mkt 304 ch2 – Flashcards

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

Oprah.com recently launched Oprah's Book Club 2.0, hoping to get back to the amazing success of her previous book club. While the ideas for the plan may have been sound, new users complain that the feel of the experience online is certainly not Web 2.0, which requires a highly dynamic environment, often involving crowdsourcing, or user-generated content. Instead, Oprah remains the central, controlling figure of the club. Most likely, a problem occurred during a the strategic development phase. b the planning phase. c the implementation phase. d the evaluation phase. e the goal-setting phase.

What is a unique strength relative to competitors, often based on quality, time, cost, or innovation referred to as? a point of distinction b competitive advantage c competitive competency d sustainable advantage e product differentiation

The choice of which __________ to display on a marketing dashboard is critical for a busy marketing manager, who can be overwhelmed with irrelevant data. a financial statements b qualitative opinions c human resource reports d points of difference e marketing metrics

A visionary organization first examines its organizational foundation and its organizational direction to determine its organizational a mission. b goals. c functions. d strategies. e environment.

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? a A business firm should select only one business goal so it can maintain focus. b If profits are acceptable, a company may elect to maintain or increase its sales even though profits may not be maximized. c Only nonprofit organizations have the luxury of selecting social responsibility and employee welfare as goals. d Customer satisfaction goals are known to increase costs and reduce profits. e Selecting a market share goal is only meaningful if you first make profit a goal.

Brick-and-mortar retailers are noticing a change in how many consumers shop. Sometimes they visit a store and scan an item on their smartphones, only to find the same product at a less expensive online retailer like Amazon.com. This turns the store into nothing more than a showroom for products. A SWOT analysis of Best Buy's marketing environment should consider this change in consumer shopping behavior a(n) __________. a opportunity b weakness c strength d threat e trend not to be concerned with for it will soon pass

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. a industry b board of directors c business firm. d offering e nonprofit organization

The __________ phase of the strategic marketing process usually results in a __________ that sets the direction for the marketing activities of an organization. a planning; marketing plan b evaluation; annual report c evaluation; financial statement d implementation; target market e planning; competitor analysis

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

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

The marketing department is part of which strategic level in an organization? a board of directors b functional level c specialized level d corporate level e strategic business unit 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. a lions b cash cows c rabbits d stars e hedgehogs

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

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

The marketing program includes developing the marketing mix and a core competencies. b its budget. c organizational culture. d alternate target market. e evaluation criteria.

Southwest Airlines' __________ is to be dedicated "to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit." a organizational culture b mission c competitive advantage d competency e core value

Writing ads and setting prices are examples of which of the following? a marketing strategy b objectives c marketing tactics d business plans e marketing plans