Marketing Management 3010 Ch. 2 Quiz – Flashcards
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Which of the following is one of the major considerations involved when a company develops its marketing strategy?
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Identification of target markets
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Although Starbucks, Dunkin' Donuts, and McDonald's all strive to provide a good cup of coffee and pastries to their respective target markets, the difference in who they target, how they design their marketing mix, and what they choose as the basis of building their competitive advantage is directly related to their own
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marketing strategy.
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Singapore Airlines is recognized as an industry leader for exemplary customer service and has continued to add new ways to serve customers better than competitors. In doing so, it has focused on sustaining its competitive advantage through _____ excellence.
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customer
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When marketers strive to get their customers the merchandise they want, when they want it, in the required quantities, and at a lower delivered cost than that of their competitors, they are hoping to achieve a sustainable competitive advantage through _______ excellence.
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operational
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Companies must deliver more value and satisfaction to target consumers than their competitors to gain a
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competitive advantage.
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A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected income statements is referred to as a(n)
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marketing plan
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Which of the following represents the three major phases of a marketing plan?
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Planning, implementation, and control
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When a firm considers its overall objectives and considers the type of business it is in, it is engaged in which of the following steps of the marketing planning process?
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Defining the mission
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The SWOT analysis is typically conducted during which of the following steps in the marketing planning process?
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Conducting a situation analysis
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A SWOT analysis involves an analysis of factors internal to the company, which include _____ as well as factors outside the company, which include _____.
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strengths and weaknesses; opportunities and threats
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A local coffee shop is known for poor customer service and an unclean, dirty environment. These factors would be classified as _____ in a SWOT analysis.
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weaknesses
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After a firm has conducted a SWOT analysis, it would typically progress to the next step of marketing planning, which is _______ and involves using STP (segmentation, targeting, and positioning).
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identifying and evaluating opportunities
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When companies like Toyota develop different models of vehicles to meet the unique wants and needs of different groups of consumers, it is involved in
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market segmentation.
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Marriott Hotels recognizes that there are different groups of travelers with different needs, wants, and characteristics in their choice of lodging. The process of dividing Marriott's market into these various groups is
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market segmentation.
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Honda developed its new CR-Z hybrid model for a distinct segment of consumers as a fun, green, sporty hybrid that stands out as being uniquely different from other hybrid models. This is an example of which of the following?
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market positioning
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Through which of the following marketing mix variables do companies capture value from consumers, resulting in the generation of revenue?
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Price
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When marketers make their offering available when and where the customer wants it, which of the following elements of the marketing mix is involved?
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Place
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Marketers communicate the value proposition to their customers through a variety of media, such as television and the Internet. Which of the 4 Ps does this represent?
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promotional strategy
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To evaluate the effectiveness or performance of a marketing strategy, firms typically use
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Marketing metrics
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A _______ is a measuring system that quantifies a trend, dynamic, or characteristic and is used by marketers to help explain why things happened and to predict the future.
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metric
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Which of the following is a marketing metric that might be used to evaluate the performance of a company's implementation of its marketing plan?
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GM (gross margin)
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When managers at General Motors evaluated all the firms' various divisions and then chose to close both the Saturn and Pontiac divisions, it was involved in
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portfolio analysis.
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The Goodyear Tire Company is organized by regions: North America, Europe, Middle East and Africa, Latin America, and Asia Pacific. These divisions of Goodyear are called
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strategic business units.
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What two metrics are used in the BCG portfolio analysis to evaluate the various products of a firm?
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Relative market share and market growth rate
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General Motors determined that it would close down divisions that were in low-growth markets that had relatively low market shares. According to the BCG Product Portfolio Analysis, GM was identifying divisions in the _____ category for closure.
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Dogs
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According to the BCG matrix, which type of product typically has excess resources, which can be used to support other products that need additional resources?
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Cash cows
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Which of the following is one of the four major growth strategies marketers typically use?
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product development
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In an attempt to increase sales during a lagging economy, Macy's has increased its advertising and sales promotions for its current products to stimulate sales in its current markets. Which of the following growth strategies is Macy's employing?
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Market penetration
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Starbucks introduced Via, its brand of instant coffee, to exploit the growth opportunities for new products in current markets. Chief Executive Howard Schultz called Starbucks' Via Ready Brew "perhaps the biggest opportunity" in company history as he prepared for the instant coffee product's North American rollout. This is an example of:
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product development
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A growth strategy that offers a new product or service to a firm's current target market.
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Diversification
