strategies would be most appropriate for the iPad line of products? a. divest the product line and/or stop producing the iPad b. utilize the revenue supplied by the product line to support other products, such as the Apple Watch c. seek to reestablish the product line and generate interest in the product category d. continue to innovate, promote, and support the product line by investing resources in order to continue growth

continue to innovate, promote, and support the product line by investing resources in order to continue growth

Misty O'Brien is responsible for the social media marketing activities for her company and currently utilizes Facebook, Instagram, Twitter and Pinterest to communicate with customers, reinforce customer relationships, and drive revenues and profitability. She utilizes a technology platform called Hootsuite to schedule posts to Facebook, Twitter, Instagram, and Pinterest and the program also enables Misty to share her workload among members of her team, other departments, or regions of the company. Misty primarily utilizes Hootsuite to schedule posts so that she can match the various social media content to specific marketing objectives according to the days or months of the year that are most appropriate for her company. Therefore, Hootsuite assists Misty with which of the following marketing implementation activities? communicating within the marketing unit coordinating marketing activities establishing a timetable for implementation motivating marketing personnel

establishing a timetable for implementation

A strategic window results from the right combination of circumstances and timing, allowing a firm to take action to reach a particular target market. True False

false. Strategic windows are temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market. A market opportunity exists when there is the right combination of circumstances and timing, allowing a firm to take action to reach a particular target market.

Forever 21 is the authority on fashion and the go-to retailer for the latest trends, must-have styles, and the hottest deals. The retail stores are typically found in shopping malls across the country and are exciting places to shop—featuring bright lights, attractive displays, loud music, and a club-type atmosphere. Which of the following would most likely be the "best" target market for Forever 21? men aged 40 or older children aged 10 or under females aged 16 to 22 females aged 40 or older

females aged 16 to 22

What is the first step in creating a marketing strategy? identifying the marketing organization structure modifying the marketing mix establishing profit objectives identifying the target market

identifying the target market

The Boston Consulting Group Matrix, which is commonly used by firms engaged in strategic planning activities is a two-dimensional model where a company can classify its products or business units into four different quadrants. One dimension represents the proportion of a market that actually purchases the product from the company and is termed target market. market growth. market position. market share.

market share

The process of putting marketing strategies into action is called ____. marketing implementation marketing control marketing action marketing auditing the marketing action plan

marketing implementation

Which section of the marketing plan would most likely include a chart, which specifies the roles and specific responsibilities of various members of the organization who are accountable for executing the marketing strategies necessary to achieve the organization's objectives? performance evaluation marketing objectives marketing strategies marketing implementation

marketing implementation

Our Lady Hospital is interested in providing a high level of care to its patients and is concerned with both clinical outcomes as well as patient satisfaction. As part of a recent strategic planning effort, Our Lady Hospital's president shared the following statement with its staff: Our Lady Hospital seeks to achieve a 97% patient satisfaction rating and reduce readmittance to the hospital for similar ailments by 15% over the next six months. This statement is an example of: marketing tactic mission statement strategic competency marketing objective

marketing objective

The marketing plan is a written document that specifies the marketing activities to be performed to implement and evaluate the organization's marketing strategies. The plan includes many sections and is a time-consuming process. The ___________ section states what the company wants to accomplish through marketing activities and highlights ___________ in the external environment that could produce rewards for the organization if acted upon. marketing implementation; threats executive summary; strengths marketing objectives; opportunities environmental analysis; opportunities

marketing objectives; opportunities

In 1996, an entrepreneur and athlete launched the business, Under Armour with one product now known as their classic t-shirt that boosts muscle performance and wicks moisture, keeping athletes cool, dry, and light. Under Armour continues to innovate, creating new products such as its line of shoes using the brand name, SpeedForm. While the sales of the shoes are catching on, Under Armour has a small proportion of total category sales in a high growth product category. Which quadrant of the Boston Consulting Group matrix would be most accurate for Under Armour's shoe line? star cash cow question mark dog

question mark

Scenario 2.1. Menards is a family-owned company headquartered in Eau Claire, Wisconsin, with 280 retail store locations offering home improvement products, services, and expertise across the Midwest. Since its founding in 1964, Menards has developed a reputation as the low-price leader and communicates its focus on low prices with the advertising slogan and jingle, "Save Big Money at Menards." In addition to offering low prices, Menards is committed to providing a high level of quality service to their customers and treats guests like family in a local, hometown hardware store atmosphere. Menards puts customers first and employs individuals who are knowledgeable and possess expertise to answer customer questions about products or provide advice about completing a home improvement project. Menards stocks their stores with a vast selection of name-brand and private-label products that include tools, materials and supplies for home improvement projects. Menards continues to flourish and sales are strong since many consumers are choosing to make improvements to their homes rather than upgrade to a larger, more expensive home. Menards is led by its founder, John Menard who rules the chain of stores with an iron fist. He is very demanding and insists that everyone keep track of their work hours using a time clock. John Menard is the key decision-maker for the retail chain and makes location decisions for products within the store, establishing visual merchandising plans and even determines which cleaning product maintenance employees utilize to keep the stores' floors polished and sparkling. Over the years, John Menard has developed quite a reputation and employees who don't toe the line and comply with his rules get fined or are encouraged to seek employment elsewhere. Refer to Scenario 2.1. The ability of Menards to hire employees who deliver a high level of quality service, possess expertise, and strive to put customers first would most likely be characterized as a(n) _________ during a SWOT analysis of the firm. threat weakness opportunity strength

