Marketing Chapter 2 Warm-Up and Quiz

The first step in strategic planning involves _______
defining the company’s mission
A company’s mission statement should be focused on _______
customers
The major activity in strategic planning is the analyses of a business ________
portfolio
Within the growth-share matrix, “cash cows” are __________
low growth, high share businesses or products
Each department can be though of as a link in the company’s ________
value chain
_________ plays a key role in the company’s strategic planning
Marketing
______ involves evaluating each market segments attractiveness and selecting one or more segments to enter.
Market targeting
________ refers to activities that communicate the merits of the product and persuade target customers to buy it.
Promotion
In SWOT analyses, the favorable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as _______
opportunities
The most common form of marketing orientation is ________
functional organization
What does a company do to start the strategic planning process?
Define its overall purpose and mission
Mission statements should be defined in terms of satisfying basic customer needs. In other words they should be ______
market oriented
After defining its mission, the next step in strategic planning is to ______
set company objectives and goals
What is the overall focus of strategic planning?
To create a game plan for long run survival and growth in consideration of changing marketing opportunities
In portfolio analysis, a company must identify _______, which are key businesses that make up the company
strategic business units
What are the two measurements used in the BCG matrix to classify strategic business units?
Relative market share; market growth rate
The BCG matrix classifies products which have a high market share in a low growth market as _______
cash cows
According to the​ growth-share matrix,​ __________ are​ high-share, high-growth products. When the market growth slows these products become​ __________.
stars; cash cows
Strategically, a company may phase out or sell an SBU. This is known as ________
divesting
To grow​ sales, Under Armour increased its spending on advertising by 35 percent to increase sales in its current markets. Which growth strategy does this​ represent?
Market penetration
When Under Armour expanded its current products into global markets, it was pursuing which growth strategy?
Market development
When a firm starts up or buys a business outside of its current product line and markets, it is pursuing which growth strategy?
Diversification
One key role marketing plays in a company’s strategic planning is to ________
provide a guiding philosophy
To improve the performance of the​ __________, many companies today are partnering with other members of the supply chain—​suppliers, ​distributors, and customers.
customer value delivery network
In which way does increasing customer satisfaction disrupt the internal value chain?
It can increase production costs, increase inventories, and disrupt production schedules
What is the overall goal of marketing strategy?
To create customer value and build profitable relationships
In determining which customers to serve, a company engages in which two marketing activities?
Segmentation and targeting
Some​ retailers, such as the Dollar​ Store, Dollar​ Tree, and Family​ Dollar, profitably focus on buyers with modest means. This is an example of​ __________.
market targeting
What does a market segment consist of?
A group of consumers who respond to the marketing effort in the same way
Effective positioning is based on ________
differentiation
The four Ps of the marketing mix have been redefined in​ buyer’s terms as the four As. Product design influences​ __________, price affects​ __________, place affects​ __________, and promotion influences​ __________.
acceptability; affordability;​ accessibility; awareness
What are the main components of a marketing plan?
An executive summary, situation analysis, objectives, marketing strategy, action programs, budgets and controls, and threats and opportunities
Which of the following is not one of the five marketing management functions?
Customer service
The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT​ analysis, the rising demand for organic produce would be​ a(n) __________ for Green Acres​ Farms, and the fact that they grow only organic vegetables is​ a(n) __________.
opportunity; strength
Which of the following is a true statement regarding managing and measuring marketing return on investment​ (ROI)?
Marketers are increasingly using measures such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI