Ch. 2 MARKETING – Flashcards

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question
What are the various components of a marketing strategy?
answer
Identifies a firm's target market, related marketing mix — their four Ps — and the bases upon which the firm plans to build a sustainable competitive advantage.
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List the four macro strategies that can help a firm develop a sustainable competitive advantage.
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Customer excellence, operational excellence, product excellence, locational excellence.
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What are the five steps in creating a marketing plan?
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Business mission and objectives, situation analysis and SWOT, identify opportunities, implement marketing mix, evaluate performance using marketing metrics.
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What tool helps a marketer conduct a situation analysis?
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SWOT analysis (strengths, weaknesses, opportunities, threats)
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What is STP?
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Segmentation, Targeting, Positioning
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What do the four quadrants of the portfolio analysis represent?
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Stars, Cash Cows, Question Marks, Dogs
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What are the four growth strategies?
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Market penetration, market development, product development, diversification
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What type of strategy is growing the business from existing customers?
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Product development and market penetration
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Which strategy is the riskiest?
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Diversification
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Duke's is a surfer-themed restaurant chain in Hawaii. Most of its customers are tourists. In a SWOT analysis for Duke's, the possibility that the recession might cut back on tourism in Hawaii would be considered a Weakness.
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False
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Isaac is looking for ways to offer new goods and services to his existing customers. He is pursuing a market development strategy.
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False. He is pursuing a product development strategy.
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Sandisk's MP3 player product line (called the Sansa) has a low relative market share. The MP3 player market is expected to decline over the next few years. In BCG portfolio analysis, the Sansa would be considered a dog.
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True
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Firms decide how to allocate resources to their various products and services during the STP step of the marketing planning process.
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False
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If a firm wants to develop a sustainable competitive advantage, it should
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examine its operations and customer relations to identify significant things competitors cannot easily copy.
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Firms achieve ___________ through efficient procedures and excellent supply chain management.
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opperational excellence
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When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?
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planning
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Which of the following is LEAST likely to provide sustainable competitive advantage?
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lowering prices
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Even when large discount retailers enter a market, a few small, local retailers survive and prosper. These small retailers have probably developed an __________ that allows them to survive.
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sustainable competitive advantage
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Many of today's college graduates will make their livings providing goods and services to "baby boomers," the large group of Americans born in the period after World War II. Baby boomers are a _____________ market segment.
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demographic
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_________ involving the process of defining the marketing mix variables so that target customers have a clear, distinctive understanding of what a product does or represents in comparison with competing products.
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Positioning
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imagine that you are in a convenience store choosing your favorite "comfort" food instead of being in a classroom taking this test. You might notice the packaging colors, labels, even the fonts used on labels. All of these efforts are part of the marketer's:
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positioning strategy
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When discussing the marketing planning process, STP stands for:
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Segmentation, targeting and positioning
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To determine how attractive a particular market is in using the BCG portfolio analysis, ____________ is established as one axis.
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market growth rate
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In BCG portfolio analysis, products in low-growth markets that have received heavy investment and now have excess funds averrable to support other products are called:
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cash cows
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Which of the following is NOT one of the four major growth strategies marketers typically utilize?
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segment development
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For many years, because of the size os the U.S. economy, domestic companies ignored international markets, preferring instead to develop new product offerings for existing customers. These companies were pursuing a _______________ strategy
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product development
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Adrienne decides to add new sales representatives and increase advertising in her existing market for her current line of security systems. Adrienne is pursuing a _________ growth strategy.
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market penetration
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A ____________ growth strategy employs the existing marketing offering to reach new market segments.
answer
market development
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Quitman Enterprises sells its business language dictionary to college students throughout the United States. Joseph Quitman, the owner, wants to start selling the book to international students abroad. Quitman wants to pursue a __________________ growth strategy.
answer
Market Development
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