strength

Mitch Ford is an avid car fan and would love to own a Lotus Evora—a luxury sports car priced around $90,000. Mitch now drives a Hyundai Genesis that he purchased for under $30,000, which is in his price range. Which characteristic of a "market" is exemplified by this example? authority to purchase willingness to purchase capability to purchase needs for the product

capability to purchase

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 _____. dog cash cow star cash contributor question mark

cash cow

The Nintendo handheld family of games known as the 3DS has had a strong market share position and is still popular for many consumers, but its opportunity for growth is hindered by the increased popularity of game applications for smart phones. Which quadrant of the Growth Share Matrix would best describe the Nintendo's 3DS? question mark dog cash cow star

cash cow

Jamal Nassar is employed as a marketing analyst with Bright Horizons, Inc. and is currently assisting the VP Marketing with the marketing plan. Jamal has been tasked with assessing a variety of factors, such as competitive, economic, political, legal, regulatory, technological, and sociocultural that could affect various marketing activities. Which section of the marketing plan is Jamal developing? environmental analysis executive summary marketing objectives SWOT analysis

environmental analysis

PepsiCo includes six global divisions that make and distribute a diverse range of products. Two divisions are Frito Lay and Quaker Foods, which are considered ___________ units of PepsiCo. strategic business spin-off supplemental diverse

strategic business

Why is sales analysis a common method of evaluation? a. Sales data allow a marketer to allocate the firm's marketing resources better in the future. b. Sales data are readily available and can reflect the target market's reactions to a marketing mix. c. Sales data provide the most accurate picture of whether a firm reached its performance standards. d. Sales data lets a company evaluate the performance of marketing strategy by comparing sales achieved and costs sustained. e. Sales analysis results are not impacted by the marketing strategies of competing firms.

b. Sales data are readily available and can reflect the target market's reactions to a marketing mix.

According to the Boston Consulting Group, question marks are characterized as products _____. a. having a small share of a growing market and requiring large amounts of cash to build market share b. generating more cash than is required to maintain market share c. encompassing the greatest number of product categories d. existing at a cost disadvantage and revealing few opportunities for growth at a reasonable cost e. having substantial reported profits but needing a lot of cash to finance the rate of growth

a. having a small share of a growing market and requiring large amounts of cash to build market share

To formulate a marketing strategy, one must ____. a. identify and analyze a target market and develop a marketing mix to satisfy individuals in that market b. develop a statement of what is to be accomplished through marketing activities c. develop plans for implementation and control d. develop an adequate marketing control process e. determine marketing objectives

a. identify and analyze a target market and develop a marketing mix to satisfy individuals in that market

What is the first step in the strategic planning process? a. identifying the organizational mission and goals b. developing corporate business-unit strategies c. analyzing strengths, weaknesses, opportunities, and threats of the organization d. specifying the marketing mix

a. identifying the organizational mission and goals

According to the Boston Consulting Group Growth Share Matrix, products labeled as "dogs" are a. often found in established markets, have low prospects for growth, and a lower share of the market. b. easy targets that can be converted to a star. c. important to the firm and require a large amount of cash to build market share in a growing market. d. considered to have low opportunities for growth but possess a dominant share of the market.

a. often found in established markets, have low prospects for growth, and a lower share of the market.

The Four Seasons Spa and Salon has developed a list of marketing objectives as part of its strategic planning process. Which of the following is the best marketing objective and follows the guidelines regarding the characteristics marketing objectives should possess? a. Increase profitability compared to last year. b. Increase guest satisfaction from 90% to 95% within six months as measured via an online customer satisfaction survey guests will receive via email one business day following the guest's service. c. Decrease employee turnover. d. Generate word-of-mouth advertising through customer referrals.

b. Increase guest satisfaction from 90% to 95% within six months as measured via an online customer satisfaction survey guests will receive via email one business day following the guest's service.

Which of the following best exemplifies the concept of a "strategic window"? a. WalMart's use of their supply chain and logistics capabilities to deliver products to their stores within 24 hours. b. Sledgehammer Games' ability to sign actor Kevin Spacey, known for his role in House of Cards, to play Jonathan Irons, the CEO of a global private military firm in their popular video game, Call of Duty: Advanced Warfare. c. McDonald's ability to offer McCafe coffee products in their stores. d. Harley Davidson's ability to leverage their iconic brand to attract new and loyal customers who want to experience life on the open road and enjoy owning a high-quality motorcycle.

b. Sledgehammer Games' ability to sign actor Kevin Spacey, known for his role in House of Cards, to play Jonathan Irons, the CEO of a global private military firm in their popular video game, Call of Duty: Advanced Warfare.

