MKTG Ch. 2 – Flashcards
Unlock all answers in this set
Unlock answersquestion
An organizational culture is
answer
learned and shared among members of an organization.
question
Which two of the following are the elements that define an organization's direction?
answer
Specific goals and the business it is in
question
To define its business, an organization can start by
answer
looking at the set of organizations that sell similar offerings.
question
A goal is
answer
a statement of a task to be achieved.
question
A marketing _______ is the visual computer display of the essential information related to achieving a marketing objective.
answer
dashboard
question
Each display in a marketing dashboard shows a marketing ______ in an easily interpreted visual format.
answer
metric
question
Diversification analysis and business portfolio analysis help managers develop ______ strategies and make resource allocation decisions.
answer
growth
question
In _______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook.
answer
portfolio
question
In searching for growth opportunities, organizations using diversification analysis consider both current and new options for which of the following?
answer
Products and markets
question
Planning, implementation, and evaluation are considered parts of the
answer
strategic marketing process.
question
Which of the following is the last step in the planning phase in the strategic marketing process?
answer
Marketing program
question
In a SWOT analysis, strengths and weaknesses are ___, and opportunities and threats are ____.
answer
internal; external
question
Among the four growth opportunities in diversification analysis, which is the most risky?
answer
Diversification
question
To what does "opportunity" refer in SWOT analysis?
answer
Favorable aspects of the external environment
question
Which of the following is NOT an example of a firm's strengths?
answer
An untapped overseas market
question
Points of _____ are characteristics of a product that make it superior to competitive substitutes.
answer
difference
question
Developing the marketing mix and its budget are part of which step in the planning phase of the strategic marketing process?
answer
The marketing program
question
Obtaining resources and developing planning schedules are part of which phase in the strategic marketing process?
answer
Implementation
question
Marketing _____ are detailed day-to-day operational decisions essential to the overall success of marketing ___.
answer
tactics; strategies
question
The planning gap is an example of
answer
a deviation that should be identified and acted upon.
question
Acting on deviations, both positive and negative, is an important part of what phase in the strategic marketing process?
answer
Evaluation
question
An industry is
answer
a group of organizations that develop similar offerings.
question
A strategy
answer
is an organization's long-term course of action allowing it to achieve its goals.
question
The corporate level is where top management directs overall ______ for the entire organization.
answer
strategy
question
A ______ is a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
answer
strategic business unit (SBU)
question
For an organization, _____ may vary both by level and by offering.
answer
strategies
question
A marketing _______ is a roadmap for the marketing actions of an organization for a specific future time period.
answer
plan
question
Identifying which of the following allows an organization to determine where it is at the present time, as it begins to set a strategic direction?
answer
Competencies, competitors, and customers
question
An organization's core ______ are its special capabilities, including skills, technologies, and resources that distinguish it from other organizations and provide value to its customers.
answer
competencies
question
A company that has a unique strength relative to competitors, often based on quality, time, cost, or innovation, has
answer
a competitive advantage.
question
Dogs
answer
May generate enough cash to sustain themselves but are not considered current or future winners.
question
Cash cows
answer
Generate large amounts of cash which can be invested in other SBUs.
question
Question marks
answer
Require cash to maintain market share, even though that share is small.
question
Stars
answer
Require cash to sustain rapid growth but will likely generate cash when growth slows.
question
The BCG business portfolio analysis
answer
helps firms determine whether they should withdraw resources from and eventually phase out products, is applied by classifying a firm's products or services into a four-quadrant matrix, and requires calculations of market growth rate and relative market share.
question
Which of the following describes a typical pathway for an SBU through the four quadrants of the BCG business portfolio analysis?
answer
An SBU often starts as a question mark and proceeds counterclockwise around the quadrants.
question
A market penetration strategy attempts to increase sales of present products among
answer
existing customers.
question
A visionary organization's core values, ____, and organizational culture make up its foundation.
answer
mission
question
Step 1 of the planning phase in the strategic marketing process involves which of the following?
answer
Performing a situation analysis using SWOT
question
Which of the following are appropriate responses when a deviation is identified in the evaluation phase of the strategic marketing process?
answer
Correct a negative deviation, exploit a positive deviation
question
Which two of the following are broad ways that organizational strategies may vary?
answer
Offering, level
question
A marketing plan is a road map for marketing actions for
answer
a future time period.
question
Identifying one's competencies, customers, and competitors helps an organization answer what important question in setting a strategic direction?
answer
Where are we now?
question
A market ______ growth strategy focuses on increasing sales of the firm's current products to its current target markets.
answer
penetration
question
Businesses can pursue several different types of ______ that they would like to achieve, such as those pertaining to market share, quality, or customer satisfaction.
answer
goals
question
Which of the following are true regarding market share?
answer
It may need to be increased, even at the expense of profit, if industry status or prestige is at stake and it is the percentage of sales of an industry accounted for by a specific firm.
question
______ is the ratio of sales revenue of the firm to total sales in the industry, including the firm itself.
answer
Market share
question
Marketing segmentation is most essential for what part of the planning phase of the strategic marketing process?
answer
Market-product focus
question
Which of the following is often a trigger for an organization to rethink its business model?
answer
Technological innovation
question
Market development is a strategy to sell ______ products to new markets.
answer
existing
question
The _____ strategy offers a new product or service to a firm's existing market.
answer
product development
question
A small group of people from different departments who are mutually accountable to accomplish a task or common goals is known as a
answer
cross-functional team.
question
In defining one's business, avoid a ____ definition that is not focused on customer ______.
answer
narrow; needs
