marketing mgmt chapter 2 – Flashcards
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The task of any business is to ________.
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deliver customer value at profit
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The value delivery process can be divided into three phases, out of which "choosing the value" implies ________, which is the essence of strategic marketing.
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segmentation, targeting, positioning
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James Frank has been put in charge of gathering marketing intelligence, disseminating it within his organization, and eventually directing action on the information. Mr. Frank's task is best described as part of the ________ process.
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market sensing
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When a customer places an order at BookBox.com, the company processes the customer's payment information, sends the order to the nearest warehouse, and ships the order via FedEx. This is best described as the ________ process.
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fulfillment management
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What is the second phase of the value creation and delivery sequence?
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providing the value
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Angelo made the decision to outsource the software components of his consulting company so he could focus on the company's ________, which are sources of competitive advantage, make a contribution to perceived customer benefits, have application in a wide variety of markets, and are difficult to imitate.
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core compentencies
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The ________ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service).
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primary activities
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Which of the following can be considered a primary activity in the value chain process?
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inbound logistics
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Activities involved in building deeper understanding of existing consumers and what the product offerings mean to them would be a part of the ________ process.
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customer relationship management
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Another way to describe a supply chain, where companies partner with specific suppliers and distributors to ensure a smooth functioning of the system, is to call it a ________.
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value delivery network
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The key to utilizing organizational core competencies is to ________ that make up the essence of the business.
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own and nurture the resources and competencies
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The ________ lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities.
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strategic marketing plan
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Juan Garcia plans the daily promotional releases about his company's products and services. He can be described as a(n) ________ planner.
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tactical
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In the cycle of complete strategic planning, taking corrective action is a part of ________.
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controlling
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"Enriching Women's Lives" is a three-word mantra that is used by Mary Kay. This is an example of which of the following characteristics of good mission statements?
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it is short, memorable, and meaningful
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The ________ sphere is the number of channel levels, from raw materials to final product and distribution, in which a company will participate.
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vertical
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What are hollow corporations?
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companies that outsource all production to suppliers
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Which of the following is an example of growth by diversification?
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a company introducing new product category into a new market
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Once Starbucks established its presence in thousands of cities internationally, the company sought to increase the number of purchases by existing customers with a ________ strategy that led to new in-store merchandise, including compilation CDs, and high-speed wireless access.
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product development
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A(n) ________ is when a company might seek new businesses to purchase that have no relationship to its current technology, products, or markets.
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conglomerate strategy
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Which of the following terms can be defined as "the shared experiences, stories, beliefs, and norms that characterize an organization"?
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corporate culture
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When a firm aims to underprice competitors and win market share, it is using a(n) ________ strategy that requires relatively less marketing skills as compared to other strategies.
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overall cost leadership
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Unlike its competitors in the online air travel industry, Travelocity provides its customers with a greater variety of services such as cruise reservations, package tours, hotel bookings, and car rentals. This is an example of a(n) ________ strategy.
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differentiation
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When a business gets to know market segments intimately and pursues either cost leadership or differentiation within the target segment, it is employing a ________ strategy.
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focus
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To keep their strategic alliances thriving, corporations have begun to develop organizational structures to support them and have come to view the ability to form and manage strategic alliances as core skills. This is called ________.
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partner relationship management
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Which of the following elements of a marketing plan outlines the marketing activities such as pricing, channels, and communications?
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the marketing tactics
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The most frequently cited shortcomings of current marketing plans, according to marketing executives, are lack of realism, insufficient competitive analysis, and a ________ focus.
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short-run
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The ________ is the last section of the marketing plan. It spells out the goals and budget for each month or quarter so management can review each period's results and take action as needed.
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implementation controls
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In a marketing plan, the financial projections include a sales forecast, expense forecast, and ________.
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break even analysis
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Pegasus writes about its target market and demographics in the ________ section of its marketing plan.
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situation analysis
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________ is the process that turns marketing plans into action assignments and ensures that such assignments are executed in a manner that accomplishes the plan's stated objectives.
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marketing implentation
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A marketing dashboard should display ______________
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a customer-performance scorecard and a stakeholder-performance scorecard
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The purpose of profitability control is to ________.
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examine where the company is making and losing money
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Marketing effectiveness rating instruments and marketing audits are approaches to ________ control.
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strategic
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Which of the following is TRUE regarding annual plan control?
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The tools used for this purpose are sales analysis, market share analysis, marketing expense-to-sales analysis, and financial analysis.
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Your firm has experienced a decline in sales over the last three quarters. You have traced the problems to distribution inefficiencies. Which of the following should you track to ensure that the firm's distribution efficiency is maximized?
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average sales per point of sale
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A ________ is a comprehensive, systematic, independent, and periodic examination of a company's or business unit's marketing environment, objectives, strategies, and activities, with a view to determining problem areas and opportunities and recommending a plan of action to improve the company's marketing performance.
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marketing audit
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Which of the following is TRUE regarding a marketing audit?
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It identifies the most-needed improvements and incorporates them into a corrective-action plan with short- and long-run steps.
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Which of the four characteristics of a marketing audit is described by the fact that outside consultants can bring necessary objectivity to the process?
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independent
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Annual-plan control requires making sure the company isn't overspending to achieve sales goals. To do this, management sets monthly or quarterly goals, monitors marketing performance in the marketplace, ________, and takes corrective action.
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determines the cause of serious performance deviations
