mktg321 chp2

Market
A group of individuals and or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.
When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a
market opportunity
Hallaway’s Corp.’s new shampoo, VS2, is faltering badly in the market. Hallaway’s marketing personnel are unsure who is responsible for various marketing tasks, when these tasks are to be completed, or what resources have been allocated. Hallaway Marketing Director Carolyn Willis said that the problem is that VS2 has the most poorly written_she has ever seen.
marketing plan
successful business organizations should take actions to convert internal weaknesses into _and external threats into_.
strengths, opportunities
J.C. Penney is presently involved in a process of assessing marketing opportunities and resources, determining marketing objectives, re-defining marketing strategies, and developing guidlines for implementation and control. Thus, J.C. Penney is involved in
marketing planning
Because of its highly efficient and low cost distribution system, Walmart has a_advantage over Kmart.
sustainable competitive
A marketing plan document usually begins with a(n)
executive summary
The Texas Pitt Barbecue Corporation has conducted a SWOT analysis of its competition, and sees a marketing opportunity for its new Texas Pit Barbecue restaurant. It has developed its marketing plan to include the type of products it will sell, the location for the restaurant, and the pricing it will use. Their plan includes a marketing objective to make a profit of 5% the first year of operation. So far, the owners of the restaurant have eliminated a key piece of the marketing plan, which is_.
specifying how they will achieve their marketing objective
The first step in the marketing control process is to
establish performance standards
Zingerman’s Deli operates seven retail stores throughout the city. It plans to develop a new marketing plan to extend its number of stores and operating hours. In developing this marketing plan, it has asked its employees for feedback on the changes it plan to makes. In this case, the employees are Zingerman’s_customers.
internal
Which of the following is not a purpose of the marketing plan?
Serve as a contract with the customer
Which of the following is not a component of a marketing plan?
Product
Kraft purchased the Duracell Battery Company and now operates this division as a separate profit center within the firm. In this example, Duracell is a(n)_unit of Kraft.
strategic business
The director of marketing for 3M tapes tells the rest of the management team, “When it comes to our transparent packaging tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market.” his strategy indicates that the packaging tape unit falls into which one of the following classifications?
cash cow
The Kingtel Corporation is expanding operations into countries outside the United States. To improve local managers’ responsiveness to local conditions, Kingtel’s senior management has decided to delegate decision-making authority further down the chain of command. Acme is
decentralizing
the reputation and well-known brand name of Rolex watches represents a _for Rolex.
core competency
An analysis of_ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.
strengths and weaknesses
An organization’s business goals should be derived from its
mission statement
A_is created when a company matches its core competency to opportunities it has discovered in the marketplace.
competitive advantage
all Marketing mix decisions must have two characteristics:_and_.
consistency; flexibility