MRKT 303- Chapter 2 – Flashcards
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_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.
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Strategic planning
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Which of the following is a type of strategic alternative that tries to increase market share among existing customers?
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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 attempts to attract new customers to existing products.
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Market development
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_____ is a marketing 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 written document that acts as a guidebook of marketing activities for the marketing manager is known as the _____.
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marketing plan
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A _____ is a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats.
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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 in the external environment that may affect the future of the organization or the implementation of the marketing plan.
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Environmental scanning
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The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition is known as a(n):
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competitive advantage
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Which of the following is NOT a type of competitive advantage?
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Management structure
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Walmart realizes a _____ using its relationships with suppliers to give customers low prices and good customer service.
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cost competitive advantage
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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 typical 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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Place strategies
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Which of the marketing mix elements is often the most flexible?
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Pricing
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All of the following are strategic alternatives that match products with markets EXCEPT:
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Product Penetration