Many companies attempt to benchmark their performance against other firms in their industry. The American Customer Satisfaction Index (ACSI) is the nation's only cross-industry measure of customer satisfaction, giving businesses science-based insights across the complete arc of the customer experience. The ACSI conducts research and reports its findings using a 100-point scale across a variety of industries such as insurance, healthcare, travel, restaurant, and hospitality. A recent listing of companies in the wireless telephone communications service industry reported customers rated TracFone Wireless the highest with an ACSI score of 77 and Spring the lowest at 65. Verizon and AT&T were rated relatively the same with scores of 71 for Verizon and 70 for AT&T. These ACSI ratings assist companies with which of the following activities? a. controlling marketing activities b. evaluating actual performance c. empowering employees d. determining strengths, weaknesses, opportunities, and threats

b. evaluating actual performance

Ancient Harvest is a producer and marketer of grain and pasta products to retail stores worldwide and is hoping its gluten free, non-GMO and organic quinoa products become a staple item in American households. Quinoa is an ancient grain and is also a complete protein, which means it provides all nine essential amino acids necessary for good health, hence the name "essential." Which of the following would be the "best" target market for Ancient Harvest's quinoa products? a. high school students aged 15 to 18 who are looking for a quick after-school snack b. health-conscious consumers who are concerned about pesticides, genetically modified products and desire to eat healthy and provide healthy food for their families c. fast-food restaurants looking for alternatives to French fries d. families who typically purchase processed foods such as Kraft macaroni and cheese

b. health-conscious consumers who are concerned about pesticides, genetically modified products and desire to eat healthy and provide healthy food for their families

UPS's is changing its tagline from "We Love Logistics" to "United Problem Solvers" to communicate their capabilities to serve as a consultant and help their customers achieve business objectives ranging from improved customer service to expansion into new markets. They are considered partners and offer many types of outsourced services to their customers. UPS's ability to leverage their capabilities in supply chain and logistics is an example of which marketing concept? a. strategic window b. market problem c. competitive advantage d. enhanced benefit

c. competitive advantage

Scenario 2.2. Growing Grounds is a full-service nursery and landscaping company that offers a wide selection of plant and landscape materials for its customers. The spring, summer, and fall seasons are the best times of the year for Growing Grounds and they have been experimenting with adding new products and services each year. Growing Grounds has an extensive line of trees, which can be planted by the customer or installed by its tree service for a minimal fee. In addition, they offer landscaping services and quite frequently work with home builders to install grass and bedding plants for new home construction projects. Growing Grounds also has a wide selection of bushes, ornamental plants, and seasonal plants such as vegetables. Over the years, Growing Grounds has added more "heirloom" plants to its line of vegetables that are organically grown and contain no genetic modifications. Growing Grounds has noticed that many consumers are concerned about genetic modifications as well as the use of pesticides. Moreover, consumers want to grow their own vegetables and enjoy the opportunity to harvest and eat the food that they have grown in their gardens. In its market, Growing Grounds has a reputation for serving the commercial business-to-business market with landscaping services, which is a stable market and one where they possess a large market share. However, they are hoping to grow its direct-to-consumer business by adding a full line of vegetable plants since home-grown vegetables and home-based gardening is growing in popularity. Refer to Scenario 2.2. According to the BCG matrix, the landscaping services Growing Grounds provides to business-to-business customers would be classified as _________, while the vegetable plants marketed toward household consumers would be classified as __________. star; question mark cash cow; star cash cow; question mark question mark; cash cow

cash cow; question mark

Carriage House Door Company is a closely held family-owned company that sells doors to businesses and consumers. The business-to-business market is designed to serve retail stores with a variety of glass doors, steel security doors and decorative doors while the business-to-consumer business focuses on upmarket designer wood doors and classic garage doors that are distinct from those sold in the big "box" retailers, such as Menards or Home Depot. Carriage House Doors employs approximately 50 individuals who report directly to the company president and owner, Don Mathis. Don runs his company with tight control over his employees and dictates all company policies and decisions. Employees must double-check with Don before they agree to any requests from customers such as changes in pricing, delivery or other terms negotiated as part of the buyer-seller agreements. It's likely that Carriage House Door Company has implemented a ____________ organizational structure. centralized decentralized centralized controlled paternal

centralized

Scenario 2.1. Menards is a family-owned company headquartered in Eau Claire, Wisconsin, with 280 retail store locations offering home improvement products, services, and expertise across the Midwest. Since its founding in 1964, Menards has developed a reputation as the low-price leader and communicates its focus on low prices with the advertising slogan and jingle, "Save Big Money at Menards." In addition to offering low prices, Menards is committed to providing a high level of quality service to their customers and treats guests like family in a local, hometown hardware store atmosphere. Menards puts customers first and employs individuals who are knowledgeable and possess expertise to answer customer questions about products or provide advice about completing a home improvement project. Menards stocks their stores with a vast selection of name-brand and private-label products that include tools, materials and supplies for home improvement projects. Menards continues to flourish and sales are strong since many consumers are choosing to make improvements to their homes rather than upgrade to a larger, more expensive home. Menards is led by its founder, John Menard who rules the chain of stores with an iron fist. He is very demanding and insists that everyone keep track of their work hours using a time clock. John Menard is the key decision-maker for the retail chain and makes location decisions for products within the store, establishing visual merchandising plans and even determines which cleaning product maintenance employees utilize to keep the stores' floors polished and sparkling. Over the years, John Menard has developed quite a reputation and employees who don't toe the line and comply with his rules get fined or are encouraged to seek employment elsewhere. Refer to Scenario 2.1. Menard's founder, John Menard most likely has implemented a(n) ___________ organizational structure. centralized egalitarian decentralized centralized flexible

centralized

Standard Chemical Company manufactures specialty chemicals that are utilized by companies, such as Procter & Gamble in the production of their soaps, lotions, and shampoos. Standard Chemical recently conducted a customer satisfaction survey among its business customers in the consumer products market and noted that the satisfaction ratings are lower than last year's ratings. As part of the survey, participants were given the opportunity to make recommendations regarding how Standard Chemical could improve and a large number of customers noted that the sales representatives took a long time to respond to customer questions, did not seem empowered to make decisions, and were required to obtain approval from top management. If Standard Chemical Company wants to improve its ability to serve customers and achieve higher levels of customer satisfaction, they should move from a(n) _________ organization structure to a(n) __________ organization structure. centralized; decentralized decentralized; centralized decentralized; autonomous egalitarian; autonomous

