Practice Chapter 2 – Flashcards

Consider the following Ben & Jerry's dollar sales and market share details. A marketing manager for Ben & Jerry's has been provided with a marketing dashboard display. She notices that dollar sales for 2014 were $240 million and in 2015 they were $250 million. What was the formula used to calculate the dollar sales for each of these two years? A. Dollar sales ($) = Average price × Quantity manufactured in each year. B. Dollar sales ($) = Average cost of goods sold - Fixed costs in each year. C. Dollar sales ($) = Average price - Shrinkage rate in each year. D. Dollar sales ($) = Average price × Quantity sold in each year. E. Dollar sales ($) = Average cost of goods sold - Variable costs in each year.

Part of the growth strategy for Yum! Brands, the parent company of KFC, Pizza Hut, and Taco Bell, is expansion of its current fast-food businesses into new markets, such as China, Russia, and India. This type of expansion would be a __________ strategy.

A competitive advantage refers to A. the cluster of benefits that an organization promises customers to satisfy their needs. B. those characteristics of a product that make it superior to competitive substitutes. C. a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. D. actions taken by a firm with the sole intent of putting a competitor out of business. E. the added value given to a product beyond the functional benefits provided.

Step 3 in the planning phase of the strategic marketing process consists of...

The initial step in the strategic marketing process is to begin planning by conducting a...

Product development refers to the marketing strategy of

A _________ is a federal, state, county, or city unit that provides a specific service t its constitutes

The current markets- current products quadrant in a diversification analysis matrix represents the marketing strategy of...

An organization's foundation can be broken down into three key elements...

A(n) _________ is the visual computer display of the essential information related to achieving a marketing objective

The functional level in an organization is where A. groups of specialists actually create value for the organization. B. employees perform assigned tasks without actually having input into the decision making process. C. all financial outlays are made. D. all company hiring and firing occurs. E. the strategic planners in SBUs make all decisions regarding which product benefits will be promoted during a promotional campaign.

Points of difference refer to A. the fundamental, passionate, and enduring principles of an organization that guide its conduct over time. B. the cluster of benefits that an organization promises customers to satisfy their needs. C. a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. D. those characteristics of a product that make it superior to competitive substitutes. E. the use of percentage points of market share to allocate marketing resources effectively for different product lines within the same firm.

One of the strengths inherent in the use of the BCG business portfolio analysis is that it A. is based solely on company perception rather than actual data. B. considers all factors that might impact an SBU's value to an organization. C. acts as a strong motivational tool for employees in SBUs that have been labeled "dogs" or "question marks." D. forces a firm to place each of its SBUs in the growth-share matrix, which in turn suggests which SBUs will be cash producers or cash users in the future. E. identifies specific marketing strategies and marketing tactics on how to solve SBU shortcomings.

If Ben & Jerry's sold more units of its Bonnaroo Buzz Fair Trade-sourced super premium ice cream to U.S. consumers as a result of increased promotion while keeping its price per pint the same, it would be using a __________ strategy.

Data visualization A. is the visual computer display of the essential information related to achieving a marketing objective. B. is a road map for the marketing activities of an organization for a specified future time period. C. is the process of continuously collecting information about customers' needs, sharing this information across departments, and using it to create marketing metrics. D. is a measure of the quantitative value or trend of a marketing activity or result. E. presents information about an organization's marketing metrics graphically so marketers can quickly spot deviations from plans and take corrective actions.

The key steps of planning, implementation, and evaluation are part of

Some universities provide retirement benefits by matching the percentage an employee pays into a retirement account up to a certain percentage. This encourages a larger percentage of employees to participate in retirement planning. This is an example of __________ goal.

When evaluations show that actual performance differs from expectations, firms typically attempt to A. decide if the time horizon should be increased or decreased. B. perform a SWOT analysis with their major competitor as the principal focus. C. use statistical linear trend analysis to interpret the results. D. exploit a positive deviation or correct a negative deviation. E. adopt a market-product grid to analyze the sales results.

The difference between the projection of the path to reach a new goal and the projection of the path of the results of a plan already in place is referred to as the ________

Recently, St. Joseph Hospital was named one of the "Best Places to Work in Indiana" for the sixth consecutive year. The hospital touts universal values to "keep health care human" and employees consistently put patients first, which unites them in a common goal. Hospital President Kathy Young believes that St. Joseph's __________ makes both her employees and patients happier in her hospital.

A marketing strategy to increase sales of current products in current markets is referred to as...

a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products is referred to as...

IBM's business strategy to help its clients be more efficient, productive, and responsive to the data generated from the revolution in the global marketplace concerning the instrumentation and integration of the world's processes and infrastructures is referred to as A. "The IBM Way." B. "Smarter Planet." C. "Reinvent Business." D. "The 2015 Road Map." E. "Big Blue."

The specialists within an organization who actually create value are usually a member of the _____ level

Diversification analysis refers to A. a technique that seeks opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies. B. a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization. C. a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products. D. a technique used to determine the appeal of each SBU or offering and then the amount of cash, if any, each should receive. E. a framework that identifies four "generic" strategies to achieve a competitive advantage.