Test #4 MKTG

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

According to the Boston Consulting Group Growth Share Matrix, products labeled as "dogs" are _______.

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

According to the Boston Consulting Group, question marks are characterized as products _______.

corporate strategy

The highest-level strategy used by organizations is _______.

true

Through the process of strategic planning, a firm establishes an organizational mission and goals, corporate strategy, marketing objectives, and a marketing strategy.

identifying the target market

What is the first step in creating a marketing strategy?

Identifying the organizational mission and goals

What is the first step in the strategic planning process?

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

Which of the following best defines a market opportunity?

use profits to invest in growth of star products

Which of the following decisions would be appropriate regarding a cash cow?

marketing implementation is the process of putting marketing strategies into action

Which of the following statements is the best definition of the process of marketing implementation?

true

a firm's organizational goals should be derived from its opportunities

1: Develop the company's mission and goals; 2: Develop business unit strategies; 3: Complete a SWOT analysis for the company; and 4: Develop functional area goals and objectives

Roberts Seafood will convene its annual strategic planning meeting at its world headquarters in Orlando, Florida, in October. The company has sought your advice regarding the sequence of activities that should be followed to be consistent with the recommended process for strategic planning. Which of the following best specifies the activities to be completed in the recommended order?

core competency

Target, a discount store has successfully partnered with luxury brands such as Lilly Pulitzer, Toms, and Altuzarra to create interest and drive customers to its stores. Target's ability to create these partnerships is considered one of its strengths and provides an advantage over its competitors. This is an example of a _______.

cash cow

The Nintendo Switch, a portable gaming system, has a strong market share position and is popular for many consumers, but its opportunity for growth is hindered by the increased popularity of game Applys for smart phones. Which quadrant of the Growth Share Matrix would best describe the Nintendo Switch?