centralized; decentralized

Green Mountain, Inc. manufacturer of the Keurig brand of coffee makers, created an innovative and new category of coffee makers using their trademarked "K-cups" for single-serve coffee. Other companies are now producing both the cups and coffee makers competing against Green Mountain and the Keurig brand. The coffee category remains strong, possesses opportunities for growth and Keurig is maintaining a dominant position in the marketplace. Using the Boston Consulting Group's Growth Share Matrix, which of the following strategies would be most appropriate for the Keurig line of coffee makers? a. continue to innovate, promote, and support the product line by investing resources in order to continue growth b. utilize the revenue supplied by the product line to support other products c. seek to reestablish the product line and generate interest in the product category d. divest the product line and/or stop producing the Keurig coffee maker

continue to innovate, promote, and support the product line by investing resources in order to continue growth

Recently UPS began utilizing the tagline "United Problem Solvers" in its advertising campaign. According to a company spokesperson, the tagline provides a different interpretation of the company acronym, which they hope will show that UPS can serve as a consultant to help companies achieve business objectives ranging from improved customer service to expansion into new markets. The use of its symbol (UPS) and the advertising that conveys its personality and philosophy is an example of value statement. corporate identity. corporate character. competitive position.

corporate identity

Scenario 2.1. Menards is a family-owned company headquartered in Eau Claire, Wisconsin, with 280 retail store locations offering home improvement products, services, and expertise across the Midwest. Since its founding in 1964, Menards has developed a reputation as the low-price leader and communicates its focus on low prices with the advertising slogan and jingle, "Save Big Money at Menards." In addition to offering low prices, Menards is committed to providing a high level of quality service to their customers and treats guests like family in a local, hometown hardware store atmosphere. Menards puts customers first and employs individuals who are knowledgeable and possess expertise to answer customer questions about products or provide advice about completing a home improvement project. Menards stocks their stores with a vast selection of name-brand and private-label products that include tools, materials and supplies for home improvement projects. Menards continues to flourish and sales are strong since many consumers are choosing to make improvements to their homes rather than upgrade to a larger, more expensive home. Menards is led by its founder, John Menard who rules the chain of stores with an iron fist. He is very demanding and insists that everyone keep track of their work hours using a time clock. John Menard is the key decision-maker for the retail chain and makes location decisions for products within the store, establishing visual merchandising plans and even determining which cleaning products maintenance employees utilize to keep the stores' floors polished and sparkling. Over the years, John Menard has developed quite a reputation and employees who don't toe the line and comply with his rules get fined or are encouraged to seek employment elsewhere. Refer to Scenario 2.1. Menard's advertising slogan and jingle, "Save Big Money at Menards" is part of its _________ which supports all corporate activities including marketing. marketing plan organizational structure marketing mix corporate identity

corporate identity

Al Lewis is divisional sales manager with a national paint distribution company. He is responsible for managing the activities of 25 sales representatives who serve a five-state region of the United States. Al is currently conducting performance evaluations of the sales representatives and is calculating the relationship between the sales representative's compensation and the revenue they have generated for the company. One sales representative earned $128,000 in total compensation (base salary plus commission) and generated $768,000 in revenue while another representative was paid $150,000 in total compensation and generated $1,200,000 in revenue. Al is conducting the analysis as part of his annual report and individual employee performance review. What type of analysis can Al Lewis perform utilizing the data related to sales representative compensation and earned revenue? sales analysis cost analysis advertising analysis engagement analysis

cost analysis

A consultant is working with St. Joseph Hospital to assist them with a strategic planning initiative. The consultant has emphasized that the Hospital should employ a market orientation since it emphasizes the importance of ___________ to the entire organization. employee performance customer satisfaction quality outcomes profitability

customer satisfaction

Apple has developed a reputation for their ability to deliver products that provide an artistic design aesthetic through high levels of quality and attention to detail. For example, the laptops are designed so they can be opened with just one finger using a special groove on the front lip of the laptop. Apple's reputation for design and their ability to create functional features that enhance the user's experience represents a(n) __________ for the company. a. opportunity b. user benefit c. strategic window d. core competency

d. core competency

The marketing plan specifies the marketing activities to be performed to implement and evaluate the organization's marketing strategies. Which of the following is not one of the reasons why the marketing plan is an important document for organizations? a. it helps marketing managers monitor and evaluate the marketing strategy. b. it provides a uniform marketing vision for the firm. c. it delineates marketing responsibilities and tasks. d. it specifies the contractual relationship between consumers and the organization.

d. it specifies the contractual relationship between consumers and the organization.

