Marketing Chapter 2 Notes

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

a. Strategic Planning
b. The market audit
c. Functional planning
d. Environmental scanning
e. Tactical Management

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

a. Vertical integration
b. Market penetration
c. Divestment
d. Horizontal integration
e. Product penetration

b. Market Penetration
_____ is a strategy of increasing market share for present products in existing markets.

a. Product penetration
b. Product development
c. Market development
d. Diversification
e. Market penetration

e. Market penetration
_____ is a strategy that attempts to attract new customers to existing products.

a. Market development
b. Product development
c. Market penetration
d. Product penetration
e. Diversification

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

a. Product penetration
b. Market penetration
c. Market development
d. Product development
e. Diversification

d. Product development
_____ is the strategy of increasing sales by introducing new products into new markets.

a. Diversification
b. Product development
c. Market penetration
d. Market development
e. Product Penetration

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

a. Strategy document
b. Strategic plan
c. Vision statement
d. Mission statement
e. Marketing plan

e. Marketing plan
A _____ is a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats.

a. Trend analysis
b. marketing audit
c. Situation analysis
d. strategic alternative selection
e. competitive advantage audit

c. Situation analysis
The SWOT acronym refers to a firm’s analysis of its:

a. sales, width of product mix, observations, and technology
b. situations, wealth, organizational strengths, and target markets
c. strengths, weaknesses, opportunities, and threats
d. service levels, willingness to spend, organizational culture, and total revenues
e. strategies, willingness to change, objectives, and trends

c. strengths, weaknesses, opportunities, and threats
_____ 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.

a. Environmental scanning
b. An internal audit
c. Opportunity analysis
d. Marketing Sampling
e. Stakeholder analysis

a. Environmental scanning
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):

a. environmental advantage
b. experience curve
c. Market Segment
d. Competitive advantage
e. strategic business unit

d. Competitive advanatage
Which of the following is NOT a type of competitive advantage?

a. Cost
b. Management Structure
c. Product/service differentiation
d. Niche strategies
e. All of these choices are types of competitive advantages

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

a. brand name strategy
b. Cost competitive advantage
c. Niche competitive advantage
d. marketing competitive advantage
e. synergistic competitive advantage

b. Cost competitive advantage
The _____ is the unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.

a. internal environmental mix
b. Product Line
c. product mix
d. Marketing mix
e. market portfolio

d. Marketing mix
The typical starting point of any firm’s marketing mix is the:

a. analysis of what production equipment is available and owned by the company
b. design of the promotion campaign to be used for the product
c. selection of the places through which the good or service will be sold
d. determination of the product’s price, enabling future revenues and budgets to be estimated
e. development of the good or service to be sold

e. development of the good or service to be sold
Making sure products are available when and where customers want them is the job of which element of the marketing mix?

a. Place strategies
b. Production strategies
c. Product strategies
d. Promotion strategies
e. Advertising strategies

a. Place strategies
Which of the marketing mix elements is often the most flexible?

a. Pricing
b. Promotion
c. Publicity
d. Place
e. Product

a. Pricing
All of the following are strategic alternatives that match products with markets EXCEPT:
a. product development
b. Product penetration
c. Market penetration
d. diversification
e. market development
b. Product penetration