SDSU Marketing 370 Ch. 2 HW Review – Flashcards
Unlock all answers in this set
Unlock answersquestion
- Management allocates its resources to products with the greatest potential to be profitable. - Firms typically perform it at the SBU or product line level of the firm. - Management evaluates the firm's various products and businesses
answer
portfolio analysis
question
_____ is achieved through efficient operations, excellent supply chain, and human resources management.
answer
Operational excellence
question
When a company such as Singapore Airlines positions itself as a leader in technology, innovation, quality, and _______ service it ensures that its competition will have difficulty meeting its standards. these strategies have helped singapore airlines to remain profitable even as other airlines struggle to survive.
answer
customer
question
What's true regarding Market share?
answer
it's the % of a market accounted for by a specific entity. it defines a product's strength in a particular market.
question
Four components of SWOT analysis
answer
strengths, weaknesses, opportunities, threats
question
With _____, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue, and finally decides how it should best position its product or service.
answer
STP
question
When a firm focuses on having high perceived value and effective branding and positioning.
answer
product excellence
question
Firms are starting to report corporate social responsibility metrics in an effort to 1. strengthen their relationship with both local and global suppliers 2. be proactive along socially responsible dimensions and:
answer
3. help customers feel better about their buying experience
question
What do "threats" represent in SWOT analysis?
answer
the negative aspects of the company's external environment
question
A firm needs a marketing plan:
answer
to explain how overall objectives will be met and to clearly state its overall objectives
question
An advantage over the competition that is not easily coupled and can be maintained over a long period of time
answer
sustainable competitive advantage
question
Customer excellence example
answer
loyalty programs and superior service
question
Operational excellence example
answer
excellent supply chain management, strong supplier relations, and human resource management
question
Product excellence example
answer
effective branding and positioning
question
Locational excellence example
answer
high density of stores and closer proximity to customers
question
Pricing is the only marketing activity that:
answer
brings in money
question
When a company focuses on having ______ excellence it may also focus on having good internet presence.
answer
locational
question
After a firm has identified a group of market segments, it:
answer
determines which segments to pursue, uses a process known as targeting, evaluates each segments attractiveness. it does not re-assign the segments
question
Commonly used financial performance metrics include:
answer
profits and sales revenue
question
Primary question a mission statement should answer:
answer
What type of business are we?
question
____ is the element of the 4 Ps communicating value
answer
promotion
question
Step 4 of the 5 step marketing planning process:
answer
implementation phase and when a firm implements the 4Ps
question
A firm can build sustainable competitive advantage through:
answer
through some business activities over a long period of time and when it outperforms competition
question
In a SWOT analysis, _____ pertain to the positive aspects of the external environment.
answer
opportunities
question
A marketing strategy identifies:
answer
the bases upon which the firm plans to build a sustainable competitive advantage, a related marketing mix, and a firm's target market
question
Efficient operations and supply chain management are strategies for achieving operational excellence. T or F?
answer
True
question
When conducting a SWOT analysis, adverse economic conditions and intense competition are examples of potential ______ for firms.
answer
threats
question
Focuses on retaining loyal buyers and offering excellent service.
answer
Customer excellence, as a competitive advantage
question
A written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.
answer
marketing plan
question
Locational excellence is particularly important for retailers? T or F
answer
True
question
A strategy that employs the existing marketing mix and focuses on the firm's efforts on increasing sales to current customers is called:
answer
market penetration
question
In step 1 of the planning phase, a firm:
answer
defines the mission and/or vision of the business.
question
Which are examples of how firms use information from loyalty programs?
answer
analyzing buying habits of customers, identifying customers in advance who might stop doing business with the company, and tailor their offering to meet the needs of customers
question
A company that has successfully built a wall around its position in the market, making it hard for competitors outside the wall to enter the market and compete, is an example of a company that has established:
answer
competitive advantage
question
A market development strategy employs the existing marketing offering to:
answer
reach new market segments
question
Which of the following are true regarding price?
answer
should be based on the value that the customer perceives, may result in lower than necessary margins and profits if it is too low, and will not generate much volume if it is too high
question
What does "strengths" refer to in SWOT analysis?
answer
the positive internal attributes of a firm
question
Why do firms use metrics?
answer
to project the future, to explain why things happen, and to make it possible to compare results across regions, product lines, and time periods
question
In step 3 of the 5 step marketing planning process, marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning.
answer
True
question
These give firms the opportunity to learn more about their customers.
answer
loyalty programs
question
Once a marketer has earned a good service reputation, it can sustain this advantage for a long time because:
answer
a competitor is hard pressed to develop a comparable reputation
question
Negative attributes internal to the firm
answer
Weaknesses (SWOT)
question
The product development strategy incorporates a _____ product or service to a firm's ______ market
answer
new product; current market
question
A division of the firm itself that can be managed and operated independently from other divisions.
answer
Strategic business unit (SBU)
question
Marketers strive for efficient operations to provide their customers with:
answer
the correct quantity, the merchandise they want, and a lower delivered cost than their competitors
question
A metric is a ______ that quantifies a trend, dynamic, or characteristic
answer
measuring system
question
Step 1 of the marketing plan is focused on:
answer
the business mission and objectives
question
A strategy that employes the existing marketing offering to reach new market segments is called
answer
market development
question
Step 5 of the marketing plan involves
answer
evaluating the results of the strategy and implementation program
question
A market segment consists of ______ who respond similarly to a firm's marketing efforts.
answer
customers
question
In step 2 of the five step marketing planning process, a firm
answer
assesses how various players, both in and outside the organization, affect the firm's potential for success
question
In step 5 of the marketing plan, a firm:
answer
evaluates its performance using marketing metrics.
question
3 major phases of the marketing plan are:
answer
planning, implementation, and control
question
The process of dividing the market into groups of customers according to their needs, wants, or characteristics
answer
market segmentation
question
A _____ ______ is a group of products that consumers may use together or perceive as similar in some way and that he firm regards as group.
answer
product line
question
Firms that maintain their sustainable competitive advantage through ______ excellence have often done so by investing in heir brand and constantly reinforcing their image through their merchandise.
answer
product
question
Introduces a new product or service to a new market segment, one that currently the firm has not targeted.
answer
diversification
question
Place
answer
delivers value
question
Outlines what a firm plans to do to appeal to potential customers.
answer
marketing strategy
question
Market positioning involves the process of defining the marketing mix variables so that target customers:
answer
clearly understand the product's unique benefits in comparison with competing products
question
Market Analysis is one of the 4 major growth strategies. T or F?
answer
False
question
General electric sells a broad array of products for both businesses and consumers, from jet engines to light bulbs. GE's kitchen appliances would be considered:
answer
a product line
question
_____ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
answer
market positioning
question
In portfolio analysis, the _____ measures how attractive a particular market is
answer
market growth rate
question
Firms can achieve operational efficiencies by developing which of the following?
answer
strong relationships with vendors
question
When a firm decides which segments to pursue, it must determine how it wants to be _____ within those segments.
answer
positioned
question
Value creation means that firms attempt to develop products or services that customers perceive as _____ enough to buy.
answer
valueable
question
At each level of an organization, the ______ should be held accountable only for the revenues, expenses, and profits they can control.
answer
business unit managers
question
A Market penetration strategy, as one of the possible growth options, may be achieved by which of the following?
answer
encouraging current customers to patronize the firm and the brand more often
question
Green marketing efforts and expansion outside the US are potential opportunities for a firm
answer
true
question
Relative market share is used to provide managers with a products
answer
relative strength
question
A market _____ growth strategy focusses on increasing sales of the firm's current products to its current target markets
answer
penetration
question
One key to long-term financial performance is to establish a _______
answer
sustainable competitive advantage
question
Assessing relative levels of sales and profits can be used for:
answer
testing how sensitive profit is to price changes, to compare a firm's growth relative to other companies, as an addition to assessing absolute levels of sales and profits.
question
_____ holds the primary responsibility of enhancing the value of the company's products for its customers and other constituents.
answer
Marketing
question
A firm can begin to implement the marketing mix (4Ps) IMMEDIATELY after which of the following steps:
answer
it has finished segmentation, targeting, and positioning
question
Market positioning involves the process of defining the marketing mix variables so that target customers:
answer
clearly understand the product's unique benefits in comparison with competing products.
question
Vendor relations help firms maintain or gain a competitive advantage by:
answer
gaining exclusive rights to sell merchandise in a particular region, obtaining special terms of purchase not available to competitors, and receiving popular merchandise that might be in short supply
question
A competitive advantage based on location is sustainable when:
answer
when real estate is difficult or expensive to obtain
question
_____ evaluations are used to pinpoint problem areas
answer
Performance evaluations
question
The statement about strategic planning is true or false: the process can move back and forth between steps, depending on the situation
answer
true
question
A firm, particularly a small privately owned business, may set a variety of goals - for example, achieving positive social change, being the most innovative among the competitors, and avoiding high risk levels because
answer
not all objective are profit driven
question
True or false: stakeholders, such as investors and potential investors, would not utilize a marketing plan
answer
false
question
STP works through each of the following steps:
answer
determining which subgroups should be pursued, defining the marketing vmix variables to meet the subgroups' needs, dividing the marketplace into subgroups
question
True or false: it is a mistake for a firm to try to use multiple approaches to build a sustainable competitive advantage
answer
false
question
STP works through the step of planning a marketing strategy.
answer
false
