MKTG 3 – Flashcards
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Strategic plans require:
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long-term resource commitments
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_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities.
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Strategic planning
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Which of the following statements about a marketing plan is true?
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d. A marketing plan is created so an organization can meet its marketing objectives.
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_____ is the process of anticipating events and determining strategies to achieve organizational objectives.
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Planning
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Marketing plans should be written to do all of the following EXCEPT:
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control the elements of the external marketing environment
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Which of the following is one of the elements of the marketing plan?
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a. a business mission statement b. a situation analysis c. a target market strategy d. the marketing mix e. all of the choices
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The _____ answers the question, "What business are we in, and where are we going?"
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a. mission statement
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The focus of an organization's mission statement should be on:
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the market it wishes to serve
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_____ occurs when a business is defined in terms of goods and services rather than by the benefits customers seek from it.
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Marketing myopia
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A popular technique for managing a large organization with different technologies and markets is to divide it into:
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strategic business units
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The acronym SBU refers to:
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strategic business unit
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An SBU:
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controls its business independent of other SBUs in the organization
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After management agrees on a mission statement, it must set objectives. Which of the following is NOT a characteristic of a good objective?
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profitable
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_____ is defined as a statement of what is to be accomplished through marketing activities
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marketing objective
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When an organization creates a mission statement that is too narrow, _____ results.
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marketing myopia
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For marketing objectives to be realized, they must meet all of the following criteria EXCEPT:
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be set within a one-year time frame
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A _____ is a formal study conducted by an organization to ascertain its current status and capabilities and its future expectations.
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situation analysis
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The SWOT acronym refers to a firm's analysis of its:
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strengths, weaknesses, opportunities, and threats
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_____ is defined as the collection and interpretation of information about forces, events, and relationships that may affect the organization.
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Environmental scanning
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_____ show costs declining at a predictable rate as experience with a product increases
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Experience curves
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Which of the following is NOT a source of a cost competitive advantage?
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break-even analyses
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Which of the following is a type of strategic alternative that matches products and markets?
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market penetration
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_____ is a strategy of increasing market share for present products in existing markets.
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Market penetration
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_____ is a strategy that attracts new customers to existing products.
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Market development
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_____ is a strategy that creates new products for present markets.
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Product development
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_____ is the strategy of increasing sales by introducing new products into new markets.
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Diversification
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A(n) _____ describes and estimates the size and sales potential of market segments of interest to the firm and assesses key competitors in these market segments.
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market opportunity analysis
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The _____ is the unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
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marketing mix
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The starting point of any firm's marketing mix is the:
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development of the good or service to be sold
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Making sure products are available when and where customers want them is the job of which element of the marketing mix?
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distribution strategies
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Making sure products are available when and where customers want them is the job of which element of the marketing mix?
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distribution strategies
