MKTG 3650 CH 3 TEST BANK – Flashcards
Unlock all answers in this set
Unlock answersquestion
T OR F: Key success factors are often the basis for a firms competitive advantage in an industry
answer
TRUE
question
What are the 3 things that marketing programs consist of?
answer
the firms marketing objectives its marketing strategies its associated implementation and control activities
question
A firm is engaged in assessing the relative size of a market segment in terms of unit and dollar sales along with its potential market share in that segment. The firm is conducting the __________ component of the SWOT analysis.
answer
demand analysis
question
When the NFL expanded into various cities in Western Europe, Europeans could watch football just as its played in the U.S. According to Ansoff's product-market matrix, the NFL was using a strategy _____________.
answer
market development
question
With respect to the product market matrix, the most risky area of market opportunity and those areas firms are advised to investigate first are:
answer
diversification opportunities
question
The process of subdividing larger, diverse product markets into more homogeneous submarkets as part of the MOA best illustrates:
answer
market segmentation
question
The firms __________ is a statement of company purpose, identifying the business in which the firm perceives itself to be. It is a statement of the firms primary areas of product and market focus.
answer
mission
question
Microsoft recently introduced Windows 10. The changes included in this version essentially fixed problems encountered with Windows Vista. According to the product market matrix, this is an example of a ___________ opportunity.
answer
product development
question
_____________ are high potential products with limited market share but are competing in high growth markets.
answer
question marks
question
The managerial act of developing, implementing and controlling marketing programs is called ______________.
answer
the marketing management process
question
What contributes to a good mission statement?
answer
mission statement is market focused
question
If the owner of a childrens day care center were to answer the question "what business are you in" with the statement, "we nurture children and provide them with homelike environment" it would be identifying its ___________.
answer
mission
question
The _______________ component of the marketing plan identifies the intended target markets that will be served, the market positions that will be sought, and generally describe how these markets will be served and the desired positions achieved.
answer
marketing strategic focus
question
_______________ are high market share products competing in markets that are growing at an above average rate.
answer
stars
question
The first major component of the strategic marketing process is the _____________.
answer
SWOT analysis
question
As part of the industry analysis component of SWOT analysis, marketing managers try to identify those "factors" that firms in the industry must possess to survive and remain competitive. These factors are called ______________.
answer
key success factors
question
The product market expansion grid is a useful way to view the range of potential market opportunities available to firms. The dimensions of the grid are new vs. existing products and new vs. existing _____________.
answer
markets
question
Firms engaged in MOA are least likely to pursue a ______________ opportunity if they wish to remain within the bounds of their firms current mission.
answer
diversification
question
The stage of the management process in which actual results are compared against objectives is the ______________ stage.
answer
controlling
question
A products ______________ is the image it projects in relation to competitive products as well as to other products marketed by the same company.
answer
position
question
After a company establishes its goal and objectives, it might then develop a broad plan of action to reach the goals. This plan of action is called a _______________.
answer
strategic plan
question
_______________ are high market share products competing in mature, average growth markets
answer
cash cows
question
Firms that have been accused of marketing myopia generally have defined their missions from a ______________ perspective.
answer
product
question
A company conducted research on how a toothpaste market could be segmented. Which segment is predominately male, shops mainly on price and does not look for any specific benefit from brands of toothpaste?
answer
general segment
question
T OR F: A firm is investigating the existence of powerful suppliers and the existence of potential entry or exit barriers. The firm is conducting this investigation as part of the SWOT analysis.
answer
TRUE
question
The boston consulting group growth share matrix is designed to help firms with:
answer
planning the composition of their product portfolios
question
A firm is investigating the existence of powerful suppliers and the existence of potential entry or exit barriers. The firm is conducting this investigation as part of the ___________.
answer
industry analysis
question
When marketing managers attempt to identify "key success factors" they typically are engaged in the __________ component of the strategic marketing planning process.
answer
industry analysis
question
The MOA is generally considered to be conducted as part of the:
answer
SWOT analysis
question
T OR F: target market selection is an integral component of the SWOT
answer
FALSE
question
Remington Arms continually monitors the environment for social and cultural changes that may open new markets the sales of its weapons. This type of analysis is usually part of the ________________.
answer
MOA
question
A written summary of the firms marketing objectives, strategies, and specific courses of marketing action that also includes information on the assignment of personnel, budgets, and timetables is the:
answer
marketing plan
question
Wendy's ran a series of commercials employing the tagline "wheres the beef?" The positioning strategy in these ads illustrates:
answer
competitive positioning
question
DFW security services targets high income professionals with custom designed security systems. These systems are positioned as the premier systems available on the market. DFW security employs a highly refined marketing mix to support its intended market position with target customers. What has just been described amounts to DFW'S _____________.
answer
marketing strategy
question
The group of customers toward which a firm directs its marketing efforts is its __________________.
answer
target market
question
What is not correct about the implementation stage of the strategic marketing process?
answer
effective implementation of a marketing plan is generally easier than devising the marketing plan itself
