Flashcards on Test on Chapter 2 Quiz

In less complex organizations that have a single business focus, such as Ben & Jerry's, which two strategic levels may merge? corporate and strategic business unit functional and corporate functional and industry business and nonprofit business and corporate

Comparing the results of the marketing program with the goals in the written plans to identify and act on deviations occurs during the: goal-setting phase. evaluation phase. planning phase. analysis phase. implementation phase.

Business firms pursue several different types of goals such as profit, sales, market share, quality, customer satisfaction, employee welfare, and social responsibility. Which of these statements is most accurate? -Only nonprofit organizations have the luxury of selecting social responsibility and employee welfare as goals. - Customer satisfaction goals are known to increase costs and reduce profits. -Selecting a market share goal is only meaningful if you first make profit a goal. - A business firm should select only one business goal so it can maintain focus. -If profits are acceptable, a company may elect to maintain or increase its sales even though profits may not be maximized.

A(n) __________ may have operational efficiency or client satisfaction as its primary organizational goal, but it still must receive sufficient funds to cover its operating expenses. board of directors nonprofit organization offering industry business firm.

In diversification analysis, product development refers to the marketing strategy of: - selling new products to current markets. - increasing sales of current product in current markets. - selling current products to new markets. - developing new products and selling them in new markets. - acquiring other companies to develop new products.

The market-product focus and goal setting part of the planning phase of the strategic marketing process includes which of the following? - testing the product - selecting target markets - testing the market - evaluating the marketing program - developing a mission statement

The last phase of the strategic marketing process is known as: - the marketing program. - financial analysis. - functional-level strategy. - evaluation. - implementation.

The marketing department is part of which strategic level in an organization? - board of directors - strategic business unit level - corporate level - specialized level - functional level

In BCG's business portfolio analysis, __________ generate more revenue than they can use, allowing an organization to cover its overhead and invest in other SBUs. - hedgehogs - stars - rabbits - cash cows - lions

American railroads may have defined their __________ too narrowly, by concerning themselves only with rail service rather than including other transportation modes. - culture - goals - marketing metrics - business - market penetration