Chapter 2 Study – Flashcards

The first step of the strategic planning process is to identify the​ company's ________, an explicit statement that clearly explains the​ organization's purpose and what it seeks to accomplish. A. mission B. business portfolio C. market penetration strategy D. positioning E. target market

A major activity in strategic planning is​ ________ analysis, whereby management evaluates the products and lines of business that make up the company. A. business portfolio B. growth share matrix C. competitive D. positioning E. SWOT

Nike states that it wants to​ "bring inspiration and innovation to every athlete in the​ world." This is​ Nike's _________. A. objective B. marketing plan C. strategy D. market-oriented mission statement E. product-oriented mission statement

In the strategic planning​ process, the business portfolio is designed after​ ________. A. planning functional strategies B. planning marketing strategies C. the strategic planning process is completed D. defining the company mission E. setting company objectives and goals

Which of the following steps in the strategic planning process is not done at the corporate​ level? A. Setting company goals B. Setting company objectives C. Planning marketing strategies D. Defining the company mission E. Designing the business portfolio

The primary purpose of a strategic plan is to​ ________________. A. establish market share objectives B. expand into new markets C. design a business portfolio D. enable a firm to take advantage of opportunities in a changing environment E. build profitable customer relationships

If Apple introduced a marketing strategy designed to encourage new groupslong dash—such as seniorslong dash—to visit its stores for the first​ time, this would be an example of a​ ________ growth strategy. A. market development B. market penetration C. market targeting D. product development E. diversification

A key limitation of BCG and other formal approaches to​ ________ planning is that they focus on classifying current businesses and provide little advice for future planning. A. strategic B. portfolio C. marketing D. competitive E. long-range

What are the two measures the BCG matrix uses to classify SBUs and products in the​ portfolio? A. Market growth rate and return on investment​ (ROI) B. Market growth rate and degree of competitiveness C. Relative market share and market growth rate D. Relative market share and number of products the company produces E. Relative market share and return on investment​ (ROI)

According to the BCG​ matrix, ______ are​ high-share, high-growth products. When the market growth​ slows, these products become​ ________. A. question​ marks; stars B. stars; cash cows C. question​ marks; cash cows D. cash​ cows; stars E. cash​ cows; dogs

In​ 2005, Proctor and Gamble purchased​ Gillette, makers of shaving​ products, and added these to the existing​ P&G portfolio. Which growth strategy did​ P&G use in acquiring​ Gillette? A. Market development B. Market penetration C. Diversification D. Divestment E. Product development

Ben​ & Jerry's frequently expand its line of ice cream with new flavors. Which market growth strategy is Ben​ & Jerry's​ using? A. Diversification B. Product development C. Harvesting D. Market penetration E. Market development

Competition no longer takes place only between individual rivals.​ Rather, it takes place between the​ ________ networks created by these competitors. A. product management B. value delivery C. marketing mix D. advertising E. brand portfolios

Each company department can be thought of as a link in the​ company's internal​ ________. A. value chain B. supply chain C. value delivery network D. business portfolio E. marketing dashboard

One key role marketing plays in a​ company's strategic planning is to​ _________. A. Focus on the customer while other departments formulate strategies B. Provide a guiding philosophy C. Take advantage of opportunities identified by the strategic planners D. Work to add customer value so other departments do not have to be concerned with it. E. allow other departments to not be concerned with marketing

Marketing can disrupt the internal value chain and cause conflicts to develop because increasing customer satisfaction can potentially​ _______. A. gain commitment from the entire company to engage customers B. increase production​ costs, increase​ inventories, cause budget headaches and disrupt production schedules C. coordinate the efforts of different company departments to deliver customer value D. align all functional areas with the goal of increasing customer value E. make all departments​ "think consumer"

To create value for​ customers, marketers must improve the performance of the​ ______, which includes partnering with​ suppliers, distributors, and customers. A. value delivery network B. strategic plan C. marketing system D. competitive delivery network E. internal value chain

Which one of the following statements about​ marketing's role in strategic planning is​ correct? A. Marketing is unrelated to a​ company's guiding philosophy. B. Marketing does not design strategies. C. Marketing oversees the planning of each business unit. D. Marketing provides inputs to strategic planners. E. Marketing does not contribute to profitability.

________ represents the marketing logic by which the company hopes to create customer value and achieve​ profitable, mutually beneficial relationships. A. Strategic planning B. The marketing concept C. Market development D. Positioning E. Marketing strategy

The process of dividing a broad market into distinct groups of buyers who have different​ needs, characteristics, or​ behaviors, and who might require separate products or marketing​ programs, is known as​ ________. A. market targeting B. customer profiling C. segmentation D. differentiation E. positioning

The Dollar Store and Family Dollar profitably focus on buyers with modest means with their market offerings. This is an example of​ _________. A. the marketing mix B. marketing control C. positioning D. market segmentation E. market targeting

What is one primary purpose of a​ product's position? A. To get eye level​ in-store shelf space B. Differentiation C. To choose which segments to serve with a market offering D. To gain market share E. To identify groups of consumers with similar needs

The four Ps of the marketing mix are redefined in buyer terms as the four Cs. What are the four Cs of the marketing​ mix? A. Customer​ cost, convenience,​ competitors, communication B. Competitors, channel​ management, consistency, choice C. Customers, competitors,​ convenience, communication D. Customer​ solution, convenience,​ communication, channel management E. Customer​ solution, customer​ cost, convenience, communication

​___________ is at the core of any marketing strategy. A. The marketing mix B. Segmenting, targeting, and positioning C. Competitors, suppliers, and publics D. Customer value and relationships E. Planning, analysis, and implementation

Managing the marketing function should begin with a thorough situation analysis of the​ firm's internal and external​ environments, including company​ strengths, weaknesses,​ opportunities, and​ ________. A. rivals B. HR practices C. tactics D. threats E. territories

Although modern marketing departments can be arranged in several​ ways, the most common form of marketing organization is the​ ________ organization, in which different marketing activities are headed by a specialist in any given area. A. product management B. geographic C. value management D. market management E. functional

Assume the economy is in a recession.​ Mario's custom jewelry is expensive and sales are down. In a situation analysis​ (SWOT), the state of the economy is​ a(n)______ and​ Mario's pricing structure is​ a(n) ________. A. ​weakness; weakness B. threat; weakness C. opportunity; weakness D. threat; strength E. weakness; threat

Which of the following is not one of the four marketing management​ functions? A. Analysis B. Planning C. Control D. Implementation and organization E. Customer service

What are the main components of a marketing​ plan? A. ​Segmentation, targeting, and positioning B. An executive​ summary, situation​ analysis, objectives,​ strategy, action​ programs, budgets, and controls C. A marketing budget and a marketing dashboard D. Product, price,​ place, and promotion E. A mission​ statement, objectives, and a business portfolio

Which of the following is a true statement regarding managing and measuring marketing return on investment​ (ROI)? A. One reason ROI is used is because it is easy to measure. B. Marketers define ROI as a quantitative measure derived by dividing returns​ (that is,​ profits) by the costs of the investments. C. Marketers are increasingly using measures such as customer acquisition and​ retention, customer​ engagement, and customer equity as measures of ROI. D. ROI is being used less today because marketing managers are not as accountable for performance as they were in the past. E. Marketers increasingly use​ customer-centered measures of ROI that include brand​ awareness, sales, and market share.