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strategic marketing management

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process of planning implement and evaluating the performance of marketing activities and strategies both effectively and efficiently.

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stratefic planning

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process of establishing an organizational mission and formulating goals, corporate strategy marketing objectives and marketing strategy.

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mission statement

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a long term view or vision of what the organization wants to become

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corporate strategy

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determines the means for utilizing resources in the functional areas of marketing production finance, research and development and human resources to reach an organizations goals.

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strategic business unit

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division, product line or other profit center within the parent company. Krafts is dairy products snack foods, lunch meat, coffee, juice and chocolate.

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market

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group of individuals that had needs for products in a product class and have the ability willingness to purchase those products.

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market share

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percentage of a market that actually buys a specific product.

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market growth

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business tool that helps in determine market strategy. q

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core competencies

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things a company excels at giving it an advantage over its competition.

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market opportunity

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

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strategic windows

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temporary periods of optimal fit between the key requirements of a market and particular capabilities of a company competing in the market.

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competitive advantage

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the result of a company matching a core competency to opportunities it has discovered in the marketplace

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SWOT analysis

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assessment of an organizations strengths, weaknesses, opportunities and threats.

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first mover advantage

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the ability of an innovative company to achieve long term competitive advents by being the first to offer a certain product in the marketplace

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late mover advantage

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the ability of later market entreats to achieve long term competitive advantages by not being the first to offer a certain product in the marketplace.

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marketing objective

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statement of what is to be accomplished through marketing activities

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marketing strategy

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plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.

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sustainable competitive advantage

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advantage that competition cannot copy.

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marketing implementation

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the process of putting marketing strategies into action

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centralized organization

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top level delegate to lower managers

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decentralized organization

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structure in which devision making authority is delegated as far down the chain of command as possible.

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strategic performance evaluation

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establishing performance standards, measuring actual performance, comparing actual performance with established standards and modifying the marketing strategy if needed.

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performance standard

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

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sales analysis

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analysis of sales figures to evaluate a firms performance

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marketing cost analysis

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analysis of costs to determine which are associated with specific marketing efforts.

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marketing plan

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a written document that specifies the activities to be performed to implement and control the organizations marketing strategies.

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When managers at Logistics Pro are developing their strategic plan, they use a market orientation as a guide to ensure that ________ is an integral part of the process.

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customer satisfaction

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Managers at the Littlefield Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called

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strategic planning

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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?

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developing a marketing strategy.

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Safeway Food Stores is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a

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marketing strategy

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To formulate a marketing strategy, one must

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

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marketing plan is

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a written document detailing activities to be performed to implement and control marketing actions.

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strategic planning process begins with

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analysis of marketing enviroment

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A __________ is something that an organization does extremely well and may give a company an advantage over its competition.

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core competency

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A market opportunity results from

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

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A __________ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

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competitive advantage

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Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

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opportunities

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Successful business organizations should take actions to convert internal weaknesses into ___________ and external threats into ___________.

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strengths, opportunites

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organizations business goals should be derived from its

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mission statement

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A firm's unique symbols, personalities, and philosophies comprise its

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corporate identity

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Which of the following is a characteristic of a marketing objective?

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consistent with both business unit and corporate strategy

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Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels.

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false

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Resource deployment and coordination of functional areas of business are determined by

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corporate strategy

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Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a

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strategic business unit

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Kraft purchased the Duracell Battery Company and now operates this division as a separate profit center within the firm. In this example, Duracell is a(n) ___________ unit of Kraft.

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strategic business

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A group that has the willingness, ability, and authority to buy a product is a

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market

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boston consulting groups matrix is

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philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy.

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According to the Boston Consulting Group, marketers may classify their products as all of the following except

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cash contributors

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Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are

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stars

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e Boston Consulting Group classifies products that have a dominant market share but low prospects for growth and that generate more cash than is required to maintain market share as

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cash cows

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The director of marketing for 3M tapes tells the rest of the management team, "When it comes to our transparent packaging tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the packaging tape unit falls into which one of the following classifications?

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cash cow

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The percentage of a market which actually buys a specific product from a specific company is referred to as that product's

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market share

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

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

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Which of the following is the most specific and detailed type of business strategy?

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marketing

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High Gliding Air Academy is developing its marketing mix for the coming year. Its managers know that they must first select _________, which may be the most important decision they make in the planning process.

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target market

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Which of the following statements about the marketing mix is incorrect?

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Once a marketing mix has been created for a particular target market, it cannot be changed until a new strategic window opens.

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Business decisions made in creating a marketing mix

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are only as good as the organization understand of the needs of the target market

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All marketing mix decisions must have two characteristics: ___________ and ___________.

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consistency and flexibility

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Gucci Group, a marketer of high-fashion products, achieved a company turnaround by ensuring that its brand had the same image and proper display around the world. It also lowered prices on some items, like handbags, to be more competitive. This illustrates a company working to develop a marketing mix that is both _______ and _______.

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consistent and flexible

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A competitive advantage that cannot be readily copied by the competition is referred to as a(n) __________ advantage.

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sustainable

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Because of its highly efficient and low-cost distribution system, Walmart has a _________ advantage over Kmart.

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sustainable competitive

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A marketing plan

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provides a framework for implementing and controlling marketing activities

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which of the following is not a purpose of the marketing plan

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serve as a contract with the customer

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The Texas Pitt Barbecuem Corporation has conducted a SWOT analysis of its competition, and sees a marketing opportunity for its new Texas Pit Barbecue restaurant. It has developed its marketing plan to include the type of products it will sell, the location for the restaurant, and the pricing it will use. Their plan includes a marketing objective to make a profit of 5% the first year of operation. So far, the owners of the restaurant have eliminated a key piece of the marketing plan, which is ______.

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specifying how they will achieve marketing objective

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what is not a component of marketing plan

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product

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Sayid's employer is currently developing a new marketing strategy. The top managers have developed the marketing strategy and have given it to Sayid so that he can now develop an implementation plan. Sayid's company will most likely end up with which type of strategy?

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realized

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Using information about customers to create marketing strategies that develop and sustain desirable long-term customer relationships is known as

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customer relationship management

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Electronic marketing has greatly improved the ability of marketers to target individual customers. As a result, many feel that marketing's emphasis is shifting from share of market to share of

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customer

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Borders Books uses technology to help them identify specific customers, establish interactive dialogues with them to learn about their needs, and combine this information with their purchase histories to customize products to meet those needs. Borders Books is using the _____ approach.

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customer relationship management

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According to the text, the 80/20 rule suggests that

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80 percent of profits come from 20 percent of customers

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Which of the following statements best describes total quality management?

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The coordination of efforts directed at improving customer satisfaction, increasing employee participation, forming and strengthening supplier partnerships, and facilitating continuous quality improvements

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A marketing unit can be organized according to functions, products, regions, and

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types of customers

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Key factors in determining the best organizational structure for a marketing unit are the

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diversity of the firms products and the characterists and needs of the people in the target market

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A disadvantage of organizing a firm's marketing unit by products is that

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it is expensive

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Ford has centralized marketing operations with personnel who direct marketing research, distribution, sales, advertising, and so forth reporting directly to the top-level marketing executive. Ford's marketing department is organized by

answer

function

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