Juan Rodriguez is a marketing analyst for Computer Solutions, a firm that provides consultative services, web hosting, and technology maintenance and service for a wide variety of applications, such as computers, networks, and computer-controlled manufacturing equipment. Juan is responsible for contributing information related to the environmental analysis section of the firm's marketing plan and must provide information about the company's current situation with respect to the marketing environment. He has brainstormed a list of environmental factors and his next step is to classify them into various categories such as competitive, economic, political, technological, sociocultural, and legal/regulatory. Which of the following factors would be best classified as technological factors? a. environmental regulations, tax policy, and health and medical trends b. foreign exchange rates, trade policy, and population growth rates c. tax rates, health and medical trends, and foreign exchange rates d. secure systems, encryption technology, and digital certificates using secure sockets layer protocol mechanisms (SSL)

d. secure systems, encryption technology, and digital certificates using secure sockets layer protocol mechanisms (SSL)

Coyote Logistics is a provider of third-party logistics services and assists customers in managing their supply chain. Employees of Coyote Logistics are extremely satisfied with the company's culture and feel empowered to make decisions. In addition, they are able to quickly respond and adapt rapidly to changing customer needs. It's likely that Coyote Logistics has implemented a ____________ organizational structure. decentralized centralized controlled paternal

decentralized

Shaun Taylor is the brand manager for the athletic shoe division of Fleet Sports and really enjoys the opportunity to manage his budget and select the marketing activities that he believes are most appropriate in achieving his objectives. Since Shaun has both authority and responsibility for making marketing decisions, he can quickly respond to changes in the marketplace or fluctuations in demand. Which type of organization structure would best describe Fleet Sports? decentralized command and control authoritarian paternalistic

decentralized

The following passage is an often-expressed critique of one of the two types of decision-making structures: Another disadvantage of this structure is that the organization may become fragmented. Business units may lose their sense of team spirit and cooperation. Some business units may put their own interests ahead of those of the company as a whole. Innovative ideas that once spread through the company quickly may now remain within individual business units. Which one of the following decision-making structures is this critique referring to? centralized organizational structure remote organizational structure functional organizational structure process organizational structure decentralized organizational structure

decentralized organizational structure

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? establishing marketing objectives coordinating marketing activities organizing marketing functions developing a marketing strategy planning marketing activities

developing a marketing strategy

Your company is holding its annual five-year strategic planning conference. The purpose of the conference is to solidify the go-forward tactics and strategies to enable the company to compete effectively in its industry. You are managing this conference and the various breakout sessions that will take place. Consistent with the sequence of the traditional strategic planning process, the first breakout session should be ____. a. a session where the overall corporate strategy is developed b. a session where the marketing environment is analyzed c. a session where individual business-unit strategies are developed d. a brainstorming session to create SWOT analysis e. a session where the firm's mission and goals are established or revised

e. a session where the firm's mission and goals are established or revised

Scenario 2.2. Growing Grounds is a full-service nursery and landscaping company that offers a wide selection of plant and landscape materials for its customers. The spring, summer, and fall seasons are the best times of the year for Growing Grounds and they have been experimenting with adding new products and services each year. Growing Grounds has an extensive line of trees, which can be planted by the customer or installed by its tree service for a minimal fee. In addition, they offer landscaping services and quite frequently work with home builders to install grass and bedding plants for new home construction projects. Growing Grounds also has a wide selection of bushes, ornamental plants, and seasonal plants such as vegetables. Over the years, Growing Grounds has added more "heirloom" plants to its line of vegetables that are organically grown and contain no genetic modifications. Growing Grounds has noticed that many consumers are concerned about genetic modifications as well as the use of pesticides. Moreover, consumers want to grow their own vegetables and enjoy the opportunity to harvest and eat the food that they have grown in their gardens. In its market, Growing Grounds has a reputation for serving the commercial business-to-business market with landscaping services, which is a stable market and one where they possess a large market share. However, they are hoping to grow its direct-to-consumer business by adding a full line of vegetable plants since home-grown vegetables and home-based gardening is growing in popularity. Refer to Scenario 2.2. The interest in home-based gardening is driven by consumers' desire to have fresh produce that is not genetically modified and pesticide free which represents a(n) _________ and creates a ____________ for Growing Grounds. environmental factor; marketing opportunity environmental factor; competitive advantage strategic window; sustainable competitive advantage competitive advantage; marketing opportunity

environmental factor; marketing opportunity

Keith Cole is a professional photographer known for stunning landscapes from the world's most beautiful places. He enters his photography in juried art fairs and then exhibits his work to patrons who visit the art fair. He accepts cash and credit cards and really enjoys the freedom to utilize Square, which is a mobile payment product that attaches to his smartphone. Square developed their product specifically for small businesses like Keith's so they could more easily accept credit payments in multiple locations using their smartphone. Square's ability to launch its product to the small business customer like photographer, Keith Cole is an example of: market opportunity strategic excellence competitive superiority SWOT analysis

market opportunity

Many consumers today suffer from gluten allergies and companies are now modifying their products to provide gluten-free alternatives. Over the last few years, sales of gluten-free foods have surged over 68% and sales are approximately $9 billion annually with companies such as General Mills and Hormel catering to consumers who prefer gluten-free products. Some market analysts believe the interest in gluten-free products is just another diet fad with the exception of the 1% of the population who suffer from Celiac disease and need gluten-free products. Approximately 39% of all food manufacturers are capitalizing on consumers' interest in gluten-free products. According to the text, the interest in gluten-free products represents a: competitive advantage. strategic window. core competency. market opportunity.

