MKTG 3650 CH 3 TEST BANK

T OR F: Key success factors are often the basis for a firms competitive advantage in an industry
TRUE
What are the 3 things that marketing programs consist of?
the firms marketing objectives
its marketing strategies
its associated implementation and control activities
A firm is engaged in assessing the relative size of a market segment in terms of unit and dollar sales along with its potential market share in that segment. The firm is conducting the __________ component of the SWOT analysis.
demand analysis
When the NFL expanded into various cities in Western Europe, Europeans could watch football just as its played in the U.S. According to Ansoff’s product-market matrix, the NFL was using a strategy _____________.
market development
With respect to the product market matrix, the most risky area of market opportunity and those areas firms are advised to investigate first are:
diversification opportunities
The process of subdividing larger, diverse product markets into more homogeneous submarkets as part of the MOA best illustrates:
market segmentation
The firms __________ is a statement of company purpose, identifying the business in which the firm perceives itself to be. It is a statement of the firms primary areas of product and market focus.
mission
Microsoft recently introduced Windows 10. The changes included in this version essentially fixed problems encountered with Windows Vista. According to the product market matrix, this is an example of a ___________ opportunity.
product development
_____________ are high potential products with limited market share but are competing in high growth markets.
question marks
The managerial act of developing, implementing and controlling marketing programs is called ______________.
the marketing management process
What contributes to a good mission statement?
mission statement is market focused
If the owner of a childrens day care center were to answer the question “what business are you in” with the statement, “we nurture children and provide them with homelike environment” it would be identifying its ___________.
mission
The _______________ component of the marketing plan identifies the intended target markets that will be served, the market positions that will be sought, and generally describe how these markets will be served and the desired positions achieved.
marketing strategic focus
_______________ are high market share products competing in markets that are growing at an above average rate.
stars
The first major component of the strategic marketing process is the _____________.
SWOT analysis
As part of the industry analysis component of SWOT analysis, marketing managers try to identify those “factors” that firms in the industry must possess to survive and remain competitive. These factors are called ______________.
key success factors
The product market expansion grid is a useful way to view the range of potential market opportunities available to firms. The dimensions of the grid are new vs. existing products and new vs. existing _____________.
markets
Firms engaged in MOA are least likely to pursue a ______________ opportunity if they wish to remain within the bounds of their firms current mission.
diversification
The stage of the management process in which actual results are compared against objectives is the ______________ stage.
controlling
A products ______________ is the image it projects in relation to competitive products as well as to other products marketed by the same company.
position
After a company establishes its goal and objectives, it might then develop a broad plan of action to reach the goals. This plan of action is called a _______________.
strategic plan
_______________ are high market share products competing in mature, average growth markets
cash cows
Firms that have been accused of marketing myopia generally have defined their missions from a ______________ perspective.
product
A company conducted research on how a toothpaste market could be segmented. Which segment is predominately male, shops mainly on price and does not look for any specific benefit from brands of toothpaste?
general segment
T OR F: A firm is investigating the existence of powerful suppliers and the existence of potential entry or exit barriers. The firm is conducting this investigation as part of the SWOT analysis.
TRUE
The boston consulting group growth share matrix is designed to help firms with:
planning the composition of their product portfolios
A firm is investigating the existence of powerful suppliers and the existence of potential entry or exit barriers. The firm is conducting this investigation as part of the ___________.
industry analysis
When marketing managers attempt to identify “key success factors” they typically are engaged in the __________ component of the strategic marketing planning process.
industry analysis
The MOA is generally considered to be conducted as part of the:
SWOT analysis
T OR F: target market selection is an integral component of the SWOT
FALSE
Remington Arms continually monitors the environment for social and cultural changes that may open new markets the sales of its weapons. This type of analysis is usually part of the ________________.
MOA
A written summary of the firms marketing objectives, strategies, and specific courses of marketing action that also includes information on the assignment of personnel, budgets, and timetables is the:
marketing plan
Wendy’s ran a series of commercials employing the tagline “wheres the beef?” The positioning strategy in these ads illustrates:
competitive positioning
DFW security services targets high income professionals with custom designed security systems. These systems are positioned as the premier systems available on the market. DFW security employs a highly refined marketing mix to support its intended market position with target customers. What has just been described amounts to DFW’S _____________.
marketing strategy
The group of customers toward which a firm directs its marketing efforts is its __________________.
target market
What is not correct about the implementation stage of the strategic marketing process?
effective implementation of a marketing plan is generally easier than devising the marketing plan itself