Principles of Marketing - MKTG350 Chapter 2

Step 4 of the marketing planning process ________.

is the point at which a firm implements the four P's.

In Step 2 of the marketing planning process, a firm ____________.

Assesses how various players, both in and outside the organization, affect the firm's potential for success.

At each level of an organization, the ______ should be held accountable only for the revenues, expenses, and profits they can control.

Business Unit Managers

A company that has successfully built a wall around its position in the market, making it hard for competitors outside the wall to enter the market and compete, is an example a company that has established _______.

Competitive Advantage

Step 5 of the marketing plan is part of which phase?

Control Phase

A market segment consists of ______ who respond similarly to a firm's marketing efforts.

Customers

In Step 1 of the planning phase, a firm ________.

Defines the mission and/or vision of the business.

A mission statement _______.

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 currently the firm has not targeted.

Diversification

Step 5 in the marketing plan process is when a firm ______ the results of the strategy and implementation process.

Evaluates

True or False: Using multiple strategies to build a sustainable competitive advantage is rarely employed of enduring success.

False

True or False? Organization is one of the three major phases of the marketing plan.

False. The three phases are: - Planning - Control - Implementation

Step 3 in the marketing planning process ________.

Involves segmentation, targeting, and positioning (STP).

A firm can begin to implement the marketing mix immediately after which of the following steps?

It has finished segmentation, targeting, and positioning (STP).

When a company focuses on having _______ excellence it may also focus on having good Internet presence.

Locational

Brand ______ means that customers are reluctant to patronize competing firms.

Loyalty

In portfolio analysis, the _______ measures how attractive a particular market is.

Market Growth Rate

A strategy that employs the existing marketing mix and focuses the firm's efforts on increasing sales to current customers is called _______.

Market Penetration

________ is the quantity of a market comprised by a specific entity.

Market Share

A _________ is a written document that includes the current marketing situation, specified objective and strategies action programs, and projected income statements.

Marketing Plan

A _________ is a measuring system that quantifies a trend, dynamic, or characteristic.

Metric

What does "weaknesses" refer to in SWOT analysis?

Negative attributes internal to the firm.

A diversification strategy introduces a ______ product or service to a new market segment.

New

Product excellence _______.

Occurs by having products with high perceived value and effective branding and positioning.

In a SWOT analysis, _________ pertain to positive aspects of the external environment.

Opportunities

STP works through each of the following except ______. 1 Planning a marketing strategy 2 Determining which subgroups should be pursued 3 Dividing the marketplace into subgroups 4 Position its products and services to meet the needs of the chosen targets

1

Which of the following are true regarding price? 1 It should be based on the value that the customer perceives. 2 It will not generate much volume if it is too high 3 It should always be based on competitors' prices. 4 It may result in higher-than-necessary margins and profits if it is too low

1 & 2

A firm needs a marketing plan _________. 1 To implement the marketing mix 2 To explain how overall objectives will be met 3 To clearly state its overall objectives 4 To explain past financial objectives

1 & 2 & 3

Firms achieve operational excellence through which of the following? 1 Efficient operations 2 Excellent supply chain management 3 Focusing on Human Resources as little as possible 4 Strong relationships with suppliers

1 & 2 & 4

Which of the following are the primary strategies used to achieve product excellence? 1 Investing in your brand 2 Strong supplier relations 3 Effective positioning 4 Loyalty programs

1 & 3

Why do firms use metrics? 1 To explain why things happen 2 To help stakeholders understand their mission statement 3 To make it possible to compare results across regions, product liens, and time periods 4 To make appropriate adjustments to performance

1 & 3 & 4

What are the actions organizations have take ignorer to achieve these macro strategies? 1 Operational Excellence 2 Product Excellence 3 Locational Excellence

1 - Excellent supply chain management, strong supplier relations, and human resource management 2 - Effective branding and positioning 3 - High density of stores and closer proximity to customer

______ is the only marketing activity that actually brings in money.

Pricing

A ______ ________ is a group of products that consumers perceive as similar in some way and that the firm regards as group.

Product Line

______ is the element of the 4 P's responsible for communicating value to customers.

Promotion

A market development strategy employs the existing product offering to ______.

Reach new market segments

Some commonly used financial performance metrics include _______.

Sales revenue and profits.

Market ________ is the process of diving the market into groups of customers according to their needs, wants, or characteristics.

Segmentation

In a SWOT analysis, _______ refer to the positive internal attributes of the firm.

Strengths

Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential _____. These refer to internal attributes during a SWOT analysis.

Strengths

A(n) ______ competitive advantage is an advantage over the competition that is not easily copied and can be maintained over a long period of time.

Sustainable

A market penetration strategy employs the existing marketing mix and focuses the firm's efforts on __________. 1 Diversifying 2 Increasing sales to current customers 3 Developing a new market 4 Reaching new focus group I a new area

2

Identify the following terms included in a SWOT analysis: 1 Sustainability 2 Threats 3 Opportunities 4 Weaknesses

2 & 3 & 4

After a firm has identified a group of market segments, it does all of the following EXCEPT __________. 1 Evaluating each segment's attractiveness 2 Determining which segments to pursue 3 Re-assigning the segments 4 Using a process known as targeting

3

Loyalty programs _______. 1 Are part of the locational excellence element of the marketing strategy 2 Are offered only by airlines 3 Give firms the opportunity to learn more about their customers 4 Create little or no emotional attachment toward a certain firm

3

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. 1 SWOT 2 The marketing mix 3 STP 4 The Four P's

3

Some commonly used financial performance metrics include which of the following: 1 Mission Statements 2 Loyalty programs 3 Profits 4 Sales Revenue

3 & 4

Marketers strive for official operations to provide their customers with all of the following EXCEPT _________. 1 A lower delivered cost than their competitors 2 The merchandise they want 3 The correct quantity 4 Low-quality products

4

When conducting a SWOT analysis, adverse economic conditions and intense competition are examples of potential _______ for firms.

Threats