market opportunity

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. marketing mix market opportunity objective requirement goal

marketing opportunity

A written document that specifies the marketing activities to be performed to implement and evaluate the organization's marketing strategies is called a: marketing plan strategic analysis marketing mix plan SWOT analysis

marketing plan

LaTonya Davis was recently hired as the brand manager for Golden Harvest's organic grains division of products including the popular ancient grain, quinoa. LaTonya has been familiarizing herself with the performance of the various products as well as the marketing activities to generate revenue and profitability. LaTonya has started to meet with various marketing personnel who are responsible for different marketing tasks, such as channel sales, publicity, special events, and advertising and is growing concerned since each member of the team has a different perception or vision as well as competing objectives. LaTonya realizes that she and her team must devote time to create a ___________. marketing analytics analysis marketing objective and task document marketing plan marketing promotion schedule

marketing plan

PepsiCo operates six global divisions that make and distribute a diverse range of products. Within each global division, PepsiCo is proud of its brands and has a loyal customer following. The Frito Lay division is responsible to make, market, sell, and distribute some of the most popular snack foods in the United States, including Lay's potato chips, Doritos tortilla chips, Cheetos cheese flavored snacks, Tostitos tortilla chips and branded dips, Ruffles potato chips, and Fritos corn chips. Each of these popular brands has an executive brand manager who is responsible for developing a written document specifying the various marketing activities that will be performed to implement and evaluate the brand's marketing strategies. This written plan is called a: strategic performance evaluation. strategic window. sales analysis. marketing plan.

marketing plan

Phoenix Sailing, a charter sailing tour company based in Chicago, Illinois, near Navy Pier is developing a document to assist them in differentiating their business from other tourist organizations as well as specifying the various activities that should be performed to achieve their goals and objectives when implementing marketing tactics. What type of document is Phoenix Sailing developing? strategic analysis marketing plan marketing mix plan SWOT analysis

marketing plan

J.C. Penney is presently involved in a process of assessing marketing opportunities and resources, determining marketing objectives, redefining marketing strategies, and developing guidelines for implementation and control. Thus, J.C. Penney is involved in ___. strategic analysis marketing planning marketing management marketing market organization

marketing planning

Best Buy has been engaged in a lengthy process to understand its customers and has identified several different segments of customers who are part of its target market. They use a customer-centric approach and are highly data driven using store purchase data and consumer demographics. They attempt to meet the needs and wants of the target markets they have identified through their product mix, retail store design, employee staffing, and other marketing mix variables to ensure that the needs of the target market will be met. Which of the following activities best describes Best Buy's activities? market evaluation marketing strategy marketing mix articulation competitive advantage strategy

marketing strategy

Scenario 2.1. Menards is a family-owned company headquartered in Eau Claire, Wisconsin, with 280 retail store locations offering home improvement products, services, and expertise across the Midwest. Since its founding in 1964, Menards has developed a reputation as the low-price leader and communicates its focus on low prices with the advertising slogan and jingle, "Save Big Money at Menards." In addition to offering low prices, Menards is committed to providing a high level of quality service to their customers and treats guests like family in a local, hometown hardware store atmosphere. Menards puts customers first and employs individuals who are knowledgeable and possess expertise to answer customer questions about products or provide advice about completing a home improvement project. Menards stocks their stores with a vast selection of name-brand and private-label products that include tools, materials and supplies for home improvement projects. Menards continues to flourish and sales are strong since many consumers are choosing to make improvements to their homes rather than upgrade to a larger, more expensive home. Menards is led by its founder, John Menard who rules the chain of stores with an iron fist. He is very demanding and insists that everyone keep track of their work hours using a time clock. John Menard is the key decision-maker for the retail chain and makes location decisions for products within the store, establishing visual merchandising plans and even determines which cleaning product maintenance employees utilize to keep the stores' floors polished and sparkling. Over the years, John Menard has developed quite a reputation and employees who don't toe the line and comply with his rules get fined or are encouraged to seek employment elsewhere. Refer to Scenario 2.1. Assume that you are conducting a SWOT analysis for Menards based upon the information provided in the scenario. The increase in sales coming from customers who are making improvements to their existing homes rather than purchasing new homes would be classified as a(n) _______. opportunity strength weakness threat

opportunity

The Riverfront Museum opened in 2012 and has struggled to attract patrons to visit the museum. Projected visitors during the planning stages were anticipated to be 1,000 per month but the actual visitors during the first year fell quite short at only 750 per month with an average of 780 across the year. Today, however, the museum is enjoying a stellar year with daily attendance averaging 35 to 50 visitors and monthly totals of 1,050 to 1,500. The number of visitors is directly related to the revenue the museum earns due to ticket prices. Adults pay $20 for admission and children 12 and under pay $15. In 2012, the museum reported revenues of $8,880 but they are on pace to earn almost twice as much for the current year. What type of analysis can the Riverfront Museum perform utilizing the data related to number of visitors and revenue? engagement analysis cost analysis advertising analysis sales analysis

sales analysis

When marketing managers perform a cost analysis, they typically classify expenses into two categories, fixed or variable. Which of the following is an example of a variable cost? salaries of production workers rental expenses for office space sales representative commissions rental expenses for the office copier machine

sales representative commissions

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 systems design process strategic performance evaluation marketing systems design the marketing audit marketing evaluation

strategic performance evaluation

Due to its unique distribution system where 98% of replacement parts can be available to customers through their dealer network, Caterpillar has a_________ advantage over Komatsu, one of its main competitors. cooperative marketing sustainable marketing non-sustainable competitive sustainable competitive

sustainable competitive

Amazon maintains a ____________ in shipping because they have invested in a high-tech logistics system and extensive network of distribution centers across the United States, which enables the company to offer low prices and fast service. Many retailers have found it difficult to compete with Amazon especially during the Christmas holiday season since their distribution and inventory systems are not as efficient as Amazon's. sustainable competitive advantage core competency competitive inhibitor realized benefit

