Marketing Chapter 2 Warm-Up and Quiz – Flashcards
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The first step in strategic planning involves _______
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defining the company's mission
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A company's mission statement should be focused on _______
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customers
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The major activity in strategic planning is the analyses of a business ________
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portfolio
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Within the growth-share matrix, "cash cows" are __________
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low growth, high share businesses or products
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Each department can be though of as a link in the company's ________
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value chain
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_________ plays a key role in the company's strategic planning
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Marketing
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______ involves evaluating each market segments attractiveness and selecting one or more segments to enter.
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Market targeting
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________ refers to activities that communicate the merits of the product and persuade target customers to buy it.
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Promotion
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In SWOT analyses, the favorable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as _______
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opportunities
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The most common form of marketing orientation is ________
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functional organization
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What does a company do to start the strategic planning process?
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Define its overall purpose and mission
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Mission statements should be defined in terms of satisfying basic customer needs. In other words they should be ______
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market oriented
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After defining its mission, the next step in strategic planning is to ______
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set company objectives and goals
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What is the overall focus of strategic planning?
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To create a game plan for long run survival and growth in consideration of changing marketing opportunities
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In portfolio analysis, a company must identify _______, which are key businesses that make up the company
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strategic business units
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What are the two measurements used in the BCG matrix to classify strategic business units?
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Relative market share; market growth rate
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The BCG matrix classifies products which have a high market share in a low growth market as _______
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cash cows
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According to the​ growth-share matrix,​ __________ are​ high-share, high-growth products. When the market growth slows these products become​ __________.
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stars; cash cows
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Strategically, a company may phase out or sell an SBU. This is known as ________
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divesting
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To grow​ sales, Under Armour increased its spending on advertising by 35 percent to increase sales in its current markets. Which growth strategy does this​ represent?
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Market penetration
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When Under Armour expanded its current products into global markets, it was pursuing which growth strategy?
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Market development
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When a firm starts up or buys a business outside of its current product line and markets, it is pursuing which growth strategy?
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Diversification
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One key role marketing plays in a company's strategic planning is to ________
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provide a guiding philosophy
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To improve the performance of the​ __________, many companies today are partnering with other members of the supply chain—​suppliers, ​distributors, and customers.
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customer value delivery network
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In which way does increasing customer satisfaction disrupt the internal value chain?
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It can increase production costs, increase inventories, and disrupt production schedules
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What is the overall goal of marketing strategy?
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To create customer value and build profitable relationships
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In determining which customers to serve, a company engages in which two marketing activities?
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Segmentation and targeting
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Some​ retailers, such as the Dollar​ Store, Dollar​ Tree, and Family​ Dollar, profitably focus on buyers with modest means. This is an example of​ __________.
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market targeting
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What does a market segment consist of?
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A group of consumers who respond to the marketing effort in the same way
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Effective positioning is based on ________
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differentiation
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The four Ps of the marketing mix have been redefined in​ buyer's terms as the four As. Product design influences​ __________, price affects​ __________, place affects​ __________, and promotion influences​ __________.
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acceptability; affordability;​ accessibility; awareness
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What are the main components of a marketing plan?
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An executive summary, situation analysis, objectives, marketing strategy, action programs, budgets and controls, and threats and opportunities
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Which of the following is not one of the five marketing management functions?
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Customer service
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The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT​ analysis, the rising demand for organic produce would be​ a(n) __________ for Green Acres​ Farms, and the fact that they grow only organic vegetables is​ a(n) __________.
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opportunity; strength
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Which of the following is a true statement regarding managing and measuring marketing return on investment​ (ROI)?
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Marketers are increasingly using measures such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI
