MRKT 303- Chapter 2

question

_____ is the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.
answer

Strategic planning
question

Which of the following is a type of strategic alternative that tries to increase market share among existing customers?
answer

Market penetration
question

_____ is a strategy of increasing market share for present products in existing markets.
answer

Market penetration
question

_____ is a strategy that attempts to attract new customers to existing products.
answer

Market development
question

_____ is a marketing strategy that creates new products for present markets.
answer

Product development
question

_____ is the strategy of increasing sales by introducing new products into new markets.
answer

Diversification
question

A written document that acts as a guidebook of marketing activities for the marketing manager is known as the _____.
answer

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.
answer

situation analysis
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The SWOT acronym refers to a firm’s analysis of its:
answer

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.
answer

Environmental scanning
question

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):
answer

competitive advantage
question

Which of the following is NOT a type of competitive advantage?
answer

Management structure
question

Walmart realizes a _____ using its relationships with suppliers to give customers low prices and good customer service.
answer

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.
answer

marketing mix
question

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
question

Making sure products are available when and where customers want them is the job of which element of the marketing mix?
answer

Place strategies
question

Which of the marketing mix elements is often the most flexible?
answer

Pricing
question

All of the following are strategic alternatives that match products with markets EXCEPT:
answer

Product Penetration

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