sustainable competitive advantage

Scenario 2.2. Growing Grounds is a full-service nursery and landscaping company that offers a wide selection of plant and landscape materials for its customers. The spring, summer, and fall seasons are the best times of the year for Growing Grounds and they have been experimenting with adding new products and services each year. Growing Grounds has an extensive line of trees, which can be planted by the customer or installed by its tree service for a minimal fee. In addition, they offer landscaping services and quite frequently work with home builders to install grass and bedding plants for new home construction projects. Growing Grounds also has a wide selection of bushes, ornamental plants, and seasonal plants such as vegetables. Over the years, Growing Grounds has added more "heirloom" plants to its line of vegetables that are organically grown and contain no genetic modifications. Growing Grounds has noticed that many consumers are concerned about genetic modifications as well as the use of pesticides. Moreover, consumers want to grow their own vegetables and enjoy the opportunity to harvest and eat the food that they have grown in their gardens. In its market, Growing Grounds has a reputation for serving the commercial business-to-business market with landscaping services, which is a stable market and one where they possess a large market share. However, they are hoping to grow its direct-to-consumer business by adding a full line of vegetable plants since home-grown vegetables and home-based gardening is growing in popularity. Refer to Scenario 2.2. The home builders to whom Growing Grounds provides landscaping services such as lawn installation and bedding plants is considered one of the company's _________, and the landscaping services it provides is part of the _________ element of the marketing mix. competitive advantages; service market focus; service customer relationships; promotion target market; product

target market; product

The often-used strategic planning tool, which is based on the philosophy that a product's market growth rate and its market share are important considerations in determining marketing strategy is known as Strategic Imperative Matrix. Boston Consulting Group Matrix. Strategy Planning Tool. Strategic Growth Matrix.

Boston Consulting Group Matrix.

Marketing mix decisions must have two characteristics: consistency and timeliness. True False

False. Marketing-mix decisions should have two additional characteristics: consistency and flexibility.

A firm's organizational goals should be derived from its opportunities. True False

False. The goals of any organization should derive from its mission statement

Marketing planning consists of two major components: marketing objectives and a control process. True False

False. These are just two of several components. The strategic planning process ultimately yields a marketing strategy that is the framework for a marketing plan, a written document that specifies the marketing activities to be performed to implement and evaluate the organization's marketing strategies. A marketing plan consists of an executive summary, environmental analysis, SWOT analysis, marketing objectives, marketing strategies, marketing implementation, and performance evaluation.

Which of the following statements is the best definition of the process of marketing implementation? a. Marketing implementation is the process of establishing performance standards. b. Marketing implementation is the process of putting marketing strategies into action. c. Marketing implementation is the process of analyzing costs to determine which are associated with specific marketing efforts. d. Marketing implementation is the process of analyzing sales figures to evaluate a firm's performance.

Marketing implementation is the process of putting marketing strategies into action.

Sherwin-Williams operates retail stores across the United States and each store typically has a staff of two to three outside sales representatives who work with businesses to assist them with their paint and coatings needs. Business customers include facility managers of apartment complexes, hospitals, schools, and manufacturing facilities. Sherwin-Williams competes with a wide variety of companies and sets targets for their sales representatives to achieve. One target for sales representatives relates to prospecting activity—sales representatives should acquire one new business-to-business customer account each month. This target related to new business growth is an example of a: marketing cost analysis. sales analysis. SWOT analysis. performance standard.

Performance standard

The component of the marketing plan that provides an assessment of the organization's strengths, weaknesses, opportunities, and threats is known as: SWOT analysis environmental analysis competency analysis competitive differentiation analysis

SWOT analysis

Rio, a division of D&M Holdings Inc. was the first company to offer an MP3 player in 1998. It dominated the business due to its ability to innovate and enjoyed a competitive advantage since it was the first to offer the new technology and held a patent on the chip sets utilized in MP3 players. With regard to the MP3 player market, Rio possessed: a first-mover advantage a strategic window a late-mover advantage a market monopoly a first-mover advantage

a first-mover advantage

In response to the increase in demand for organic foods, Wegmans, Inc., a regional supermarket, recently created organic food departments within their large stores. The creation of these departments was a result of _____. a core competency a market opportunity its sales orientation its distribution plan a competitive advantage

a market opportunity

Carmen Sanchez is assisting the marketing team to detail the various environmental factors, which are impacting her company as they draft the marketing plan for the upcoming fiscal year. Carmen is making a list of the various sociocultural factors, which are occurring in the external environment that could be important for her company to respond to and/or be aware of as they create marketing strategies and tactics. Which of the following factors would be best classified as sociocultural factors? a. percentage of Hispanic customers in the United States b. laws regulating immigration and border control in the United States c. use of secure sockets layer protocol mechanisms (SSL) for the company's website d. environmental regulations

a. percentage of Hispanic customers in the United States

Jackson is growing frustrated at Catalyst Sports since the top managers of the company make all decisions and allow very little decision-making authority to managers such as Jackson. decentralized centralized autonomous egalitarian

centralized

Traditional organizations are most likely to utilize a(n) _______ organizational structure where top-level managers make all decisions regarding marketing strategy and lower-level managers have little decision-making capability. decentralized centralized autonomous egalitarian

centralized

Target's ability to create these partnerships is considered one of their strengths and provides an advantage over their competitors. This is an example of a: market opportunity. competitive advantage. strategic window. core competency.

core competency

Resource deployment and coordination of functional areas of business are determined by ____. the mission statement corporate strategy business-unit strategy marketing strategy the marketing mix

corporate strategy

For many years, the marketing department at ABC Corporation had a strict hierarchy where all decisions were made by top management. A year ago the director of the marketing department read a book about participative management and believed that providing more decision making authority to employees would not only increase morale but also result in more creative ideas for new products. The marketing director is attempting to _____________ the department. formalize centralize deformalize decentralize internalize

decentralize

The ___________________ section of the marketing plan supplies information about the company's current situation with respect to the ________________, the target market, and the firm's current objectives and performance. executive summary; marketing concept marketing implementation; marketing environment SWOT analysis; marketing concept environmental analysis; marketing environment marketing objectives; marketing concept

environmental analysis; marketing environment

In order to achieve marketing objectives, marketing managers must evaluate the effectiveness of their marketing strategy by engaging in strategic performance evaluation. What is the first step in the strategic performance evaluation process? a. compare actual performance with established standards b. measure actual performance c. establish performance standards d. modify marketing strategy

establish performance standards

Rio, a division of D&M Holdings Inc. was the first company to offer an MP3 player in 1998.It dominated the business due to its ability to innovate and enjoyed a competitive advantage since it was the first to offer the new technology and held a patent on the chip sets utilized in MP3 players. However, Rio stopped producing MP3 players in 2005 and found that they could no longer compete effectively against Apple whose iPod became the most widely adopted MP3 player and transformed the industry. Apple possesses a ___________ advantage while Rio enjoyed a ___________ advantage. late-mover; first-mover first-mover; late-mover sustainable; unsustainable economic; technological

late-mover; first-mover

When Dominos introduced its pizza into India, it conducted massive market research to develop pizzas that appealed to Indian consumers' tastes. In southern India, for instance, it developed a raw-banana pizza. Domino's became a dominant player in the emerging pizza market. What type of competitive growth strategy did it use? market penetration market development product development diversification product penetration

market development

Due to the failure of one beverage distribution company, a regional distributor was able to add the brand, San Pellegrino to its catalog of brands and offer an extended variety of products to their retail and restaurant customers. The regional distributor was able to take advantage of the business failure and unique situation to add a sought after product to its customers. Which marketing concept best applies to this example? strategic partnership market opportunity core competency competitive advantage

market opportuntiy

The section of the marketing plan which states what the company wants to accomplish through marketing activities is called marketing objectives environmental analysis marketing strategies performance evaluation

marketing objectives

When conditions in the external environment are favorable and could lead to rewards for the organization if acted upon in an appropriate manner, a(n) _________ is present. market niche threat strength opportunity

opportunity

The section of the marketing plan, which provides standards to determine how the marketing activities will be evaluated as well as the audits to be performed to gauge success is called executive summary. performance evaluation. situation analysis. marketing objectives.

performance evaluation

Which of the following is not one of the terms used to classify products or business units in the Boston Consulting Group Matrix? pig dog cash cow pig star

pig

The Four Seasons Spa and Salon has retained a marketing consultant to assist them with their annual strategic planning retreat. Shantelle Stevens, owner of the salon is reviewing the agenda for the meeting and observes that the sequence of activities follows the strategic planning process discussed in her marketing class many years ago. According to the text, what is the first activity that organizations should pursue as part of their strategic planning process? a. review or establish the organization's mission and goals identify the target market(s) b. conduct a SWOT analysis c. specify the marketing mix d. review or establish the organization's mission and goals

review or establish the organization's mission and goals

The leadership team of Bud's Distributors, a regional beverage company collaborated during a two-day meeting to discuss and revise their company's mission and goals, identify strengths, weaknesses, opportunities, and threats, and create a marketing plan. The process implemented by Bud's Distributors is termed: business deployment corporate engagement strategic planning market analysis

strategic planning

Caterpillar's high product quality, integrated dealer network, and ability to provide parts and service to maximize uptime are examples of the firm's strengths. opportunities. differential attributes. enhanced capabilities.

strengths

One area organizations should assess include ______, which are internal factors that give the company an advantage over the competition. strengths weaknesses opportunities threats

strengths

Jamal Miller is a management consultant who frequently works with businesses to assist them with their strategic planning efforts. He recommends that once firms have used the SWOT analysis to gauge their capabilities and resources relative to the industry, they should identify tactics to achieve a more competitive position relative to other firms in their market. One approach Jamal suggests includes taking actions to convert external _______ into opportunities and internal _______ into strengths. threats; weaknesses strengths; threats core competencies; weaknesses limitations; benefits

threats; weaknesses

Marketing plans may be developed for strategic business units, product lines, individual products or brands, or specific markets. True False

true

Performance standards are derived from marketing objectives that are set while developing the marketing strategy. True False

true

You are meeting to discuss the proper categorization of marketing strategy costs in the monthly department budget performance report. You are especially interested in making sure the fixed and variable costs are properly categorized. The major costs associated with the marketing strategy are as follows: salesperson commissions office space rent office equipment rental product raw materials product manufacturing labor With respect to the variable or fixed nature of these costs, _____. a. we know that product raw materials and office space rent are both fixed costs b. we know that salesperson commissions, product raw materials, and product manufacturing labor costs are all variable costs c. we know that office equipment rental, office space rent, and sales commissions are all fixed costs d. we know that office space rent is a variable cost e. we know that product manufacturing labor is a fixed cost

we know that salesperson commissions, product raw materials, and product manufacturing labor costs are all variable costs